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Tecan Group AG (TECN) Fair Value & Analysis

Healthcare · CH · Market cap CHF 2.3B · ISIN CH0012100191

What is Tecan Group AG really worth?

TG Tecan Group AG TECN · SW
PriceCHF 194.90
Fair ValueCHF 95.99
Upside−50.8%
Quality59/100

A solid business, but trading 103% above our fair value of CHF 95.99.

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Strengths

Low debt · generates free cash flow

Risks

!Weak Growth (revenue 5y +3.8 %/yr)
!Loss-making · -12.5% net margin
!Trails peers (1/14)
!Narrow moat 24/100
!Evidence only medium, so the estimate is less certain
!Weak on dividend: 15 out of 100

For context

·0.77% dividend yield
Evidence: Medium Range CHF 70.51 – CHF 121.48

Fair value as of: Sep 3, 2026

From 15 valuation models · updated yesterday

Fair value updated Sep 3, 2026, revised from CHF 53.33 to CHF 95.99 (+80.0%) since Aug 13, 2026. Share price +0.6% 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 121.48). The favourable scenario is already priced in.
  • Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder.

Price vs Fair Value (5 years)

CHF 574.26 CHF 113.47 Fair Value CHF 95.99 Jun 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 CHF 113.47 – CHF 574.26 · fair‑value band CHF 70.51 – CHF 121.48 · the CHF 194.90 price screens above the CHF 95.99 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 3, 2026.

Full chart & analysis →

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Analysis

Tecan Group AG (TECN) currently trades at CHF 194.90, while our model-based Fair Value estimate is CHF 95.99, implying the stock looks roughly 103.0% overvalued today. The Quality Score stands at 59/100 (solid quality), in the Healthcare sector. Bull case: the DCF Models group reads highest at a median of CHF 121.24 per share, and 0 of the 15 models we run sit above the CHF 194.90 price. Bear case: the Earnings-Based group reads lowest at CHF 29.32, and 15 of the 15 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, Tecan Group AG generated revenue of CHF 882M at a net margin of −12.5%. Revenue declined 5.2% year over year. It earns a return on equity of −8.6%. Net debt stands at CHF 42.0M. Fundamentals as of Sep 3, 2026

Our scenario range runs from CHF 70.51 (bear case) to CHF 121.48 (bull case); at CHF 194.90, 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 78% above its 52-week low, currently above its 200-day average. For context, the median of 10 Healthcare peers we cover trades at −46% fair-value upside, at −51%, TECN 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.

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 88.34 CHF 131.29 CHF 193.17 78
Growth DCF CHF 89.78 CHF 127.96 CHF 179.80 76
EPV CHF 25.60 CHF 29.32 CHF 32.53 74
All 15 models by family
DCF Models
FCF DCF best evidence CHF 88.34 CHF 131.29 CHF 193.17 78
5Y Revenue Exit CHF 51.83 CHF 70.81 CHF 93.70 71
5Y EBITDA Exit CHF 81.66 CHF 125.97 CHF 176.64 73
10Y Revenue Exit CHF 63.95 CHF 84.04 CHF 108.73 66
10Y EBITDA Exit CHF 83.34 CHF 121.24 CHF 169.93 66
Earnings-Based
EPV CHF 25.60 CHF 29.32 CHF 32.53 74
Dividend Discount
Gordon GGM CHF 26.39 CHF 52.58 CHF 79.63 64
DDM Multi-Stage CHF 26.39 CHF 41.80 CHF 55.51 64
Multiples
EV/EBIT CHF 44.55 CHF 58.71 CHF 72.87 66
EV/EBITDA CHF 87.65 CHF 116.18 CHF 144.71 67
EV/Revenue CHF 32.38 CHF 45.38 CHF 58.37 54
Asset-Based
NCAV (Graham) CHF 45.49 CHF 60.96 CHF 90.98 54
Growth DCF
Growth DCF CHF 89.78 CHF 127.96 CHF 179.80 76
Rev-Margin DCF CHF 51.83 CHF 72.05 CHF 95.43 71
Economic Profit
ROIC Compounder CHF 25.60 CHF 29.32 CHF 32.53 70

Widest divergence: DCF Models (CHF 121.24) versus Earnings-Based (CHF 29.32). Highest evidence: FCF DCF (78).

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Key figures & financial health

P/S ratio 2.58 TTM
EPS (TTM) CHF −8.75
Dividend yield 0.8%
Net margin −12.5% FY2025
Return on equity −8.6% TTM
Return on assets (EBIT) 5.3% avg 5y
More key figures
Profitability
Operating margin 4.9% TTM
Growth
Revenue (TTM) CHF 882M TTM
Revenue growth (YoY) −5.2% 3y avg −8.3%
EPS growth (YoY) −19.4%
Balance sheet & cash flow
Free cash flow CHF 103M FY2025
Net debt CHF 42.0M FY2025 · ≈ 0.4 yrs of FCF

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

Quality Score breakdown

Overall quality 59/100

Of which business quality 59 · Market factors (momentum, volatility) 73

Profitability 13
Margins and returns on capital today
Quality Growth 30
Are margins and returns improving?
Cashflow 60
Earnings quality: real cash, not paper profit
Fin. Strength 86
Balance sheet, leverage, solvency risk
Investment 96
Disciplined investing over empire-building
Low Volatility 53
Calm price path (market factor)
Momentum 81
Price trend over the last 3–12 months (market factor)
52W Momentum 81
Distance to the 52-week high (market factor)
Net Issuance 88
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

Tecan Group AG provides laboratory instruments and solutions in biopharmaceuticals, forensics, and clinical diagnostics in Europe, North America, Asia, and internationally. It operates in two segments: Life Sciences Business and Partnering Business.

