# Roche Holding AG (ROP.SW)

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

Analysis as of: 2026-10-16T07:33:30.372Z. Financial observations: FY1998–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 379.70 per share; close as of 2026-10-15.

Estimated value: low CHF 173.18 per share, central CHF 196.00 per share, high CHF 226.40 per share. Buy at or below the central value CHF 196.00 per share. Valuation as of 2026-10-16T07:33:30.372Z; scenarios are not confidence intervals.

Expected annual return: 6.5% at the stated quote. About 6.5% 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: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.32×

- FY2017: 0.31×

- FY2018: 0.32×

- FY2019: 0.33×

- FY2020: 0.30×

- FY2021: 0.29×

- FY2022: 0.27×

- FY2023: 0.25×

- FY2024: 0.22×

- FY2025: 0.31×

### moat: pass

- ROIC, median of available years: 47.9%

- ROIC, second-lowest year: 33.6%

- Typical minus recent gross margin: -1.1 pp

- Typical gross margin (annual median): 72.5%

- Recent gross margin (lower of latest and 3-year median): 73.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.1%

- ROIC including acquisitions, ten-year median: 26.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 48.8%

- FY2017: 53.4%

- FY2018: 59.7%

- FY2019: 68.3%

- FY2020: 49.3%

- FY2021: 46.9%

- FY2022: 42.7%

- FY2023: 33.6%

- FY2024: 24.3%

- FY2025: 35.6%

### economics: pass

- Owner earnings / net income, 5-yr: 0.94×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CHF 56B

- Net income, five-year total: CHF 59B

- Return on incremental invested capital: 114.3%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: -2.2 pp

- Working capital / revenue, final three-year average: 26.0%

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

- FY2021: 1.00×

- FY2022: 0.98×

- FY2023: 0.88×

- FY2024: 0.87×

- FY2025: 0.95×

### 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: 53.4% vs 33.6%

- Per-share earnings: 10.28 to 14.30 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.7%

- Ordinary dilution, 5-year annual growth: -1.4%

- Market cap gain: CHF 64B

- Cumulative retained earnings: CHF 18B

- Diluted shares, 10-year annual growth: -0.7%

- Diluted shares, 5-year annual growth: -1.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 4.2%

- Per-share value change: CHF 4.02

- Per-share value, starting three-year median: CHF 10.28

- Per-share value, ending three-year median: CHF 14.30

- Buybacks concentrated in cheaper years (correlation): -0.10

- Average buyback yield: 1.6%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Acquisition spending: CHF 18B

- Cumulative net income, 10 years: CHF 116B

- ROIC, first three-year median: 53.4%

- ROIC, last three-year median: 33.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: CHF 11.15

- FY2017: CHF 10.04

- FY2018: CHF 12.20

- FY2019: CHF 15.59

- FY2020: CHF 16.55

- FY2021: CHF 16.25

- FY2022: CHF 15.54

- FY2023: CHF 14.30

- FY2024: CHF 10.32

- FY2025: CHF 16.04

### accounting: pass

- Sloan accruals: -4.9%

- Receivables to sales index (DSRI): 0.89×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 4.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.38×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.79×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.1%

- FY2017: -12.2%

- FY2018: -12.1%

- FY2019: -10.7%

- FY2020: -4.5%

- FY2021: -7.2%

- FY2022: -6.2%

- FY2023: -5.1%

- FY2024: -11.6%

- FY2025: -4.9%

## Holders

## Price story

Price needs cash profits to grow 9.9% a year for ten years · "Roche Cuts Generic Sales Hit to $736 Million, Shares Jump 3.2%" (finance.yahoo.com, Jul 2026) · sales -1.4%

Story as of 2026-10-16T09:59:56.495Z; price observation 2026-10-15.

