# Adecco Group AG (ADEN.SW)

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

Analysis as of: 2026-10-16T07:37:55.133Z. Financial observations: FY1996–FY2025.

Listing currency: CHF. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CHF 21.04 per share; close as of 2026-10-15.

Estimated value: low CHF 16.89 per share, central CHF 19.16 per share, high CHF 22.17 per share. Buy at or below the central value CHF 19.16 per share. Valuation as of 2026-10-16T07:37:55.133Z; scenarios are not confidence intervals.

Expected annual return: 9.3% at the stated quote. About 9.3% 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: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 0.38×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.05×

- FY2017: 0.04×

- FY2018: 0.03×

- FY2019: 0.04×

- FY2020: 0.01×

- FY2021: 0.04×

- FY2022: 0.02×

- FY2023: 0.03×

- FY2024: 0.02×

- FY2025: 0.03×

### moat: pass

- ROIC, median of available years: 22.0%

- ROIC, second-lowest year: 15.1%

- Typical minus recent gross margin: 0.4 pp

- Typical gross margin (annual median): 19.3%

- Recent gross margin (lower of latest and 3-year median): 18.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.6%

- ROIC including acquisitions, ten-year median: 6.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 48.1%

- FY2017: 49.9%

- FY2018: 25.3%

- FY2019: 31.3%

- FY2020: 4.6%

- FY2021: 35.1%

- FY2022: 16.6%

- FY2023: 16.6%

- FY2024: 15.1%

- FY2025: 18.8%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.85×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.6B

- Net income, five-year total: EUR 1.9B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.9 pp

- Working capital / revenue, change between three-year averages: -5.9 pp

- Working capital / revenue, final three-year average: 9.5%

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

- FY2021: 0.96×

- FY2022: 1.00×

- FY2023: 0.56×

- FY2024: 0.66×

- FY2025: 0.95×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 48.1% vs 16.6%

- Per-share earnings: 4.24 to 1.80 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.2%

- Ordinary dilution, 5-year annual growth: 0.9%

- Market cap gain: EUR -8.1B

- Cumulative retained earnings: EUR 327M

- Diluted shares, 10-year annual growth: -0.2%

- Diluted shares, 5-year annual growth: 0.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -10.1%

- Per-share value change: EUR -2.44

- Per-share value, starting three-year median: EUR 4.24

- Per-share value, ending three-year median: EUR 1.80

- Buybacks concentrated in cheaper years (correlation): -0.10

- Average buyback yield: 0.9%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 1.6B

- Cumulative net income, 10 years: EUR 4.4B

- ROIC, first three-year median: 48.1%

- ROIC, last three-year median: 16.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 4.24

- FY2017: EUR 4.68

- FY2018: EUR 2.77

- FY2019: EUR 4.49

- FY2020: EUR -0.60

- FY2021: EUR 3.64

- FY2022: EUR 2.05

- FY2023: EUR 1.93

- FY2024: EUR 1.80

- FY2025: EUR 1.75

### accounting: pass

- Sloan accruals: -2.7%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.09×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.42×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 0.3%

- FY2017: 0.6%

- FY2018: -2.8%

- FY2019: -1.4%

- FY2020: -8.3%

- FY2021: -1.1%

- FY2022: -1.5%

- FY2023: -1.9%

- FY2024: -3.3%

- FY2025: -2.7%

## Holders

## Price story

Down 55% since Dec 2021 · sales +0.4%

Story as of 2026-10-16T10:00:09.569Z; price observation 2026-10-15.

Price needs cash profits to grow 2.1% a year for ten years

### Sales · FY2024–2025

sales +0.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 23B 

- FY2017: EUR 24B 

- FY2018: EUR 24B 

- FY2019: EUR 23B 

- FY2020: EUR 20B 

- FY2021: EUR 21B 

- FY2022: EUR 24B 

- FY2023: EUR 24B 

- FY2024: EUR 23B 

- FY2025: EUR 23B 

### Gross margin · FY2025

gross margin 18.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 18.8% 

- FY2017: 18.4% 

- FY2018: 18.6% 

- FY2019: 19.2% 

- FY2020: 19.4% 

- FY2021: 20.4% 

- FY2022: 21.0% 

- FY2023: 20.7% 

- FY2024: 19.4% 

- FY2025: 18.9% 

## Owner memo

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

### How it makes money

Operates in staffing & employment services; annual sales are EUR 23.2 billion.

