# Holcim AG (HOLN.SW)

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

Analysis as of: 2026-10-16T07:34:01.907Z. 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 64.02 per share; close as of 2026-10-15.

Estimated value: low CHF 59.74 per share, central CHF 67.19 per share, high CHF 77.12 per share. Buy at or below the central value CHF 67.19 per share. Valuation as of 2026-10-16T07:34:01.907Z; scenarios are not confidence intervals.

Expected annual return: 10.4% at the stated quote. About 10.4% 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

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 1

- Operating margin variation: 0.42×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.11×

- FY2017: -0.02×

- FY2018: 0.12×

- FY2019: 0.14×

- FY2020: 0.15×

- FY2021: 0.16×

- FY2022: 0.11×

- FY2023: 0.17×

- FY2024: 0.18×

- FY2025: 0.16×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 11.9%

- ROIC, second-lowest year: 7.2%

- Typical minus recent gross margin: -0.2 pp

- Typical gross margin (annual median): 42.1%

- Recent gross margin (lower of latest and 3-year median): 42.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.7%

- ROIC including acquisitions, ten-year median: 7.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.2%

- FY2017: -1.4%

- FY2018: 9.1%

- FY2019: 11.4%

- FY2020: 11.2%

- FY2021: 13.7%

- FY2022: 12.4%

- FY2023: 17.9%

- FY2024: 17.4%

- FY2025: 12.6%

### economics: pass

- Owner earnings / net income, 5-yr: 1.12×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CHF 13B

- Net income, five-year total: CHF 12B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.1 pp

- Working capital / revenue, change between three-year averages: -8.9 pp

- Working capital / revenue, final three-year average: 5.9%

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

- FY2021: 1.35×

- FY2022: 1.18×

- FY2023: 1.15×

- FY2024: 0.82×

- FY2025: 1.14×

### management: pass

- 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: 7.2% vs 17.4%

- Per-share earnings: -2.41 to 5.26 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.9%

- Ordinary dilution, 5-year annual growth: -2.0%

- Market cap gain: CHF 26B

- Cumulative retained earnings: CHF 4.0B

- Diluted shares, 10-year annual growth: -0.9%

- Diluted shares, 5-year annual growth: -2.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: CHF 7.67

- Per-share value, starting three-year median: CHF -2.41

- Per-share value, ending three-year median: CHF 5.26

- Buybacks concentrated in cheaper years (correlation): 0.27

- Average buyback yield: 3.4%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: CHF 5.4B

- Cumulative net income, 10 years: CHF 18B

- ROIC, first three-year median: 7.2%

- ROIC, last three-year median: 17.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: CHF 2.95

- FY2017: CHF -2.80

- FY2018: CHF 2.52

- FY2019: CHF 3.65

- FY2020: CHF 2.77

- FY2021: CHF 3.73

- FY2022: CHF 5.51

- FY2023: CHF 5.42

- FY2024: CHF 5.26

- FY2025: CHF 0.70

### accounting: pass

- Sloan accruals: -7.1%

- Receivables to sales index (DSRI): 1.17×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 7.20×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.46×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.2%

- FY2017: -7.4%

- FY2018: -2.5%

- FY2019: -4.4%

- FY2020: -5.5%

- FY2021: -4.6%

- FY2022: -2.2%

- FY2023: -4.6%

- FY2024: -5.0%

- FY2025: -7.1%

## Holders

## Price story

Price needs cash profits to grow 0.2% a year for ten years · "Holcim Reports 8.3% EBIT Growth, Beating Estimates Despite Currency Drag" (finance.yahoo.com, Apr 2026) · sales -40.5%

Story as of 2026-10-16T09:59:58.834Z; price observation 2026-10-15.

Price needs cash profits to grow 0.2% a year for ten years

- 2026-04-24: Holcim Reports 8.3% EBIT Growth, Beating Estimates Despite Currency Drag ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/holcim-reports-8-3-ebit-172822141.html))

- 2026-06-25: Holcim Warns Labor Shortage Could Slow Europe Construction Recovery ([finance.yahoo.com](https://finance.yahoo.com/real-estate/articles/holcim-warns-labor-shortage-could-132835624.html))

