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Ecovacs Robotics Co Ltd (603486) Fair Value & Analysis

Consumer Cyclical · CN · Market cap 33.5B CNY (≈ $5.0B) · ISIN CNE1000031N8

What is Ecovacs Robotics Co Ltd really worth?

ER Ecovacs Robotics Co Ltd 603486 · SHG
Price¥52.22
Fair Value¥54.14
Upside+3.7%
Quality76/100

A strong business, currently priced close to our fair value of ¥54.14.

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Strengths

Healthy Growth (revenue 5y +21.4 %/yr)
Low debt · generates free cash flow

Risks

!Thin margins · 8.4% net margin
!Mixed vs. peers (8/14)
!Moderate moat 58/100

For context

·1.76% dividend yield
Evidence: High Range ¥42.04 – ¥105.47

Fair value as of: Sep 3, 2026

From 26 valuation models · updated yesterday

Share price −12.8% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (¥42.04 to ¥105.47) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

¥244.63 ¥28.52 Fair Value ¥54.14 Mar 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 3, 2026.

How to read this chart

60‑month range ¥28.52 – ¥244.63 · fair‑value band ¥42.04 – ¥105.47 · the ¥52.22 price screens below the ¥54.14 fair value. Dashed = 300-day average. As of Sep 3, 2026.

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Analysis

Ecovacs Robotics Co Ltd (603486) currently trades at ¥52.22, while our model-based Fair Value estimate is ¥54.14, implying the stock looks roughly 3.5% fairly valued today. The Quality Score stands at 76/100 (high quality), in the Consumer Cyclical sector. Bull case: the DCF Models group reads highest at a median of ¥97.48 per share, and 18 of the 26 models we run sit above the ¥52.22 price. Bear case: the Dividend Discount group reads lowest at ¥8.08, and 8 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Ecovacs Robotics Co Ltd generated revenue of 20.1B CNY at a net margin of 8.4%. Revenue grew 27.1% year over year. It earns a return on equity of 19.7%. The balance sheet holds a net cash position of 3.3B CNY. Fundamentals as of Sep 3, 2026

Our scenario range runs from ¥42.04 (bear case) to ¥105.47 (bull case); at ¥52.22, the current price sits within 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 53% below its 52-week high and 2% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at −9% fair-value upside, at 4%, 603486 screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly ¥1.37 per share, which is 2.5 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

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
FCF DCF ¥80.53 ¥133.17 ¥276.78 76
Growth DCF ¥77.71 ¥147.02 ¥275.60 75
EPV ¥37.35 ¥42.00 ¥46.08 74
All 26 models by family
DCF Models
FCF DCF ¥80.53 ¥133.17 ¥276.78 76
Owner Earnings ¥49.54 ¥97.48 ¥195.28 72
5Y Revenue Exit ¥50.36 ¥80.03 ¥129.49 71
5Y EBITDA Exit ¥54.98 ¥90.24 ¥145.63 73
5Y P/E Exit ¥64.55 ¥116.00 ¥180.25 69
10Y Revenue Exit ¥58.14 ¥95.14 ¥143.23 66
10Y EBITDA Exit ¥62.46 ¥103.57 ¥173.04 66
10Y P/E Exit ¥69.13 ¥121.01 ¥205.65 62
Earnings-Based
Graham-Dodd ¥20.66 ¥136.51 ¥191.12 63
Lynch FV ¥39.82 ¥56.89 ¥73.96 61
PEG = 1.0 ¥39.82 ¥56.89 ¥73.96 57
EPV ¥37.35 ¥42.00 ¥46.08 74
Dividend Discount
Gordon GGM ¥4.61 ¥9.58 ¥15.20 66
DDM Multi-Stage ¥4.61 ¥8.08 ¥10.06 66
Multiples
P/E Multiple ¥50.14 ¥66.86 ¥83.57 63
P/S Multiple ¥29.62 ¥39.49 ¥49.36 58
P/B Multiple ¥38.75 ¥51.66 ¥64.58 55
EV/EBIT ¥53.40 ¥68.05 ¥82.71 66
EV/EBITDA ¥45.74 ¥57.85 ¥69.95 67
EV/Revenue ¥37.08 ¥48.93 ¥60.78 54
Asset-Based
NCAV (Graham) ¥7.81 ¥10.47 ¥15.63 54
Growth DCF
Growth DCF ¥77.71 ¥147.02 ¥275.60 75
Rev-Margin DCF ¥50.36 ¥82.05 ¥128.14 71
Economic Profit
Residual Income ¥20.41 ¥27.99 ¥131.97 64
ROIC Compounder ¥41.86 ¥53.09 ¥67.47 72
Growth Earnings
Growth-Adj P/E ¥56.79 ¥81.13 ¥105.47 67

