# Allreal Holding (ALLN.SW)

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

Analysis as of: 2026-10-16T07:38:26.057Z. Financial observations: FY2005–FY2025.

Listing currency: CHF. Reporting currency: CHF.

## 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 187.60 per share; close as of 2026-10-15.

Estimated value: low CHF 96.30 per share, central CHF 109.55 per share, high CHF 127.19 per share. Buy at or below the central value CHF 109.55 per share. Valuation as of 2026-10-16T07:38:26.057Z; scenarios are not confidence intervals.

Expected annual return: 7.0% at the stated quote. About 7.0% 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

- 7 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 7

- Years with a net loss: 0

- Operating margin variation: 0.38×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.21×

- FY2017: 0.27×

- FY2018: 0.32×

- FY2019: 0.35×

- FY2020: 0.33×

- FY2021: 0.33×

- FY2022: 0.37×

- FY2023: 0.27×

- FY2024: 0.74×

- FY2025: 0.41×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 3.1%

- ROIC, second-lowest year: 2.6%

- Typical minus recent gross margin: -8.9 pp

- Typical gross margin (annual median): 43.7%

- Recent gross margin (lower of latest and 3-year median): 52.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.2%

- ROIC including acquisitions, ten-year median: 3.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.6%

- FY2017: 3.3%

- FY2018: 3.2%

- FY2019: 3.4%

- FY2020: 3.0%

- FY2021: 2.7%

- FY2022: 3.0%

- FY2023: 1.7%

- FY2024: 4.5%

- FY2025: 2.6%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.99×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CHF 828M

- Net income, five-year total: CHF 833M

- Return on incremental invested capital: 9.5%

- Working capital / revenue, annual change: 10.4 pp

- Working capital / revenue, change between three-year averages: 71.6 pp

- Working capital / revenue, final three-year average: 117.0%

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

- FY2021: 1.01×

- FY2022: 0.98×

- FY2023: 0.93×

- FY2024: 0.99×

- FY2025: 1.01×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 3.3% vs 2.6%

- Per-share earnings: 8.11 to 12.80 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.3%

- Ordinary dilution, 5-year annual growth: 0.8%

- Market cap gain: CHF 959M

- Cumulative retained earnings: CHF 744M

- Diluted shares, 10-year annual growth: 0.3%

- Diluted shares, 5-year annual growth: 0.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 5.9%

- Per-share value change: CHF 4.69

- Per-share value, starting three-year median: CHF 8.11

- Per-share value, ending three-year median: CHF 12.80

- Buybacks concentrated in cheaper years (correlation): 0.30

- Average buyback yield: 1.2%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Acquisition spending: CHF 900K

- Cumulative net income, 10 years: CHF 1.7B

- ROIC, first three-year median: 3.3%

- ROIC, last three-year median: 2.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: CHF 10.90

- FY2017: CHF 8.11

- FY2018: CHF 10.13

- FY2019: CHF 14.77

- FY2020: CHF 10.52

- FY2021: CHF 11.32

- FY2022: CHF 9.36

- FY2023: CHF 3.95

- FY2024: CHF 12.80

- FY2025: CHF 13.28

### accounting: pass

- Sloan accruals: 1.0%

- Receivables to sales index (DSRI): 0.64×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.71×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.8%

- FY2017: -1.0%

- FY2018: 1.7%

- FY2019: 0.7%

- FY2020: 2.1%

- FY2021: 0.3%

- FY2022: -0.1%

- FY2023: 0.7%

- FY2024: 2.1%

- FY2025: 1.0%

## Holders

## Price story

Down 21% since Feb 2026 · sales +4%

Story as of 2026-10-16T10:00:09.960Z; price observation 2026-10-15.

Price needs cash profits to grow 7.7% a year for ten years

### Sales · FY2024–2025

sales +4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CHF 825M 

- FY2017: CHF 615M 

- FY2018: CHF 546M 

- FY2019: CHF 532M 

- FY2020: CHF 516M 

- FY2021: CHF 553M 

- FY2022: CHF 502M 

- FY2023: CHF 428M 

- FY2024: CHF 420M 

- FY2025: CHF 437M 

### Gross margin · FY2025

gross margin 52.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 22.8% 

- FY2017: 36.6% 

- FY2018: 41.7% 

- FY2019: 45.3% 

- FY2020: 42.2% 

- FY2021: 41.3% 

- FY2022: 47.7% 

- FY2023: 53.4% 

- FY2024: 56.4% 

- FY2025: 52.6% 

## Owner memo

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

### How it makes money

Operates in real estate diversified; annual sales are CHF 436.7 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:26.057Z); FY2025: revenue 436700000; grossProfit 229700000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ALLN.SW: Allreal Holding AG, through its subsidiaries, operates as a real estate company in Switzerland. It operates in two segments, Real Estate and Development & Realisation. The company invests in residential and commercial properties. It also offers portfolio management, operational, and building management services. In addition, the company provides project development, and consulting services; and sells condominiums. Additionally, it is involved in planning, execution of construction projects, and buying and developing real estate projects and developing sites; maintenance of technical systems; renovation activities; and implementation of own and third-party construction projects, as well as acquires plots of land. Allreal Holding AG was founded in 1999 and is based in Opfikon, Switzerland.