- Source: https://eodhd.com/api/fundamentals/0QNM.LSE.json#2025-12-31 (filed 2026-10-16T07:37:55.133Z); FY2025: revenue 23232785431; grossProfit 4389488660; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ADEN.SW: Adecco Group AG, together with its subsidiaries, provides human resource services to businesses and organizations in Europe, North America, the Asia Pacific, South America, and North Africa. It offers flexible placement, permanent placement, career transition and mobility, outsourcing, engineering consulting, digital and IT, talent advisory, coaching, training, up-skilling and re-skilling, and other services under the Adecco, Akkodis, Ajilon, General Assembly, LHH, Pontoon, Spring, UK&I, Badenoch & Clark, Office Angels, Penna, Roevin, Adia, Ezra, and Modis brand names. The company was formerly known as Adecco S.A. Adecco Group AG was founded in 1957 and is based in Zurich, Switzerland.

### Why customers stay

Margins ranged from 18.9% to 20.7% during 2023–25; it earns 22% on its capital.

- Source: https://eodhd.com/api/fundamentals/0QNM.LSE.json#2023-12-31 (filed 2026-10-16T07:37:55.133Z); FY2023: grossProfit / revenue = 20.7%.

- Source: https://eodhd.com/api/fundamentals/0QNM.LSE.json#2024-12-31 (filed 2026-10-16T07:37:55.133Z); FY2024: grossProfit / revenue = 19.4%.

- Source: https://eodhd.com/api/fundamentals/0QNM.LSE.json#2025-12-31 (filed 2026-10-16T07:37:55.133Z); FY2025: grossProfit / revenue = 18.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.133Z); 10-year return on capital observations [[2016,0.48118566848529165],[2017,0.49885833194881807],[2018,0.2526300409117475],[2019,0.31317370854485616],[2020,0.0457910447761194],[2021,0.3508546459323994],[2022,0.1656519426347362],[2023,0.1661140315406389],[2024,0.1506020941686856],[2025,0.1879923790370679]]; median 0.2203112099744077. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 21% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.133Z); Gross margin observations: [[2021,0.20435342975798368],[2022,0.21040609137055838],[2023,0.2074132821304838]]; range within 2 percentage points.

### Where the cash goes

Reinvests 18.2% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/0QNM.LSE.json#2016-12-31 (filed 2026-10-16T07:37:55.133Z); FY2016: growth capex 0; upkeep 76000000; owner earnings 726000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.133Z); FY2017: growth capex 0; upkeep 100000000; owner earnings 797000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.133Z); FY2018: growth capex 1457530.7931901813; upkeep 156542469.20680982; owner earnings 439457530.7931902. Growth capex / owner earnings = 0.003316659042250203.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.133Z); FY2019: growth capex 0; upkeep 156000000; owner earnings 649800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.133Z); FY2021: growth capex 0; upkeep 132000000; owner earnings 563800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/0QNM.LSE.json#2022-12-31 (filed 2026-10-16T07:37:55.133Z); FY2022: growth capex 17856676; upkeep 195000000; cash acquisitions 1245000000; owner earnings 342000000. Growth capex plus acquisitions / owner earnings = 3.692563380116959.

- Source: https://eodhd.com/api/fundamentals/0QNM.LSE.json#2023-12-31 (filed 2026-10-16T07:37:55.133Z); FY2023: growth capex 10228247.846188486; upkeep 205771752.1538115; cash acquisitions 6000000; owner earnings 182228247.8461885. Growth capex plus acquisitions / owner earnings = 0.08905451288697071.