Full company description

Tecan Group AG provides laboratory instruments and solutions in biopharmaceuticals, forensics, and clinical diagnostics in Europe, North America, Asia, and internationally. It operates in two segments: Life Sciences Business and Partnering Business. The company offers liquid handling and automation, microplate readers and washers, software, consumables, sequencing reagents, immunoassays and antibodies, and Tecan Labwerx, an end-to-end automation solution. It also provides PARAMIT, a contract design and manufacturing service. Tecan Group AG has a strategic collaboration with NVIDIA Corporation to develop AI-enabled platform for data-driven laboratories to help discoveries and lab productivity. The company was founded in 1980 and is headquartered in Männedorf, Switzerland.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Tecan Group AG reported revenue of CHF 882M in FY2025 versus CHF 947M in FY2021, a compound −1.7%/yr. Reported net income was −CHF 111M in FY2025.

Growth Quality 37/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
CHF 882M
Latest YoY
−5.5%
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.
−8.3%
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.
+3.8%
Avg. revenue growth/yr (23Y) 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.
+4.3%
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 −1.7%/yr
FY21 CHF 947M
FY22 CHF 1.1B
FY23 CHF 1.1B
FY24 CHF 934M
FY25 CHF 882M
Net income
FY21 CHF 122M
FY22 CHF 121M
FY23 CHF 132M
FY24 CHF 67.7M
FY25 −CHF 111M
Character of growth · EPS growth decomposed (2014-2025) +7.0 % p.a.
Revenue per share +8.6 %

of which total revenue +9.9 % · buybacks/dilution −1.3 %

EBIT margin −3.6 %
Tax rate +1.3 %
Residual (interest, one-offs) +0.8 %

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).

TECN screens 103% overvalued. Compare with Intuitive Surgical, Inc →

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Cite: Fair Value Calculator (2026). "Tecan Group AG Fair Value". https://www.fairvalue-calculator.com/stock/TECN

Peer Group

Medical Instruments & Supplies · 194 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 59 · Above median
Fair Value upside −51% · Below median
Return on assets 1% · Below median
Net margin (TTM) −13% · Bottom 25%
Operating margin (TTM) 5% · Below median
Revenue growth −5% · Bottom 25%
Dividend yield (TTM) 0.8% · Below median
Debt / equity 0.13× · Higher than median

Valuation Multiples vs Medical Instruments & Supplies median · lower = cheaper

P/B 2.44× · Pricier than median
P/S (TTM) 3.19× · Pricier than median
P/FCF 27.4× · Pricier than 75% of peers
EV/EBITDA 34.5× · Pricier than 75% of peers
PEG 1.71× · 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
VALUE0 · sector 0
FUTURE0 · sector 29
PAST0 · sector 26
HEALTH93 · sector 96
DIVIDEND15 · sector 30

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.

None of the checked exposures detected

Similar stocks

10 more Medical Instruments & Supplies stocks, each showing price versus our Fair Value estimate (as of Sep 3, 2026).

Stock Price Fair Value vs Fair Value
Intuitive Surgical, Inc ISRG $367.07 $150.04 −59%
EssilorLuxottica Société anonyme EL €160.35 €94.93 −41%
Medline Inc MDLN $36.59 $30.15 −18%
Becton, Dickinson and Company BDX $187.12 $100.46 −46%
Alcon Inc ALC $72.23 $39.78 −45%
ResMed Inc RMD A$33.19 A$26.23 −21%
West Pharmaceutical Services, Inc WST $337.47 $141.58 −58%
Sartorius Stedim Biotech S.A DIM €197.70 €48.88 −75%
Straumann Holding STMN CHF 97.38 CHF 47.31 −51%
Sartorius Aktiengesellschaft SRT3 €253.50 €63.30 −75%

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Frequently asked questions

Is Tecan Group AG (TECN) overvalued or undervalued?
As of Sep 3, 2026, our model estimates a fair value of CHF 95.99 versus a price of CHF 194.90, about −51% upside (overvalued).
What is the fair value of TECN?
Our model-based fair value for Tecan Group AG is CHF 95.99 (as of Sep 3, 2026), built from audited fundamentals. The current price: CHF 194.90.
What is the quality score of TECN?
Tecan Group AG has a Quality Score of 59/100. 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 Tecan Group AG (TECN)?
Tecan Group AG reported trailing-twelve-month revenue of about CHF 882M (latest available figure, as of Sep 3, 2026).
What is the net profit margin of TECN?
The net profit margin of Tecan Group AG is about −12.5%, meaning it is currently running at a net loss. Based on the latest reported figures.
Does Tecan Group AG pay a dividend?
Tecan Group AG currently shows a dividend yield of about 0.77% relative to its recent price (as of Sep 3, 2026).
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