# Chocoladefabriken Lindt & Spruengli AG Part (LISP.SW)

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

Analysis as of: 2026-10-16T07:34:37.647Z. Financial observations: FY1999–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 8,335.00 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.11×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.14×

- FY2017: 0.15×

- FY2018: 0.15×

- FY2019: 0.13×

- FY2020: 0.10×

- FY2021: 0.14×

- FY2022: 0.15×

- FY2023: 0.16×

- FY2024: 0.16×

- FY2025: 0.17×

### moat: fail

- ROIC median below threshold

- Recent gross margin fell 27.1pp below the typical margin (limit 4pp)

- ROIC, median of available years: 13.2%

- ROIC, second-lowest year: 10.6%

- Typical minus recent gross margin: 27.1 pp

- Typical gross margin (annual median): 65.8%

- Recent gross margin (lower of latest and 3-year median): 38.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.4%

- ROIC including acquisitions, ten-year median: 10.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 12.8%

- FY2017: 13.0%

- FY2018: 13.5%

- FY2019: 12.5%

- FY2020: 8.3%

- FY2021: 10.6%

- FY2022: 13.9%

- FY2023: 15.3%

- FY2024: 14.4%

- FY2025: 14.3%

### economics: pass

- Owner earnings / net income, 5-yr: 0.88×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CHF 2.8B

- Net income, five-year total: CHF 3.1B

- Return on incremental invested capital: 46.3%

- Working capital / revenue, annual change: -0.8 pp

- Working capital / revenue, change between three-year averages: -5.9 pp

- Working capital / revenue, final three-year average: 34.4%

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

- FY2021: 0.87×

- FY2022: 0.91×

- FY2023: 0.88×

- FY2024: 0.86×

- FY2025: 0.88×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 13.0% vs 14.4%

- Per-share earnings: 1767.90 to 2901.60 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.1%

- Ordinary dilution, 5-year annual growth: -0.8%

- Market cap gain: CHF 1.4B

- Cumulative retained earnings: CHF 1.9B

- Diluted shares, 10-year annual growth: -0.1%

- Diluted shares, 5-year annual growth: -0.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 6.4%

- Per-share value change: CHF 1K

- Per-share value, starting three-year median: CHF 2K

- Per-share value, ending three-year median: CHF 3K

- Buybacks concentrated in cheaper years (correlation): -0.27

- Average buyback yield: 13.2%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: CHF 804M

- Cumulative net income, 10 years: CHF 5.3B

- ROIC, first three-year median: 13.0%

- ROIC, last three-year median: 14.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: CHF 2K

- FY2017: CHF 2K

- FY2018: CHF 2K

- FY2019: CHF 2K

- FY2020: CHF 1K

- FY2021: CHF 2K

- FY2022: CHF 2K

- FY2023: CHF 3K

- FY2024: CHF 3K

- FY2025: CHF 3K

### accounting: pass

- Sloan accruals: 2.2%

- Receivables to sales index (DSRI): 0.93×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.72×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.24×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.5%

- FY2017: -2.0%

- FY2018: -2.3%

- FY2019: -4.0%

- FY2020: -5.7%

- FY2021: -3.7%

- FY2022: -2.3%

- FY2023: -1.4%

- FY2024: -5.6%

- FY2025: 2.2%

## Holders

## Price story

Down 38% since Jun 2025 · sales +8.2%

Story as of 2026-10-16T10:00:01.647Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +8.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CHF 3.9B 

