Zehnder (ZEHN) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Zehnder CHF 65.49, price CHF 73.40, upside -10.8%, quality 77 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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69 individual criteria per stock, every one traceableSee the method →
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 CHF 39.69 – CHF 95.04 · fair‑value band CHF 48.26 – CHF 85.13 · the CHF 73.40 price screens above the CHF 65.49 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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Zehnder Group AG, together with its subsidiaries, develops, manufactures, and sells indoor climate systems in Europe, North America, and China. It operates through two segments, Ventilation and Radiators. The company offers decorative radiators, heating and cooling ceiling systems, indoor ventilation systems, heat exchangers, and clean air systems.
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Zehnder Group AG, together with its subsidiaries, develops, manufactures, and sells indoor climate systems in Europe, North America, and China. It operates through two segments, Ventilation and Radiators. The company offers decorative radiators, heating and cooling ceiling systems, indoor ventilation systems, heat exchangers, and clean air systems. It operates under the Zehnder, Acova, Caladair, CORE, Enervent, Filtech, Greenwood, Siber, Lifebreath, Zehnder Rittling, Runtal, Fortuneway, and Nather brands. Zehnder Group AG was founded in 1895 and is headquartered in Gränichen, Switzerland.
Stock analysis
Zehnder (ZEHN) currently trades at CHF 73.40, while our model-based Fair Value estimate is CHF 65.49, implying the stock looks roughly 12.1% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of CHF 76.31 per share, and 10 of the 25 models we run sit above the CHF 73.40 price.
Bear case: the Dividend Discount group reads lowest at CHF 11.29, and 15 of the 25 models stay below the price. Evidence for this calculation is high.
Scenario range: CHF 48.26 (bear) to CHF 85.13 (bull), the price of CHF 73.40 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 77/100 (high quality), in the Industrials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Zehnder reported revenue of €761M in FY2025 versus €699M in FY2021, a compound +2.1%/yr. Reported net income was €46.6M in FY2025, compounding −6.0%/yr from FY2021.
Key figures
Market cap CHF 817M · P/E ratio 16.6 · P/S ratio 1.02 · EPS (TTM) CHF 3.82 · Dividend yield 1.9% · Net margin 6.1% · Return on equity 18.8% · Return on assets (EBIT) 10.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 17% below its 52-week high and 23% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −20% fair-value upside, at −11%, ZEHN screens cheaper than that median.
Fair Value models
Bear CHF 48.26Fair Value CHF 65.49Bull CHF 85.13
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 (CHF 1.77 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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+7.8%
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.
−2.3%
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.
+4.2%
Start year 2020 (pandemic). Over 10 years: +3.6% a year
Revenue growth 23 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.
+3.7%
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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.
+6.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.6%
Dividend (yield on the price)1.9%
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.5% vs 9%, slowing
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.8% → 8%
Start year 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far and about what 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).
+6.6%
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.
+4.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in EUR, euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +4.3% a year for the price and +2.5% 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.Building Products & Equipment · 254 stocks
Beats the industry median on 10/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score77 · Top 25%
Fair Value upside−11% · Above median
Profitability
Return on equity (TTM)19% · Top 25%
Return on assets8% · Top 25%
Net margin (TTM)6% · Above median
Operating margin (TTM)8% · Above median
Growth and dividend
Revenue growth5% · Above median
Dividend yield (TTM)1.9% · Below median
Balance sheet
Debt / equity0.00× · Lowest 25%
Valuation Multiplesvs Building Products & Equipment median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Zehnder Fair Value". https://www.fairvalue-calculator.com/stock/ZEHN
Frequently asked questions
Is Zehnder (ZEHN) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of CHF 65.49 versus a price of CHF 73.40, about −11% upside (overvalued).
What is the fair value of ZEHN?
Our model-based fair value for Zehnder is CHF 65.49 (as of Sep 23, 2026), built from audited fundamentals. The current price: CHF 73.40.
What is the quality score of ZEHN?
Zehnder has a Quality Score of 77/100. 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 Zehnder (ZEHN)?
Our model-based price target is the fair value of CHF 65.49 (as of Sep 23, 2026) from 25 valuation models. Cautious scenario CHF 48.26, optimistic scenario CHF 85.13. It is a calculation from audited fundamentals, not an analyst target.
What is the Zehnder stock forecast for 2026?
Our models put fair value at CHF 65.49, about −11% upside versus a price of CHF 73.40 (overvalued). Cautious scenario CHF 48.26, optimistic scenario CHF 85.13. The calculation is refreshed regularly with new filings.
What is the revenue of Zehnder (ZEHN)?
Zehnder reported trailing-twelve-month revenue of about €763M (latest available figure, as of Sep 23, 2026).
Does Zehnder pay a dividend?
Zehnder currently shows a dividend yield of about 1.91% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Zehnder (ZEHN)?