### Sales · FY2024–2025

sales -40.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CHF 27B 

- FY2017: CHF 27B 

- FY2018: CHF 27B 

- FY2019: CHF 27B 

- FY2020: CHF 23B 

- FY2021: CHF 27B 

- FY2022: CHF 29B 

- FY2023: CHF 27B 

- FY2024: CHF 26B 

- FY2025: CHF 16B 

### Gross margin · FY2025

gross margin 42.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 41.9% 

- FY2017: 29.5% 

- FY2018: 42.0% 

- FY2019: 42.2% 

- FY2020: 41.9% 

- FY2021: 43.0% 

- FY2022: 39.8% 

- FY2023: 42.6% 

- FY2024: 44.2% 

- FY2025: 42.3% 

## Owner memo

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

### How it makes money

Operates in building materials; annual sales are CHF 15.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.907Z); FY2025: revenue 15724000000; grossProfit 6658000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HOLN.SW: Holcim AG, together with its subsidiaries, provides building materials and solutions in Europe, Latin America, and Asia, Middle East, and Africa. It provides foundation, flooring, walling and roofing products, including cement, clinker, and other cementitious materials; ready-mix concrete; aggregates, such as crushed stone, gravel, and sand; and precast, concrete products, asphalts, mortars, roofing systems, insulation systems, tile adhesives, facade solutions, and contracting and services. The company also provides digital services through HOLCIM+ platform and digital concrete services. Its products are used in infrastructure projects, such as tunnels, railways and train stations, airports and ports, and bridges; housing projects, including individual and collective housing; commercial projects comprising offices, retail, and public buildings; and industrial projects consisting of renewable energy, oil and gas, and mining. The company sells its products under the ECOPact, ECOPlanet, ECOCycle, Ytong, Aggneo, Hydromedia, ZinCo Holcim, Elevate, Airium, PRB Group, Cantillana, Flachdach Technologie, Izolbet, Disensa, Tector, DYNAMax, Agilia, Ductal, Artevia, Humes, Tensolite, Compaktuna, and other service brands. The company was formerly known as LafargeHolcim Ltd and changed its name to Holcim AG in May 2021. Holcim AG was founded in 1833 and is headquartered in Zug, Switzerland.

### Why customers stay

Margins ranged from 42.3% to 44.2% during 2023–25; it earns 11.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.907Z); FY2023: grossProfit / revenue = 42.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.907Z); FY2024: grossProfit / revenue = 44.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.907Z); FY2025: grossProfit / revenue = 42.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.907Z); 10-year return on capital observations [[2016,0.07191293088249436],[2017,-0.013732135714025965],[2018,0.09097498052531709],[2019,0.11361931118828777],[2020,0.11170924307746578],[2021,0.13688795066675194],[2022,0.12424165030328738],[2023,0.17909189702666517],[2024,0.17363098486178005],[2025,0.1262950794621027]]; median 0.11893048074578758. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.907Z); FY2016: growth capex 0; upkeep 1773000000; owner earnings 2423000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.907Z); FY2017: growth capex 0; upkeep 1522000000; owner earnings 2810000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.907Z); FY2018: growth capex 0; upkeep 1411000000; owner earnings 2320000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.907Z); FY2019: growth capex 0; upkeep 1534000000; owner earnings 3271000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.907Z); FY2020: growth capex 0; upkeep 1114000000; owner earnings 2883000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.907Z); FY2021: growth capex 0; upkeep 1532000000; owner earnings 3103000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.907Z); FY2022: growth capex 0; upkeep 1549000000; owner earnings 3919000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.907Z); FY2023: growth capex 0; upkeep 1505000000; owner earnings 3532000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.907Z); FY2024: growth capex 0; upkeep 1650000000; owner earnings 2405000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.907Z); FY2025: growth capex 0; upkeep 1061000000; owner earnings 442000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.907Z); Dividend observations: [[2016,909000000],[2017,1212000000],[2018,1192000000],[2019,322000000],[2020,1224000000],[2021,1222000000],[2022,1330000000],[2023,1414000000],[2024,1570000000],[2025,1714000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 8.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HOLN.SW SharesStats.PercentInsiders = 8.778 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 0.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:01.907Z); Ten-year compound average after fade. Initial solved rate -0.009415183374944854. Price 64.02; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -2.4140482158885455 → FY2025 0.7990959007284247. Closing-price date 2026-10-15.