Price needs cash profits to grow 9.9% a year for ten years

- 2026-07-29: Roche (SWX:ROP) Wins FDA Clearance And EU Backing For Two Key Treatments ([finance.yahoo.com](https://finance.yahoo.com/healthcare/articles/roche-swx-rop-wins-fda-140924980.html))

- 2026-09-23: Roche Drops as Phase 3 Kidney Signal Needs Two-Year Proof ([finance.yahoo.com](https://finance.yahoo.com/healthcare/articles/roche-drops-phase-3-kidney-180621581.html))

### Sales · FY2024–2025

sales -1.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CHF 53B 

- FY2017: CHF 56B 

- FY2018: CHF 59B 

- FY2019: CHF 64B 

- FY2020: CHF 58B 

- FY2021: CHF 63B 

- FY2022: CHF 66B 

- FY2023: CHF 60B 

- FY2024: CHF 62B 

- FY2025: CHF 62B 

### Gross margin · FY2025

gross margin 73.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 71.4% 

- FY2017: 71.5% 

- FY2018: 72.2% 

- FY2019: 72.7% 

- FY2020: 72.0% 

- FY2021: 68.6% 

- FY2022: 72.7% 

- FY2023: 72.9% 

- FY2024: 73.9% 

- FY2025: 73.5% 

## Owner memo

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

### How it makes money

Operates in drug manufacturers general; annual sales are CHF 61.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:30.372Z); FY2025: revenue 61516000000; grossProfit 45235000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ROP.SW: Roche Holding AG engages in the pharmaceuticals and diagnostics businesses in Europe, North America, Latin America, Asia, Africa, Australia, and New Zealand. The company offers pharma solutions in the therapeutic areas of anaemia, blood and solid tumors, dermatology, haematology, infectious diseases, inflammatory and autoimmune, neurological disorders, ophthalmology, respiratory disorders, and transplantation. It also provides in vitro tests for the diagnosis of various diseases, such as cancer, diabetes, Covid-19, hepatitis, human papillomavirus, and others; diagnostic instruments; and digital health solutions. Roche Holding AG has a collaboration agreement with Excalipoint Therapeutics to evaluate EXP011 in DLL3-expressing solid tumors. The company was founded in 1896 and is based in Basel, Switzerland.

### Why customers stay

Margins ranged from 72.9% to 73.9% during 2023–25; it earns 47.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:30.372Z); FY2023: grossProfit / revenue = 72.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:30.372Z); FY2024: grossProfit / revenue = 73.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:30.372Z); FY2025: grossProfit / revenue = 73.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:30.372Z); 10-year return on capital observations [[2016,0.4876297485387441],[2017,0.5344471235940241],[2018,0.5974301610009907],[2019,0.6825302992614105],[2020,0.4928972130049812],[2021,0.46941744068780644],[2022,0.4268382045208576],[2023,0.3361726931187504],[2024,0.2434804985167958],[2025,0.3557427912782479]]; median 0.47852359461327526. 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 987 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:30.372Z); FY2016: growth capex 193000000; upkeep 3951000000; owner earnings 9576000000. Growth capex / owner earnings = 0.02015455304928989.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:30.372Z); FY2017: growth capex 0; upkeep 3509000000; owner earnings 9015000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:30.372Z); FY2018: growth capex 448000000; upkeep 3595000000; owner earnings 10500000000. Growth capex / owner earnings = 0.042666666666666665.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:30.372Z); FY2019: growth capex 0; upkeep 3503000000; owner earnings 14303000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:30.372Z); FY2020: growth capex 0; upkeep 6690000000; owner earnings 12170000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:30.372Z); FY2021: growth capex 102000000; upkeep 4447000000; owner earnings 13930000000. Growth capex / owner earnings = 0.007322325915290739.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:30.372Z); FY2022: growth capex 728000000; upkeep 3824000000; owner earnings 12201973276.180622. Growth capex / owner earnings = 0.05966248110222657.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:30.372Z); FY2023: growth capex 0; upkeep 4649000000; owner earnings 10102757986.729244. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:30.372Z); FY2024: growth capex 748591355.5322781; upkeep 4260408644.467722; owner earnings 7216217225.399006. Growth capex / owner earnings = 0.10373736434893509.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:30.372Z); FY2025: growth capex 0; upkeep 3748000000; owner earnings 12251821146.459888. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:30.372Z); Dividend observations: [[2016,7040000000],[2017,7140000000],[2018,7253000000],[2019,7449000000],[2020,7700000000],[2021,7773000000],[2022,7446000000],[2023,7590000000],[2024,7650000000],[2025,8385000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:30.372Z); FY2025: cash repurchases 987000000 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); ROP.SW SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 9.9% yearly over ten years; actual growth was 3.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:30.372Z); Ten-year compound average after fade. Initial solved rate 0.17031379649621026. Price 379.7; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 10.425754060324826 → FY2025 15.257560580896499. Closing-price date 2026-10-15.