- FY2017: CHF 4.1B 

- FY2018: CHF 4.3B 

- FY2019: CHF 4.5B 

- FY2020: CHF 4.0B 

- FY2021: CHF 4.6B 

- FY2022: CHF 5.0B 

- FY2023: CHF 5.2B 

- FY2024: CHF 5.5B 

- FY2025: CHF 5.9B 

### Gross margin · FY2025

gross margin 38.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 64.8% 

- FY2017: 65.3% 

- FY2018: 66.9% 

- FY2019: 66.5% 

- FY2020: 64.6% 

- FY2021: 66.9% 

- FY2022: 66.2% 

- FY2023: 67.2% 

- FY2024: 65.2% 

- FY2025: 38.7% 

## Owner memo

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

### How it makes money

Operates in confectioners; annual sales are CHF 5.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.647Z); FY2025: revenue 5915800000; grossProfit 2289200000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 38.7% to 67.2% during 2023–25; it earns 13.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.647Z); FY2023: grossProfit / revenue = 67.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.647Z); FY2024: grossProfit / revenue = 65.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.647Z); FY2025: grossProfit / revenue = 38.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.647Z); 10-year return on capital observations [[2016,0.12809118830343444],[2017,0.12986051646922475],[2018,0.1348150466685856],[2019,0.12523793961331883],[2020,0.08318844857992846],[2021,0.10629980260047572],[2022,0.13893375756412762],[2023,0.15302322823968667],[2024,0.14396978004658714],[2025,0.14253076368801176]]; median 0.1323377815689052. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 66% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.647Z); Gross margin observations: [[2021,0.6689346854214372],[2022,0.6624481912196692],[2023,0.6719795431823425]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back CHF 332.9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.647Z); FY2016: growth capex 65300000; upkeep 151500000; owner earnings 419700000. Growth capex / owner earnings = 0.15558732427924707.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.647Z); FY2017: growth capex 4200000; upkeep 169000000; owner earnings 450700000. Growth capex / owner earnings = 0.009318837364100288.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.647Z); FY2018: growth capex 65400000; upkeep 179500000; owner earnings 485100000. Growth capex / owner earnings = 0.13481756338899195.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.647Z); FY2019: growth capex 0; upkeep 209400000; owner earnings 469580000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.647Z); FY2020: growth capex 0; upkeep 249100000; owner earnings 232360000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.647Z); FY2021: growth capex 0; upkeep 240600000; owner earnings 425400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.647Z); FY2022: growth capex 0; upkeep 229700000; owner earnings 518980000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.647Z); FY2023: growth capex 21000000; upkeep 280800000; owner earnings 592540000. Growth capex / owner earnings = 0.03544064535727546.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.647Z); FY2024: growth capex 36900000; upkeep 277100000; owner earnings 578260000. Growth capex / owner earnings = 0.06381212603327223.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.647Z); FY2025: growth capex 0; upkeep 273200000; owner earnings 638640000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.647Z); Dividend observations: [[2016,187200000],[2017,208900000],[2018,223400000],[2019,236800000],[2020,417600000],[2021,264100000],[2022,284100000],[2023,303600000],[2024,321700000],[2025,344800000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.647Z); FY2025: cash repurchases 332900000 CHF.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LISP.SW SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.3 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:37.647Z); Closing price 8335 CHF; reporting-to-trading FX 1; FY2025 annual sales per share 25720.869565217392; price multiple 0.32405591804996786. FY2025 cash earnings/share 2776.695652173913. Closing-price date 2026-10-15.

