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DSM FIRMENICH AG (DSFIR) Fair Value & Analysis

Basic Materials · CH · Market cap CHF 19.0B

What is DSM FIRMENICH AG really worth?

DF DSM FIRMENICH AG DSFIR · SW
PriceCHF 87.65
Fair ValueCHF 56.82
Upside−35.2%
Quality33/100

Below-average quality, and trading another 54% above our fair value of CHF 56.82.

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Strengths

Low debt · generates free cash flow

Risks

!Mixed Growth (revenue 3y +2.5 %/yr)
!Loss-making · -12.0% net margin
!Trails peers (3/15)
!Narrow moat 31/100
!Evidence only medium, so the estimate is less certain
!Weak on past: 7 out of 100
Evidence: Medium Range CHF 36.48 – CHF 77.14

Fair value as of: Aug 13, 2026

From 14 valuation models · updated 22 days ago

Fair value updated Aug 13, 2026, revised from CHF 28.15 to CHF 56.82 (+101.8%) since Aug 2, 2026. Share price +0.2% 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 above even our optimistic bull case (CHF 77.14). The favourable scenario is already priced in.
  • Weak quality (33/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • A fairly wide model range (CHF 36.48 to CHF 77.14) leaves room in how you read the outcome.

Price vs Fair Value (4 months)

CHF 90.45 CHF 60.37 Fair Value CHF 56.82 May 2026 Sep 2026

White line = price, green steps = our fair value per fiscal year. As of Aug 13, 2026.

How to read this chart

4‑month range CHF 60.37 – CHF 90.45 · fair‑value band CHF 36.48 – CHF 77.14 · the CHF 87.65 price screens above the CHF 56.82 fair value. As of Aug 13, 2026.

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Analysis

DSM FIRMENICH AG (DSFIR) currently trades at CHF 87.65, while our model-based Fair Value estimate is CHF 56.82, implying the stock looks roughly 54.2% overvalued today. The Quality Score stands at 33/100 (below-average quality), in the Basic Materials sector. Bull case: the Asset-Based group reads highest at a median of CHF 49.39 per share, and 3 of the 14 models we run sit above the CHF 87.65 price. Bear case: the Earnings-Based group reads lowest at CHF 16.56, and 11 of the 14 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, DSM FIRMENICH AG generated revenue of CHF 9.0B at a net margin of −12.0%. It earns a return on equity of 1.7%. Net debt stands at CHF 3.0B. The stock trades on a trailing P/E of 59.5 (as of Jun 1, 2026). Fundamentals as of Aug 13, 2026

Our scenario range runs from CHF 36.48 (bear case) to CHF 77.14 (bull case); at CHF 87.65, 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 near its 52-week high and 45% above its 52-week low, currently above its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at −58% fair-value upside, at −35%, DSFIR 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 CHF 0.7610 per share, which is 1.3 % 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 best evidence CHF 19.71 CHF 29.74 CHF 48.33 76
Growth DCF CHF 20.90 CHF 30.64 CHF 47.30 74
Owner Earnings CHF 43.11 CHF 62.33 CHF 97.93 72
All 14 models by family
DCF Models
FCF DCF best evidence CHF 19.71 CHF 29.74 CHF 48.33 76
Owner Earnings CHF 43.11 CHF 62.33 CHF 97.93 72
5Y Revenue Exit CHF 17.09 CHF 27.34 CHF 42.25 69
5Y EBITDA Exit CHF 81.79 CHF 139.36 CHF 215.60 71
10Y Revenue Exit CHF 17.30 CHF 25.05 CHF 33.32 65
10Y EBITDA Exit CHF 57.19 CHF 94.31 CHF 135.09 65
Earnings-Based
EPV CHF 13.36 CHF 16.56 CHF 19.36 71
Multiples
EV/EBIT CHF 26.70 CHF 37.55 CHF 48.41 65
EV/EBITDA CHF 142.03 CHF 191.32 CHF 240.61 67
EV/Revenue CHF 17.38 CHF 27.34 CHF 37.30 53
Asset-Based
NCAV (Graham) CHF 36.86 CHF 49.39 CHF 73.71 54
Growth DCF
Growth DCF CHF 20.90 CHF 30.64 CHF 47.30 74
Rev-Margin DCF CHF 17.09 CHF 27.94 CHF 41.29 69
Economic Profit
ROIC Compounder CHF 13.36 CHF 16.56 CHF 19.36 69

Widest divergence: Asset-Based (CHF 49.39) versus Earnings-Based (CHF 16.56). Highest evidence: FCF DCF (76).

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Key figures & financial health

P/E ratio 59.5 as of Jun 1, 2026
P/S ratio 2.10 TTM
EPS (TTM) CHF 1.11 price ÷ EPS = P/E 59.5
Dividend yield 3.8%
Net margin −12.0% FY2025
Return on equity 1.7% TTM
More key figures
Profitability
Return on assets (EBIT) 1.5% avg 4y
Operating margin 7.0% TTM
Growth
Revenue (TTM) CHF 9.0B TTM
Balance sheet & cash flow
Free cash flow CHF 651M FY2025
Net debt CHF 3.0B FY2025 · ≈ 4.7 yrs of FCF

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 33/100

Of which business quality 35 · Market factors (momentum, volatility) 84

Profitability 8
Margins and returns on capital today
Quality Growth 35
Are margins and returns improving?
Cashflow 39
Earnings quality: real cash, not paper profit
Fin. Strength 55
Balance sheet, leverage, solvency risk
Investment 24
Disciplined investing over empire-building
Low Volatility 67
Calm price path (market factor)
Momentum 91
Price trend over the last 3–12 months (market factor)
52W Momentum 92
Distance to the 52-week high (market factor)
Net Issuance 50
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

DSM-Firmenich AG provides nutrition, health, and beauty solutions in Switzerland, the Netherlands, rest of Europe, the Middle East and Africa, North America, Latin America, China, and rest of Asia. The company operates through four segments: Perfumery & Beauty; Taste, Texture & Health; Health, Nutrition & Care; and Animal Nutrition & Health.