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

- 2016-10: CHF 227.50 per share

- 2016-11: CHF 226.70 per share

- 2016-12: CHF 232.60 per share

- 2017-01: CHF 233.00 per share

- 2017-02: CHF 244.70 per share

- 2017-03: CHF 255.80 per share

- 2017-04: CHF 260.30 per share

- 2017-05: CHF 265.80 per share

- 2017-06: CHF 244.20 per share

- 2017-07: CHF 244.90 per share

- 2017-08: CHF 243.50 per share

- 2017-09: CHF 247.20 per share

- 2017-10: CHF 230.50 per share

- 2017-11: CHF 248.20 per share

- 2017-12: CHF 246.50 per share

- 2018-01: CHF 229.45 per share

- 2018-02: CHF 219.30 per share

- 2018-03: CHF 219.10 per share

- 2018-04: CHF 220.85 per share

- 2018-05: CHF 211.05 per share

- 2018-06: CHF 220.55 per share

- 2018-07: CHF 243.05 per share

- 2018-08: CHF 240.80 per share

- 2018-09: CHF 237.75 per share

- 2018-10: CHF 245.10 per share

- 2018-11: CHF 259.10 per share

- 2018-12: CHF 243.40 per share

- 2019-01: CHF 263.95 per share

- 2019-02: CHF 277.30 per share

- 2019-03: CHF 274.35 per share

- 2019-04: CHF 268.60 per share

- 2019-05: CHF 263.10 per share

- 2019-06: CHF 274.65 per share

- 2019-07: CHF 266.65 per share

- 2019-08: CHF 270.60 per share

- 2019-09: CHF 290.45 per share

- 2019-10: CHF 296.80 per share

- 2019-11: CHF 308.20 per share

- 2019-12: CHF 314.00 per share

- 2020-01: CHF 324.30 per share

- 2020-02: CHF 309.70 per share

- 2020-03: CHF 314.05 per share

- 2020-04: CHF 335.45 per share

- 2020-05: CHF 332.70 per share

- 2020-06: CHF 328.35 per share

- 2020-07: CHF 316.10 per share

- 2020-08: CHF 315.70 per share

- 2020-09: CHF 315.15 per share

- 2020-10: CHF 294.75 per share

- 2020-11: CHF 299.05 per share

- 2020-12: CHF 309.00 per share

- 2021-01: CHF 307.15 per share

- 2021-02: CHF 297.95 per share

- 2021-03: CHF 305.45 per share

- 2021-04: CHF 297.60 per share

- 2021-05: CHF 312.70 per share

- 2021-06: CHF 348.55 per share

- 2021-07: CHF 350.35 per share

- 2021-08: CHF 367.75 per share

- 2021-09: CHF 341.95 per share

- 2021-10: CHF 354.05 per share

- 2021-11: CHF 359.65 per share

- 2021-12: CHF 379.10 per share

- 2022-01: CHF 356.90 per share

- 2022-02: CHF 349.85 per share

- 2022-03: CHF 366.45 per share

- 2022-04: CHF 362.40 per share

- 2022-05: CHF 326.40 per share

- 2022-06: CHF 318.55 per share

- 2022-07: CHF 315.40 per share

- 2022-08: CHF 315.40 per share

- 2022-09: CHF 323.45 per share

- 2022-10: CHF 332.55 per share

- 2022-11: CHF 307.80 per share

- 2022-12: CHF 290.50 per share

- 2023-01: CHF 285.25 per share

- 2023-02: CHF 271.80 per share

- 2023-03: CHF 260.95 per share

- 2023-04: CHF 280.35 per share

- 2023-05: CHF 288.20 per share

- 2023-06: CHF 273.50 per share

- 2023-07: CHF 270.60 per share

- 2023-08: CHF 260.30 per share

- 2023-09: CHF 250.45 per share

- 2023-10: CHF 233.85 per share

- 2023-11: CHF 236.05 per share

- 2023-12: CHF 244.50 per share

- 2024-01: CHF 247.10 per share

- 2024-02: CHF 231.95 per share

- 2024-03: CHF 229.70 per share