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

- 2016-10: CHF 5,140.00 per share

- 2016-11: CHF 5,010.00 per share

- 2016-12: CHF 5,275.00 per share

- 2017-01: CHF 5,480.00 per share

- 2017-02: CHF 5,695.00 per share

- 2017-03: CHF 5,680.00 per share

- 2017-04: CHF 5,595.00 per share

- 2017-05: CHF 5,885.00 per share

- 2017-06: CHF 5,560.00 per share

- 2017-07: CHF 5,505.00 per share

- 2017-08: CHF 5,500.00 per share

- 2017-09: CHF 5,525.00 per share

- 2017-10: CHF 5,775.00 per share

- 2017-11: CHF 5,815.00 per share

- 2017-12: CHF 5,950.00 per share

- 2018-01: CHF 5,830.00 per share

- 2018-02: CHF 5,660.00 per share

- 2018-03: CHF 5,925.00 per share

- 2018-04: CHF 6,380.00 per share

- 2018-05: CHF 6,305.00 per share

- 2018-06: CHF 6,430.00 per share

- 2018-07: CHF 6,830.00 per share

- 2018-08: CHF 7,215.00 per share

- 2018-09: CHF 6,880.00 per share

- 2018-10: CHF 6,950.00 per share

- 2018-11: CHF 6,820.00 per share

- 2018-12: CHF 6,100.00 per share

- 2019-01: CHF 6,325.00 per share

- 2019-02: CHF 6,490.00 per share

- 2019-03: CHF 6,770.00 per share

- 2019-04: CHF 6,775.00 per share

- 2019-05: CHF 6,560.00 per share

- 2019-06: CHF 7,105.00 per share

- 2019-07: CHF 7,330.00 per share

- 2019-08: CHF 7,325.00 per share

- 2019-09: CHF 7,370.00 per share

- 2019-10: CHF 7,330.00 per share

- 2019-11: CHF 7,625.00 per share

- 2019-12: CHF 7,515.00 per share

- 2020-01: CHF 8,085.00 per share

- 2020-02: CHF 7,530.00 per share

- 2020-03: CHF 8,155.00 per share

- 2020-04: CHF 7,525.00 per share

- 2020-05: CHF 8,010.00 per share

- 2020-06: CHF 7,800.00 per share

- 2020-07: CHF 7,060.00 per share

- 2020-08: CHF 7,695.00 per share

- 2020-09: CHF 7,775.00 per share

- 2020-10: CHF 7,270.00 per share

- 2020-11: CHF 7,755.00 per share

- 2020-12: CHF 8,630.00 per share

- 2021-01: CHF 7,730.00 per share

- 2021-02: CHF 7,625.00 per share

- 2021-03: CHF 8,250.00 per share

- 2021-04: CHF 8,470.00 per share

- 2021-05: CHF 8,575.00 per share

- 2021-06: CHF 9,205.00 per share

- 2021-07: CHF 10,150.00 per share

- 2021-08: CHF 10,770.00 per share

- 2021-09: CHF 10,420.00 per share

- 2021-10: CHF 10,790.00 per share

- 2021-11: CHF 11,310.00 per share

- 2021-12: CHF 12,630.00 per share

- 2022-01: CHF 10,720.00 per share

- 2022-02: CHF 9,775.00 per share

- 2022-03: CHF 11,020.00 per share

- 2022-04: CHF 10,960.00 per share

- 2022-05: CHF 9,640.00 per share

- 2022-06: CHF 9,710.00 per share

- 2022-07: CHF 10,500.00 per share

- 2022-08: CHF 10,340.00 per share

- 2022-09: CHF 9,560.00 per share

- 2022-10: CHF 9,600.00 per share

- 2022-11: CHF 9,920.00 per share

- 2022-12: CHF 9,430.00 per share

- 2023-01: CHF 10,040.00 per share

- 2023-02: CHF 10,320.00 per share

- 2023-03: CHF 10,800.00 per share

- 2023-04: CHF 11,020.00 per share

- 2023-05: CHF 10,890.00 per share

- 2023-06: CHF 11,240.00 per share

- 2023-07: CHF 10,660.00 per share

- 2023-08: CHF 10,570.00 per share

- 2023-09: CHF 10,190.00 per share

- 2023-10: CHF 10,050.00 per share

- 2023-11: CHF 10,820.00 per share

- 2023-12: CHF 10,090.00 per share

- 2024-01: CHF 11,000.00 per share

- 2024-02: CHF 10,820.00 per share

- 2024-03: CHF 10,790.00 per share

- 2024-04: CHF 10,610.00 per share

- 2024-05: CHF 10,510.00 per share

- 2024-06: CHF 10,490.00 per share

- 2024-07: CHF 11,010.00 per share

- 2024-08: CHF 11,220.00 per share

- 2024-09: CHF 10,910.00 per share

- 2024-10: CHF 10,170.00 per share

- 2024-11: CHF 10,180.00 per share

- 2024-12: CHF 10,070.00 per share

- 2025-01: CHF 10,500.00 per share

- 2025-02: CHF 11,390.00 per share

- 2025-03: CHF 11,940.00 per share

- 2025-04: CHF 12,040.00 per share

- 2025-05: CHF 13,230.00 per share

- 2025-06: CHF 13,350.00 per share

- 2025-07: CHF 11,980.00 per share

- 2025-08: CHF 12,190.00 per share

- 2025-09: CHF 12,160.00 per share

- 2025-10: CHF 12,370.00 per share

- 2025-11: CHF 11,820.00 per share

- 2025-12: CHF 11,590.00 per share

- 2026-01: CHF 11,060.00 per share

- 2026-02: CHF 12,660.00 per share

- 2026-03: CHF 11,230.00 per share

- 2026-04: CHF 9,575.00 per share

- 2026-05: CHF 9,305.00 per share

- 2026-06: CHF 9,400.00 per share

- 2026-07: CHF 9,320.00 per share

- 2026-08: CHF 8,755.00 per share

- 2026-09: CHF 7,835.00 per share

- 2026-10: CHF 7,770.00 per share

## Annual estimated value (CHF 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.