For today's price to be fair in a discounted-cash-flow model, Zehnder would have to grow free cash flow by +6.6 % per year for five years (discount rate 11.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.2 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of ZEHN use?
Our models discount Zehnder at 11.9 %: a base by market capitalisation (small), damped by beta 1.32, country premium for Switzerland. 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 Zehnder that is +6.6 % per year a year over ten years, using the same discount rate (11.9 %) and the same formula as our fair value.
How much growth has Zehnder (ZEHN) delivered so far?
Over the past 5 years revenue at Zehnder grew +4.2 % a year. The price currently implies +6.6 % 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 Zehnder (ZEHN) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Zehnder (+6.6 % 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 Zehnder (ZEHN)?
The free-cash-flow yield on the price is 7.30 %: that much free cash flow Zehnder produces per unit of market value. When it exceeds the discount rate of our models (11.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Zehnder (ZEHN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Zehnder it is CHF 65.49 per share (as of Sep 23, 2026), against a price of CHF 73.40. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is Zehnder stock overvalued or undervalued in 2026?
As of Sep 23, 2026, ZEHN trades above its calculated fair value: price CHF 73.40, fair value CHF 65.49, a gap of about −11% (overvalued). 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 ZEHN?
No. The price is what the market pays today (CHF 73.40); the fair value is what the company's own numbers justify (CHF 65.49). For Zehnder the two are CHF 7.91 per share apart. That gap is exactly why we show both numbers side by side.
How much is Zehnder worth?
The market values Zehnder at about CHF 817M (market capitalisation, as of Sep 23, 2026). Per share that is CHF 73.40; our models calculate a fair value of CHF 65.49 per share.
What do the bullish and bearish scenarios say about ZEHN?
Our models span a range for Zehnder: cautious scenario CHF 48.26, base CHF 65.49, optimistic CHF 85.13 per share (as of Sep 23, 2026, price CHF 73.40). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ZEHN?
Zehnder trades at a price-to-earnings ratio of 16.6 (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 CHF 65.49 is built from several models across several years. Other multiples: PEG 1.2, P/B 3.8, P/S 1.3, EV/EBITDA 11.0.
What is the PEG ratio of ZEHN?
The PEG ratio of Zehnder is 1.20 (P/E divided by earnings growth, as of Sep 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Zehnder (ZEHN)?
Balance-sheet figures for Zehnder (as of Sep 23, 2026): return on equity 18.8%, debt of 0.00 per unit of equity. They feed the Quality Score of 77/100, which measures business quality independently of the share price.
How far is ZEHN from its 52-week high?
Zehnder trades at CHF 73.40, about 17% below its 52-week high of CHF 88.46 and 23% above the low of CHF 59.80 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 65.49 is for.
Which stocks are comparable to Zehnder?
From the same area (Industrials) we also value Trane Technologies plc, Johnson Controls International plc, Carrier Global Corporation, Compagnie de Saint-Gobain S.A, 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 Zehnder stock attractive at the current price?
The data as of Sep 23, 2026: price CHF 73.40, calculated fair value CHF 65.49 (−11%), Quality Score 77/100, from 25 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 ZEHN calculated?
We run Zehnder through 25 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 CHF 65.49, 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 14.1 % above its aggregate fair value. Zehnder itself currently trades above fair value. 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 Zehnder (ZEHN)?
The closing price on Sep 23, 2026 was CHF 73.40. Our model-based fair value is CHF 65.49, about −11% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Zehnder right now?
The price sits in the upper half of our model range, so the margin of safety is thin. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of Zehnder (ZEHN) come from?
Earnings per share at Zehnder grew +8.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.3 %, EBIT margin +6.7 %, tax rate +1.1 %, residual (interest, one-offs) −3.6 %. 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 Zehnder
How large is the market capitalisation of Zehnder (ZEHN)?
The market capitalisation of Zehnder is CHF 817M. 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 Zehnder (ZEHN)?
The price-to-sales ratio of Zehnder is 1.02 (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 Zehnder (ZEHN)?
Earnings per share at Zehnder are CHF 3.82 (price ÷ EPS = P/E 16.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Zehnder (ZEHN)?
The dividend yield of Zehnder is 1.9% (payout 36.6%). 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 Zehnder (ZEHN)?
The net margin of Zehnder is 6.1% (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 Zehnder (ZEHN)?
The return on equity (ROE) of Zehnder is 18.8% (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 Zehnder (ZEHN)?
On an EBIT basis the return on assets of Zehnder is 10.8% (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 Zehnder (ZEHN)?
The operating margin of Zehnder is 7.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Zehnder (ZEHN)?
Revenue at Zehnder is growing +4.7% versus a year earlier (3y avg −2.3%). 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 Zehnder (ZEHN)?
Earnings per share at Zehnder are growing +242% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Zehnder (ZEHN) hold?
Zehnder holds more cash than debt, €32.8M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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