- 2024-04: CHF 220.60 per share

- 2024-05: CHF 231.00 per share

- 2024-06: CHF 249.50 per share

- 2024-07: CHF 285.80 per share

- 2024-08: CHF 287.20 per share

- 2024-09: CHF 270.60 per share

- 2024-10: CHF 267.90 per share

- 2024-11: CHF 255.50 per share

- 2024-12: CHF 255.50 per share

- 2025-01: CHF 286.00 per share

- 2025-02: CHF 299.20 per share

- 2025-03: CHF 290.50 per share

- 2025-04: CHF 269.30 per share

- 2025-05: CHF 265.50 per share

- 2025-06: CHF 258.40 per share

- 2025-07: CHF 257.10 per share

- 2025-08: CHF 260.30 per share

- 2025-09: CHF 259.90 per share

- 2025-10: CHF 258.90 per share

- 2025-11: CHF 307.40 per share

- 2025-12: CHF 328.20 per share

- 2026-01: CHF 350.70 per share

- 2026-02: CHF 367.00 per share

- 2026-03: CHF 314.70 per share

- 2026-04: CHF 318.40 per share

- 2026-05: CHF 329.30 per share

- 2026-06: CHF 332.80 per share

- 2026-07: CHF 353.60 per share

- 2026-08: CHF 352.80 per share

- 2026-09: CHF 349.10 per share

- 2026-10: CHF 379.70 per share

## Annual estimated value (CHF per share)

- FY2016: low CHF 145.08 per share, central CHF 170.11 per share, high CHF 196.70 per share

- FY2017: low CHF 141.56 per share, central CHF 159.33 per share, high CHF 182.99 per share

- FY2018: low CHF 165.83 per share, central CHF 201.78 per share, high CHF 233.27 per share

- FY2019: low CHF 180.63 per share, central CHF 228.99 per share, high CHF 265.74 per share

- FY2020: low CHF 160.34 per share, central CHF 190.10 per share, high CHF 219.53 per share

- FY2021: low CHF 197.12 per share, central CHF 234.15 per share, high CHF 270.77 per share

- FY2022: low CHF 213.06 per share, central CHF 250.63 per share, high CHF 290.48 per share

- FY2023: low CHF 182.22 per share, central CHF 205.86 per share, high CHF 237.33 per share

- FY2024: low CHF 175.71 per share, central CHF 197.45 per share, high CHF 226.39 per share

- FY2025: low CHF 178.51 per share, central CHF 201.15 per share, high CHF 231.31 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 2026-10-15T06:39:15.913Z 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.

Roche Holding AG

ROP · SW

STOXX Europe 600 · SMI

A wonderful business at too high a price

Passes the quality tests.

Share price: CHF 379.70
Buy up to: CHF 196.00
Expected / yr: 6.5% 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 11.8% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 30.7%
Worst year: 21.5%
Latest · 2025: 31.3%

Capital return excluding acquisitions: median 47.9% (minimum 15%), and the second-worst year 33.6% (minimum 10%).

ROIC excluding acquisitions

10y median: 47.9%
Worst year: 24.3%
Latest · 2025: 35.6%

Each $1 of profit left $0.94 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.94×
Annual median: 0.95×
Latest · 2025: 0.95×

Per-share value rose from 10.28 to 14.3, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: CHF 14.92
Worst year: CHF 10.04
Latest · 2025: CHF 16.04

Profits were backed by cash: accruals were -4.9% of assets (limit 10%).

