Voxel S.A. (VOX) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Voxel S.A. PLN 196, price PLN 146, upside +34.3%, quality 59 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range 29.56 PLN – 181.57 PLN · fair‑value band 96.02 PLN – 258.00 PLN · the 145.80 PLN price screens below the 195.75 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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Voxel S.A. provides medical services in Poland. The company offers imaging diagnostics services, including reimbursed, commercial, and private patient examinations; teleradiology services; and clinical/pharmaceutical trials. It is also involved in the sale of radiopharmaceuticals, and the leasing of land. Voxel S.A.
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Voxel S.A. provides medical services in Poland. The company offers imaging diagnostics services, including reimbursed, commercial, and private patient examinations; teleradiology services; and clinical/pharmaceutical trials. It is also involved in the sale of radiopharmaceuticals, and the leasing of land. Voxel S.A. was incorporated in 2005 and is headquartered in Kraków, Poland.
Stock analysis
Voxel S.A. (VOX) currently trades at 145.80 PLN, while our model-based Fair Value estimate is 195.75 PLN, implying the stock looks roughly 25.5% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 230.55 PLN per share, and 18 of the 26 models we run sit above the 145.80 PLN price.
Bear case: the Asset-Based group reads lowest at 26.09 PLN, and 8 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: 96.02 PLN (bear) to 258.00 PLN (bull), the price of 145.80 PLN sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 59/100 (solid quality), in the Healthcare sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Voxel S.A. reported revenue of 584M PLN in FY2025 versus 443M PLN in FY2021, a compound +7.2%/yr. Reported net income was 98.5M PLN in FY2025, compounding +8.7%/yr from FY2021.
Key figures
Market cap 1.5B PLN (≈ $398M) · P/E ratio 3.9 · P/S ratio 0.66 · EPS (TTM) 37.47 PLN · Dividend yield 4.1% · Net margin 16.9% · Return on equity 25.8% · Return on assets (EBIT) 18.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 17% below its 52-week high and 55% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −5% fair-value upside, at 34%, VOX screens cheaper than that median.
Fair Value models
Bear 96.02 PLNFair Value 195.75 PLNBull 258.00 PLN
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (27.51 PLN per share) are deliberately not added.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 ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.82/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+15.0%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+12.1%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+12.2%
Start year 2020 (pandemic). Over 10 years: +16.0% a year
Revenue growth 15 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+16.2%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+27.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+23.7%
Dividend (yield on the price)4.1%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.24% vs 23%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.15% → 23%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+24.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+5.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (Poland: IMF forecast 3.1% a year to 2030, 4.6% from 2016 to 2025) that is about +21.1% a year for the price and +1.8% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Diagnostics & Research · 143 stocks
Beats the industry median on 12/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score59 · Above median
Fair Value upside+34% · Top 25%
Profitability
Return on equity (TTM)26% · Top 25%
Return on assets13% · Top 25%
Net margin (TTM)18% · Top 25%
Operating margin (TTM)27% · Top 25%
Growth and dividend
Revenue growth0% · Below median
Dividend yield (TTM)4.1% · Top 25%
Balance sheet
Debt / equity0.04× · Below median
Valuation Multiplesvs Diagnostics & Research median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Voxel S.A. Fair Value". https://www.fairvalue-calculator.com/stock/VOX
Frequently asked questions
Is Voxel S.A. (VOX) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 195.75 PLN versus a price of 145.80 PLN, about +34% upside (undervalued).
What is the fair value of VOX?
Our model-based fair value for Voxel S.A. is 195.75 PLN (as of Sep 23, 2026), built from audited fundamentals. The current price: 145.80 PLN.
What is the quality score of VOX?
Voxel S.A. has a Quality Score of 59/100. 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 price target for Voxel S.A. (VOX)?
Our model-based price target is the fair value of 195.75 PLN (as of Sep 23, 2026) from 26 valuation models. Cautious scenario 96.02 PLN, optimistic scenario 258.00 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the Voxel S.A. stock forecast for 2026?
Our models put fair value at 195.75 PLN, about +34% upside versus a price of 145.80 PLN (undervalued). Cautious scenario 96.02 PLN, optimistic scenario 258.00 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of Voxel S.A. (VOX)?
Voxel S.A. reported trailing-twelve-month revenue of about 583M PLN (latest available figure, as of Sep 23, 2026).
Does Voxel S.A. pay a dividend?
Voxel S.A. currently shows a dividend yield of about 4.13% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Voxel S.A. (VOX)?
For today's price to be fair in a discounted-cash-flow model, Voxel S.A. would have to grow free cash flow by +24.9 % per year for five years (discount rate 10.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.3 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of VOX use?
