# Geberit AG (GEBN.SW)

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

Analysis as of: 2026-10-16T07:34:40.955Z. 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 552.60 per share; close as of 2026-10-15.

Estimated value: low CHF 200.93 per share, central CHF 228.24 per share, high CHF 264.60 per share. Buy at or below the central value CHF 228.24 per share. Valuation as of 2026-10-16T07:34:40.955Z; scenarios are not confidence intervals.

Expected annual return: 5.8% at the stated quote. About 5.8% 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

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

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.08×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.23×

- FY2017: 0.21×

- FY2018: 0.23×

- FY2019: 0.25×

- FY2020: 0.26×

- FY2021: 0.26×

- FY2022: 0.22×

- FY2023: 0.25×

- FY2024: 0.25×

- FY2025: 0.29×

### moat: fail

- Recent gross margin fell 29.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 61.5%

- ROIC, second-lowest year: 53.8%

- Typical minus recent gross margin: 29.3 pp

- Typical gross margin (annual median): 71.4%

- Recent gross margin (lower of latest and 3-year median): 42.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.2%

- ROIC including acquisitions, ten-year median: 25.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 66.1%

- FY2017: 55.0%

- FY2018: 61.4%

- FY2019: 62.6%

- FY2020: 67.7%

- FY2021: 73.2%

- FY2022: 60.9%

- FY2023: 53.8%

- FY2024: 52.7%

- FY2025: 61.5%

### economics: pass

- Owner earnings / net income, 5-yr: 0.96×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CHF 3.1B

- Net income, five-year total: CHF 3.3B

- Return on incremental invested capital: 83.3%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 1.7 pp

- Working capital / revenue, final three-year average: 17.7%

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

- FY2021: 1.00×

- FY2022: 0.98×

- FY2023: 0.91×

- FY2024: 0.91×

- FY2025: 0.98×

### 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: 61.4% vs 53.8%

- Per-share earnings: 14.34 to 18.04 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.1%

- Ordinary dilution, 5-year annual growth: -1.5%

- Market cap gain: CHF 5.5B

- Cumulative retained earnings: CHF 514M

- Diluted shares, 10-year annual growth: -1.1%

- Diluted shares, 5-year annual growth: -1.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 2.9%

- Per-share value change: CHF 3.71

- Per-share value, starting three-year median: CHF 14.34

- Per-share value, ending three-year median: CHF 18.04

- Buybacks concentrated in cheaper years (correlation): 0.52

- Average buyback yield: 1.4%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: CHF 68M

- Cumulative net income, 10 years: CHF 6.2B

- ROIC, first three-year median: 61.4%

- ROIC, last three-year median: 53.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: CHF 14.85

- FY2017: CHF 14.34

- FY2018: CHF 16.46

- FY2019: CHF 17.92

- FY2020: CHF 17.89

- FY2021: CHF 21.19

- FY2022: CHF 20.58

- FY2023: CHF 18.44

- FY2024: CHF 18.04

- FY2025: CHF 18.00

### accounting: pass

- Sloan accruals: -6.4%

- Receivables to sales index (DSRI): 1.39×

- 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: 0.86×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.6%

- FY2017: -3.0%

- FY2018: -4.3%

- FY2019: -5.0%

- FY2020: -6.9%

- FY2021: -6.4%

- FY2022: -0.9%

- FY2023: -6.8%

- FY2024: -6.9%

- FY2025: -6.4%

## Holders

## Price story

Down 26% since Dec 2021 · "EBIT Margin: 27.1%, decreased by 150 basis points due to plant closure costs." (finance.yahoo.com, May 2025) · sales +2.5%

Story as of 2026-10-16T10:00:01.919Z; price observation 2026-10-15.

Price needs cash profits to grow 12.1% a year for ten years

### Sales · FY2024–2025

sales +2.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CHF 2.8B 

- FY2017: CHF 2.9B 

- FY2018: CHF 3.1B 

- FY2019: CHF 3.1B 

- FY2020: CHF 3.0B 

- FY2021: CHF 3.5B 

- FY2022: CHF 3.4B 

- FY2023: CHF 3.1B 

- FY2024: CHF 3.1B 

- FY2025: CHF 3.2B 

### Gross margin · FY2025

gross margin 42.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 72.4% 

- FY2017: 71.5% 

- FY2018: 71.0% 

- FY2019: 72.1% 

- FY2020: 73.6% 

- FY2021: 71.2% 

- FY2022: 68.3% 

- FY2023: 71.2% 

- FY2024: 72.9% 

- FY2025: 42.1% 

## Owner memo

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

### How it makes money

Operates in building products & equipment; annual sales are CHF 3.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:40.955Z); FY2025: revenue 3162900000; grossProfit 1331800000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GEBN.SW: Geberit AG develops, produces, and distributes sanitary products and systems for the residential and commercial construction industry. It offers installation and flushing systems, such as installation technology and flushing systems for toilets, including cisterns and interior fittings; and piping systems comprising building drainage and supply systems, as well as piping technology for use in buildings for drinking water, heating, gas, and other media. The company also provides bathroom system products that include bathroom ceramics, furniture, showers, bathtubs, taps and controls, and shower toilets. It operates in Germany, Switzerland, Benelux, Italy, Austria, Central Europe, Western Europe, Northern Europe, Eastern Europe, the United States, the Middle East, Africa, Far East, and the Pacific. The company sells its products to wholesalers, plumbers, architects, and sanitary engineers under the Geberit brand name. Geberit AG was founded in 1874 and is headquartered in Rapperswil-Jona, Switzerland.

