# Huber+suhner AG (HUBN.SW)

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

Analysis as of: 2026-10-16T07:38:33.032Z. Financial observations: FY2002–FY2025.

Listing currency: CHF. Reporting currency: CHF.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CHF 160.80 per share; close as of 2026-10-15.

Estimated value: low CHF 51.37 per share, central CHF 57.00 per share, high CHF 64.50 per share. Buy at or below the central value CHF 57.00 per share. Valuation as of 2026-10-16T07:38:33.032Z; scenarios are not confidence intervals.

Expected annual return: 5.1% at the stated quote. About 5.1% 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: 0.14×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.09×

- FY2017: 0.07×

- FY2018: 0.09×

- FY2019: 0.09×

- FY2020: 0.08×

- FY2021: 0.12×

- FY2022: 0.11×

- FY2023: 0.09×

- FY2024: 0.10×

- FY2025: 0.10×

### moat: pass

- ROIC, median of available years: 15.2%

- ROIC, second-lowest year: 13.7%

- Typical minus recent gross margin: 0.2 pp

- Typical gross margin (annual median): 35.5%

- Recent gross margin (lower of latest and 3-year median): 35.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.6%

- ROIC including acquisitions, ten-year median: 13.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 14.5%

- FY2017: 9.0%

- FY2018: 14.9%

- FY2019: 15.7%

- FY2020: 13.7%

- FY2021: 20.5%

- FY2022: 18.6%

- FY2023: 14.8%

- FY2024: 15.5%

- FY2025: 15.4%

### economics: pass

- Owner earnings / net income, 5-yr: 0.92×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CHF 351M

- Net income, five-year total: CHF 381M

- Return on incremental invested capital: 34.1%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -2.7 pp

- Working capital / revenue, final three-year average: 29.9%

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

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 0.70×

- FY2024: 1.00×

- FY2025: 0.86×

### 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: 14.5% vs 15.4%

- Per-share earnings: 2.16 to 3.87 (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: -1.1%

- Market cap gain: CHF 1.6B

- Cumulative retained earnings: CHF 159M

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

- Diluted shares, 5-year annual growth: -1.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 7.5%

- Per-share value change: CHF 1.71

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

- Per-share value, ending three-year median: CHF 3.87

- Buybacks concentrated in cheaper years (correlation): 0.81

- Average buyback yield: 0.6%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: CHF 13M

- Cumulative net income, 10 years: CHF 648M

- ROIC, first three-year median: 14.5%

- ROIC, last three-year median: 15.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: CHF 2.53

- FY2017: CHF 2.16

- FY2018: CHF 3.16

- FY2019: CHF 3.22

- FY2020: CHF 2.66

- FY2021: CHF 4.46

- FY2022: CHF 4.52

- FY2023: CHF 3.48

- FY2024: CHF 3.87

- FY2025: CHF 4.03

### accounting: pass

- Sloan accruals: -6.3%

- Receivables to sales index (DSRI): 0.74×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.74×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.05×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.3%

- FY2017: -1.4%

- FY2018: -5.0%

- FY2019: -9.0%

- FY2020: -4.9%

- FY2021: -2.0%

- FY2022: -0.6%

- FY2023: -6.6%

- FY2024: -2.1%

- FY2025: -6.3%

## Holders

## Price story

Down 40% since May 2026 · sales -3.3%

Story as of 2026-10-16T10:00:10.045Z; price observation 2026-10-15.

