Kardex (KARN) Fair Value & Analysis
Industrials · CH · Market cap CHF 1.9B · ISIN CH0100837282
What is Kardex really worth?
A solid business, but trading 135% above our fair value of CHF 106.76.
Strengths
Risks
For context
Fair value as of: Aug 13, 2026
From 26 valuation models · updated 22 days ago
Fair value updated Aug 13, 2026, revised from CHF 105.21 to CHF 106.76 (+1.5%) since Jul 18, 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 133.44). The favourable scenario is already priced in.
- Solid but not exceptional quality (65/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (CHF 71.16 to CHF 133.44) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range CHF 115.47 – CHF 327.54 · fair‑value band CHF 71.16 – CHF 133.44 · the CHF 251.00 price screens above the CHF 106.76 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Kardex (KARN) currently trades at CHF 251.00, while our model-based Fair Value estimate is CHF 106.76, implying the stock looks roughly 135.1% overvalued today. The Quality Score stands at 65/100 (solid quality), in the Industrials sector. Bull case: the DCF Models group reads highest at a median of CHF 121.69 per share, and 0 of the 26 models we run sit above the CHF 251.00 price. Bear case: the Asset-Based group reads lowest at CHF 23.28, and 26 of the 26 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Kardex generated revenue of CHF 850M at a net margin of 4.9%. Revenue grew 3.1% year over year. It earns a return on equity of 15.1%. The balance sheet holds a net cash position of CHF 96.7M. Fundamentals as of Aug 13, 2026
Our scenario range runs from CHF 71.16 (bear case) to CHF 133.44 (bull case); at CHF 251.00, 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 last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat. The share trades about 24% below its 52-week high and 12% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at −52% fair-value upside, at −57%, KARN screens richer than that median.
Fair Value models
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.
All 26 models by family
Widest divergence: DCF Models (CHF 121.69) versus Asset-Based (CHF 23.28). Highest evidence: FCF DCF (81).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 66 · Market factors (momentum, volatility) 38
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
Kardex Holding AG provides intralogistics solutions in Europe, the Middle East, Africa, the Americas, and the Asia Pacific. It operates through two segments, Automated Products and Standardized Systems.
Full company description
Kardex Holding AG provides intralogistics solutions in Europe, the Middle East, Africa, the Americas, and the Asia Pacific. It operates through two segments, Automated Products and Standardized Systems. The company provides intelligent entry into automation with its dynamic storage and retrieval systems; offers integrated material handling systems, multi-shuttle technology, small parts storage systems and automated high-bay warehouses; storage and picking solutions for small parts; bin shuttle systems for lightgoods; storage and order fulfillment solutions; and life cycle services, as well as system upgrades, support, and digital services. It also provides vertical lift, Buffer, and carousel, as well as horizontal carousel modules; heavy-duty units; cubic bin storage solutions; power pick system; power pick cloud; control centers; machine interface software solutions; java machine interface; mobile data entry; plastic bins designed to store and transport goods for various industries; storage of heavy and oversized goods; vertical lift module boxes; stacker cranes; pick and place robotics; solutions for warehouse storage, order picking, packing, and shipping; and conveyor systems, as well as AutoStore solutions. Its products are used in automated storage and retrieval systems, buffering and sequencing, production and distribution logistics, spare parts management, and controlled environment. The company serves various sectors, such as automotive, chemicals, food and beverage, hospitals, mechanical engineering, pharmaceuticals, tyres, wood panel handling, E-commerce and retail, wholesale, third part logistics, public administration, and media storage and retrieval applications. Kardex Holding AG was founded in 1922 and is based in Zurich, Switzerland.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Kardex reported revenue of €855M in FY2025 versus €456M in FY2021, a compound +17.1%/yr. Reported net income was €41.9M in FY2025, compounding −1.2%/yr from FY2021.
of which total revenue +9.9 % · buybacks/dilution +0.0 %
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).
KARN screens 135% overvalued. Compare with GE Vernova Inc →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Kardex Holding AG (KRDXF) (H1 2026) Earnings Call Highlights: Record Bookings and Backlog Amid ...
- Annual General Meeting of Kardex Holding AG Approves all Motions
- Kardex Holding AG (XSWX:KARN) Full Year 2025 Earnings Call Highlights: Record Bookings and ...
- Kardex Holding (VTX:KARN) Is Reinvesting To Multiply In Value
Peer Group
Specialty Industrial Machinery · 792 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.
Valuation Multiples vs Specialty Industrial Machinery median · lower = cheaper
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.
VALUE 0: the price sits above our fair-value range.
Insider activity: 45/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Specialty Industrial Machinery stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| GE Vernova Inc GEV | $941.84 | $131.95 | −86% |
| SIE SIE | €289.85 | €139.77 | −52% |
| Eaton Corporation ETN | $402.78 | $168.65 | −58% |
| Parker-Hannifin Corporation PH | $995.02 | $398.69 | −60% |
| Atlas Copco AB ATCOA | kr 206.60 | kr 112.59 | −46% |
| Cummins Inc CMI | $564.40 | $348.94 | −38% |
| Illinois Tool Works Inc ITW | $281.67 | $145.84 | −48% |
| Emerson Electric Co EMR | $155.18 | $58.44 | −62% |
| AMETEK, Inc AME | $236.25 | $125.80 | −47% |
| Rockwell Automation, Inc ROK | $417.53 | $125.76 | −70% |
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