### Why customers stay

Margins ranged from 42.1% to 72.9% during 2023–25; it earns 61.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:40.955Z); FY2023: grossProfit / revenue = 71.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:40.955Z); FY2024: grossProfit / revenue = 72.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:40.955Z); FY2025: grossProfit / revenue = 42.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:40.955Z); 10-year return on capital observations [[2016,0.6612174171672143],[2017,0.5500170699509682],[2018,0.6141912591967637],[2019,0.6260506755590006],[2020,0.6773695355129924],[2021,0.7319902858880523],[2022,0.6089124827564042],[2023,0.5384232867441547],[2024,0.5274090122169177],[2025,0.6154895077524231]]; median 0.6148403834745934. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 0.3% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:40.955Z); FY2016: growth capex 0; upkeep 139100000; owner earnings 554200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:40.955Z); FY2017: growth capex 8700000; upkeep 150300000; owner earnings 527400000. Growth capex / owner earnings = 0.016496018202502846.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:40.955Z); FY2018: growth capex 2200000; upkeep 160200000; owner earnings 597200000. Growth capex / owner earnings = 0.003683858004018754.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:40.955Z); FY2019: growth capex 663086.950037241; upkeep 166236913.04996276; owner earnings 623723086.9500372. Growth capex / owner earnings = 0.0010631111208015249.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:40.955Z); FY2020: growth capex 0; upkeep 149700000; owner earnings 634180000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:40.955Z); FY2021: growth capex 1700000; upkeep 167700000; owner earnings 753240000. Growth capex / owner earnings = 0.0022569167861504966.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:40.955Z); FY2022: growth capex 0; upkeep 155100000; owner earnings 692420000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:40.955Z); FY2023: growth capex 0; upkeep 197100000; owner earnings 561760000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:40.955Z); FY2024: growth capex 487580.3184365332; upkeep 194812419.68156347; owner earnings 541447580.3184365. Growth capex / owner earnings = 0.0009005125078770823.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:40.955Z); FY2025: growth capex 1500000; upkeep 163400000; owner earnings 586400000. Growth capex / owner earnings = 0.002557980900409277.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:40.955Z); Dividend observations: [[2016,309300000],[2017,368400000],[2018,380800000],[2019,389000000],[2020,404000000],[2021,404500000],[2022,433100000],[2023,423700000],[2024,419500000],[2025,421500000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:40.955Z); FY2025: cash repurchases 83300000 CHF.

### Are managers owners

Insiders own 0.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GEBN.SW SharesStats.PercentInsiders = 0.549 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 12.1% yearly over ten years; actual growth was 4.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:40.955Z); Ten-year compound average after fade. Initial solved rate 0.16203886470786355. Price 552.6; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 11.36339180027978 → FY2025 17.65377054313041. Closing-price date 2026-10-15.

