# Avolta AG (AVOL.SW)

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

Analysis as of: 2026-10-16T07:36:31.520Z. Financial observations: FY2005–FY2025.

Listing currency: CHF. Reporting currency: CHF.

## Verdict

Not a wonderful business

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

Share price: CHF 43.72 per share; close as of 2026-10-15.

Estimated value: low CHF 6.73 per share, central CHF 6.96 per share, high CHF 7.27 per share. Buy at or below the central value CHF 6.96 per share. Valuation as of 2026-10-16T07:36:31.520Z; scenarios are not confidence intervals.

Expected annual return: 3.3% at the stated quote. About 3.3% 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

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

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 3

- Operating margin variation: 5.68×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.04×

- FY2017: 0.06×

- FY2018: 0.05×

- FY2019: 0.05×

- FY2020: -0.98×

- FY2021: -0.02×

- FY2022: 0.05×

- FY2023: 0.07×

- FY2024: 0.06×

- FY2025: 0.08×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 24.7pp below the typical margin (limit 4pp)

- ROIC, median of available years: 5.8%

- ROIC, second-lowest year: -1.0%

- Typical minus recent gross margin: 24.7 pp

- Typical gross margin (annual median): 55.1%

- Recent gross margin (lower of latest and 3-year median): 30.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.3%

- ROIC including acquisitions, ten-year median: 2.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 5.6%

- FY2017: 7.6%

- FY2018: 8.0%

- FY2019: 3.7%

- FY2020: -27.3%

- FY2021: -1.0%

- FY2022: 4.9%

- FY2023: 6.4%

- FY2024: 6.0%

- FY2025: 8.2%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: -1.13×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CHF -70M

- Net income, five-year total: CHF 62M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -3.2 pp

- Working capital / revenue, final three-year average: 5.7%

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

- FY2021: -0.02×

- FY2022: 7.83×

- FY2023: -3.26×

- FY2024: -2.87×

- FY2025: 0.24×

### management: fail

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 7.6% vs 6.4%

- Per-share earnings: 0.05 to 0.69 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 12.1%

- Ordinary dilution, 5-year annual growth: 18.5%

- Market cap gain: CHF 98M

- Cumulative retained earnings: CHF -2.9B

- Diluted shares, 10-year annual growth: 12.1%

- Diluted shares, 5-year annual growth: 18.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 40.5%

- Per-share value change: CHF 0.65

- Per-share value, starting three-year median: CHF 0.05

- Per-share value, ending three-year median: CHF 0.69

- Buybacks concentrated in cheaper years (correlation): 0.37

- Average buyback yield: 3.1%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: CHF 1.4B

- Cumulative net income, 10 years: CHF -2.3B

- ROIC, first three-year median: 7.6%

- ROIC, last three-year median: 6.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: CHF 0.05

- FY2017: CHF 1.03

- FY2018: CHF 1.35

- FY2019: CHF -0.50

- FY2020: CHF -39.95

- FY2021: CHF -4.25

- FY2022: CHF 0.62

- FY2023: CHF 0.58

- FY2024: CHF 0.69

- FY2025: CHF 1.35

### accounting: pass

- Sloan accruals: -16.3%

- Receivables to sales index (DSRI): 1.27×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 14.37×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 2.39×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.0%

- FY2017: -6.6%

- FY2018: -8.1%

- FY2019: -16.0%

- FY2020: -19.3%

- FY2021: -10.6%

- FY2022: -15.6%

- FY2023: -13.8%

- FY2024: -14.4%

- FY2025: -16.3%

## Holders

## Price story

Price needs cash profits to grow 41% a year for ten years · sales +1.9%

Story as of 2026-10-16T10:00:07.637Z; price observation 2026-10-15.

