# Georg Fischer AG (GF.SW)

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

Analysis as of: 2026-10-16T07:37:10.981Z. 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 58.10 per share; close as of 2026-10-15.

Estimated value: low CHF 20.88 per share, central CHF 23.10 per share, high CHF 26.06 per share. Buy at or below the central value CHF 23.10 per share. Valuation as of 2026-10-16T07:37:10.981Z; scenarios are not confidence intervals.

Expected annual return: 5.3% at the stated quote. About 5.3% 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: pass

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

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.26×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.08×

- FY2017: 0.08×

- FY2018: 0.08×

- FY2019: 0.06×

- FY2020: 0.04×

- FY2021: 0.07×

- FY2022: 0.09×

- FY2023: 0.09×

- FY2024: 0.09×

- FY2025: 0.13×

### moat: pass

- ROIC, median of available years: 16.4%

- ROIC, second-lowest year: 11.8%

- Typical minus recent gross margin: -3.3 pp

- Typical gross margin (annual median): 25.8%

- Recent gross margin (lower of latest and 3-year median): 29.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.0%

- ROIC including acquisitions, ten-year median: 10.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 17.4%

- FY2017: 18.3%

- FY2018: 18.8%

- FY2019: 11.8%

- FY2020: 7.4%

- FY2021: 13.9%

- FY2022: 20.4%

- FY2023: 15.4%

- FY2024: 12.2%

- FY2025: 17.6%

### economics: fail

- owner earnings cash conversion below threshold

- 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: 0.69×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CHF 716M

- Net income, five-year total: CHF 1.0B

- Return on incremental invested capital: 8.2%

- Working capital / revenue, annual change: 1.5 pp

- Working capital / revenue, change between three-year averages: 11.3 pp

- Working capital / revenue, final three-year average: 33.5%

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

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 0.69×

- FY2024: 0.52×

- FY2025: -0.47×

### 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: 18.3% vs 15.4%

- Per-share earnings: 2.66 to 2.61 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.2%

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

- Market cap gain: CHF 1.0B

- Cumulative retained earnings: CHF -852M

- Diluted shares, 10-year annual growth: -0.2%

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -0.2%

- Per-share value change: CHF -0.05

- Per-share value, starting three-year median: CHF 2.66

- Per-share value, ending three-year median: CHF 2.61

- Buybacks concentrated in cheaper years (correlation): 0.44

- Average buyback yield: 0.2%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: CHF 46M

- Cumulative net income, 10 years: CHF 2.1B

- ROIC, first three-year median: 18.3%

- ROIC, last three-year median: 15.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: CHF 2.66

- FY2017: CHF 3.06

- FY2018: CHF 3.40

- FY2019: CHF 2.11

- FY2020: CHF 1.42

- FY2021: CHF 2.62

- FY2022: CHF 3.36

- FY2023: CHF 2.87

- FY2024: CHF 2.61

- FY2025: CHF 1.26

### accounting: pass

- Sloan accruals: -4.8%

- Receivables to sales index (DSRI): 1.06×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.69×

- Accounting red flags: 0

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.8%

- FY2017: -4.4%

- FY2018: -3.5%

- FY2019: -4.4%

- FY2020: -6.6%

- FY2021: -2.0%

- FY2022: -1.5%

- FY2023: -2.5%

- FY2024: -4.5%

- FY2025: -4.8%

## Holders

## Price story

Price needs cash profits to grow 14.4% a year for ten years · "Negative Currency Impact on Sales: CHF46 million." (finance.yahoo.com, Jul 2025) · sales -22.9%

Story as of 2026-10-16T10:00:08.790Z; price observation 2026-10-15.