Sloan accruals

10y median: -7.1%
Worst year: -4.5%
Latest · 2025: -4.9%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 29.2%, three-year average owner earnings per share 12.27 CHF.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CHF 227.50 · Value 170.11 · Buy at or below 170.11; 2016-11 · Price CHF 226.70 · Value 170.11 · Buy at or below 170.11; 2016-12 · Price CHF 232.60 · Value 170.11 · Buy at or below 170.11; 2017-01 · Price CHF 233.00 · Value 170.11 · Buy at or below 170.11; 2017-02 · Price CHF 244.70 · Value 159.33 · Buy at or below 159.33; 2017-03 · Price CHF 255.80 · Value 159.33 · Buy at or below 159.33; 2017-04 · Price CHF 260.30 · Value 159.33 · Buy at or below 159.33; 2017-05 · Price CHF 265.80 · Value 159.33 · Buy at or below 159.33; 2017-06 · Price CHF 244.20 · Value 159.33 · Buy at or below 159.33; 2017-07 · Price CHF 244.90 · Value 159.33 · Buy at or below 159.33; 2017-08 · Price CHF 243.50 · Value 159.33 · Buy at or below 159.33; 2017-09 · Price CHF 247.20 · Value 159.33 · Buy at or below 159.33; 2017-10 · Price CHF 230.50 · Value 159.33 · Buy at or below 159.33; 2017-11 · Price CHF 248.20 · Value 159.33 · Buy at or below 159.33; 2017-12 · Price CHF 246.50 · Value 159.33 · Buy at or below 159.33; 2018-01 · Price CHF 229.45 · Value 159.33 · Buy at or below 159.33; 2018-02 · Price CHF 219.30 · Value 201.78 · Buy at or below 201.78; 2018-03 · Price CHF 219.10 · Value 201.78 · Buy at or below 201.78; 2018-04 · Price CHF 220.85 · Value 201.78 · Buy at or below 201.78; 2018-05 · Price CHF 211.05 · Value 201.78 · Buy at or below 201.78; 2018-06 · Price CHF 220.55 · Value 201.78 · Buy at or below 201.78; 2018-07 · Price CHF 243.05 · Value 201.78 · Buy at or below 201.78; 2018-08 · Price CHF 240.80 · Value 201.78 · Buy at or below 201.78; 2018-09 · Price CHF 237.75 · Value 201.78 · Buy at or below 201.78; 2018-10 · Price CHF 245.10 · Value 201.78 · Buy at or below 201.78; 2018-11 · Price CHF 259.10 · Value 201.78 · Buy at or below 201.78; 2018-12 · Price CHF 243.40 · Value 201.78 · Buy at or below 201.78; 2019-01 · Price CHF 263.95 · Value 201.78 · Buy at or below 201.78; 2019-02 · Price CHF 277.30 · Value 228.99 · Buy at or below 228.99; 2019-03 · Price CHF 274.35 · Value 228.99 · Buy at or below 228.99; 2019-04 · Price CHF 268.60 · Value 228.99 · Buy at or below 228.99; 2019-05 · Price CHF 263.10 · Value 228.99 · Buy at or below 228.99; 2019-06 · Price CHF 274.65 · Value 228.99 · Buy at or below 228.99; 2019-07 · Price CHF 266.65 · Value 228.99 · Buy at or below 228.99; 2019-08 · Price CHF 270.60 · Value 228.99 · Buy at or below 228.99; 2019-09 · Price CHF 290.45 · Value 228.99 · Buy at or below 228.99; 2019-10 · Price CHF 296.80 · Value 228.99 · Buy at or below 228.99; 2019-11 · Price CHF 308.20 · Value 228.99 · Buy at or below 228.99; 2019-12 · Price CHF 314.00 · Value 228.99 · Buy at or below 228.99; 2020-01 · Price CHF 324.30 · Value 228.99 · Buy at or below 228.99; 2020-02 · Price CHF 309.70 · Value 190.10 · Buy at or below 190.10; 2020-03 · Price CHF 314.05 · Value 190.10 · Buy at or below 190.10; 2020-04 · Price CHF 335.45 · Value 190.10 · Buy at or below 190.10; 2020-05 · Price CHF 332.70 · Value 190.10 · Buy at or below 190.10; 2020-06 · Price CHF 328.35 · Value 190.10 · Buy at or below 190.10; 2020-07 · Price CHF 316.10 · Value 190.10 · Buy at or below 190.10; 2020-08 · Price CHF 315.70 · Value 190.10 · Buy at or below 190.10; 2020-09 · Price CHF 315.15 · Value 190.10 · Buy at or below 190.10; 2020-10 · Price CHF 294.75 · Value 190.10 · Buy at or below 190.10; 2020-11 · Price CHF 299.05 · Value 190.10 · Buy at or below 190.10; 2020-12 · Price CHF 309.00 · Value 190.10 · Buy at or below 190.10; 2021-01 · Price CHF 307.15 · Value 190.10 · Buy at or below 190.10; 2021-02 · Price CHF 297.95 · Value 234.15 · Buy at or below 234.15; 2021-03 · Price CHF 305.45 · Value 234.15 · Buy at or below 234.15; 2021-04 · Price CHF 297.60 · Value 234.15 · Buy at or below 234.15; 2021-05 · Price CHF 312.70 · Value 234.15 · Buy at or below 234.15; 2021-06 · Price CHF 348.55 · Value 234.15 · Buy at or below 234.15; 2021-07 · Price CHF 350.35 · Value 234.15 · Buy at or below 234.15; 2021-08 · Price CHF 367.75 · Value 234.15 · Buy at or below 234.15; 2021-09 · Price CHF 341.95 · Value 234.15 · Buy at or below 234.15; 2021-10 · Price CHF 354.05 · Value 234.15 · Buy at or below 234.15; 2021-11 · Price CHF 359.65 · Value 234.15 · Buy at or below 234.15; 2021-12 · Price CHF 379.10 · Value 234.15 · Buy at or below 234.15; 2022-01 · Price CHF 356.90 · Value 234.15 · Buy at or below 234.15; 2022-02 · Price CHF 349.85 · Value 250.63 · Buy at or below 250.63; 2022-03 · Price CHF 366.45 · Value 250.63 · Buy at or below 250.63; 2022-04 · Price CHF 362.40 · Value 250.63 · Buy at or below 250.63; 2022-05 · Price CHF 326.40 · Value 250.63 · Buy at or below 250.63; 2022-06 · Price CHF 318.55 · Value 250.63 · Buy at or below 250.63; 2022-07 · Price CHF 315.40 · Value 250.63 · Buy at or below 250.63; 2022-08 · Price CHF 315.40 · Value 250.63 · Buy at or below 250.63; 2022-09 · Price CHF 323.45 · Value 250.63 · Buy at or below 250.63; 2022-10 · Price CHF 332.55 · Value 250.63 · Buy at or below 250.63; 2022-11 · Price CHF 307.80 · Value 250.63 · Buy at or below 250.63; 2022-12 · Price CHF 290.50 · Value 250.63 · Buy at or below 250.63; 2023-01 · Price CHF 285.25 · Value 250.63 · Buy at or below 250.63; 2023-02 · Price CHF 271.80 · Value 205.86 · Buy at or below 205.86; 2023-03 · Price CHF 260.95 · Value 205.86 · Buy at or below 205.86; 2023-04 · Price CHF 280.35 · Value 205.86 · Buy at or below 205.86; 2023-05 · Price CHF 288.20 · Value 205.86 · Buy at or below 205.86; 2023-06 · Price CHF 273.50 · Value 205.86 · Buy at or below 205.86; 2023-07 · Price CHF 270.60 · Value 205.86 · Buy at or below 205.86; 2023-08 · Price CHF 260.30 · Value 205.86 · Buy at or below 205.86; 2023-09 · Price CHF 250.45 · Value 205.86 · Buy at or below 205.86; 2023-10 · Price CHF 233.85 · Value 205.86 · Buy at or below 205.86; 2023-11 · Price CHF 236.05 · Value 205.86 · Buy at or below 205.86; 2023-12 · Price CHF 244.50 · Value 205.86 · Buy at or below 205.86; 2024-01 · Price CHF 247.10 · Value 205.86 · Buy at or below 205.86; 2024-02 · Price CHF 231.95 · Value 197.45 · Buy at or below 197.45; 2024-03 · Price CHF 229.70 · Value 197.45 · Buy at or below 197.45; 2024-04 · Price CHF 220.60 · Value 197.45 · Buy at or below 197.45; 2024-05 · Price CHF 231.00 · Value 197.45 · Buy at or below 197.45; 2024-06 · Price CHF 249.50 · Value 197.45 · Buy at or below 197.45; 2024-07 · Price CHF 285.80 · Value 197.45 · Buy at or below 197.45; 2024-08 · Price CHF 287.20 · Value 197.45 · Buy at or below 197.45; 2024-09 · Price CHF 270.60 · Value 197.45 · Buy at or below 197.45; 2024-10 · Price CHF 267.90 · Value 197.45 · Buy at or below 197.45; 2024-11 · Price CHF 255.50 · Value 197.45 · Buy at or below 197.45; 2024-12 · Price CHF 255.50 · Value 197.45 · Buy at or below 197.45; 2025-01 · Price CHF 286.00 · Value 197.45 · Buy at or below 197.45; 2025-02 · Price CHF 299.20 · Value 201.15 · Buy at or below 201.15; 2025-03 · Price CHF 290.50 · Value 201.15 · Buy at or below 201.15; 2025-04 · Price CHF 269.30 · Value 201.15 · Buy at or below 201.15; 2025-05 · Price CHF 265.50 · Value 201.15 · Buy at or below 201.15; 2025-06 · Price CHF 258.40 · Value 201.15 · Buy at or below 201.15; 2025-07 · Price CHF 257.10 · Value 201.15 · Buy at or below 201.15; 2025-08 · Price CHF 260.30 · Value 201.15 · Buy at or below 201.15; 2025-09 · Price CHF 259.90 · Value 201.15 · Buy at or below 201.15; 2025-10 · Price CHF 258.90 · Value 201.15 · Buy at or below 201.15; 2025-11 · Price CHF 307.40 · Value 201.15 · Buy at or below 201.15; 2025-12 · Price CHF 328.20 · Value 201.15 · Buy at or below 201.15; 2026-01 · Price CHF 350.70 · Value 201.15 · Buy at or below 201.15; 2026-02 · Price CHF 367.00 · Value 196.00 · Buy at or below 196.00; 2026-03 · Price CHF 314.70 · Value 196.00 · Buy at or below 196.00; 2026-04 · Price CHF 318.40 · Value 196.00 · Buy at or below 196.00; 2026-05 · Price CHF 329.30 · Value 196.00 · Buy at or below 196.00; 2026-06 · Price CHF 332.80 · Value 196.00 · Buy at or below 196.00; 2026-07 · Price CHF 353.60 · Value 196.00 · Buy at or below 196.00; 2026-08 · Price CHF 352.80 · Value 196.00 · Buy at or below 196.00; 2026-09 · Price CHF 349.10 · Value 196.00 · Buy at or below 196.00; 2026-10 · Price CHF 379.70 · Value 196.00 · Buy at or below 196.00; 2026-10 · Price CHF 379.70 · Value 196.00 · Buy at or below 196.00

CHF per share · annual estimates

Price & return math
Value range	CHF 173.18 – CHF 226.40
Buy at or below	Central value CHF 196.00
Discount to value	1 − 379.70 / 196.00 = -93.7%
Return / year	About 6.5% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash CHF 14.31/share; 0.0% growth fades over 10 years to 3.0%; excess cash CHF 9.96/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueCHF 62B

Revenue

Owner earningsCHF 12B

Owner earnings

Operating margin31.3%

Operating margin

Net cash / debtCHF -18B

Net cash / debt

Diluted shares803M

Diluted shares

Prices 15 Oct 2026 · FY2025