### Why customers stay

Margins ranged from 52.6% to 56.4% during 2023–25; it earns 3.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:26.057Z); FY2023: grossProfit / revenue = 53.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:26.057Z); FY2024: grossProfit / revenue = 56.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:26.057Z); FY2025: grossProfit / revenue = 52.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:26.057Z); 10-year return on capital observations [[2016,0.036361277853076954],[2017,0.03323796452702703],[2018,0.03204086893289942],[2019,0.03388290037733944],[2020,0.029798688551426235],[2021,0.027489293802194423],[2022,0.02970752539622497],[2023,0.017066809086227278],[2024,0.04463301709238211],[2025,0.026435463083157834]]; median 0.030919778742162826. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:26.057Z); FY2016: growth capex 31700000; upkeep 400000; owner earnings 173600000. Growth capex / owner earnings = 0.1826036866359447.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:26.057Z); FY2017: growth capex 0; upkeep 29900000; owner earnings 99600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:26.057Z); FY2018: growth capex 0; upkeep 18600000; owner earnings 142700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:26.057Z); FY2019: growth capex 0; upkeep 1100000; owner earnings 227060000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:26.057Z); FY2020: growth capex 0; upkeep 10200000; owner earnings 158300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:26.057Z); FY2021: growth capex 0; upkeep 200000; owner earnings 183900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:26.057Z); FY2022: growth capex 0; upkeep 4700000; owner earnings 151800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:26.057Z); FY2023: growth capex 0; upkeep 6600000; owner earnings 60800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:26.057Z); FY2024: growth capex 0; upkeep 3600000; owner earnings 210200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:26.057Z); FY2025: growth capex 0; upkeep 200000; owner earnings 220800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:26.057Z); Dividend observations: [[2016,91600000],[2017,91700000],[2018,99300000],[2019,103300000],[2020,107300000],[2021,106700000],[2022,115600000],[2023,115600000],[2024,115600000],[2025,115600000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 11.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ALLN.SW SharesStats.PercentInsiders = 11.16 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 7.7% yearly over ten years; actual growth was 7.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:26.057Z); Ten-year compound average after fade. Initial solved rate 0.09690917902249063. Price 187.6; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 6.711325283085079 → FY2025 13.370068727481907. Closing-price date 2026-10-15.