Full company description

DSM-Firmenich AG provides nutrition, health, and beauty solutions in Switzerland, the Netherlands, rest of Europe, the Middle East and Africa, North America, Latin America, China, and rest of Asia. The company operates through four segments: Perfumery & Beauty; Taste, Texture & Health; Health, Nutrition & Care; and Animal Nutrition & Health. The Perfumery & Beauty creates scents using natural, synthetic, and biotech ingredients. The Taste, Texture & Health segment provides food and beverages solutions, including flavors, natural extracts, and sugar reduction; and food enzymes, hydrocolloids, cultures, natural colorants, nutritional ingredients, and plant-based proteins. The Health, Nutrition & Care segment provides solutions for the early life nutrition, dietary supplement, pharmaceutical, medical nutrition, biomedical materials, and nutrition improvement markets. This segment also offers vitamins, nutritional lipids, minerals, carotenoids, botanical nutraceuticals, digestive enzymes, postbiotics, probiotics and prebiotics, and active pharmaceutical ingredients; biomedical solutions; and premix, market-ready, and personalized nutrition solutions, as well as expert services in regulatory affairs and nutrition. The Animal Nutrition & Health segment offers animal proteins, vitamins, performance solutions, and data-driven precision services. The company was founded in 1902 and is based in Kaiseraugst, Switzerland.

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

Revenue & earnings trend

FY2022 – FY2025 · reported fiscal years

DSM FIRMENICH AG reported revenue of €9.0B in FY2025 versus €8.4B in FY2022, a compound +2.5%/yr. Reported net income was −€1.1B in FY2025.

Growth Quality 29/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
CHF 9.0B
Latest YoY
−0.2%
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.
+2.5%
Value creation/yr We only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Revenue +2.5%/yr
FY22 €8.4B
FY23 €10.6B
FY24 €9.1B
FY25 €9.0B
Net income
FY22 €1.7B
FY23 €2.1B
FY24 €250M
FY25 −€1.1B

DSFIR screens 54% overvalued. Compare with Linde plc →

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Cite: Fair Value Calculator (2026). "DSM FIRMENICH AG Fair Value". https://www.fairvalue-calculator.com/stock/DSFIR

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Specialty Chemicals · 695 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 33 · Bottom 25%
Fair Value upside −35% · Below median
Return on equity (TTM) 2% · Below median
Return on assets 1% · Below median
Net margin (TTM) −12% · Bottom 25%
Operating margin (TTM) 7% · Below median
Revenue growth 0% · Below median
Dividend yield (TTM) 3.8% · Top 25%
Debt / equity 0.18× · Higher than median

Valuation Multiples vs Specialty Chemicals median · lower = cheaper

P/E (TTM) 59.5× · Pricier than 75% of peers
P/B 1.28× · Cheaper than median
P/S (TTM) 2.60× · Pricier than median
P/FCF 36.0× · Pricier than 75% of peers
EV/EBITDA 17.3× · Pricier than median
PEG 0.76× · Cheaper 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
VALUE0 · sector 0
FUTURE0 · sector 20
PAST7 · sector 23
HEALTH91 · sector 95
DIVIDEND76 · sector 28

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

Similar stocks

10 more Specialty Chemicals stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Linde plc LIN $485.35 $222.03 −54%
The Sherwin-Williams Company SHW $344.86 $143.38 −58%
Ecolab Inc ECL $286.75 $96.18 −66%
Air Products and Chemicals, Inc APD $308.09 $122.14 −60%
Givaudan SA GIVN CHF 3,282 CHF 1,498 −54%
Wanhua Chemical Group 600309 ¥77.66 ¥68.03 −12%
500820 500820 ₹2,757 ₹557.43 −80%
Novozymes A/S NSISB kr 456.40 kr 169.99 −63%
Asian Paints Limited ASIANPAINT ₹2,630 ₹696.23 −74%
PPG Industries, Inc PPG $114.22 $71.31 −38%

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Frequently asked questions

Is DSM FIRMENICH AG (DSFIR) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of CHF 56.82 versus a price of CHF 87.65, about −35% upside (overvalued).
What is the fair value of DSFIR?
Our model-based fair value for DSM FIRMENICH AG is CHF 56.82 (as of Aug 13, 2026), built from audited fundamentals. The current price: CHF 87.65.
What is the quality score of DSFIR?
DSM FIRMENICH AG has a Quality Score of 33/100. 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 DSM FIRMENICH AG (DSFIR)?
DSM FIRMENICH AG reported trailing-twelve-month revenue of about CHF 9.0B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of DSFIR?
The net profit margin of DSM FIRMENICH AG is about −12.0%, meaning it is currently running at a net loss. Based on the latest reported figures.
Does DSM FIRMENICH AG pay a dividend?
DSM FIRMENICH AG currently shows a dividend yield of about 3.78% relative to its recent price (as of Aug 13, 2026).
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