Widest divergence: DCF Models (¥97.48) versus Dividend Discount (¥8.08). Highest evidence: FCF DCF (76).

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Key figures & financial health

P/E ratio 17.8
P/S ratio 1.65 P/E × margin
EPS (TTM) ¥2.93 price ÷ EPS = P/E 17.8
Dividend yield 1.8% payout 31.4%
Net margin 9.2% FY2025
Return on equity 19.7% TTM
More key figures
Profitability
Return on assets (EBIT) 11.2% avg 5y
Operating margin 13.3% TTM
Growth
Revenue (TTM) 20.1B CNY TTM
Revenue growth (YoY) +27.1% 3y avg +7.5%
EPS growth (YoY) −15.7%
Balance sheet & cash flow
Free cash flow 2.7B CNY FY2025
Net cash 3.3B CNY FY2024

Figures from reported company fundamentals · as of Sep 3, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 76/100

Of which business quality 76 · Market factors (momentum, volatility) 23

Profitability 72
Margins and returns on capital today
Quality Growth 74
Are margins and returns improving?
Cashflow 75
Earnings quality: real cash, not paper profit
Fin. Strength 94
Balance sheet, leverage, solvency risk
Investment 61
Disciplined investing over empire-building
Low Volatility 52
Calm price path (market factor)
Momentum 15
Price trend over the last 3–12 months (market factor)
52W Momentum 3
Distance to the 52-week high (market factor)
Net Issuance 74
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Ecovacs Robotics Co., Ltd., together with its subsidiaries, engages in the research, design, development, manufacture, and sale of household and commercial service robot solutions in China and internationally.

Full company description

Ecovacs Robotics Co., Ltd., together with its subsidiaries, engages in the research, design, development, manufacture, and sale of household and commercial service robot solutions in China and internationally. It offers DEEBOT, a home floor cleaning robot; WINBOT, a window cleaning robot; AIRBOT, a mobile air purifier; GOAT, a smart robotic lawnmower; FLOOR ONE, a smart floor washer; PURE ONE, a smart vacuum cleaner; CHIERE ONE, a smart cooking machine; HYDRATE ONE, a smart water purifier; MODA ONE, a smart hair dryer; STIYA ONE, a smart wireless brush; DEEBOT PRO K1 VAC, a commercial vacuum robot; and DEEBOT PRO M1, a commercial scrubber robot. The company also provides core components, such as high-precision DTOF LIDAR, KR S50, and KR S30 under the Kruisee Technology brand; lithium batteries under the TD Smart brand; and plastic products and components under the TF Technology brand for use in service robots, household appliances, medical equipment, vehicles, garden tools, and power tool applications. In addition, it is involved in technology research and development, as well as property rental activities. The company was formerly known as TEK Electrical Co, LTD. and changed its name to Ecovacs Robotics Co., Ltd. in December 2006. Ecovacs Robotics Co., Ltd. was founded in 1998 and is headquartered in Suzhou, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Ecovacs Robotics Co Ltd reported revenue of 19.0B CNY in FY2025 versus 13.1B CNY in FY2021, a compound +9.8%/yr. Reported net income was 1.8B CNY in FY2025, compounding −3.3%/yr from FY2021.