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

- 2016-10: CHF 145.60 per share

- 2016-11: CHF 148.10 per share

- 2016-12: CHF 151.30 per share

- 2017-01: CHF 150.20 per share

- 2017-02: CHF 156.90 per share

- 2017-03: CHF 163.60 per share

- 2017-04: CHF 171.20 per share

- 2017-05: CHF 178.70 per share

- 2017-06: CHF 173.50 per share

- 2017-07: CHF 175.90 per share

- 2017-08: CHF 172.20 per share

- 2017-09: CHF 169.70 per share

- 2017-10: CHF 166.80 per share

- 2017-11: CHF 165.80 per share

- 2017-12: CHF 164.80 per share

- 2018-01: CHF 161.90 per share

- 2018-02: CHF 156.70 per share

- 2018-03: CHF 157.30 per share

- 2018-04: CHF 163.10 per share

- 2018-05: CHF 157.70 per share

- 2018-06: CHF 161.50 per share

- 2018-07: CHF 154.20 per share

- 2018-08: CHF 160.30 per share

- 2018-09: CHF 157.50 per share

- 2018-10: CHF 154.60 per share

- 2018-11: CHF 158.90 per share

- 2018-12: CHF 153.10 per share

- 2019-01: CHF 161.20 per share

- 2019-02: CHF 160.50 per share

- 2019-03: CHF 169.50 per share

- 2019-04: CHF 162.60 per share

- 2019-05: CHF 163.60 per share

- 2019-06: CHF 168.00 per share

- 2019-07: CHF 173.60 per share

- 2019-08: CHF 189.40 per share

- 2019-09: CHF 191.80 per share

- 2019-10: CHF 192.20 per share

- 2019-11: CHF 191.40 per share

- 2019-12: CHF 192.40 per share

- 2020-01: CHF 200.00 per share

- 2020-02: CHF 206.00 per share

- 2020-03: CHF 179.00 per share

- 2020-04: CHF 179.40 per share

- 2020-05: CHF 186.20 per share

- 2020-06: CHF 187.60 per share

- 2020-07: CHF 181.80 per share

- 2020-08: CHF 187.20 per share

- 2020-09: CHF 198.60 per share

- 2020-10: CHF 194.20 per share

- 2020-11: CHF 191.80 per share

- 2020-12: CHF 203.50 per share

- 2021-01: CHF 194.20 per share

- 2021-02: CHF 184.20 per share

- 2021-03: CHF 190.40 per share

- 2021-04: CHF 184.80 per share

- 2021-05: CHF 185.20 per share

- 2021-06: CHF 182.20 per share

- 2021-07: CHF 187.40 per share

- 2021-08: CHF 192.80 per share

- 2021-09: CHF 185.00 per share

- 2021-10: CHF 193.60 per share

- 2021-11: CHF 190.40 per share

- 2021-12: CHF 202.00 per share

- 2022-01: CHF 200.50 per share

- 2022-02: CHF 199.00 per share

- 2022-03: CHF 198.20 per share

- 2022-04: CHF 184.40 per share

- 2022-05: CHF 175.40 per share

- 2022-06: CHF 157.80 per share

- 2022-07: CHF 157.00 per share

- 2022-08: CHF 153.40 per share

- 2022-09: CHF 138.00 per share

- 2022-10: CHF 143.40 per share

- 2022-11: CHF 143.60 per share

- 2022-12: CHF 150.40 per share

- 2023-01: CHF 156.60 per share

- 2023-02: CHF 154.20 per share

- 2023-03: CHF 154.20 per share

- 2023-04: CHF 158.20 per share

- 2023-05: CHF 150.60 per share

- 2023-06: CHF 151.20 per share

- 2023-07: CHF 160.00 per share

- 2023-08: CHF 154.40 per share

- 2023-09: CHF 146.00 per share

- 2023-10: CHF 145.80 per share

- 2023-11: CHF 143.60 per share

- 2023-12: CHF 150.40 per share

- 2024-01: CHF 154.00 per share

- 2024-02: CHF 152.00 per share

- 2024-03: CHF 154.80 per share

- 2024-04: CHF 148.60 per share

- 2024-05: CHF 153.00 per share

- 2024-06: CHF 153.80 per share

- 2024-07: CHF 156.60 per share

- 2024-08: CHF 161.00 per share

- 2024-09: CHF 158.80 per share

- 2024-10: CHF 153.60 per share

- 2024-11: CHF 161.80 per share

- 2024-12: CHF 165.60 per share

- 2025-01: CHF 170.60 per share

- 2025-02: CHF 172.20 per share

- 2025-03: CHF 183.80 per share

- 2025-04: CHF 181.80 per share

- 2025-05: CHF 188.20 per share

- 2025-06: CHF 186.20 per share

- 2025-07: CHF 184.00 per share

- 2025-08: CHF 181.20 per share

- 2025-09: CHF 186.40 per share

- 2025-10: CHF 192.20 per share

- 2025-11: CHF 202.00 per share

- 2025-12: CHF 204.00 per share

- 2026-01: CHF 226.00 per share

- 2026-02: CHF 236.00 per share

- 2026-03: CHF 225.00 per share

- 2026-04: CHF 213.50 per share

- 2026-05: CHF 209.50 per share

- 2026-06: CHF 212.00 per share

- 2026-07: CHF 211.50 per share

- 2026-08: CHF 198.40 per share

- 2026-09: CHF 188.80 per share

- 2026-10: CHF 185.80 per share

## Annual estimated value (CHF per share)

- FY2016: low CHF 68.12 per share, central CHF 77.47 per share, high CHF 89.92 per share

- FY2017: low CHF 59.98 per share, central CHF 68.03 per share, high CHF 78.74 per share

- FY2018: low CHF 62.68 per share, central CHF 71.07 per share, high CHF 82.23 per share

- FY2019: low CHF 78.60 per share, central CHF 89.21 per share, high CHF 103.33 per share

- FY2020: low CHF 94.65 per share, central CHF 107.43 per share, high CHF 124.46 per share

- FY2021: low CHF 118.76 per share, central CHF 134.60 per share, high CHF 155.68 per share

- FY2022: low CHF 102.06 per share, central CHF 116.10 per share, high CHF 134.79 per share

- FY2023: low CHF 87.16 per share, central CHF 99.15 per share, high CHF 115.10 per share

- FY2024: low CHF 85.21 per share, central CHF 96.96 per share, high CHF 112.60 per share

- FY2025: low CHF 96.14 per share, central CHF 109.39 per share, high CHF 127.04 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 2026-10-15T06:44:12.352Z 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.