- Source: https://eodhd.com/api/fundamentals/0QNM.LSE.json#2024-12-31 (filed 2026-10-16T07:37:55.133Z); FY2024: growth capex 0; upkeep 144000000; cash acquisitions 6000000; owner earnings 201200000. Growth capex plus acquisitions / owner earnings = 0.02982107355864811.

- Source: https://eodhd.com/api/fundamentals/0QNM.LSE.json#2025-12-31 (filed 2026-10-16T07:37:55.133Z); FY2025: growth capex 0; upkeep 130849232; cash acquisitions 51000000; owner earnings 279462793. Growth capex plus acquisitions / owner earnings = 0.18249298753698492.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.133Z); Dividend observations: [[2016,372000000],[2017,374000000],[2018,350000000],[2019,360000000],[2020,381000000],[2021,365000000],[2022,202461350],[2023,422000000],[2024,432000000],[2025,177149736]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ADEN.SW SharesStats.PercentInsiders = 0.293 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 2.1% yearly over ten years; actual growth was 42.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.133Z); Ten-year compound average after fade. Initial solved rate 0.017101155771842236. Price 21.04; FX 0.9280582684985931; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.04667008913987026 → FY2025 1.6579199970650613. Closing-price date 2026-10-15.

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

- 2016-10: CHF 58.85 per share

- 2016-11: CHF 62.65 per share

- 2016-12: CHF 66.65 per share

- 2017-01: CHF 70.40 per share

- 2017-02: CHF 72.20 per share

- 2017-03: CHF 71.15 per share

- 2017-04: CHF 73.90 per share

- 2017-05: CHF 72.20 per share

- 2017-06: CHF 72.90 per share

- 2017-07: CHF 73.80 per share

- 2017-08: CHF 69.50 per share

- 2017-09: CHF 75.40 per share

- 2017-10: CHF 79.15 per share

- 2017-11: CHF 74.40 per share

- 2017-12: CHF 74.55 per share

- 2018-01: CHF 76.60 per share

- 2018-02: CHF 76.26 per share

- 2018-03: CHF 68.00 per share

- 2018-04: CHF 65.94 per share

- 2018-05: CHF 59.12 per share

- 2018-06: CHF 58.76 per share

- 2018-07: CHF 60.98 per share

- 2018-08: CHF 59.38 per share

- 2018-09: CHF 51.54 per share

- 2018-10: CHF 49.34 per share

- 2018-11: CHF 49.40 per share

- 2018-12: CHF 45.93 per share

- 2019-01: CHF 49.73 per share

- 2019-02: CHF 51.86 per share

- 2019-03: CHF 53.12 per share

- 2019-04: CHF 58.52 per share

- 2019-05: CHF 53.98 per share

- 2019-06: CHF 58.66 per share

- 2019-07: CHF 54.46 per share

- 2019-08: CHF 52.06 per share

- 2019-09: CHF 55.22 per share

- 2019-10: CHF 58.48 per share

- 2019-11: CHF 61.82 per share

- 2019-12: CHF 61.22 per share

- 2020-01: CHF 56.70 per share

- 2020-02: CHF 51.38 per share

- 2020-03: CHF 38.14 per share

- 2020-04: CHF 42.31 per share

- 2020-05: CHF 45.62 per share

- 2020-06: CHF 44.46 per share

- 2020-07: CHF 43.17 per share

- 2020-08: CHF 47.26 per share

- 2020-09: CHF 48.68 per share

- 2020-10: CHF 45.00 per share

- 2020-11: CHF 55.04 per share

- 2020-12: CHF 59.16 per share

- 2021-01: CHF 55.84 per share

- 2021-02: CHF 57.08 per share

- 2021-03: CHF 63.64 per share

- 2021-04: CHF 61.84 per share

- 2021-05: CHF 61.94 per share

- 2021-06: CHF 62.86 per share

- 2021-07: CHF 54.28 per share

