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Namwiwat Medical (NAM) Fair Value & Analysis

Healthcare · TH · Market cap 2.4B THB (≈ $73.2M)

What is Namwiwat Medical really worth?

NM Namwiwat Medical NAM · BK
Price3.28 THB
Fair Value3.19 THB
Upside−2.7%
Quality48/100

Below-average quality, currently priced close to our fair value of 3.19 THB.

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Strengths

Ranks above peers (9/13)

Risks

!Expensive Growth (revenue 3y +19.4 %/yr)
!Thin margins · 4.0% net margin
!Low debt · negative free cash flow
!Narrow moat 38/100
!Evidence only low, so the estimate is less certain
!Weak on past: 13 out of 100

For context

·3.96% dividend yield
Evidence: Low Range 2.39 THB – 3.99 THB

Fair value as of: Aug 19, 2026

From 15 valuation models · updated 16 days ago

Share price −3.5% 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.
  • Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Price vs Fair Value (3 years)

6.68 THB 3.28 THB Fair Value 3.19 THB Oct 2023 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 19, 2026.

How to read this chart

34‑month range 3.28 THB – 6.68 THB · fair‑value band 2.39 THB – 3.99 THB · the 3.28 THB price screens above the 3.19 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 19, 2026.

Full chart & analysis →

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Analysis

Namwiwat Medical (NAM) currently trades at 3.28 THB, while our model-based Fair Value estimate is 3.19 THB, implying the stock looks roughly 2.8% fairly valued today. The Quality Score stands at 48/100 (below-average quality), in the Healthcare sector. Bull case: the DCF Models group reads highest at a median of 5.35 THB per share, and 6 of the 15 models we run sit above the 3.28 THB price. Bear case: the Asset-Based group reads lowest at 1.91 THB, and 9 of the 15 models stay below the price. Evidence for this calculation is low.

Over the trailing twelve months, Namwiwat Medical generated revenue of 1.7B THB at a net margin of 4.0%. Revenue declined 29.9% year over year. It earns a return on equity of 3.4%. Net debt stands at 190M THB. Fundamentals as of Aug 19, 2026

Our scenario range runs from 2.39 THB (bear case) to 3.99 THB (bull case); at 3.28 THB, 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 23% below its 52-week high and 3% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at −34% fair-value upside, at −3%, NAM screens cheaper 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.

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
Residual Income best evidence 2.16 THB 2.17 THB 2.05 THB 73
EPV 2.47 THB 2.72 THB 2.94 THB 71
Owner Earnings 3.00 THB 5.35 THB 9.93 THB 70
All 15 models by family
DCF Models
Owner Earnings 3.00 THB 5.35 THB 9.93 THB 70
Earnings-Based
Graham-Dodd 0.9900 THB 6.37 THB 8.91 THB 60
Lynch FV 1.85 THB 2.64 THB 3.43 THB 58
PEG = 1.0 1.85 THB 2.64 THB 3.43 THB 55
EPV 2.47 THB 2.72 THB 2.94 THB 71
Multiples
P/E Multiple 2.39 THB 3.19 THB 3.99 THB 63
P/S Multiple 1.85 THB 2.47 THB 3.08 THB 58
P/B Multiple 1.85 THB 2.47 THB 3.08 THB 55
EV/EBIT 3.71 THB 4.66 THB 5.60 THB 66
EV/EBITDA 4.28 THB 5.42 THB 6.56 THB 67
EV/Revenue 2.90 THB 3.77 THB 4.63 THB 54
Asset-Based
NCAV (Graham) 1.43 THB 1.91 THB 2.86 THB 54
Economic Profit
Residual Income best evidence 2.16 THB 2.17 THB 2.05 THB 73
ROIC Compounder 2.47 THB 2.72 THB 3.07 THB 69
Growth Earnings
Growth-Adj P/E 2.66 THB 3.80 THB 4.94 THB 65

Widest divergence: DCF Models (5.35 THB) versus Asset-Based (1.91 THB). Highest evidence: Residual Income (73).

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Key figures & financial health

P/E ratio 32.8
P/S ratio 1.78 P/E × margin
EPS (TTM) 0.1000 THB price ÷ EPS = P/E 32.8
Dividend yield 4.0% payout 130%
Net margin 5.4% FY2026
Return on equity 3.4% TTM
More key figures
Profitability
Return on assets (EBIT) 11.7% avg 5y
Operating margin 5.1% TTM
Growth
Revenue (TTM) 1.7B THB TTM
Revenue growth (YoY) −29.9% 3y avg +19.4%
EPS growth (YoY) −83.5%
Balance sheet & cash flow
Free cash flow −30.8M THB FY2026
Net debt 190M THB FY2023

Figures from reported company fundamentals · as of Aug 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 48/100

Of which business quality 48 · Market factors (momentum, volatility) 42

Profitability 34
Margins and returns on capital today
Quality Growth 54
Are margins and returns improving?
Cashflow 8
Earnings quality: real cash, not paper profit
Fin. Strength 86
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 94
Calm price path (market factor)
Momentum 26
Price trend over the last 3–12 months (market factor)
52W Momentum 11
Distance to the 52-week high (market factor)
Net Issuance 82
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

Namwiwat Medical Corporation Public Company Limited manufactures and distributes medical equipment in Thailand. The company offers steam and low temperature sterilizers, instrument washer disinfectors, ultrasonic cleaning systems, and drying cabinets, as well as waste sterilizers.

