# Accelleron Industries AG (ACLN.SW)

Canonical: https://gigainvestors.com/s/ACLN.SW

Analysis as of: 2026-10-16T07:36:24.385Z. Financial observations: FY2019–FY2025.

Listing currency: CHF. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CHF 68.80 per share; close as of 2026-10-15.

Estimated value: low CHF 21.20 per share, central CHF 23.85 per share, high CHF 27.37 per share. Buy at or below the central value CHF 23.85 per share. Valuation as of 2026-10-16T07:36:24.385Z; scenarios are not confidence intervals.

Expected annual return: 5.2% at the stated quote. About 5.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CH 10-year bond 0.5% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 7 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.15×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.26×

- FY2020: 0.19×

- FY2021: 0.25×

- FY2022: 0.20×

- FY2023: 0.15×

- FY2024: 0.23×

- FY2025: 0.24×

### moat: pass

- ROIC, median of available years: 38.2%

- ROIC, second-lowest year: 29.7%

- Typical minus recent gross margin: 1.4 pp

- Typical gross margin (annual median): 45.2%

- Recent gross margin (lower of latest and 3-year median): 43.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.8%

- ROIC including acquisitions, ten-year median: 30.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: 62.4%

- FY2020: 41.2%

- FY2021: 44.2%

- FY2022: 29.7%

- FY2023: 21.3%

- FY2024: 37.0%

- FY2025: 38.2%

### economics: pass

- Owner earnings / net income, 5-yr: 0.94×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $721M

- Net income, five-year total: $766M

- Return on incremental invested capital: 43.9%

- Working capital / revenue, annual change: -0.7 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.96×

- FY2022: 0.90×

- FY2023: 0.92×

- FY2024: 0.95×

- FY2025: 0.96×

### management: pass

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 44.2% vs 37.0%

- Per-share earnings: 1.47 to 1.81 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.1%

- Diluted shares, 5-year annual growth: -0.1%

- Per-share value growth: 5.4%

- Per-share value change: $0.34

- Per-share value, starting three-year median: $1.47

- Per-share value, ending three-year median: $1.81

- Buyback history: 0 years

- ROIC, first three-year median: 44.2%

- ROIC, last three-year median: 37.0%

Chart: Earnings per share; fiscal year observations.

- FY2019: $1.64

- FY2020: $1.13

- FY2021: $1.47

- FY2022: $1.31

- FY2023: $1.08

- FY2024: $1.81

- FY2025: $2.48

### accounting: pass

- Sloan accruals: -2.6%

- Receivables to sales index (DSRI): 1.11×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.17×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.25×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -6.5%

- FY2020: -8.1%

- FY2021: -3.6%

- FY2022: -1.1%

- FY2023: -3.6%

- FY2024: -3.7%

- FY2025: -2.6%

## Holders

## Price story

Price needs cash profits to grow 15% a year for ten years · sales +23.5%

Story as of 2026-10-16T10:00:07.440Z; price observation 2026-10-15.

Price needs cash profits to grow 15% a year for ten years

### Sales · FY2024–2025

sales +23.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: $783M 

- FY2020: $711M 

- FY2021: $756M 

- FY2022: $781M 

- FY2023: $915M 

- FY2024: $1.0B 

- FY2025: $1.3B 

### Gross margin · FY2025

gross margin 43.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: 47.5% 

- FY2020: 42.9% 

- FY2021: 47.0% 

- FY2022: 45.2% 

- FY2023: 42.2% 

- FY2024: 46.1% 

- FY2025: 43.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in specialty industrial machinery; annual sales are USD 1.3 billion.

- Source: https://eodhd.com/api/fundamentals/ZH2.F.json#2025-12-31 (filed 2026-10-16T07:36:24.385Z); FY2025: revenue 1263084000; grossProfit 553046000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 42.2% to 46.1% during 2023–25; it earns 38.2% on its capital.

- Source: https://eodhd.com/api/fundamentals/ZH2.F.json#2023-12-31 (filed 2026-10-16T07:36:24.385Z); FY2023: grossProfit / revenue = 42.2%.

- Source: https://eodhd.com/api/fundamentals/ZH2.F.json#2024-12-31 (filed 2026-10-16T07:36:24.385Z); FY2024: grossProfit / revenue = 46.1%.

- Source: https://eodhd.com/api/fundamentals/ZH2.F.json#2025-12-31 (filed 2026-10-16T07:36:24.385Z); FY2025: grossProfit / revenue = 43.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:24.385Z); 7-year return on capital observations [[2019,0.6235294117647059],[2020,0.4117647058823529],[2021,0.44199806449278856],[2022,0.2972623478234542],[2023,0.2131037660756816],[2024,0.3698203635613758],[2025,0.3815416384715599]]; median 0.3815416384715599. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 10.7% of cash earnings; earns 43.9% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:24.385Z); FY2019: growth capex 0; upkeep 23000000; owner earnings 153000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:24.385Z); FY2020: growth capex 0; upkeep 26000000; owner earnings 105000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/ZH2.F.json#2021-12-31 (filed 2026-10-16T07:36:24.385Z); FY2021: growth capex 5344000; upkeep 23511000; owner earnings 132299000. Growth capex / owner earnings = 0.040393351423669115.