Our models discount Voxel S.A. at 10.8 %: a base by market capitalisation (small), damped by beta 0.57, country premium for Poland. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Voxel S.A. that is +24.9 % per year a year over ten years, using the same discount rate (10.8 %) and the same formula as our fair value.
How much growth has Voxel S.A. (VOX) delivered so far?
Over the past 5 years revenue at Voxel S.A. grew +12.3 % a year. The price currently implies +24.9 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Voxel S.A. (VOX) growing?
The median revenue growth in the sector is +4.2 % a year. That is the yardstick for the growth priced into Voxel S.A. (+24.9 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Voxel S.A. (VOX)?
The free-cash-flow yield on the price is 2.67 %: that much free cash flow Voxel S.A. produces per unit of market value. When it exceeds the discount rate of our models (10.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Voxel S.A. (VOX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Voxel S.A. it is 195.75 PLN per share (as of Sep 23, 2026), against a price of 145.80 PLN. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Voxel S.A. stock overvalued or undervalued in 2026?
As of Sep 23, 2026, VOX trades below its calculated fair value: price 145.80 PLN, fair value 195.75 PLN, a gap of about +34% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of VOX?
No. The price is what the market pays today (145.80 PLN); the fair value is what the company's own numbers justify (195.75 PLN). For Voxel S.A. the two are 49.95 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is Voxel S.A. worth?
The market values Voxel S.A. at about 1.5B PLN (market capitalisation, as of Sep 23, 2026). Per share that is 145.80 PLN; our models calculate a fair value of 195.75 PLN per share.
What do the bullish and bearish scenarios say about VOX?
Our models span a range for Voxel S.A.: cautious scenario 96.02 PLN, base 195.75 PLN, optimistic 258.00 PLN per share (as of Sep 23, 2026, price 145.80 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VOX?
Voxel S.A. trades at a price-to-earnings ratio of 3.9 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 195.75 PLN is built from several models across several years. Other multiples: P/B 1.0, P/S 0.7, EV/EBITDA 2.3.
How solid is the balance sheet of Voxel S.A. (VOX)?
Balance-sheet figures for Voxel S.A. (as of Sep 23, 2026): return on equity 25.8%, debt of 0.04 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is VOX from its 52-week high?
Voxel S.A. trades at 145.80 PLN, about 17% below its 52-week high of 176.00 PLN and 55% above the low of 94.00 PLN (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 195.75 PLN is for.
Which stocks are comparable to Voxel S.A.?
From the same area (Healthcare) we also value Thermo Fisher Scientific Inc, Danaher Corporation, WuXi AppTec Co, Lonza Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Voxel S.A. stock attractive at the current price?
The data as of Sep 23, 2026: price 145.80 PLN, calculated fair value 195.75 PLN (+34%), Quality Score 59/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of VOX calculated?
We run Voxel S.A. through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 195.75 PLN, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0 % above its aggregate fair value. Voxel S.A. currently trades 34 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Voxel S.A. (VOX)?
The closing price on Sep 24, 2026 was 145.80 PLN. Our model-based fair value is 195.75 PLN, about +34% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Voxel S.A. right now?
The model range is unusually wide (96.02 PLN to 258.00 PLN). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (59/100) at a price below fair value, the discount is the argument here, not the business quality.
Where does the earnings growth of Voxel S.A. (VOX) come from?
Earnings per share at Voxel S.A. grew +25.9 % a year from 2015 to 2025. Broken into its drivers: revenue per share +17.7 %, EBIT margin +6.0 %, tax rate +0.4 %, residual (interest, one-offs) +0.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Voxel S.A.
How large is the market capitalisation of Voxel S.A. (VOX)?
The market capitalisation of Voxel S.A. is 1.5B PLN (≈ $398M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Voxel S.A. (VOX)?
The price-to-sales ratio of Voxel S.A. is 0.66 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Voxel S.A. (VOX)?
Earnings per share at Voxel S.A. are 37.47 PLN (price ÷ EPS = P/E 3.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Voxel S.A. (VOX)?
The dividend yield of Voxel S.A. is 4.1% (payout 16.1%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Voxel S.A. (VOX)?
The net margin of Voxel S.A. is 16.9% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Voxel S.A. (VOX)?
The return on equity (ROE) of Voxel S.A. is 25.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Voxel S.A. (VOX)?
On an EBIT basis the return on assets of Voxel S.A. is 18.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Voxel S.A. (VOX)?
The operating margin of Voxel S.A. is 27.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Voxel S.A. (VOX)?
Revenue at Voxel S.A. is growing −0.4% versus a year earlier (3y avg +12.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Voxel S.A. (VOX)?
Earnings per share at Voxel S.A. are growing +31.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Voxel S.A. (VOX) carry?
The net debt of Voxel S.A. is 43.2M PLN (fiscal year 2025, ≈ 1.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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