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VIGO Photonics S.A (VGO) Fair Value & Analysis

Technology · PL · Market cap 476M PLN

VP VIGO Photonics S.A VGO · WAR
Price494.00 PLN
Fair Value113.19 PLN
Upside-77.1%
Quality37/100
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Expensive Growth
Loss-making · -17.9% net margin
Low debt · negative free cash flow
Trails peers (4/11)
Narrow moat 11/100
Evidence: Low Range 58.43 PLN – 166.57 PLN Share as image

Fair value as of: Jul 12, 2026

From 3 valuation models · updated 29 days ago

Fair value updated Jul 12, 2026, revised from 539.04 PLN to 113.19 PLN (−79.0%) since Jun 24, 2026. Share price −9.2% over the past month.

Below-average quality, and screening another 77% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (166.57 PLN). The favourable scenario is already priced in.
  • Weak quality (37/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • The model range is unusually wide (58.43 PLN to 166.57 PLN). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
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Price vs Fair Value (5 years)

802.00 PLN 402.00 PLN Fair Value 113.19 PLN Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 12, 2026.

How to read this chart

60‑month range 402.00 PLN – 802.00 PLN · fair‑value band 58.43 PLN – 166.57 PLN · the 494.00 PLN price screens above the 113.19 PLN fair value. Dashed = 300-day average. As of Jul 12, 2026.

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Analysis

VIGO Photonics S.A (VGO) currently trades at 494.00 PLN, while our model-based Fair Value estimate is 113.19 PLN, implying the stock looks roughly 77.1% overvalued today. The Quality Score stands at 37/100 (below-average quality), in the Technology sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: low).

Over the trailing twelve months, VIGO Photonics S.A generated revenue of 93.0M PLN at a net margin of -16.2%. Revenue grew 13.7% year over year. It earns a return on equity of -9.2%. Net debt stands at 14.6M PLN. Fundamentals as of Jul 12, 2026

Our scenario range runs from 58.43 PLN (bear case) to 166.57 PLN (bull case); at 494.00 PLN, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 27% below its 52-week high and 15% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -73% fair-value upside, at -77%, VGO screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Gordon GGM 53.35 PLN 96.13 PLN 132.34 PLN 70
DDM Multi-Stage 53.35 PLN 87.82 PLN 102.69 PLN 61
NCAV (Graham) 89.84 PLN 120.39 PLN 179.68 PLN 50
All 3 models by family
Dividend Discount
Gordon GGM 53.35 PLN 96.13 PLN 132.34 PLN 70
DDM Multi-Stage 53.35 PLN 87.82 PLN 102.69 PLN 61
Asset-Based
NCAV (Graham) 89.84 PLN 120.39 PLN 179.68 PLN 50

Widest divergence: Asset-Based (120.39 PLN) versus Dividend Discount (87.82 PLN). Highest evidence: Gordon GGM (70).

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Key figures & financial health

Revenue (TTM) 93.0M PLN
Revenue growth (YoY) +13.7%
Net margin -16.2%
Return on equity -9.2%
Free cash flow −19.1M PLN FY2025
Operating margin 2.7%
More key figures
EPS (TTM) -18.52 PLN
EPS growth (YoY) -78.7%
Net debt 14.6M PLN FY2025

Figures from reported company fundamentals · as of Jul 12, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 37/100

Of which business quality 38 · Market factors (momentum, volatility) 49

Profitability 13
Margins and returns on capital today
Quality Growth 42
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 75
Balance sheet, leverage, solvency risk
Investment 74
Disciplined investing over empire-building
Low Volatility 70
Calm price path (market factor)
Momentum 43
Price trend over the last 3–12 months (market factor)
52W Momentum 36
Distance to the 52-week high (market factor)
Net Issuance 48
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

VIGO Photonics S.A. manufactures and sells semiconductor materials, and devices for photonic and microelectronic applications worldwide. It offers epi-wafers; infrared detectors comprising photoconductive, multi-channel, photovoltaic, and superlattice detectors; and infrared detection modules.