Price needs cash profits to grow 15.8% a year for ten years

### Sales · FY2024–2025

sales -3.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CHF 737M 

- FY2017: CHF 774M 

- FY2018: CHF 885M 

- FY2019: CHF 831M 

- FY2020: CHF 738M 

- FY2021: CHF 863M 

- FY2022: CHF 955M 

- FY2023: CHF 851M 

- FY2024: CHF 894M 

- FY2025: CHF 864M 

### Gross margin · FY2025

gross margin 37.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 36.7% 

- FY2017: 34.5% 

- FY2018: 34.6% 

- FY2019: 36.2% 

- FY2020: 35.4% 

- FY2021: 38.2% 

- FY2022: 35.7% 

- FY2023: 35.3% 

- FY2024: 35.4% 

- FY2025: 37.9% 

## Owner memo

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

### How it makes money

Operates in communication equipment; annual sales are CHF 864.1 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.032Z); FY2025: revenue 864129000; grossProfit 327382000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HUBN.SW: Huber+Suhner AG engages in the provision of power and data connectivity components and system solutions in Switzerland, Europe, the Middle East, Africa, the Asia-Pacific, and the Americas. It operates through three segments: Industry, Communication, and Transportation. The company offers antennas and antenna accessories; optical fiber connectors, coaxial connectors, optical fiber adapters, and coaxial adapters; optical fiber, coaxial, signal and control, power, databus, jumper, rolling stock, instrumentation, system, and hybrid cables; coaxial and optical fiber cable assemblies, hybrid and power assemblies and systems, and connection system for electric vehicles (EVs); and fiber cable management products, such as chassis, modules, fiber management accessories, optical distribution frames, and enclosures. It also offers components, including terminations, attenuators, filters, splitters and couplers, tappers, coaxial DC blocks, and surge protective devices; tools and accessories; pluggable transceivers and transceiver cables; and other systems, such as optical switches, RF-over-fiber solutions, ethernet switches, optical multiplexers, and CPE. In addition, the company provides e-business and supply management services, as well as RF Tools, an application that operates as a cable assembly calculator; injection moduling and plating services. It serves aerospace and defense, EV charging infrastructure, test and measurement, data center, fixed access network, mobile network, general industrial, automotive, railway, and other industry markets. Huber+Suhner AG was founded in 1864 and is headquartered in Herisau, Switzerland.

### Why customers stay

Margins ranged from 35.3% to 37.9% during 2023–25; it earns 15.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.032Z); FY2023: grossProfit / revenue = 35.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.032Z); FY2024: grossProfit / revenue = 35.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.032Z); FY2025: grossProfit / revenue = 37.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.032Z); 10-year return on capital observations [[2016,0.1449533761421327],[2017,0.09001023802166835],[2018,0.1494564606100458],[2019,0.15666386281182082],[2020,0.13695035953088727],[2021,0.2048550988674805],[2022,0.18556816702473905],[2023,0.14809616194978853],[2024,0.1554517026061876],[2025,0.15435118369077477]]; median 0.1519038221504103. 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 2.3 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.032Z); FY2016: growth capex 0; upkeep 29020000; owner earnings 51157000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.032Z); FY2017: growth capex 455000; upkeep 32378000; owner earnings 42146000. Growth capex / owner earnings = 0.0107958050586058.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.032Z); FY2018: growth capex 0; upkeep 25091000; owner earnings 70171000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.032Z); FY2019: growth capex 0; upkeep 36016000; owner earnings 58044000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.032Z); FY2020: growth capex 0; upkeep 39251000; owner earnings 40760000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.032Z); FY2021: growth capex 12718000; upkeep 33069000; owner earnings 86538000. Growth capex / owner earnings = 0.14696433936536552.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.032Z); FY2022: growth capex 13848000; upkeep 32112000; owner earnings 84253000. Growth capex / owner earnings = 0.16436209986588016.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.032Z); FY2023: growth capex 0; upkeep 52285000; owner earnings 44876000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.032Z); FY2024: growth capex 3361000; upkeep 35985000; owner earnings 71383000. Growth capex / owner earnings = 0.04708403961727582.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.032Z); FY2025: growth capex 0; upkeep 48657000; owner earnings 63707000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.032Z); Dividend observations: [[2016,19473000],[2017,24342000],[2018,21416000],[2019,48683000],[2020,31157000],[2021,25315000],[2022,38243000],[2023,38773000],[2024,31388000],[2025,35080000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.032Z); FY2025: cash repurchases 2260000 CHF.

### Are managers owners

Insiders own 21% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HUBN.SW SharesStats.PercentInsiders = 20.998 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 15.8% yearly over ten years; actual growth was 6.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.032Z); Ten-year compound average after fade. Initial solved rate 0.21517630392247356. Price 160.8; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.8405206811139094 → FY2025 3.4504105374899803. Closing-price date 2026-10-15.