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

- 2016-10: CHF 418.70 per share

- 2016-11: CHF 402.50 per share

- 2016-12: CHF 408.20 per share

- 2017-01: CHF 421.60 per share

- 2017-02: CHF 434.60 per share

- 2017-03: CHF 431.80 per share

- 2017-04: CHF 453.20 per share

- 2017-05: CHF 453.40 per share

- 2017-06: CHF 447.20 per share

- 2017-07: CHF 465.20 per share

- 2017-08: CHF 438.10 per share

- 2017-09: CHF 458.10 per share

- 2017-10: CHF 451.60 per share

- 2017-11: CHF 427.80 per share

- 2017-12: CHF 429.10 per share

- 2018-01: CHF 441.00 per share

- 2018-02: CHF 428.20 per share

- 2018-03: CHF 422.40 per share

- 2018-04: CHF 424.60 per share

- 2018-05: CHF 425.80 per share

- 2018-06: CHF 425.90 per share

- 2018-07: CHF 441.70 per share

- 2018-08: CHF 440.80 per share

- 2018-09: CHF 455.20 per share

- 2018-10: CHF 394.30 per share

- 2018-11: CHF 389.20 per share

- 2018-12: CHF 382.30 per share

- 2019-01: CHF 388.10 per share

- 2019-02: CHF 398.40 per share

- 2019-03: CHF 407.00 per share

- 2019-04: CHF 427.30 per share

- 2019-05: CHF 441.90 per share

- 2019-06: CHF 456.00 per share

- 2019-07: CHF 459.50 per share

- 2019-08: CHF 450.10 per share

- 2019-09: CHF 476.60 per share

- 2019-10: CHF 500.60 per share

- 2019-11: CHF 536.80 per share

- 2019-12: CHF 543.20 per share

- 2020-01: CHF 509.20 per share

- 2020-02: CHF 479.00 per share

- 2020-03: CHF 426.00 per share

- 2020-04: CHF 433.10 per share

- 2020-05: CHF 467.30 per share

- 2020-06: CHF 474.20 per share

- 2020-07: CHF 503.20 per share

- 2020-08: CHF 520.60 per share

- 2020-09: CHF 545.80 per share

- 2020-10: CHF 522.00 per share

- 2020-11: CHF 547.00 per share

- 2020-12: CHF 554.20 per share

- 2021-01: CHF 545.60 per share

- 2021-02: CHF 536.20 per share

- 2021-03: CHF 601.60 per share

- 2021-04: CHF 600.40 per share

- 2021-05: CHF 650.60 per share

- 2021-06: CHF 694.00 per share

- 2021-07: CHF 743.80 per share

- 2021-08: CHF 765.20 per share

- 2021-09: CHF 689.00 per share

- 2021-10: CHF 714.80 per share

- 2021-11: CHF 703.80 per share

- 2021-12: CHF 745.20 per share

- 2022-01: CHF 625.20 per share

- 2022-02: CHF 601.40 per share

- 2022-03: CHF 572.20 per share

- 2022-04: CHF 560.00 per share

- 2022-05: CHF 525.80 per share

- 2022-06: CHF 458.80 per share

- 2022-07: CHF 498.90 per share

- 2022-08: CHF 452.90 per share

- 2022-09: CHF 427.50 per share

- 2022-10: CHF 445.30 per share

- 2022-11: CHF 446.80 per share

- 2022-12: CHF 435.50 per share

- 2023-01: CHF 517.60 per share

- 2023-02: CHF 509.00 per share

- 2023-03: CHF 509.20 per share

- 2023-04: CHF 506.80 per share

- 2023-05: CHF 482.40 per share

- 2023-06: CHF 468.10 per share

- 2023-07: CHF 493.40 per share

- 2023-08: CHF 458.60 per share

- 2023-09: CHF 459.00 per share

- 2023-10: CHF 421.80 per share

- 2023-11: CHF 489.40 per share

- 2023-12: CHF 539.00 per share

- 2024-01: CHF 500.20 per share

- 2024-02: CHF 513.20 per share

- 2024-03: CHF 533.00 per share

- 2024-04: CHF 493.60 per share

- 2024-05: CHF 550.40 per share

- 2024-06: CHF 530.80 per share

- 2024-07: CHF 560.40 per share

- 2024-08: CHF 541.00 per share

- 2024-09: CHF 551.40 per share

- 2024-10: CHF 540.80 per share

- 2024-11: CHF 530.40 per share

- 2024-12: CHF 514.60 per share

- 2025-01: CHF 510.80 per share

- 2025-02: CHF 528.40 per share

- 2025-03: CHF 550.00 per share

- 2025-04: CHF 570.20 per share

- 2025-05: CHF 613.00 per share

- 2025-06: CHF 624.00 per share

- 2025-07: CHF 624.00 per share

- 2025-08: CHF 586.20 per share

- 2025-09: CHF 597.20 per share

- 2025-10: CHF 587.00 per share

- 2025-11: CHF 625.60 per share

- 2025-12: CHF 619.60 per share

- 2026-01: CHF 589.60 per share

- 2026-02: CHF 648.00 per share

- 2026-03: CHF 532.60 per share

- 2026-04: CHF 527.20 per share

- 2026-05: CHF 513.40 per share

- 2026-06: CHF 539.80 per share

- 2026-07: CHF 532.20 per share

- 2026-08: CHF 570.20 per share

- 2026-09: CHF 545.60 per share

- 2026-10: CHF 537.60 per share

## Annual estimated value (CHF per share)

- FY2016: low CHF 211.14 per share, central CHF 267.45 per share, high CHF 310.67 per share

- FY2017: low CHF 192.36 per share, central CHF 223.87 per share, high CHF 259.19 per share

- FY2018: low CHF 206.09 per share, central CHF 249.59 per share, high CHF 290.21 per share

- FY2019: low CHF 220.33 per share, central CHF 277.83 per share, high CHF 323.07 per share

- FY2020: low CHF 216.59 per share, central CHF 268.71 per share, high CHF 312.01 per share

- FY2021: low CHF 277.31 per share, central CHF 371.41 per share, high CHF 433.17 per share

- FY2022: low CHF 269.46 per share, central CHF 354.58 per share, high CHF 414.45 per share

- FY2023: low CHF 237.16 per share, central CHF 286.44 per share, high CHF 332.72 per share

- FY2024: low CHF 227.47 per share, central CHF 257.81 per share, high CHF 298.23 per share

- FY2025: low CHF 208.69 per share, central CHF 235.30 per share, high CHF 270.71 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 2026-10-15T06:40:27.266Z 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.