Price needs cash profits to grow 41% a year for ten years

### Sales · FY2024–2025

sales +1.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CHF 7.8B 

- FY2017: CHF 8.4B 

- FY2018: CHF 8.7B 

- FY2019: CHF 8.8B 

- FY2020: CHF 2.6B 

- FY2021: CHF 3.9B 

- FY2022: CHF 6.9B 

- FY2023: CHF 13B 

- FY2024: CHF 14B 

- FY2025: CHF 14B 

### Gross margin · FY2025

gross margin 30.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 58.6% 

- FY2017: 59.4% 

- FY2018: 59.8% 

- FY2019: 60.2% 

- FY2020: 53.8% 

- FY2021: 56.5% 

- FY2022: 30.3% 

- FY2023: 30.7% 

- FY2024: 31.1% 

- FY2025: 30.4% 

## Owner memo

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

### How it makes money

Operates in specialty retail; annual sales are CHF 14 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.520Z); FY2025: revenue 13983000000; grossProfit 4250000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AVOL.SW: Avolta AG operates as a travel retail company in Europe, the Middle East, Africa, North America, Latin America, and the Asia Pacific. It offers perfumes and cosmetics, food and beverages, wines and spirits, luxury goods, fuel, electronics, literature, publications, toys and souvenirs, soft drinks, packaged food, travel accessories, personal items, newspapers, magazines, books, watches and jewelry, sunglasses, destination, and other products; and confectionery and catering, textile, leather, luggage, and tobacco and related products. The company operates general travel retail shops under the Dufry, World Duty Free, Hellenic Duty Free, Autogrill, and HMSHost brands; and convenience stores under the Hudson brand. It operates duty-free and duty-paid shops, restaurants, and hybrid concepts located at airports, border, downtown and hotel shops, railway stations, cruise liners and ferries, seaports, and motorways. The company was formerly known as Dufry AG and changed its name to Avolta AG in November 2023. Avolta AG was incorporated in 1865 and is headquartered in Basel, Switzerland.

### Why customers stay

Margins ranged from 30.4% to 31.1% during 2023–25; it earns 5.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.520Z); FY2023: grossProfit / revenue = 30.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.520Z); FY2024: grossProfit / revenue = 31.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.520Z); FY2025: grossProfit / revenue = 30.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.520Z); 10-year return on capital observations [[2016,0.05580368831935953],[2017,0.07628062897935559],[2018,0.0804129324063992],[2019,0.037307376070869695],[2020,-0.27308102728554445],[2021,-0.009949205745267763],[2022,0.04885811635241844],[2023,0.06405222343880362],[2024,0.06028271528481337],[2025,0.0819051152993727]]; median 0.05804320180208645. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 4 of 10 years; bought back CHF 175 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.520Z); FY2016: growth capex 0; upkeep 268400000; owner earnings 273400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.520Z); FY2017: growth capex 0; upkeep 286000000; owner earnings 290300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.520Z); FY2018: growth capex 0; upkeep 255500000; owner earnings 361800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.520Z); FY2019: growth capex 0; upkeep 244700000; owner earnings 1451500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.520Z); FY2021: growth capex 0; upkeep 91200000; owner earnings 6120000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.520Z); FY2022: growth capex 0; upkeep 113300000; owner earnings 455880000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.520Z); FY2025: growth capex 0; upkeep 455000000; owner earnings 48600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.520Z); Dividend observations: [[2016,0],[2017,0],[2018,198700000],[2019,199800000],[2020,0],[2021,0],[2022,0],[2023,0],[2024,104000000],[2025,143000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.520Z); FY2025: cash repurchases 175000000 CHF.

### Are managers owners

Insiders own 9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AVOL.SW SharesStats.PercentInsiders = 9.02 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 41% yearly over ten years; actual decline was 11.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:31.520Z); Ten-year compound average after fade. Initial solved rate 0.5958792088316243. Price 43.72; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.0894087594957995 → FY2025 0.3305920045711487. Closing-price date 2026-10-15.