Price needs cash profits to grow 14.4% a year for ten years

### Sales · FY2024–2025

sales -22.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CHF 3.8B 

- FY2017: CHF 4.2B 

- FY2018: CHF 4.6B 

- FY2019: CHF 3.7B 

- FY2020: CHF 3.2B 

- FY2021: CHF 3.7B 

- FY2022: CHF 4.0B 

- FY2023: CHF 4.0B 

- FY2024: CHF 3.9B 

- FY2025: CHF 3.0B 

### Gross margin · FY2025

gross margin 29.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 39.5% 

- FY2017: 38.7% 

- FY2018: 38.0% 

- FY2019: 20.2% 

- FY2020: 18.8% 

- FY2021: 20.1% 

- FY2022: 22.5% 

- FY2023: 22.3% 

- FY2024: 41.6% 

- FY2025: 29.1% 

## Owner memo

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

### How it makes money

Operates in specialty industrial machinery; annual sales are CHF 3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:10.981Z); FY2025: revenue 2999000000; grossProfit 874000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GF.SW: Georg Fischer AG engages in the provision of piping systems, and casting and machining solutions in the Americas, Asia-Pacific, Europe, Middle East, Africa, and internationally. The company operates through GF Industry and Infrastructure Flow Solutions and GF Building Flow Solutions. The GF Industry and Infrastructure Flow Solutions segment focuses on leak-free piping systems, fittings, valves, pipes, automation, fabrication, and jointing technologies. It serves a wide range of industries, including microelectronics, chemical processing, water, marine, data centers, food and beverage, energy and life sciences. The GF Building Flow Solutions segment offers safe drinking water systems, energy-efficient radiant heating and cooling systems, and infrastructure solutions used for increasing productivity in conserving, managing, and providing water indoor climate solutions for the residential and commercial construction, municipality, and utilities sectors. The company was founded in 1802 and is headquartered in Schaffhausen, Switzerland.

### Why customers stay

Margins ranged from 22.3% to 41.6% during 2023–25; it earns 16.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:10.981Z); FY2023: grossProfit / revenue = 22.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:10.981Z); FY2024: grossProfit / revenue = 41.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:10.981Z); FY2025: grossProfit / revenue = 29.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:10.981Z); 10-year return on capital observations [[2016,0.17416941579863365],[2017,0.1826086956521739],[2018,0.18756385696040867],[2019,0.11784511784511785],[2020,0.07393650793650794],[2021,0.13874113130968002],[2022,0.20350990210145142],[2023,0.15378990345692126],[2024,0.1221264367816092],[2025,0.1759384893713252]]; median 0.16397965962777744. 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 CHF 7 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:10.981Z); FY2016: growth capex 26629638.06217113; upkeep 152370361.93782887; owner earnings 194629638.06217113. Growth capex / owner earnings = 0.13682211161315908.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:10.981Z); FY2017: growth capex 72000000; upkeep 139000000; owner earnings 252000000. Growth capex / owner earnings = 0.2857142857142857.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:10.981Z); FY2018: growth capex 97000000; upkeep 147000000; owner earnings 281000000. Growth capex / owner earnings = 0.34519572953736655.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:10.981Z); FY2019: growth capex 0; upkeep 186000000; owner earnings 98000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:10.981Z); FY2020: growth capex 0; upkeep 145000000; owner earnings 99000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:10.981Z); FY2021: growth capex 16000000; upkeep 129000000; owner earnings 214000000. Growth capex / owner earnings = 0.07476635514018691.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:10.981Z); FY2022: growth capex 51000000; upkeep 115000000; owner earnings 276000000. Growth capex / owner earnings = 0.18478260869565216.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:10.981Z); FY2023: growth capex 7993111.463115215; upkeep 197006888.53688478; owner earnings 162162732.20591766. Growth capex / owner earnings = 0.0492906807525011.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:10.981Z); FY2024: growth capex 0; upkeep 215000000; owner earnings 112000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:10.981Z); Dividend observations: [[2016,74000000],[2017,82000000],[2018,94000000],[2019,103000000],[2020,103000000],[2021,62000000],[2022,82000000],[2023,107000000],[2024,107000000],[2025,111000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:10.981Z); FY2025: cash repurchases 7000000 CHF.

