# Belimo Holding (BEAN.SW)

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

Analysis as of: 2026-10-16T07:35:39.491Z. Financial observations: FY2002–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 775.50 per share; close as of 2026-10-15.

Estimated value: low CHF 192.56 per share, central CHF 272.26 per share, high CHF 318.67 per share. Buy at or below the central value CHF 272.26 per share. Valuation as of 2026-10-16T07:35:39.491Z; scenarios are not confidence intervals.

Expected annual return: 5.5% at the stated quote. About 5.5% 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: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.14×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.16×

- FY2017: 0.16×

- FY2018: 0.17×

- FY2019: 0.18×

- FY2020: 0.16×

- FY2021: 0.19×

- FY2022: 0.18×

- FY2023: 0.18×

- FY2024: 0.25×

- FY2025: 0.21×

### moat: fail

- Recent gross margin fell 13.8pp below the typical margin (limit 4pp)

- ROIC, median of available years: 32.4%

- ROIC, second-lowest year: 26.8%

- Typical minus recent gross margin: 13.8 pp

- Typical gross margin (annual median): 44.8%

- Recent gross margin (lower of latest and 3-year median): 30.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.3%

- ROIC including acquisitions, ten-year median: 29.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 26.8%

- FY2017: 25.2%

- FY2018: 31.8%

- FY2019: 35.5%

- FY2020: 27.3%

- FY2021: 32.9%

- FY2022: 29.6%

- FY2023: 33.4%

- FY2024: 41.6%

- FY2025: 33.0%

### economics: pass

- Owner earnings / net income, 5-yr: 0.98×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CHF 691M

- Net income, five-year total: CHF 704M

- Return on incremental invested capital: 49.0%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 0.8 pp

- Working capital / revenue, final three-year average: 27.3%

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

- FY2021: 0.98×

- FY2022: 0.98×

- FY2023: 0.94×

- FY2024: 1.00×

- FY2025: 1.00×

### management: pass

- 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: 26.8% vs 33.4%

- Per-share earnings: 5.67 to 11.93 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.0%

- Ordinary dilution, 5-year annual growth: -0.0%

- Market cap gain: CHF 7.7B

- Cumulative retained earnings: CHF 301M

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: -0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 9.7%

- Per-share value change: CHF 6.26

- Per-share value, starting three-year median: CHF 5.67

- Per-share value, ending three-year median: CHF 11.93

- Buybacks concentrated in cheaper years (correlation): -0.36

- Average buyback yield: 0.1%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: CHF 24M

- Cumulative net income, 10 years: CHF 1.1B

- ROIC, first three-year median: 26.8%

- ROIC, last three-year median: 33.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: CHF 5.67

- FY2017: CHF 6.30

- FY2018: CHF 7.01

- FY2019: CHF 9.85

- FY2020: CHF 7.05

- FY2021: CHF 9.40

- FY2022: CHF 9.98

- FY2023: CHF 11.14

- FY2024: CHF 11.93

- FY2025: CHF 14.77

### accounting: pass

- Sloan accruals: -0.3%

- Receivables to sales index (DSRI): 1.05×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.01×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.04×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.5%

- FY2017: -1.0%

- FY2018: -5.2%

- FY2019: -0.7%

- FY2020: -6.4%

- FY2021: -5.6%

- FY2022: 1.5%

- FY2023: -3.0%

- FY2024: -6.3%

- FY2025: -0.3%

## Holders

## Price story

Price needs cash profits to grow 20.2% a year for ten years · sales +18.7%

Story as of 2026-10-16T10:00:05.753Z; price observation 2026-10-15.

Price needs cash profits to grow 20.2% a year for ten years

### Sales · FY2024–2025

sales +18.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CHF 535M 

- FY2017: CHF 581M 

- FY2018: CHF 643M 

- FY2019: CHF 693M 

- FY2020: CHF 661M 

- FY2021: CHF 765M 

- FY2022: CHF 847M 

- FY2023: CHF 859M 

- FY2024: CHF 944M 

- FY2025: CHF 1.1B 

### Gross margin · FY2025

gross margin 30.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 58.7% 

- FY2017: 58.9% 

- FY2018: 58.6% 

- FY2019: 59.7% 

- FY2020: 26.0% 

- FY2021: 28.8% 

- FY2022: 28.7% 

- FY2023: 28.8% 

- FY2024: 61.5% 

- FY2025: 30.9% 

## Owner memo

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

### How it makes money

Operates in building products & equipment; annual sales are CHF 1.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.491Z); FY2025: revenue 1120813000; grossProfit 346871000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BEAN.SW: BELIMO Holding AG, together with its subsidiaries, engages in the development, production, and sale of damper actuators, control valves, sensors, and meters for heating, ventilation, and air conditioning systems (HVAC) in Europe, the Middle East, Africa, the Americas, and the Asia Pacific. It offers HVAC damper actuators, including non-fail-safe and fail-safe actuators, fast running and linear actuators, actuators for harsh environmental conditions, linear actuators, fire damper and smoke control actuators, variable air volume, valve actuators, and accessories. The company also provides various control valves, such as energy, pressure independent control, zone, characterized control, ball, butterfly valves, globe valves, valve actuators, and valve accessories. In addition, it offers measurement and monitoring sensors and meters, which include duct and outdoor sensors for air; water pipe sensors; room units; gas monitoring devices; thermal energy meters; and sensors accessories for thermowells, mounting plates, brackets, and clamps and various adapter connectors; and data centre cooling, building internet of things (IoT), and indoor air quality solutions. Further, the company provides systems solutions that includes energy valves, IoT actuators, air flow and pressure control air solutions, ZoneEase variable air volume, and system mechanical accessories, and terminal cover, as well as RetroFIT+, a product replacement tool. BELIMO Holding AG was founded in 1975 and is headquartered in Hinwil, Switzerland.

### Why customers stay

Margins ranged from 28.8% to 61.5% during 2023–25; it earns 32.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.491Z); FY2023: grossProfit / revenue = 28.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.491Z); FY2024: grossProfit / revenue = 61.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.491Z); FY2025: grossProfit / revenue = 30.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.491Z); 10-year return on capital observations [[2016,0.2680113543237612],[2017,0.2515478020311331],[2018,0.31830188481968497],[2019,0.355495924692917],[2020,0.2729694754639491],[2021,0.32870417213855174],[2022,0.2961876898888063],[2023,0.33429916525587505],[2024,0.41591677105373703],[2025,0.3297820004989345]]; median 0.3235030284791184. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 29% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.491Z); Gross margin observations: [[2021,0.28819365957485726],[2022,0.2869465108041091],[2023,0.28815710567837116]]; range within 2 percentage points.

### Where the cash goes

Spends 22.6% of cash earnings on expansion; earns 49% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.491Z); FY2016: growth capex 0; upkeep 11567000; owner earnings 81501000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.491Z); FY2017: growth capex 0; upkeep 21182000; owner earnings 81075000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.491Z); FY2018: growth capex 0; upkeep 16160000; owner earnings 95209000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.491Z); FY2019: growth capex 5603000; upkeep 30355000; owner earnings 118455800. Growth capex / owner earnings = 0.04730034325039382.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.491Z); FY2020: growth capex 0; upkeep 28964000; owner earnings 86566200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.491Z); FY2021: growth capex 13693000; upkeep 33032000; owner earnings 113762800. Growth capex / owner earnings = 0.12036447766756796.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.491Z); FY2022: growth capex 18027000; upkeep 36670000; owner earnings 120862000. Growth capex / owner earnings = 0.14915358011616556.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.491Z); FY2023: growth capex 3167912.6272870824; upkeep 43875087.37271292; owner earnings 128933912.62728709. Growth capex / owner earnings = 0.024570049591566008.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.491Z); FY2024: growth capex 21757664.659184687; upkeep 36932335.34081531; owner earnings 146306664.6591847. Growth capex / owner earnings = 0.14871273779542624.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.491Z); FY2025: growth capex 41061000; upkeep 38364000; owner earnings 181625000. Growth capex / owner earnings = 0.22607570543702685.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.491Z); Incremental return on capital 0.49031627680683415, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.491Z); Dividend observations: [[2016,39937000],[2017,46092000],[2018,52256000],[2019,61495000],[2020,92241000],[2021,92243000],[2022,104531000],[2023,104539000],[2024,104541000],[2025,116849000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.491Z); FY2025: cash repurchases 430000 CHF.

### Are managers owners

Insiders own 20.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BEAN.SW SharesStats.PercentInsiders = 20.237 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 20.2% yearly over ten years; actual growth was 15%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.491Z); Ten-year compound average after fade. Initial solved rate 0.2800390072067077. Price 775.5; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.661597421529161 → FY2025 14.77466851053445. Closing-price date 2026-10-15.

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

- 2016-10: CHF 151.25 per share

- 2016-11: CHF 147.50 per share

- 2016-12: CHF 153.90 per share

- 2017-01: CHF 159.10 per share

- 2017-02: CHF 166.65 per share

- 2017-03: CHF 175.00 per share

- 2017-04: CHF 186.05 per share

- 2017-05: CHF 192.00 per share

- 2017-06: CHF 206.60 per share

- 2017-07: CHF 200.50 per share

- 2017-08: CHF 188.25 per share

- 2017-09: CHF 193.95 per share

- 2017-10: CHF 213.90 per share

- 2017-11: CHF 211.20 per share

- 2017-12: CHF 213.30 per share

- 2018-01: CHF 218.25 per share

- 2018-02: CHF 208.00 per share

- 2018-03: CHF 193.25 per share

- 2018-04: CHF 205.25 per share

- 2018-05: CHF 207.00 per share

- 2018-06: CHF 215.50 per share

- 2018-07: CHF 208.75 per share

- 2018-08: CHF 246.75 per share

- 2018-09: CHF 234.75 per share

- 2018-10: CHF 225.25 per share

- 2018-11: CHF 204.00 per share

- 2018-12: CHF 197.00 per share

- 2019-01: CHF 215.75 per share

- 2019-02: CHF 235.25 per share

- 2019-03: CHF 248.75 per share

- 2019-04: CHF 267.00 per share

- 2019-05: CHF 262.50 per share

- 2019-06: CHF 300.00 per share

- 2019-07: CHF 293.00 per share

- 2019-08: CHF 250.00 per share

- 2019-09: CHF 274.50 per share

- 2019-10: CHF 309.50 per share

- 2019-11: CHF 330.00 per share

- 2019-12: CHF 364.50 per share

- 2020-01: CHF 338.00 per share

- 2020-02: CHF 315.00 per share

- 2020-03: CHF 313.00 per share

- 2020-04: CHF 320.50 per share

- 2020-05: CHF 361.50 per share

- 2020-06: CHF 348.50 per share

- 2020-07: CHF 360.00 per share

- 2020-08: CHF 394.50 per share

- 2020-09: CHF 348.00 per share

- 2020-10: CHF 341.00 per share

- 2020-11: CHF 382.50 per share

- 2020-12: CHF 384.00 per share

- 2021-01: CHF 343.50 per share

- 2021-02: CHF 331.50 per share

- 2021-03: CHF 382.00 per share

- 2021-04: CHF 364.00 per share

- 2021-05: CHF 381.50 per share

- 2021-06: CHF 423.00 per share

- 2021-07: CHF 468.00 per share

- 2021-08: CHF 477.50 per share

- 2021-09: CHF 494.00 per share

- 2021-10: CHF 532.00 per share

- 2021-11: CHF 533.00 per share

- 2021-12: CHF 580.00 per share

- 2022-01: CHF 509.00 per share

- 2022-02: CHF 488.00 per share

- 2022-03: CHF 492.50 per share

- 2022-04: CHF 485.50 per share

- 2022-05: CHF 383.00 per share

- 2022-06: CHF 336.00 per share

- 2022-07: CHF 388.50 per share

- 2022-08: CHF 372.00 per share

- 2022-09: CHF 367.50 per share

- 2022-10: CHF 408.00 per share

- 2022-11: CHF 429.50 per share

- 2022-12: CHF 440.00 per share

- 2023-01: CHF 481.00 per share

- 2023-02: CHF 488.00 per share

- 2023-03: CHF 441.00 per share

- 2023-04: CHF 429.80 per share

- 2023-05: CHF 414.40 per share

- 2023-06: CHF 446.20 per share

- 2023-07: CHF 469.20 per share

- 2023-08: CHF 465.80 per share

- 2023-09: CHF 435.80 per share

- 2023-10: CHF 381.00 per share

- 2023-11: CHF 426.40 per share

- 2023-12: CHF 463.80 per share

- 2024-01: CHF 404.60 per share

- 2024-02: CHF 419.60 per share

- 2024-03: CHF 442.20 per share

- 2024-04: CHF 426.60 per share

- 2024-05: CHF 419.40 per share

- 2024-06: CHF 450.60 per share

- 2024-07: CHF 532.50 per share

- 2024-08: CHF 570.00 per share

- 2024-09: CHF 603.50 per share

- 2024-10: CHF 572.00 per share

- 2024-11: CHF 589.50 per share

- 2024-12: CHF 599.50 per share

- 2025-01: CHF 669.00 per share

- 2025-02: CHF 607.50 per share

- 2025-03: CHF 541.00 per share

- 2025-04: CHF 698.00 per share

- 2025-05: CHF 794.00 per share

- 2025-06: CHF 808.00 per share

- 2025-07: CHF 953.50 per share

- 2025-08: CHF 880.00 per share

- 2025-09: CHF 831.50 per share

- 2025-10: CHF 866.00 per share

- 2025-11: CHF 785.50 per share

- 2025-12: CHF 781.00 per share

- 2026-01: CHF 845.00 per share

- 2026-02: CHF 772.00 per share

- 2026-03: CHF 635.50 per share

- 2026-04: CHF 713.00 per share

- 2026-05: CHF 827.00 per share

- 2026-06: CHF 910.00 per share

- 2026-07: CHF 840.00 per share

- 2026-08: CHF 855.00 per share

- 2026-09: CHF 811.50 per share

- 2026-10: CHF 800.50 per share

## Annual estimated value (CHF per share)

- FY2016: low CHF 64.62 per share, central CHF 80.41 per share, high CHF 92.73 per share

- FY2017: low CHF 68.21 per share, central CHF 82.28 per share, high CHF 94.68 per share

- FY2018: low CHF 103.26 per share, central CHF 127.09 per share, high CHF 146.55 per share

- FY2019: low CHF 123.18 per share, central CHF 159.33 per share, high CHF 184.37 per share

- FY2020: low CHF 107.34 per share, central CHF 130.91 per share, high CHF 150.71 per share

- FY2021: low CHF 130.68 per share, central CHF 171.47 per share, high CHF 198.71 per share

- FY2022: low CHF 139.93 per share, central CHF 187.61 per share, high CHF 218.55 per share

- FY2023: low CHF 140.56 per share, central CHF 185.93 per share, high CHF 216.43 per share

- FY2024: low CHF 157.90 per share, central CHF 211.89 per share, high CHF 246.71 per share

- FY2025: low CHF 192.46 per share, central CHF 272.21 per share, high CHF 318.64 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 2026-10-15T06:41:18.520Z 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