Sonova H Ag (SOON) Fair Value & Analysis
Healthcare · CH · Market cap CHF 12.3B · ISIN CH0012549785
What is Sonova H Ag really worth?
A solid business, but trading 47% above our fair value of CHF 159.47.
Strengths
Risks
For context
Fair value as of: Sep 1, 2026
From 26 valuation models · updated 4 days ago
Share price +0.9% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- A high-quality business (quality 71/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
- The price sits above even our optimistic bull case (CHF 199.34). The favourable scenario is already priced in.
- A fairly wide model range (CHF 98.43 to CHF 199.34) 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 Sep 1, 2026.
How to read this chart
60‑month range CHF 164.03 – CHF 363.98 · fair‑value band CHF 98.43 – CHF 199.34 · the CHF 234.80 price screens above the CHF 159.47 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 1, 2026.
Analysis
Sonova H Ag (SOON) currently trades at CHF 234.80, while our model-based Fair Value estimate is CHF 159.47, implying the stock looks roughly 47.2% overvalued today. The Quality Score stands at 71/100 (solid quality), in the Healthcare sector. Bull case: the DCF Models group reads highest at a median of CHF 163.96 per share, and 0 of the 26 models we run sit above the CHF 234.80 price. Bear case: the Asset-Based group reads lowest at CHF 29.48, and 26 of the 26 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Sonova H Ag generated revenue of CHF 3.6B at a net margin of 11.9%. Revenue declined 1.0% year over year. It earns a return on equity of 20.5%. Net debt stands at CHF 990M. Fundamentals as of Sep 1, 2026
Our scenario range runs from CHF 98.43 (bear case) to CHF 199.34 (bull case); at CHF 234.80, 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 about 8% below its 52-week high and 44% above its 52-week low, currently above its 200-day average. For context, the median of 10 Healthcare peers we cover trades at −34% fair-value upside, at −32%, SOON screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly CHF 1.85 per share, which is 1.2 % 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.
All 26 models by family
Widest divergence: DCF Models (CHF 163.96) versus Asset-Based (CHF 29.48). Highest evidence: FCF DCF (79).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 1, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 70 · Market factors (momentum, volatility) 62
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
Sonova Holding AG manufactures and sells hearing care solutions for children and adults in Switzerland, the United States, rest of the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It operates through Hearing Instruments, Cochlear Implants, and Lifestyle-Aligned segments.
Full company description
Sonova Holding AG manufactures and sells hearing care solutions for children and adults in Switzerland, the United States, rest of the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It operates through Hearing Instruments, Cochlear Implants, and Lifestyle-Aligned segments. The Hearing Instruments segment engages in the design, development, manufacture, distribution, and service of hearing instruments and related products, as well as wireless headsets, speech-enhanced hearables, and audiophile headphones under the Phonak, Unitron, Hansaton, and Sennheiser brand names; and audiological care services under the AudioNova, Audition Santé, Boots Hearingcare, Connect Hearing, Geers, Hansaton, Lapperre, Schoonenberg, and Triton Hearing brands. The Cochlear Implants segment is involved in the design, development, manufacture, distribution, and service of hearing instruments and related products under the Advanced Bionics brand. The Lifestyle-Aligned segment designs connected solutions and integrating AI and digital capabilities. It sells its products directly to end consumers through its own store network; wholesales to independent audiologists, third party retail chains, and multinational and government customers; and provides hearing care services through a network of stores and clinics. The company was formerly known as Phonak Holding AG and changed its name to Sonova Holding AG in August 2007. Sonova Holding AG was founded in 1947 and is headquartered in Stäfa, Switzerland.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
Sonova H Ag reported revenue of CHF 3.6B in FY2026 versus CHF 3.4B in FY2022, a compound +1.8%/yr. Reported net income was CHF 431M in FY2026, compounding −9.7%/yr from FY2022.
of which total revenue +6.1 % · buybacks/dilution +1.1 %
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).
SOON screens 47% overvalued. Compare with Abbott Laboratories, →
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.
Valuation Multiples vs Medical Devices 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: 35/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Medical Devices stocks, each showing price versus our Fair Value estimate (as of Sep 1, 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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