Full company description

VIGO Photonics S.A. manufactures and sells semiconductor materials, and devices for photonic and microelectronic applications worldwide. It offers epi-wafers; infrared detectors comprising photoconductive, multi-channel, photovoltaic, and superlattice detectors; and infrared detection modules. The company's products are used in defense and security, environmental protection, healthcare, transport, and research and development industries. VIGO Photonics S.A. was formerly known as VIGO System S.A. and changed its name to VIGO Photonics S.A. in August 2022. The company was founded in 1987 and is based in Ozarów Mazowiecki, Poland.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

VIGO Photonics S.A reported revenue of 93.0M PLN in FY2025 versus 71.5M PLN in FY2021, a compound +6.8%/yr. Reported net income was −15.1M PLN in FY2025.

Growth Quality 39/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
93.0M PLN
Latest YoY
+18.8%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+11.1%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+11.7%
Avg. growth/yr (13Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+12.9%
Revenue +6.8%/yr
FY21 71.5M PLN
FY22 67.9M PLN
FY23 75.4M PLN
FY24 78.3M PLN
FY25 93.0M PLN
Net income
FY21 30.5M PLN
FY22 7.2M PLN
FY23 −3.0M PLN
FY24 −4.1M PLN
FY25 −15.1M PLN

VGO screens 77% overvalued. Compare with Delta Electronics, Inc →

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Cite: Fair Value Calculator (2026). "VIGO Photonics S.A Fair Value". https://www.fairvalue-calculator.com/stock/VGO

Peer Group

Electronic Components · 625 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 37 · Bottom 25%
Fair Value upside −77% · Bottom 25%
Return on assets -2% · Bottom 25%
Net margin (TTM) -18% · Bottom 25%
Operating margin (TTM) -9% · Bottom 25%
Revenue growth -13% · Bottom 25%
Debt / equity 0.04× · Lower than median

Valuation Multiples vs Electronic Components median · lower = cheaper

P/B 0.81× · Cheaper than 75% of peers
P/S (TTM) 1.42× · Cheaper than median
EV/EBITDA 16.5× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 0
FUTURE 0 · sector 32
PAST 0 · sector 24
HEALTH 98 · sector 95
DIVIDEND 0 · sector 25

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Electronic Components stocks, each showing price versus our Fair Value estimate (as of Jul 12, 2026).

Stock Price Fair Value vs Fair Value
Delta Electronics, Inc 2308 1,880 TWD 515.23 TWD -73%
Hon Hai Precision Industry Co 2317 242.50 TWD 270.47 TWD +12%
Luxshare Precision Industry Co 002475 ¥62.14 ¥38.44 -38%
Samsung Electro-Mechanics Co 009150 1,260,000 KRW 166,421 KRW -87%
Elite Material Co 2383 4,990 TWD 714.36 TWD -86%
Yageo Corporation 2327 699.00 TWD 216.55 TWD -69%
Shengyi Technology Co 600183 ¥132.29 ¥27.45 -79%
Shennan Circuits Co 002916 ¥364.00 ¥93.50 -74%
Victory Giant Technology (HuiZhou) Co 2476 HK$297.00 HK$103.98 -65%
Wus Printed Circuit (Kunshan) Co 002463 ¥127.80 ¥31.95 -75%

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Frequently asked questions

Is VIGO Photonics S.A (VGO) overvalued or undervalued?
As of Jul 12, 2026, our model estimates a fair value of 113.19 PLN versus a price of 494.00 PLN, about −77% (overvalued).
What is the fair value of VGO?
Our model-based fair value for VIGO Photonics S.A is 113.19 PLN (as of Jul 12, 2026), built from audited fundamentals. The current price is 494.00 PLN.
What is the quality score of VGO?
VIGO Photonics S.A has a Quality Score of 37/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of VIGO Photonics S.A (VGO)?
VIGO Photonics S.A reported trailing-twelve-month revenue of about 93.0M PLN (latest available figure, as of Jul 12, 2026).
What is the net profit margin of VGO?
The net profit margin of VIGO Photonics S.A is about -16.2%, meaning it is currently running at a net loss. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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