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

- 2016-10: CHF 117.82 per share

- 2016-11: CHF 123.10 per share

- 2016-12: CHF 124.28 per share

- 2017-01: CHF 137.68 per share

- 2017-02: CHF 141.79 per share

- 2017-03: CHF 149.33 per share

- 2017-04: CHF 159.50 per share

- 2017-05: CHF 155.88 per share

- 2017-06: CHF 153.73 per share

- 2017-07: CHF 150.79 per share

- 2017-08: CHF 144.63 per share

- 2017-09: CHF 150.50 per share

- 2017-10: CHF 145.31 per share

- 2017-11: CHF 138.56 per share

- 2017-12: CHF 141.79 per share

- 2018-01: CHF 141.60 per share

- 2018-02: CHF 133.28 per share

- 2018-03: CHF 122.47 per share

- 2018-04: CHF 137.83 per share

- 2018-05: CHF 131.57 per share

- 2018-06: CHF 123.69 per share

- 2018-07: CHF 128.29 per share

- 2018-08: CHF 117.33 per share

- 2018-09: CHF 108.28 per share

- 2018-10: CHF 111.11 per share

- 2018-11: CHF 103.82 per share

- 2018-12: CHF 91.12 per share

- 2019-01: CHF 97.15 per share

- 2019-02: CHF 99.03 per share

- 2019-03: CHF 101.62 per share

- 2019-04: CHF 97.40 per share

- 2019-05: CHF 80.26 per share

- 2019-06: CHF 80.91 per share

- 2019-07: CHF 85.76 per share

- 2019-08: CHF 78.52 per share

- 2019-09: CHF 81.69 per share

- 2019-10: CHF 83.74 per share

- 2019-11: CHF 95.49 per share

- 2019-12: CHF 93.96 per share

- 2020-01: CHF 81.94 per share

- 2020-02: CHF 68.71 per share

- 2020-03: CHF 29.43 per share

- 2020-04: CHF 30.76 per share

- 2020-05: CHF 27.72 per share

- 2020-06: CHF 27.46 per share

- 2020-07: CHF 22.64 per share

- 2020-08: CHF 26.59 per share

- 2020-09: CHF 27.89 per share

- 2020-10: CHF 34.70 per share

- 2020-11: CHF 50.70 per share

- 2020-12: CHF 55.58 per share

- 2021-01: CHF 48.08 per share

- 2021-02: CHF 62.16 per share

- 2021-03: CHF 64.36 per share

- 2021-04: CHF 60.04 per share

- 2021-05: CHF 56.12 per share

- 2021-06: CHF 54.80 per share

- 2021-07: CHF 48.03 per share

- 2021-08: CHF 49.54 per share

- 2021-09: CHF 52.82 per share

- 2021-10: CHF 48.38 per share

- 2021-11: CHF 41.54 per share

- 2021-12: CHF 45.15 per share

- 2022-01: CHF 47.40 per share

- 2022-02: CHF 43.31 per share

- 2022-03: CHF 39.11 per share

- 2022-04: CHF 39.41 per share

- 2022-05: CHF 39.62 per share

- 2022-06: CHF 30.86 per share

- 2022-07: CHF 35.72 per share

- 2022-08: CHF 36.66 per share

- 2022-09: CHF 30.37 per share

- 2022-10: CHF 33.01 per share

- 2022-11: CHF 38.22 per share

- 2022-12: CHF 38.51 per share

- 2023-01: CHF 41.82 per share

- 2023-02: CHF 41.89 per share

- 2023-03: CHF 40.61 per share

- 2023-04: CHF 41.07 per share

- 2023-05: CHF 41.17 per share

- 2023-06: CHF 40.76 per share

- 2023-07: CHF 44.94 per share

- 2023-08: CHF 39.36 per share

- 2023-09: CHF 34.91 per share

- 2023-10: CHF 31.71 per share

- 2023-11: CHF 30.53 per share

- 2023-12: CHF 33.08 per share

- 2024-01: CHF 33.21 per share

- 2024-02: CHF 34.59 per share

- 2024-03: CHF 37.53 per share

- 2024-04: CHF 34.98 per share

- 2024-05: CHF 36.56 per share

- 2024-06: CHF 34.90 per share

- 2024-07: CHF 33.20 per share

- 2024-08: CHF 32.92 per share

- 2024-09: CHF 35.80 per share

- 2024-10: CHF 34.16 per share

- 2024-11: CHF 32.56 per share

- 2024-12: CHF 36.34 per share

- 2025-01: CHF 41.42 per share

- 2025-02: CHF 40.84 per share

- 2025-03: CHF 38.44 per share

- 2025-04: CHF 37.50 per share

- 2025-05: CHF 44.08 per share

- 2025-06: CHF 43.02 per share

- 2025-07: CHF 42.62 per share

- 2025-08: CHF 45.98 per share

- 2025-09: CHF 43.06 per share

- 2025-10: CHF 42.22 per share

- 2025-11: CHF 44.12 per share

- 2025-12: CHF 47.14 per share

- 2026-01: CHF 47.30 per share

- 2026-02: CHF 50.75 per share

- 2026-03: CHF 47.26 per share

- 2026-04: CHF 43.00 per share

- 2026-05: CHF 49.30 per share

- 2026-06: CHF 54.00 per share

- 2026-07: CHF 48.34 per share

- 2026-08: CHF 45.62 per share

- 2026-09: CHF 43.98 per share

- 2026-10: CHF 43.06 per share

## Annual estimated value (CHF per share)

- FY2016: low CHF 45.88 per share, central CHF 51.47 per share, high CHF 58.91 per share

- FY2017: low CHF 50.43 per share, central CHF 56.39 per share, high CHF 64.32 per share

- FY2018: low CHF 68.59 per share, central CHF 77.10 per share, high CHF 88.42 per share

- FY2019: low CHF 71.05 per share, central CHF 79.86 per share, high CHF 91.59 per share

- FY2020: low CHF 20.45 per share, central CHF 22.59 per share, high CHF 25.44 per share

- FY2021: low CHF 24.21 per share, central CHF 26.47 per share, high CHF 29.46 per share

- FY2022: low CHF 41.28 per share, central CHF 45.91 per share, high CHF 52.08 per share

- FY2023: low CHF 4.87 per share, central CHF 5.07 per share, high CHF 5.34 per share

- FY2025: low CHF 4.67 per share, central CHF 4.89 per share, high CHF 5.19 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 2026-10-15T06:42:17.678Z 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.

## Reported holder observations