### Are managers owners

Insiders own 5.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GF.SW SharesStats.PercentInsiders = 5.531 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 14.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:10.981Z); Ten-year compound average after fade. Initial solved rate 0.19515801268744493. Price 58.1; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.6752463210394186 → FY2025 -0.585694413939527. Closing-price date 2026-10-15.

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

- 2016-10: CHF 43.88 per share

- 2016-11: CHF 43.50 per share

- 2016-12: CHF 41.70 per share

- 2017-01: CHF 40.63 per share

- 2017-02: CHF 43.53 per share

- 2017-03: CHF 45.55 per share

- 2017-04: CHF 46.90 per share

- 2017-05: CHF 45.68 per share

- 2017-06: CHF 46.43 per share

- 2017-07: CHF 55.00 per share

- 2017-08: CHF 55.25 per share

- 2017-09: CHF 59.70 per share

- 2017-10: CHF 61.45 per share

- 2017-11: CHF 64.70 per share

- 2017-12: CHF 64.40 per share

- 2018-01: CHF 67.40 per share

- 2018-02: CHF 69.20 per share

- 2018-03: CHF 63.90 per share

- 2018-04: CHF 61.90 per share

- 2018-05: CHF 63.75 per share

- 2018-06: CHF 63.55 per share

- 2018-07: CHF 63.90 per share

- 2018-08: CHF 63.45 per share

- 2018-09: CHF 55.50 per share

- 2018-10: CHF 46.88 per share

- 2018-11: CHF 38.85 per share

- 2018-12: CHF 39.33 per share

- 2019-01: CHF 43.98 per share

- 2019-02: CHF 44.25 per share

- 2019-03: CHF 45.35 per share

- 2019-04: CHF 49.50 per share

- 2019-05: CHF 42.45 per share

- 2019-06: CHF 46.65 per share

- 2019-07: CHF 43.00 per share

- 2019-08: CHF 40.53 per share

- 2019-09: CHF 43.23 per share

- 2019-10: CHF 47.00 per share

- 2019-11: CHF 48.98 per share

- 2019-12: CHF 49.15 per share

- 2020-01: CHF 47.43 per share

- 2020-02: CHF 41.05 per share

- 2020-03: CHF 33.45 per share

- 2020-04: CHF 35.98 per share

- 2020-05: CHF 39.75 per share

- 2020-06: CHF 40.68 per share

- 2020-07: CHF 41.85 per share

- 2020-08: CHF 44.90 per share

- 2020-09: CHF 47.95 per share

- 2020-10: CHF 46.25 per share

- 2020-11: CHF 52.90 per share

- 2020-12: CHF 57.00 per share

- 2021-01: CHF 55.80 per share

- 2021-02: CHF 58.45 per share

- 2021-03: CHF 63.15 per share

- 2021-04: CHF 64.00 per share

- 2021-05: CHF 64.70 per share

- 2021-06: CHF 68.65 per share

- 2021-07: CHF 73.30 per share

- 2021-08: CHF 75.15 per share

- 2021-09: CHF 69.50 per share

- 2021-10: CHF 69.25 per share

- 2021-11: CHF 67.10 per share

- 2021-12: CHF 69.25 per share

- 2022-01: CHF 67.10 per share

- 2022-02: CHF 56.75 per share

- 2022-03: CHF 55.40 per share

- 2022-04: CHF 53.50 per share

- 2022-05: CHF 53.90 per share

- 2022-06: CHF 46.96 per share

- 2022-07: CHF 57.85 per share

- 2022-08: CHF 53.20 per share

- 2022-09: CHF 47.60 per share

- 2022-10: CHF 55.45 per share

- 2022-11: CHF 56.70 per share

- 2022-12: CHF 56.60 per share

- 2023-01: CHF 62.75 per share

- 2023-02: CHF 64.00 per share

- 2023-03: CHF 70.90 per share

- 2023-04: CHF 64.75 per share

- 2023-05: CHF 60.05 per share

- 2023-06: CHF 67.15 per share

- 2023-07: CHF 59.45 per share

- 2023-08: CHF 57.20 per share

- 2023-09: CHF 51.65 per share

- 2023-10: CHF 46.92 per share

- 2023-11: CHF 57.30 per share

- 2023-12: CHF 61.10 per share

- 2024-01: CHF 58.10 per share

- 2024-02: CHF 65.50 per share

- 2024-03: CHF 66.90 per share

- 2024-04: CHF 64.50 per share

- 2024-05: CHF 65.20 per share

- 2024-06: CHF 60.25 per share

- 2024-07: CHF 64.70 per share

- 2024-08: CHF 67.15 per share

- 2024-09: CHF 63.85 per share

- 2024-10: CHF 62.70 per share

- 2024-11: CHF 68.30 per share

- 2024-12: CHF 68.65 per share

- 2025-01: CHF 72.20 per share

- 2025-02: CHF 69.55 per share

- 2025-03: CHF 64.20 per share

- 2025-04: CHF 59.40 per share

- 2025-05: CHF 65.70 per share

- 2025-06: CHF 64.85 per share

- 2025-07: CHF 63.95 per share

- 2025-08: CHF 63.90 per share

- 2025-09: CHF 61.95 per share

- 2025-10: CHF 56.65 per share

- 2025-11: CHF 53.05 per share

- 2025-12: CHF 53.60 per share

- 2026-01: CHF 51.45 per share

- 2026-02: CHF 48.78 per share

- 2026-03: CHF 40.40 per share

- 2026-04: CHF 42.64 per share

- 2026-05: CHF 43.42 per share

- 2026-06: CHF 41.90 per share

- 2026-07: CHF 51.75 per share

- 2026-08: CHF 56.10 per share

- 2026-09: CHF 59.05 per share

- 2026-10: CHF 58.15 per share

## Annual estimated value (CHF per share)

- FY2016: low CHF 25.56 per share, central CHF 28.23 per share, high CHF 31.79 per share

- FY2017: low CHF 29.44 per share, central CHF 32.59 per share, high CHF 36.77 per share

- FY2018: low CHF 36.94 per share, central CHF 41.30 per share, high CHF 47.09 per share

- FY2019: low CHF 31.27 per share, central CHF 34.81 per share, high CHF 39.53 per share

- FY2020: low CHF 31.50 per share, central CHF 34.53 per share, high CHF 38.57 per share

- FY2021: low CHF 39.21 per share, central CHF 43.15 per share, high CHF 48.40 per share

- FY2022: low CHF 41.37 per share, central CHF 46.73 per share, high CHF 52.74 per share

- FY2023: low CHF 27.87 per share, central CHF 31.50 per share, high CHF 35.69 per share

- FY2024: low CHF 25.67 per share, central CHF 28.55 per share, high CHF 32.39 per share

- FY2025: low CHF 22.39 per share, central CHF 24.62 per share, high CHF 27.57 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.

Georg Fischer AG

GF · SW

STOXX Europe 600

Not a wonderful business

2 quality tests fail. A lower price would not fix the business.

Share price: CHF 58.10
Buy up to: CHF 23.10
Expected / yr: 5.3% 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: 8.2%
Worst year: 4.3%
Latest · 2025: 13.0%

Capital return excluding acquisitions: median 16.4% (minimum 15%), and the second-worst year 11.8% (minimum 10%).

ROIC excluding acquisitions

10y median: 16.4%
Worst year: 7.4%
Latest · 2025: 17.6%

Each $1 of profit left $0.69 for owners over five years (minimum $0.80), and new investment earned 8.2% (minimum 12%), and working capital rose 11.3% of sales (limit 10%) to 33.5% (waived at zero or below).

Annual owner cash / profit

Five-year totals: 0.69×
Annual median: 0.69×
Latest · 2025: -0.47×

Per-share value fell from 2.66 to 2.61, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: CHF 2.64
Worst year: CHF 1.26
Latest · 2025: CHF 1.26

Profits were backed by cash: accruals were -4.8% of assets (limit 10%).

Sloan accruals

10y median: -4.4%
Worst year: -1.5%
Latest · 2025: -4.8%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 8.2%, three-year average owner earnings per share 0.92 CHF.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CHF 43.88 · Value 28.23 · Buy at or below 28.23; 2016-11 · Price CHF 43.50 · Value 28.23 · Buy at or below 28.23; 2016-12 · Price CHF 41.70 · Value 28.23 · Buy at or below 28.23; 2017-01 · Price CHF 40.63 · Value 28.23 · Buy at or below 28.23; 2017-02 · Price CHF 43.52 · Value 32.59 · Buy at or below 32.59; 2017-03 · Price CHF 45.55 · Value 32.59 · Buy at or below 32.59; 2017-04 · Price CHF 46.90 · Value 32.59 · Buy at or below 32.59; 2017-05 · Price CHF 45.67 · Value 32.59 · Buy at or below 32.59; 2017-06 · Price CHF 46.42 · Value 32.59 · Buy at or below 32.59; 2017-07 · Price CHF 55.00 · Value 32.59 · Buy at or below 32.59; 2017-08 · Price CHF 55.25 · Value 32.59 · Buy at or below 32.59; 2017-09 · Price CHF 59.70 · Value 32.59 · Buy at or below 32.59; 2017-10 · Price CHF 61.45 · Value 32.59 · Buy at or below 32.59; 2017-11 · Price CHF 64.70 · Value 32.59 · Buy at or below 32.59; 2017-12 · Price CHF 64.40 · Value 32.59 · Buy at or below 32.59; 2018-01 · Price CHF 67.40 · Value 32.59 · Buy at or below 32.59; 2018-02 · Price CHF 69.20 · Value 41.30 · Buy at or below 41.30; 2018-03 · Price CHF 63.90 · Value 41.30 · Buy at or below 41.30; 2018-04 · Price CHF 61.90 · Value 41.30 · Buy at or below 41.30; 2018-05 · Price CHF 63.75 · Value 41.30 · Buy at or below 41.30; 2018-06 · Price CHF 63.55 · Value 41.30 · Buy at or below 41.30; 2018-07 · Price CHF 63.90 · Value 41.30 · Buy at or below 41.30; 2018-08 · Price CHF 63.45 · Value 41.30 · Buy at or below 41.30; 2018-09 · Price CHF 55.50 · Value 41.30 · Buy at or below 41.30; 2018-10 · Price CHF 46.88 · Value 41.30 · Buy at or below 41.30; 2018-11 · Price CHF 38.85 · Value 41.30 · Buy at or below 41.30; 2018-12 · Price CHF 39.33 · Value 41.30 · Buy at or below 41.30; 2019-01 · Price CHF 43.98 · Value 41.30 · Buy at or below 41.30; 2019-02 · Price CHF 44.25 · Value 34.81 · Buy at or below 34.81; 2019-03 · Price CHF 45.35 · Value 34.81 · Buy at or below 34.81; 2019-04 · Price CHF 49.50 · Value 34.81 · Buy at or below 34.81; 2019-05 · Price CHF 42.45 · Value 34.81 · Buy at or below 34.81; 2019-06 · Price CHF 46.65 · Value 34.81 · Buy at or below 34.81; 2019-07 · Price CHF 43.00 · Value 34.81 · Buy at or below 34.81; 2019-08 · Price CHF 40.52 · Value 34.81 · Buy at or below 34.81; 2019-09 · Price CHF 43.23 · Value 34.81 · Buy at or below 34.81; 2019-10 · Price CHF 47.00 · Value 34.81 · Buy at or below 34.81; 2019-11 · Price CHF 48.98 · Value 34.81 · Buy at or below 34.81; 2019-12 · Price CHF 49.15 · Value 34.81 · Buy at or below 34.81; 2020-01 · Price CHF 47.42 · Value 34.81 · Buy at or below 34.81; 2020-02 · Price CHF 41.05 · Value 34.53 · Buy at or below 34.53; 2020-03 · Price CHF 33.45 · Value 34.53 · Buy at or below 34.53; 2020-04 · Price CHF 35.98 · Value 34.53 · Buy at or below 34.53; 2020-05 · Price CHF 39.75 · Value 34.53 · Buy at or below 34.53; 2020-06 · Price CHF 40.67 · Value 34.53 · Buy at or below 34.53; 2020-07 · Price CHF 41.85 · Value 34.53 · Buy at or below 34.53; 2020-08 · Price CHF 44.90 · Value 34.53 · Buy at or below 34.53; 2020-09 · Price CHF 47.95 · Value 34.53 · Buy at or below 34.53; 2020-10 · Price CHF 46.25 · Value 34.53 · Buy at or below 34.53; 2020-11 · Price CHF 52.90 · Value 34.53 · Buy at or below 34.53; 2020-12 · Price CHF 57.00 · Value 34.53 · Buy at or below 34.53; 2021-01 · Price CHF 55.80 · Value 34.53 · Buy at or below 34.53; 2021-02 · Price CHF 58.45 · Value 43.15 · Buy at or below 43.15; 2021-03 · Price CHF 63.15 · Value 43.15 · Buy at or below 43.15; 2021-04 · Price CHF 64.00 · Value 43.15 · Buy at or below 43.15; 2021-05 · Price CHF 64.70 · Value 43.15 · Buy at or below 43.15; 2021-06 · Price CHF 68.65 · Value 43.15 · Buy at or below 43.15; 2021-07 · Price CHF 73.30 · Value 43.15 · Buy at or below 43.15; 2021-08 · Price CHF 75.15 · Value 43.15 · Buy at or below 43.15; 2021-09 · Price CHF 69.50 · Value 43.15 · Buy at or below 43.15; 2021-10 · Price CHF 69.25 · Value 43.15 · Buy at or below 43.15; 2021-11 · Price CHF 67.10 · Value 43.15 · Buy at or below 43.15; 2021-12 · Price CHF 69.25 · Value 43.15 · Buy at or below 43.15; 2022-01 · Price CHF 67.10 · Value 43.15 · Buy at or below 43.15; 2022-02 · Price CHF 56.75 · Value 46.73 · Buy at or below 46.73; 2022-03 · Price CHF 55.40 · Value 46.73 · Buy at or below 46.73; 2022-04 · Price CHF 53.50 · Value 46.73 · Buy at or below 46.73; 2022-05 · Price CHF 53.90 · Value 46.73 · Buy at or below 46.73; 2022-06 · Price CHF 46.96 · Value 46.73 · Buy at or below 46.73; 2022-07 · Price CHF 57.85 · Value 46.73 · Buy at or below 46.73; 2022-08 · Price CHF 53.20 · Value 46.73 · Buy at or below 46.73; 2022-09 · Price CHF 47.60 · Value 46.73 · Buy at or below 46.73; 2022-10 · Price CHF 55.45 · Value 46.73 · Buy at or below 46.73; 2022-11 · Price CHF 56.70 · Value 46.73 · Buy at or below 46.73; 2022-12 · Price CHF 56.60 · Value 46.73 · Buy at or below 46.73; 2023-01 · Price CHF 62.75 · Value 46.73 · Buy at or below 46.73; 2023-02 · Price CHF 64.00 · Value 31.50 · Buy at or below 31.50; 2023-03 · Price CHF 70.90 · Value 31.50 · Buy at or below 31.50; 2023-04 · Price CHF 64.75 · Value 31.50 · Buy at or below 31.50; 2023-05 · Price CHF 60.05 · Value 31.50 · Buy at or below 31.50; 2023-06 · Price CHF 67.15 · Value 31.50 · Buy at or below 31.50; 2023-07 · Price CHF 59.45 · Value 31.50 · Buy at or below 31.50; 2023-08 · Price CHF 57.20 · Value 31.50 · Buy at or below 31.50; 2023-09 · Price CHF 51.65 · Value 31.50 · Buy at or below 31.50; 2023-10 · Price CHF 46.92 · Value 31.50 · Buy at or below 31.50; 2023-11 · Price CHF 57.30 · Value 31.50 · Buy at or below 31.50; 2023-12 · Price CHF 61.10 · Value 31.50 · Buy at or below 31.50; 2024-01 · Price CHF 58.10 · Value 31.50 · Buy at or below 31.50; 2024-02 · Price CHF 65.50 · Value 28.55 · Buy at or below 28.55; 2024-03 · Price CHF 66.90 · Value 28.55 · Buy at or below 28.55; 2024-04 · Price CHF 64.50 · Value 28.55 · Buy at or below 28.55; 2024-05 · Price CHF 65.20 · Value 28.55 · Buy at or below 28.55; 2024-06 · Price CHF 60.25 · Value 28.55 · Buy at or below 28.55; 2024-07 · Price CHF 64.70 · Value 28.55 · Buy at or below 28.55; 2024-08 · Price CHF 67.15 · Value 28.55 · Buy at or below 28.55; 2024-09 · Price CHF 63.85 · Value 28.55 · Buy at or below 28.55; 2024-10 · Price CHF 62.70 · Value 28.55 · Buy at or below 28.55; 2024-11 · Price CHF 68.30 · Value 28.55 · Buy at or below 28.55; 2024-12 · Price CHF 68.65 · Value 28.55 · Buy at or below 28.55; 2025-01 · Price CHF 72.20 · Value 28.55 · Buy at or below 28.55; 2025-02 · Price CHF 69.55 · Value 24.62 · Buy at or below 24.62; 2025-03 · Price CHF 64.20 · Value 24.62 · Buy at or below 24.62; 2025-04 · Price CHF 59.40 · Value 24.62 · Buy at or below 24.62; 2025-05 · Price CHF 65.70 · Value 24.62 · Buy at or below 24.62; 2025-06 · Price CHF 64.85 · Value 24.62 · Buy at or below 24.62; 2025-07 · Price CHF 63.95 · Value 24.62 · Buy at or below 24.62; 2025-08 · Price CHF 63.90 · Value 24.62 · Buy at or below 24.62; 2025-09 · Price CHF 61.95 · Value 24.62 · Buy at or below 24.62; 2025-10 · Price CHF 56.65 · Value 24.62 · Buy at or below 24.62; 2025-11 · Price CHF 53.05 · Value 24.62 · Buy at or below 24.62; 2025-12 · Price CHF 53.60 · Value 24.62 · Buy at or below 24.62; 2026-01 · Price CHF 51.45 · Value 24.62 · Buy at or below 24.62; 2026-02 · Price CHF 48.78 · Value 23.10 · Buy at or below 23.10; 2026-03 · Price CHF 40.40 · Value 23.10 · Buy at or below 23.10; 2026-04 · Price CHF 42.64 · Value 23.10 · Buy at or below 23.10; 2026-05 · Price CHF 43.42 · Value 23.10 · Buy at or below 23.10; 2026-06 · Price CHF 41.90 · Value 23.10 · Buy at or below 23.10; 2026-07 · Price CHF 51.75 · Value 23.10 · Buy at or below 23.10; 2026-08 · Price CHF 56.10 · Value 23.10 · Buy at or below 23.10; 2026-09 · Price CHF 59.05 · Value 23.10 · Buy at or below 23.10; 2026-10 · Price CHF 58.15 · Value 23.10 · Buy at or below 23.10; 2026-10 · Price CHF 58.10 · Value 23.10 · Buy at or below 23.10

CHF per share · annual estimates

Price & return math
Value range	CHF 20.88 – CHF 26.06
Buy at or below	Central value CHF 23.10
Discount to value	1 − 58.10 / 23.10 = -151.5%
Return / year	About 5.3% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash CHF 1.47/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash CHF 4.77/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueCHF 3.0B

Revenue

Owner earningsCHF -48M

Owner earnings

Operating margin13.0%

Operating margin

Net cash / debtCHF -1.7B

Net cash / debt

Diluted shares82M

Diluted shares

Prices 15 Oct 2026 · FY2025