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

- 2016-10: CHF 26.85 per share

- 2016-11: CHF 27.36 per share

- 2016-12: CHF 27.26 per share

- 2017-01: CHF 26.88 per share

- 2017-02: CHF 29.04 per share

- 2017-03: CHF 30.08 per share

- 2017-04: CHF 28.66 per share

- 2017-05: CHF 29.55 per share

- 2017-06: CHF 27.90 per share

- 2017-07: CHF 29.39 per share

- 2017-08: CHF 28.63 per share

- 2017-09: CHF 28.76 per share

- 2017-10: CHF 28.63 per share

- 2017-11: CHF 27.34 per share

- 2017-12: CHF 27.92 per share

- 2018-01: CHF 28.96 per share

- 2018-02: CHF 28.14 per share

- 2018-03: CHF 26.57 per share

- 2018-04: CHF 28.13 per share

- 2018-05: CHF 25.63 per share

- 2018-06: CHF 24.58 per share

- 2018-07: CHF 25.73 per share

- 2018-08: CHF 23.98 per share

- 2018-09: CHF 24.62 per share

- 2018-10: CHF 23.70 per share

- 2018-11: CHF 22.76 per share

- 2018-12: CHF 20.58 per share

- 2019-01: CHF 23.69 per share

- 2019-02: CHF 25.10 per share

- 2019-03: CHF 24.99 per share

- 2019-04: CHF 26.62 per share

- 2019-05: CHF 24.43 per share

- 2019-06: CHF 24.22 per share

- 2019-07: CHF 24.87 per share

- 2019-08: CHF 23.76 per share

- 2019-09: CHF 24.96 per share

- 2019-10: CHF 25.85 per share

- 2019-11: CHF 26.20 per share

- 2019-12: CHF 27.29 per share

- 2020-01: CHF 24.95 per share

- 2020-02: CHF 22.72 per share

- 2020-03: CHF 17.97 per share

- 2020-04: CHF 20.34 per share

- 2020-05: CHF 20.19 per share

- 2020-06: CHF 21.09 per share

- 2020-07: CHF 21.85 per share

- 2020-08: CHF 21.80 per share

- 2020-09: CHF 21.34 per share

- 2020-10: CHF 19.99 per share

- 2020-11: CHF 24.22 per share

- 2020-12: CHF 24.70 per share

- 2021-01: CHF 24.52 per share

- 2021-02: CHF 25.49 per share

- 2021-03: CHF 28.22 per share

- 2021-04: CHF 28.61 per share

- 2021-05: CHF 27.16 per share

- 2021-06: CHF 28.20 per share

- 2021-07: CHF 26.98 per share

- 2021-08: CHF 26.52 per share

- 2021-09: CHF 22.94 per share

- 2021-10: CHF 23.23 per share

- 2021-11: CHF 22.59 per share

- 2021-12: CHF 23.63 per share

- 2022-01: CHF 25.28 per share

- 2022-02: CHF 23.42 per share

- 2022-03: CHF 23.01 per share

- 2022-04: CHF 24.47 per share

- 2022-05: CHF 24.13 per share

- 2022-06: CHF 20.76 per share

- 2022-07: CHF 22.58 per share

- 2022-08: CHF 22.12 per share

- 2022-09: CHF 20.82 per share

- 2022-10: CHF 23.11 per share

- 2022-11: CHF 24.78 per share

- 2022-12: CHF 24.33 per share

- 2023-01: CHF 27.67 per share

- 2023-02: CHF 29.54 per share

- 2023-03: CHF 29.93 per share

- 2023-04: CHF 29.89 per share

- 2023-05: CHF 28.53 per share

- 2023-06: CHF 30.59 per share

- 2023-07: CHF 30.79 per share

- 2023-08: CHF 29.76 per share

- 2023-09: CHF 29.87 per share

- 2023-10: CHF 28.50 per share

- 2023-11: CHF 32.67 per share

- 2023-12: CHF 33.55 per share

- 2024-01: CHF 33.62 per share

- 2024-02: CHF 36.64 per share

- 2024-03: CHF 41.49 per share

- 2024-04: CHF 39.22 per share

- 2024-05: CHF 40.03 per share

- 2024-06: CHF 40.46 per share

- 2024-07: CHF 41.79 per share

- 2024-08: CHF 41.52 per share

- 2024-09: CHF 41.95 per share

- 2024-10: CHF 43.23 per share

- 2024-11: CHF 45.60 per share

- 2024-12: CHF 44.39 per share

- 2025-01: CHF 46.72 per share

- 2025-02: CHF 50.07 per share

- 2025-03: CHF 48.02 per share

- 2025-04: CHF 46.54 per share

- 2025-05: CHF 46.25 per share

- 2025-06: CHF 58.90 per share

- 2025-07: CHF 64.98 per share

- 2025-08: CHF 67.00 per share

- 2025-09: CHF 67.34 per share

- 2025-10: CHF 71.34 per share

- 2025-11: CHF 75.22 per share

- 2025-12: CHF 77.76 per share

- 2026-01: CHF 79.54 per share

- 2026-02: CHF 70.88 per share

- 2026-03: CHF 64.92 per share

- 2026-04: CHF 72.48 per share

- 2026-05: CHF 77.42 per share

- 2026-06: CHF 72.88 per share

- 2026-07: CHF 73.34 per share

- 2026-08: CHF 71.04 per share

- 2026-09: CHF 66.62 per share

- 2026-10: CHF 64.12 per share

## Annual estimated value (CHF per share)

- FY2016: low CHF 22.06 per share, central CHF 24.10 per share, high CHF 26.83 per share

- FY2017: low CHF 24.62 per share, central CHF 27.17 per share, high CHF 30.56 per share

- FY2018: low CHF 45.83 per share, central CHF 51.69 per share, high CHF 59.50 per share

- FY2019: low CHF 48.69 per share, central CHF 54.59 per share, high CHF 62.45 per share

- FY2020: low CHF 50.74 per share, central CHF 56.67 per share, high CHF 64.56 per share

- FY2021: low CHF 65.04 per share, central CHF 72.63 per share, high CHF 82.74 per share

- FY2022: low CHF 80.48 per share, central CHF 89.45 per share, high CHF 101.39 per share

- FY2023: low CHF 74.98 per share, central CHF 83.97 per share, high CHF 95.93 per share

- FY2024: low CHF 73.24 per share, central CHF 82.15 per share, high CHF 94.00 per share

- FY2025: low CHF 45.20 per share, central CHF 50.16 per share, high CHF 56.75 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 2026-10-15T06:39:47.702Z 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.