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

- 2016-10: CHF 57.60 per share

- 2016-11: CHF 54.35 per share

- 2016-12: CHF 56.50 per share

- 2017-01: CHF 61.60 per share

- 2017-02: CHF 61.95 per share

- 2017-03: CHF 65.10 per share

- 2017-04: CHF 67.00 per share

- 2017-05: CHF 68.25 per share

- 2017-06: CHF 71.70 per share

- 2017-07: CHF 68.95 per share

- 2017-08: CHF 56.85 per share

- 2017-09: CHF 59.35 per share

- 2017-10: CHF 54.00 per share

- 2017-11: CHF 52.55 per share

- 2017-12: CHF 50.85 per share

- 2018-01: CHF 54.30 per share

- 2018-02: CHF 54.80 per share

- 2018-03: CHF 54.20 per share

- 2018-04: CHF 56.90 per share

- 2018-05: CHF 61.70 per share

- 2018-06: CHF 60.50 per share

- 2018-07: CHF 60.00 per share

- 2018-08: CHF 74.40 per share

- 2018-09: CHF 73.40 per share

- 2018-10: CHF 69.00 per share

- 2018-11: CHF 70.70 per share

- 2018-12: CHF 65.50 per share

- 2019-01: CHF 76.70 per share

- 2019-02: CHF 77.00 per share

- 2019-03: CHF 71.90 per share

- 2019-04: CHF 81.40 per share

- 2019-05: CHF 77.10 per share

- 2019-06: CHF 82.20 per share

- 2019-07: CHF 79.40 per share

- 2019-08: CHF 63.40 per share

- 2019-09: CHF 64.20 per share

- 2019-10: CHF 65.60 per share

- 2019-11: CHF 68.30 per share

- 2019-12: CHF 76.80 per share

- 2020-01: CHF 72.00 per share

- 2020-02: CHF 64.30 per share

- 2020-03: CHF 60.60 per share

- 2020-04: CHF 61.90 per share

- 2020-05: CHF 66.00 per share

- 2020-06: CHF 66.60 per share

- 2020-07: CHF 70.80 per share

- 2020-08: CHF 69.90 per share

- 2020-09: CHF 69.20 per share

- 2020-10: CHF 66.10 per share

- 2020-11: CHF 73.90 per share

- 2020-12: CHF 69.90 per share

- 2021-01: CHF 73.40 per share

- 2021-02: CHF 70.10 per share

- 2021-03: CHF 73.20 per share

- 2021-04: CHF 73.20 per share

- 2021-05: CHF 72.50 per share

- 2021-06: CHF 78.10 per share

- 2021-07: CHF 77.10 per share

- 2021-08: CHF 82.10 per share

- 2021-09: CHF 72.30 per share

- 2021-10: CHF 81.40 per share

- 2021-11: CHF 81.90 per share

- 2021-12: CHF 87.00 per share

- 2022-01: CHF 83.90 per share

- 2022-02: CHF 88.50 per share

- 2022-03: CHF 86.70 per share

- 2022-04: CHF 85.90 per share

- 2022-05: CHF 83.20 per share

- 2022-06: CHF 76.20 per share

- 2022-07: CHF 85.30 per share

- 2022-08: CHF 81.50 per share

- 2022-09: CHF 78.60 per share

- 2022-10: CHF 89.20 per share

- 2022-11: CHF 87.10 per share

- 2022-12: CHF 86.30 per share

- 2023-01: CHF 87.60 per share

- 2023-02: CHF 86.00 per share

- 2023-03: CHF 78.30 per share

- 2023-04: CHF 73.20 per share

- 2023-05: CHF 73.20 per share

- 2023-06: CHF 73.80 per share

- 2023-07: CHF 75.20 per share

- 2023-08: CHF 68.20 per share

- 2023-09: CHF 66.20 per share

- 2023-10: CHF 62.10 per share

- 2023-11: CHF 65.00 per share

- 2023-12: CHF 68.00 per share

- 2024-01: CHF 62.10 per share

- 2024-02: CHF 64.20 per share

- 2024-03: CHF 76.20 per share

- 2024-04: CHF 73.50 per share

- 2024-05: CHF 76.30 per share

- 2024-06: CHF 76.50 per share

- 2024-07: CHF 77.00 per share

- 2024-08: CHF 86.20 per share

- 2024-09: CHF 87.60 per share

- 2024-10: CHF 81.60 per share

- 2024-11: CHF 75.10 per share

- 2024-12: CHF 74.20 per share

- 2025-01: CHF 75.90 per share

- 2025-02: CHF 78.00 per share

- 2025-03: CHF 73.80 per share

- 2025-04: CHF 72.50 per share

- 2025-05: CHF 79.50 per share

- 2025-06: CHF 88.60 per share

- 2025-07: CHF 109.00 per share

- 2025-08: CHF 121.00 per share

- 2025-09: CHF 136.40 per share

- 2025-10: CHF 147.20 per share

- 2025-11: CHF 146.20 per share

- 2025-12: CHF 144.80 per share

- 2026-01: CHF 156.20 per share

- 2026-02: CHF 185.20 per share

- 2026-03: CHF 175.60 per share

- 2026-04: CHF 226.50 per share

- 2026-05: CHF 266.50 per share

- 2026-06: CHF 223.00 per share

- 2026-07: CHF 189.40 per share

- 2026-08: CHF 165.80 per share

- 2026-09: CHF 175.60 per share

- 2026-10: CHF 175.80 per share

## Annual estimated value (CHF per share)

- FY2016: low CHF 28.99 per share, central CHF 31.97 per share, high CHF 35.94 per share

- FY2017: low CHF 30.65 per share, central CHF 33.91 per share, high CHF 38.25 per share

- FY2018: low CHF 43.90 per share, central CHF 48.66 per share, high CHF 55.01 per share

- FY2019: low CHF 42.82 per share, central CHF 49.35 per share, high CHF 55.99 per share

- FY2020: low CHF 38.44 per share, central CHF 42.40 per share, high CHF 47.68 per share

- FY2021: low CHF 44.44 per share, central CHF 49.13 per share, high CHF 55.36 per share

- FY2022: low CHF 55.27 per share, central CHF 66.80 per share, high CHF 76.75 per share

- FY2023: low CHF 44.86 per share, central CHF 52.12 per share, high CHF 59.39 per share

- FY2024: low CHF 53.91 per share, central CHF 63.43 per share, high CHF 72.42 per share

- FY2025: low CHF 51.35 per share, central CHF 56.98 per share, high CHF 64.48 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.