Growth Quality 95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
19.0B CNY
Latest YoY
+15.1%
Avg. revenue 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.
+7.5%
Avg. revenue 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.
+21.4%
Avg. revenue growth/yr (12Y) 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.
+20.9%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+23.3% (21.5 + 1.8)
Revenue +9.8%/yr
FY21 13.1B CNY
FY22 15.3B CNY
FY23 15.5B CNY
FY24 16.5B CNY
FY25 19.0B CNY
Net income −3.3%/yr
FY21 2.0B CNY
FY22 1.7B CNY
FY23 612M CNY
FY24 806M CNY
FY25 1.8B CNY
Character of growth · EPS growth decomposed (2013-2024) +9.5 % p.a.
Revenue per share +10.6 %

of which total revenue +23.8 % · buybacks/dilution −10.6 %

EBIT margin −1.8 %
Tax rate +1.3 %
Residual (interest, one-offs) −0.4 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Ecovacs Robotics Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/603486

Peer Group

Furnishings, Fixtures & Appliances · 317 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 76 · Top 25%
Fair Value upside +4% · Above median
Return on equity (TTM) 20% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 8% · Top 25%
Operating margin (TTM) 13% · Top 25%
Revenue growth 27% · Top 25%
Dividend yield (TTM) 1.8% · Below median
Debt / equity 0.12× · Higher than median

Valuation Multiples vs Furnishings, Fixtures & Appliances median · lower = cheaper

P/E (TTM) 17.8× · Cheaper than median
P/B 3.71× · Pricier than 75% of peers
P/S (TTM) 1.67× · Pricier than median
P/FCF 1.9× · Pricier than median
EV/EBITDA 10.8× · Pricier than median

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE38 · sector 21
FUTURE100 · sector 0
PAST79 · sector 19
HEALTH94 · sector 98
DIVIDEND35 · sector 58

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

Similar stocks

10 more Furnishings, Fixtures & Appliances stocks, each showing price versus our Fair Value estimate (as of Sep 3, 2026).

Stock Price Fair Value vs Fair Value
Midea Group 000333 ¥86.98 ¥99.66 +15%
Gree Electric Appliances, Inc 000651 ¥41.58 ¥86.91 +109%
Haier Smart Home Co 600690 ¥21.79 ¥36.04 +65%
King Slide Works Co 2059 12,500 TWD 1,917 TWD −85%
Guangdong Songfa Ceramics Co 603268 ¥173.26 ¥38.83 −78%
SharkNinja, Inc SN $181.24 $89.07 −51%
Somnigroup International Inc SGI $63.65 $31.69 −50%
Mohawk Industries, Inc MHK $131.70 $119.26 −9%
Hisense Home Appliances Group 000921 ¥26.12 ¥50.62 +94%
Alliance Laundry Holdings ALH $25.91 $7.74 −70%

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Frequently asked questions

Is Ecovacs Robotics Co Ltd (603486) overvalued or undervalued?
As of Sep 3, 2026, our model estimates a fair value of ¥54.14 versus a price of ¥52.22, about +4% upside (fairly valued).
What is the fair value of 603486?
Our model-based fair value for Ecovacs Robotics Co Ltd is ¥54.14 (as of Sep 3, 2026), built from audited fundamentals. The current price: ¥52.22.
What is the quality score of 603486?
Ecovacs Robotics Co Ltd has a Quality Score of 76/100. 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 Ecovacs Robotics Co Ltd (603486)?
Ecovacs Robotics Co Ltd reported trailing-twelve-month revenue of about 20.1B CNY (latest available figure, as of Sep 3, 2026).
What is the net profit margin of 603486?
The net profit margin of Ecovacs Robotics Co Ltd is about 8.4%, meaning it keeps roughly 8.4% of revenue as net income. Based on the latest reported figures.
Does Ecovacs Robotics Co Ltd pay a dividend?
Ecovacs Robotics Co Ltd currently shows a dividend yield of about 1.76% relative to its recent price (as of Sep 3, 2026).
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