- Source: https://eodhd.com/api/fundamentals/ZH2.F.json#2022-12-31 (filed 2026-10-16T07:36:24.385Z); FY2022: growth capex 5442184.658271499; upkeep 28982815.3417285; cash acquisitions 0; owner earnings 110937784.65827149. Growth capex plus acquisitions / owner earnings = 0.0490561865376652.

- Source: https://eodhd.com/api/fundamentals/ZH2.F.json#2023-12-31 (filed 2026-10-16T07:36:24.385Z); FY2023: growth capex 6075000; upkeep 30128000; cash acquisitions 92849000; owner earnings 93006800. Growth capex plus acquisitions / owner earnings = 1.0636211545822456.

- Source: https://eodhd.com/api/fundamentals/ZH2.F.json#2024-12-31 (filed 2026-10-16T07:36:24.385Z); FY2024: growth capex 2223000; upkeep 36301000; cash acquisitions 58769000; owner earnings 161547000. Growth capex plus acquisitions / owner earnings = 0.37754956761809255.

- Source: https://eodhd.com/api/fundamentals/ZH2.F.json#2025-12-31 (filed 2026-10-16T07:36:24.385Z); FY2025: growth capex 19399000; upkeep 39402000; cash acquisitions 4592000; owner earnings 223682200. Growth capex plus acquisitions / owner earnings = 0.10725484638473692.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:24.385Z); Incremental return on capital 0.4390815438110478, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:24.385Z); Dividend observations: [[2019,0],[2020,0],[2023,76212000],[2024,88223000],[2025,143495000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ACLN.SW SharesStats.PercentInsiders = 0.116 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 15% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:24.385Z); Ten-year compound average after fade. Initial solved rate 0.20461556561572958. Price 68.8; FX 0.8276775368316505; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (CHF per share)

- 2022-09: CHF 24.75 per share

- 2022-10: CHF 16.98 per share

- 2022-11: CHF 19.23 per share

- 2022-12: CHF 19.15 per share

- 2023-01: CHF 21.57 per share

- 2023-02: CHF 23.20 per share

- 2023-03: CHF 21.63 per share

- 2023-04: CHF 21.90 per share

- 2023-05: CHF 21.96 per share

- 2023-06: CHF 21.42 per share

- 2023-07: CHF 22.90 per share

- 2023-08: CHF 23.90 per share

- 2023-09: CHF 23.82 per share

- 2023-10: CHF 22.34 per share

- 2023-11: CHF 25.14 per share

- 2023-12: CHF 26.26 per share

- 2024-01: CHF 27.76 per share

- 2024-02: CHF 29.80 per share

- 2024-03: CHF 33.78 per share

- 2024-04: CHF 35.86 per share

- 2024-05: CHF 36.40 per share

- 2024-06: CHF 35.20 per share

- 2024-07: CHF 43.50 per share

- 2024-08: CHF 44.36 per share

- 2024-09: CHF 43.84 per share

- 2024-10: CHF 46.28 per share

- 2024-11: CHF 49.40 per share

- 2024-12: CHF 46.70 per share

- 2025-01: CHF 45.74 per share

- 2025-02: CHF 42.82 per share

- 2025-03: CHF 40.78 per share

- 2025-04: CHF 44.14 per share

- 2025-05: CHF 47.44 per share

- 2025-06: CHF 55.80 per share

- 2025-07: CHF 74.35 per share

- 2025-08: CHF 68.80 per share

- 2025-09: CHF 66.95 per share

- 2025-10: CHF 65.80 per share

- 2025-11: CHF 63.45 per share

- 2025-12: CHF 61.55 per share

- 2026-01: CHF 73.80 per share

- 2026-02: CHF 72.55 per share

- 2026-03: CHF 71.25 per share

- 2026-04: CHF 83.60 per share

- 2026-05: CHF 77.65 per share

- 2026-06: CHF 83.00 per share

- 2026-07: CHF 72.85 per share

- 2026-08: CHF 72.75 per share

- 2026-09: CHF 73.15 per share

- 2026-10: CHF 70.55 per share

## Annual estimated value (CHF per share)

- FY2023: low CHF 14.93 per share, central CHF 16.72 per share, high CHF 19.11 per share

- FY2024: low CHF 16.76 per share, central CHF 18.76 per share, high CHF 21.43 per share

- FY2025: low CHF 22.11 per share, central CHF 24.75 per share, high CHF 28.27 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations