# Compagnie Financière Richemont (CFR.SW)

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

Analysis as of: 2026-10-16T07:33:37.949Z. Financial observations: FY2002–FY2026.

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 175.05 per share; close as of 2026-10-15.

Estimated value: low CHF 62.18 per share, central CHF 67.10 per share, high CHF 73.65 per share. Buy at or below the central value CHF 67.10 per share. Valuation as of 2026-10-16T07:33:37.949Z; scenarios are not confidence intervals.

Expected annual return: 4.9% at the stated quote. About 4.9% 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

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.26×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.17×

- FY2018: 0.17×

- FY2019: 0.14×

- FY2020: 0.11×

- FY2021: 0.11×

- FY2022: 0.18×

- FY2023: 0.25×

- FY2024: 0.23×

- FY2025: 0.21×

- FY2026: 0.21×

### moat: fail

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

- ROIC, median of available years: 16.8%

- ROIC, second-lowest year: 8.7%

- Typical minus recent gross margin: -0.3 pp

- Typical gross margin (annual median): 64.1%

- Recent gross margin (lower of latest and 3-year median): 64.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.9%

- ROIC including acquisitions, ten-year median: 11.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 14.2%

- FY2018: 15.0%

- FY2019: 15.2%

- FY2020: 8.1%

- FY2021: 8.7%

- FY2022: 18.5%

- FY2023: 26.4%

- FY2024: 23.6%

- FY2025: 21.2%

- FY2026: 18.8%

### economics: pass

- Owner earnings / net income, 5-yr: 0.82×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 9.0B

- Net income, five-year total: EUR 11B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.5 pp

- Working capital / revenue, change between three-year averages: -9.3 pp

- Working capital / revenue, final three-year average: 42.2%

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

- FY2022: 0.83×

- FY2023: 0.08×

- FY2024: 0.81×

- FY2025: 0.80×

- FY2026: 0.90×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 15.0% vs 21.2%

- Per-share earnings: 2.16 to 4.67 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.4%

- Ordinary dilution, 5-year annual growth: 0.5%

- Market cap gain: EUR 40B

- Cumulative retained earnings: EUR 5.3B

- Diluted shares, 10-year annual growth: 0.4%

- Diluted shares, 5-year annual growth: 0.5%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 10.1%

- Per-share value change: EUR 2.51

- Per-share value, starting three-year median: EUR 2.16

- Per-share value, ending three-year median: EUR 4.67

- Buybacks concentrated in cheaper years (correlation): 0.10

- Average buyback yield: 0.5%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 5.9B

- Cumulative net income, 10 years: EUR 18B

- ROIC, first three-year median: 15.0%

- ROIC, last three-year median: 21.2%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR 2.14

- FY2018: EUR 2.16

- FY2019: EUR 4.91

- FY2020: EUR 1.65

- FY2021: EUR 2.26

- FY2022: EUR 3.59

- FY2023: EUR 0.54

- FY2024: EUR 4.02

- FY2025: EUR 4.67

- FY2026: EUR 5.90

### accounting: pass

- Sloan accruals: -3.4%

- Receivables to sales index (DSRI): 1.00×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.41×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.06×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -2.0%

- FY2018: -4.6%

- FY2019: 2.7%

- FY2020: -4.7%

- FY2021: -5.4%

- FY2022: -6.4%

- FY2023: -10.2%

- FY2024: -5.5%

- FY2025: -4.1%

- FY2026: -3.4%

## Holders

## Price story

Price needs cash profits to grow 17.4% a year for ten years · sales +4.8%

Story as of 2026-10-16T09:59:56.992Z; price observation 2026-10-15.

Price needs cash profits to grow 17.4% a year for ten years

### Sales · FY2025–2026

sales +4.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: EUR 11B 

- FY2018: EUR 11B 

- FY2019: EUR 14B 

- FY2020: EUR 14B 

- FY2021: EUR 13B 

- FY2022: EUR 19B 

- FY2023: EUR 20B 

- FY2024: EUR 21B 

- FY2025: EUR 21B 

- FY2026: EUR 22B 

### Gross margin · FY2026

gross margin 64.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 63.9% 

- FY2018: 65.1% 

- FY2019: 61.8% 

- FY2020: 60.5% 

- FY2021: 59.8% 

- FY2022: 62.7% 

- FY2023: 68.7% 

- FY2024: 68.1% 

- FY2025: 66.9% 

- FY2026: 64.4% 

## Owner memo

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

### How it makes money

Operates in luxury goods; annual sales are EUR 22.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:37.949Z); FY2026: revenue 22420000000; grossProfit 14438000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 64.4% to 68.1% during 2024–26; it earns 16.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:37.949Z); FY2024: grossProfit / revenue = 68.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:37.949Z); FY2025: grossProfit / revenue = 66.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:37.949Z); FY2026: grossProfit / revenue = 64.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:37.949Z); 10-year return on capital observations [[2017,0.14220877861578232],[2018,0.1502574169413682],[2019,0.15206163247095994],[2020,0.08068954413306263],[2021,0.08682128361966272],[2022,0.18460272739023825],[2023,0.263686899148394],[2024,0.236127942451193],[2025,0.21199178501673954],[2026,0.1879937721587496]]; median 0.1683321799305991. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 186 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:37.949Z); FY2017: growth capex 0; upkeep 599000000; owner earnings 1186304546. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:37.949Z); FY2018: growth capex 0; upkeep 487000000; owner earnings 1244249489. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:37.949Z); FY2019: growth capex 0; upkeep 826000000; owner earnings 2748062391. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:37.949Z); FY2020: growth capex 0; upkeep 737000000; owner earnings 1033858135. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:37.949Z); FY2021: growth capex 0; upkeep 513000000; owner earnings 1581238680. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:37.949Z); FY2022: growth capex 0; upkeep 875000000; owner earnings 1720418717. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:37.949Z); FY2023: growth capex 0; upkeep 984000000; owner earnings 25400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:37.949Z); FY2024: growth capex 0; upkeep 1021000000; owner earnings 1908800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:37.949Z); FY2025: growth capex 0; upkeep 1180000000; owner earnings 2203800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:37.949Z); FY2026: growth capex 0; upkeep 1011410910; owner earnings 3126389090. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:37.949Z); Dividend observations: [[2017,878000000],[2018,918000000],[2019,954493285],[2020,1017000000],[2021,529000000],[2022,1041000000],[2023,1851000000],[2024,2072000000],[2025,1710000000],[2026,1903832311]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:37.949Z); FY2026: cash repurchases 186000000 EUR.

### Are managers owners

Insiders own 0.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CFR.SW SharesStats.PercentInsiders = 0.584 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 17.4% yearly over ten years; actual growth was 3.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:37.949Z); Ten-year compound average after fade. Initial solved rate 0.23895412396794147. Price 175.05; FX 0.9280582684985931; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 3.842003382072556 → FY2026 5.297554870991957. Closing-price date 2026-10-15.

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

- 2016-10: CHF 63.65 per share

- 2016-11: CHF 66.45 per share

- 2016-12: CHF 67.45 per share

- 2017-01: CHF 76.70 per share

- 2017-02: CHF 74.00 per share

- 2017-03: CHF 79.20 per share

- 2017-04: CHF 83.15 per share

- 2017-05: CHF 80.80 per share

- 2017-06: CHF 79.00 per share

- 2017-07: CHF 82.15 per share

- 2017-08: CHF 85.75 per share

- 2017-09: CHF 88.50 per share

- 2017-10: CHF 92.00 per share

- 2017-11: CHF 84.70 per share

- 2017-12: CHF 88.30 per share

- 2018-01: CHF 89.32 per share

- 2018-02: CHF 83.26 per share

- 2018-03: CHF 85.76 per share

- 2018-04: CHF 94.56 per share

- 2018-05: CHF 90.34 per share

- 2018-06: CHF 84.12 per share

- 2018-07: CHF 87.00 per share

- 2018-08: CHF 85.70 per share

- 2018-09: CHF 80.00 per share

- 2018-10: CHF 73.70 per share

- 2018-11: CHF 64.92 per share

- 2018-12: CHF 63.00 per share

- 2019-01: CHF 68.42 per share

- 2019-02: CHF 76.44 per share

- 2019-03: CHF 72.62 per share

- 2019-04: CHF 74.50 per share

- 2019-05: CHF 73.74 per share

- 2019-06: CHF 82.84 per share

- 2019-07: CHF 85.40 per share

- 2019-08: CHF 76.80 per share

- 2019-09: CHF 73.22 per share

- 2019-10: CHF 77.60 per share

- 2019-11: CHF 76.16 per share

- 2019-12: CHF 76.06 per share

- 2020-01: CHF 70.64 per share

- 2020-02: CHF 65.40 per share

- 2020-03: CHF 53.06 per share

- 2020-04: CHF 54.82 per share

- 2020-05: CHF 55.88 per share

- 2020-06: CHF 60.44 per share

- 2020-07: CHF 56.50 per share

- 2020-08: CHF 59.76 per share

- 2020-09: CHF 61.70 per share

- 2020-10: CHF 57.50 per share

- 2020-11: CHF 75.48 per share

- 2020-12: CHF 80.08 per share

- 2021-01: CHF 82.88 per share

- 2021-02: CHF 87.58 per share

- 2021-03: CHF 90.74 per share

- 2021-04: CHF 93.64 per share

- 2021-05: CHF 109.65 per share

- 2021-06: CHF 111.95 per share

- 2021-07: CHF 116.00 per share

- 2021-08: CHF 101.00 per share

- 2021-09: CHF 97.42 per share

- 2021-10: CHF 113.10 per share

- 2021-11: CHF 136.70 per share

- 2021-12: CHF 136.95 per share

- 2022-01: CHF 132.95 per share

- 2022-02: CHF 125.10 per share

- 2022-03: CHF 118.00 per share

- 2022-04: CHF 115.50 per share

- 2022-05: CHF 106.35 per share

- 2022-06: CHF 101.65 per share

- 2022-07: CHF 113.95 per share

- 2022-08: CHF 109.85 per share

- 2022-09: CHF 94.28 per share

- 2022-10: CHF 97.94 per share

- 2022-11: CHF 124.05 per share

- 2022-12: CHF 119.90 per share

- 2023-01: CHF 140.40 per share

- 2023-02: CHF 141.75 per share

- 2023-03: CHF 145.90 per share

- 2023-04: CHF 146.95 per share

- 2023-05: CHF 144.55 per share

- 2023-06: CHF 151.65 per share

- 2023-07: CHF 140.30 per share

- 2023-08: CHF 125.60 per share

- 2023-09: CHF 112.00 per share

- 2023-10: CHF 106.90 per share

- 2023-11: CHF 109.20 per share

- 2023-12: CHF 115.75 per share

- 2024-01: CHF 129.00 per share

- 2024-02: CHF 140.60 per share

- 2024-03: CHF 137.50 per share

- 2024-04: CHF 127.90 per share

- 2024-05: CHF 144.05 per share

- 2024-06: CHF 140.25 per share

- 2024-07: CHF 134.00 per share

- 2024-08: CHF 133.85 per share

- 2024-09: CHF 133.80 per share

- 2024-10: CHF 125.35 per share

- 2024-11: CHF 122.70 per share

- 2024-12: CHF 137.90 per share

- 2025-01: CHF 177.10 per share

- 2025-02: CHF 183.50 per share

- 2025-03: CHF 152.95 per share

- 2025-04: CHF 145.25 per share

- 2025-05: CHF 154.85 per share

- 2025-06: CHF 149.45 per share

- 2025-07: CHF 133.40 per share

- 2025-08: CHF 139.75 per share

- 2025-09: CHF 151.60 per share

- 2025-10: CHF 158.70 per share

- 2025-11: CHF 170.30 per share

- 2025-12: CHF 172.05 per share

- 2026-01: CHF 149.55 per share

- 2026-02: CHF 157.25 per share

- 2026-03: CHF 138.55 per share

- 2026-04: CHF 148.50 per share

- 2026-05: CHF 168.90 per share

- 2026-06: CHF 186.55 per share

- 2026-07: CHF 190.90 per share

- 2026-08: CHF 192.15 per share

- 2026-09: CHF 179.10 per share

- 2026-10: CHF 175.05 per share

## Annual estimated value (CHF per share)

- FY2017: low CHF 47.10 per share, central CHF 51.85 per share, high CHF 58.17 per share

- FY2018: low CHF 44.08 per share, central CHF 47.16 per share, high CHF 51.26 per share

- FY2019: low CHF 48.22 per share, central CHF 59.16 per share, high CHF 66.67 per share

- FY2020: low CHF 45.21 per share, central CHF 52.51 per share, high CHF 58.92 per share

- FY2021: low CHF 48.06 per share, central CHF 52.35 per share, high CHF 57.40 per share

- FY2022: low CHF 64.79 per share, central CHF 71.13 per share, high CHF 78.50 per share

- FY2023: low CHF 59.99 per share, central CHF 64.31 per share, high CHF 70.05 per share

- FY2024: low CHF 62.01 per share, central CHF 66.40 per share, high CHF 72.26 per share

- FY2025: low CHF 65.07 per share, central CHF 77.67 per share, high CHF 86.51 per share

- FY2026: low CHF 62.18 per share, central CHF 67.10 per share, high CHF 73.65 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.

Compagnie Financière Richemont

CFR · SW

STOXX Europe 600 · SMI

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: CHF 175.05
Buy up to: CHF 67.10
Expected / yr: 4.9% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 26.2% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 17.2%
Worst year: 10.7%
Latest · 2026: 20.7%

The second-worst year 8.7% (minimum 10%).

ROIC excluding acquisitions

10y median: 16.8%
Worst year: 8.1%
Latest · 2026: 18.8%

Each $1 of profit left $0.82 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.82×
Annual median: 0.81×
Latest · 2026: 0.90×

Per-share value rose from 2.16 to 4.67, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: EUR 2.92
Worst year: EUR 0.54
Latest · 2026: EUR 5.90

Profits were backed by cash: accruals were -3.4% of assets (limit 10%).

Sloan accruals

10y median: -4.6%
Worst year: 2.7%
Latest · 2026: -3.4%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 17.7%, three-year average owner earnings per share 4.09 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CHF 63.65; 2016-11 · Price CHF 66.45; 2016-12 · Price CHF 67.45; 2017-01 · Price CHF 76.70 · Value 51.85 · Buy at or below 51.85; 2017-02 · Price CHF 74.00 · Value 51.85 · Buy at or below 51.85; 2017-03 · Price CHF 79.20 · Value 51.85 · Buy at or below 51.85; 2017-04 · Price CHF 83.15 · Value 51.85 · Buy at or below 51.85; 2017-05 · Price CHF 80.80 · Value 51.85 · Buy at or below 51.85; 2017-06 · Price CHF 79.00 · Value 51.85 · Buy at or below 51.85; 2017-07 · Price CHF 82.15 · Value 51.85 · Buy at or below 51.85; 2017-08 · Price CHF 85.75 · Value 51.85 · Buy at or below 51.85; 2017-09 · Price CHF 88.50 · Value 51.85 · Buy at or below 51.85; 2017-10 · Price CHF 92.00 · Value 51.85 · Buy at or below 51.85; 2017-11 · Price CHF 84.70 · Value 51.85 · Buy at or below 51.85; 2017-12 · Price CHF 88.30 · Value 51.85 · Buy at or below 51.85; 2018-01 · Price CHF 89.32 · Value 51.85 · Buy at or below 51.85; 2018-02 · Price CHF 83.26 · Value 47.16 · Buy at or below 47.16; 2018-03 · Price CHF 85.76 · Value 47.16 · Buy at or below 47.16; 2018-04 · Price CHF 94.56 · Value 47.16 · Buy at or below 47.16; 2018-05 · Price CHF 90.34 · Value 47.16 · Buy at or below 47.16; 2018-06 · Price CHF 84.12 · Value 47.16 · Buy at or below 47.16; 2018-07 · Price CHF 87.00 · Value 47.16 · Buy at or below 47.16; 2018-08 · Price CHF 85.70 · Value 47.16 · Buy at or below 47.16; 2018-09 · Price CHF 80.00 · Value 47.16 · Buy at or below 47.16; 2018-10 · Price CHF 73.70 · Value 47.16 · Buy at or below 47.16; 2018-11 · Price CHF 64.92 · Value 47.16 · Buy at or below 47.16; 2018-12 · Price CHF 63.00 · Value 47.16 · Buy at or below 47.16; 2019-01 · Price CHF 68.42 · Value 47.16 · Buy at or below 47.16; 2019-02 · Price CHF 76.44 · Value 59.16 · Buy at or below 59.16; 2019-03 · Price CHF 72.62 · Value 59.16 · Buy at or below 59.16; 2019-04 · Price CHF 74.50 · Value 59.16 · Buy at or below 59.16; 2019-05 · Price CHF 73.74 · Value 59.16 · Buy at or below 59.16; 2019-06 · Price CHF 82.84 · Value 59.16 · Buy at or below 59.16; 2019-07 · Price CHF 85.40 · Value 59.16 · Buy at or below 59.16; 2019-08 · Price CHF 76.80 · Value 59.16 · Buy at or below 59.16; 2019-09 · Price CHF 73.22 · Value 59.16 · Buy at or below 59.16; 2019-10 · Price CHF 77.60 · Value 59.16 · Buy at or below 59.16; 2019-11 · Price CHF 76.16 · Value 59.16 · Buy at or below 59.16; 2019-12 · Price CHF 76.06 · Value 59.16 · Buy at or below 59.16; 2020-01 · Price CHF 70.64 · Value 59.16 · Buy at or below 59.16; 2020-02 · Price CHF 65.40 · Value 52.51 · Buy at or below 52.51; 2020-03 · Price CHF 53.06 · Value 52.51 · Buy at or below 52.51; 2020-04 · Price CHF 54.82 · Value 52.51 · Buy at or below 52.51; 2020-05 · Price CHF 55.88 · Value 52.51 · Buy at or below 52.51; 2020-06 · Price CHF 60.44 · Value 52.51 · Buy at or below 52.51; 2020-07 · Price CHF 56.50 · Value 52.51 · Buy at or below 52.51; 2020-08 · Price CHF 59.76 · Value 52.51 · Buy at or below 52.51; 2020-09 · Price CHF 61.70 · Value 52.51 · Buy at or below 52.51; 2020-10 · Price CHF 57.50 · Value 52.51 · Buy at or below 52.51; 2020-11 · Price CHF 75.48 · Value 52.51 · Buy at or below 52.51; 2020-12 · Price CHF 80.08 · Value 52.51 · Buy at or below 52.51; 2021-01 · Price CHF 82.88 · Value 52.51 · Buy at or below 52.51; 2021-02 · Price CHF 87.58 · Value 52.35 · Buy at or below 52.35; 2021-03 · Price CHF 90.74 · Value 52.35 · Buy at or below 52.35; 2021-04 · Price CHF 93.64 · Value 52.35 · Buy at or below 52.35; 2021-05 · Price CHF 109.65 · Value 52.35 · Buy at or below 52.35; 2021-06 · Price CHF 111.95 · Value 52.35 · Buy at or below 52.35; 2021-07 · Price CHF 116.00 · Value 52.35 · Buy at or below 52.35; 2021-08 · Price CHF 101.00 · Value 52.35 · Buy at or below 52.35; 2021-09 · Price CHF 97.42 · Value 52.35 · Buy at or below 52.35; 2021-10 · Price CHF 113.10 · Value 52.35 · Buy at or below 52.35; 2021-11 · Price CHF 136.70 · Value 52.35 · Buy at or below 52.35; 2021-12 · Price CHF 136.95 · Value 52.35 · Buy at or below 52.35; 2022-01 · Price CHF 132.95 · Value 52.35 · Buy at or below 52.35; 2022-02 · Price CHF 125.10 · Value 71.13 · Buy at or below 71.13; 2022-03 · Price CHF 118.00 · Value 71.13 · Buy at or below 71.13; 2022-04 · Price CHF 115.50 · Value 71.13 · Buy at or below 71.13; 2022-05 · Price CHF 106.35 · Value 71.13 · Buy at or below 71.13; 2022-06 · Price CHF 101.65 · Value 71.13 · Buy at or below 71.13; 2022-07 · Price CHF 113.95 · Value 71.13 · Buy at or below 71.13; 2022-08 · Price CHF 109.85 · Value 71.13 · Buy at or below 71.13; 2022-09 · Price CHF 94.28 · Value 71.13 · Buy at or below 71.13; 2022-10 · Price CHF 97.94 · Value 71.13 · Buy at or below 71.13; 2022-11 · Price CHF 124.05 · Value 71.13 · Buy at or below 71.13; 2022-12 · Price CHF 119.90 · Value 71.13 · Buy at or below 71.13; 2023-01 · Price CHF 140.40 · Value 71.13 · Buy at or below 71.13; 2023-02 · Price CHF 141.75 · Value 64.31 · Buy at or below 64.31; 2023-03 · Price CHF 145.90 · Value 64.31 · Buy at or below 64.31; 2023-04 · Price CHF 146.95 · Value 64.31 · Buy at or below 64.31; 2023-05 · Price CHF 144.55 · Value 64.31 · Buy at or below 64.31; 2023-06 · Price CHF 151.65 · Value 64.31 · Buy at or below 64.31; 2023-07 · Price CHF 140.30 · Value 64.31 · Buy at or below 64.31; 2023-08 · Price CHF 125.60 · Value 64.31 · Buy at or below 64.31; 2023-09 · Price CHF 112.00 · Value 64.31 · Buy at or below 64.31; 2023-10 · Price CHF 106.90 · Value 64.31 · Buy at or below 64.31; 2023-11 · Price CHF 109.20 · Value 64.31 · Buy at or below 64.31; 2023-12 · Price CHF 115.75 · Value 64.31 · Buy at or below 64.31; 2024-01 · Price CHF 129.00 · Value 64.31 · Buy at or below 64.31; 2024-02 · Price CHF 140.60 · Value 66.40 · Buy at or below 66.40; 2024-03 · Price CHF 137.50 · Value 66.40 · Buy at or below 66.40; 2024-04 · Price CHF 127.90 · Value 66.40 · Buy at or below 66.40; 2024-05 · Price CHF 144.05 · Value 66.40 · Buy at or below 66.40; 2024-06 · Price CHF 140.25 · Value 66.40 · Buy at or below 66.40; 2024-07 · Price CHF 134.00 · Value 66.40 · Buy at or below 66.40; 2024-08 · Price CHF 133.85 · Value 66.40 · Buy at or below 66.40; 2024-09 · Price CHF 133.80 · Value 66.40 · Buy at or below 66.40; 2024-10 · Price CHF 125.35 · Value 66.40 · Buy at or below 66.40; 2024-11 · Price CHF 122.70 · Value 66.40 · Buy at or below 66.40; 2024-12 · Price CHF 137.90 · Value 66.40 · Buy at or below 66.40; 2025-01 · Price CHF 177.10 · Value 66.40 · Buy at or below 66.40; 2025-02 · Price CHF 183.50 · Value 77.67 · Buy at or below 77.67; 2025-03 · Price CHF 152.95 · Value 77.67 · Buy at or below 77.67; 2025-04 · Price CHF 145.25 · Value 77.67 · Buy at or below 77.67; 2025-05 · Price CHF 154.85 · Value 77.67 · Buy at or below 77.67; 2025-06 · Price CHF 149.45 · Value 77.67 · Buy at or below 77.67; 2025-07 · Price CHF 133.40 · Value 77.67 · Buy at or below 77.67; 2025-08 · Price CHF 139.75 · Value 77.67 · Buy at or below 77.67; 2025-09 · Price CHF 151.60 · Value 77.67 · Buy at or below 77.67; 2025-10 · Price CHF 158.70 · Value 77.67 · Buy at or below 77.67; 2025-11 · Price CHF 170.30 · Value 77.67 · Buy at or below 77.67; 2025-12 · Price CHF 172.05 · Value 77.67 · Buy at or below 77.67; 2026-01 · Price CHF 149.55 · Value 77.67 · Buy at or below 77.67; 2026-02 · Price CHF 157.25 · Value 67.10 · Buy at or below 67.10; 2026-03 · Price CHF 138.55 · Value 67.10 · Buy at or below 67.10; 2026-04 · Price CHF 148.50 · Value 67.10 · Buy at or below 67.10; 2026-05 · Price CHF 168.90 · Value 67.10 · Buy at or below 67.10; 2026-06 · Price CHF 186.55 · Value 67.10 · Buy at or below 67.10; 2026-07 · Price CHF 190.90 · Value 67.10 · Buy at or below 67.10; 2026-08 · Price CHF 192.15 · Value 67.10 · Buy at or below 67.10; 2026-09 · Price CHF 179.10 · Value 67.10 · Buy at or below 67.10; 2026-10 · Price CHF 175.05 · Value 67.10 · Buy at or below 67.10; 2026-10 · Price CHF 175.05 · Value 67.10 · Buy at or below 67.10

CHF per share · annual estimates

Price & return math
Value range	CHF 62.18 – CHF 73.65
Buy at or below	Central value CHF 67.10
Discount to value	1 − 175.05 / 67.10 = -160.9%
Return / year	About 4.9% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash CHF 3.26/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash CHF 26.50/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueEUR 22B

Revenue

Owner earningsEUR 3.1B

Owner earnings

Operating margin20.7%

Operating margin

Net cash / debtEUR 3.8B

Net cash / debt

Diluted shares590M

Diluted shares

Prices 15 Oct 2026 · FY2026