- 2021-08: CHF 50.98 per share

- 2021-09: CHF 47.02 per share

- 2021-10: CHF 46.07 per share

- 2021-11: CHF 42.80 per share

- 2021-12: CHF 46.60 per share

- 2022-01: CHF 43.82 per share

- 2022-02: CHF 43.54 per share

- 2022-03: CHF 42.01 per share

- 2022-04: CHF 38.15 per share

- 2022-05: CHF 37.29 per share

- 2022-06: CHF 32.44 per share

- 2022-07: CHF 33.43 per share

- 2022-08: CHF 31.05 per share

- 2022-09: CHF 27.41 per share

- 2022-10: CHF 31.34 per share

- 2022-11: CHF 31.85 per share

- 2022-12: CHF 30.46 per share

- 2023-01: CHF 33.86 per share

- 2023-02: CHF 33.46 per share

- 2023-03: CHF 33.15 per share

- 2023-04: CHF 30.53 per share

- 2023-05: CHF 27.16 per share

- 2023-06: CHF 29.23 per share

- 2023-07: CHF 35.41 per share

- 2023-08: CHF 38.13 per share

- 2023-09: CHF 37.76 per share

- 2023-10: CHF 34.24 per share

- 2023-11: CHF 42.07 per share

- 2023-12: CHF 41.27 per share

- 2024-01: CHF 37.54 per share

- 2024-02: CHF 35.43 per share

- 2024-03: CHF 35.66 per share

- 2024-04: CHF 32.24 per share

- 2024-05: CHF 34.14 per share

- 2024-06: CHF 29.82 per share

- 2024-07: CHF 29.96 per share

- 2024-08: CHF 28.84 per share

- 2024-09: CHF 28.78 per share

- 2024-10: CHF 27.06 per share

- 2024-11: CHF 23.50 per share

- 2024-12: CHF 22.36 per share

- 2025-01: CHF 21.82 per share

- 2025-02: CHF 24.34 per share

- 2025-03: CHF 26.42 per share

- 2025-04: CHF 21.42 per share

- 2025-05: CHF 23.00 per share

- 2025-06: CHF 23.58 per share

- 2025-07: CHF 25.74 per share

- 2025-08: CHF 25.60 per share

- 2025-09: CHF 22.30 per share

- 2025-10: CHF 22.42 per share

- 2025-11: CHF 22.46 per share

- 2025-12: CHF 23.12 per share

- 2026-01: CHF 22.62 per share

- 2026-02: CHF 21.56 per share

- 2026-03: CHF 18.99 per share

- 2026-04: CHF 17.92 per share

- 2026-05: CHF 16.57 per share

- 2026-06: CHF 14.90 per share

- 2026-07: CHF 22.50 per share

- 2026-08: CHF 24.06 per share

- 2026-09: CHF 23.84 per share

- 2026-10: CHF 21.84 per share

## Annual estimated value (CHF per share)

- FY2016: low CHF 43.07 per share, central CHF 48.67 per share, high CHF 55.93 per share

- FY2017: low CHF 48.83 per share, central CHF 56.00 per share, high CHF 64.66 per share

- FY2018: low CHF 47.61 per share, central CHF 54.04 per share, high CHF 62.60 per share

- FY2019: low CHF 47.73 per share, central CHF 56.14 per share, high CHF 64.54 per share

- FY2020: low CHF 40.46 per share, central CHF 45.17 per share, high CHF 51.44 per share

- FY2021: low CHF 50.70 per share, central CHF 55.60 per share, high CHF 62.12 per share

- FY2022: low CHF 28.15 per share, central CHF 31.79 per share, high CHF 36.64 per share

- FY2023: low CHF 21.35 per share, central CHF 24.23 per share, high CHF 28.08 per share

- FY2024: low CHF 12.23 per share, central CHF 13.90 per share, high CHF 16.13 per share

- FY2025: low CHF 16.82 per share, central CHF 19.14 per share, high CHF 22.22 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

Prior published observations retained from 2026-10-15T06:43:37.695Z where newer inputs omit a numeric field or fiscal period.

## 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.