Full company description

Namwiwat Medical Corporation Public Company Limited manufactures and distributes medical equipment in Thailand. The company offers steam and low temperature sterilizers, instrument washer disinfectors, ultrasonic cleaning systems, and drying cabinets, as well as waste sterilizers. It also provides NAMTrack, a central sterile supply department software management product, as well as Air Track. In addition, the company offers air and surface disinfection equipment and air purifiers. Further, it provides medical supplies, disinfection services, medical equipment maintenance services, infectious waste services, and other medical services. The company was founded in 1970 and is based in Samut Prakan, Thailand.

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Namwiwat Medical reported revenue of 1.9B THB in FY2026 versus 992M THB in FY2022, a compound +17.2%/yr. Reported net income was 102M THB in FY2026, compounding −12.7%/yr from FY2022.

Growth Quality 58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2026)
1.9B THB
Latest YoY
+67.8%
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.
+19.4%
Value creation/yr (5Y, in THB) Earnings growth per share (CAGR 5 years, EBIT basis) plus dividend yield: value created per share and year. Measured in THB: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−3.5% (−7.5 + 4.0)
Revenue +17.2%/yr
FY22 992M THB
FY23 1.1B THB
FY24 1.1B THB
FY25 1.1B THB
FY26 1.9B THB
Net income −12.7%/yr
FY22 175M THB
FY23 176M THB
FY24 201M THB
FY25 181M THB
FY26 102M THB

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Cite: Fair Value Calculator (2026). "Namwiwat Medical Fair Value". https://www.fairvalue-calculator.com/stock/NAM

Peer Group

Medical Devices · 351 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 48 · Below median
Fair Value upside −3% · Above median
Return on equity (TTM) 3% · Above median
Return on assets 2% · Above median
Net margin (TTM) 4% · Above median
Operating margin (TTM) 5% · Below median
Revenue growth −30% · Bottom 25%
Dividend yield (TTM) 4.0% · Top 25%
Debt / equity 0.04× · Lower than median

Valuation Multiples vs Medical Devices median · lower = cheaper

P/E (TTM) 32.8× · Pricier than median
P/B 1.20× · Cheaper than median
P/S (TTM) 1.41× · Cheaper than median
EV/EBITDA 12.1× · 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
VALUE30 · sector 0
FUTURE0 · sector 32
PAST13 · sector 5
HEALTH98 · sector 97
DIVIDEND79 · sector 34

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 Medical Devices stocks, each showing price versus our Fair Value estimate (as of Aug 19, 2026).

Stock Price Fair Value vs Fair Value
Abbott Laboratories, ABT $112.47 $74.79 −34%
Stryker Corporation SYK $322.12 $186.28 −42%
Medtronic plc MDT $89.97 $65.57 −27%
Boston Scientific Corporation BSX $46.84 $30.73 −34%
Edwards Lifesciences Corporation EW $89.78 $41.02 −54%
Siemens Healthineers AG SHL €39.52 €33.87 −14%
DexCom, Inc DXCM $90.82 $38.95 −57%
GE HealthCare Technologies Inc GEHC $74.82 $64.13 −14%
Koninklijke Philips N.V PHIA €23.69 €14.36 −39%
Shenzhen Mindray Bio-Medical Electronics Co 300760 ¥150.63 ¥147.63 −2%

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Frequently asked questions

Is Namwiwat Medical (NAM) overvalued or undervalued?
As of Aug 19, 2026, our model estimates a fair value of 3.19 THB versus a price of 3.28 THB, about −3% upside (fairly valued).
What is the fair value of NAM?
Our model-based fair value for Namwiwat Medical is 3.19 THB (as of Aug 19, 2026), built from audited fundamentals. The current price: 3.28 THB.
What is the quality score of NAM?
Namwiwat Medical has a Quality Score of 48/100. 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 Namwiwat Medical (NAM)?
Namwiwat Medical reported trailing-twelve-month revenue of about 1.7B THB (latest available figure, as of Aug 19, 2026).
What is the net profit margin of NAM?
The net profit margin of Namwiwat Medical is about 4.0%, meaning it keeps roughly 4.0% of revenue as net income. Based on the latest reported figures.
Does Namwiwat Medical pay a dividend?
Namwiwat Medical currently shows a dividend yield of about 3.96% relative to its recent price (as of Aug 19, 2026).
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