# Schindler Holding AG (SCHP.SW)

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

Analysis as of: 2026-10-16T07:34:11.843Z. 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 266.20 per share; close as of 2026-10-15.

Estimated value: low CHF 136.72 per share, central CHF 151.28 per share, high CHF 170.67 per share. Buy at or below the central value CHF 151.28 per share. Valuation as of 2026-10-16T07:34:11.843Z; 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: 0.13×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.13×

- FY2017: 0.12×

- FY2018: 0.12×

- FY2019: 0.11×

- FY2020: 0.11×

- FY2021: 0.10×

- FY2022: 0.08×

- FY2023: 0.10×

- FY2024: 0.11×

- FY2025: 0.13×

### moat: pass

- ROIC, median of available years: >100%

- ROIC, second-lowest year: 82.5%

- Typical minus recent gross margin: -35.0 pp

- Typical gross margin (annual median): 29.5%

- Recent gross margin (lower of latest and 3-year median): 64.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.2%

- ROIC including acquisitions, ten-year median: 51.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: >100%

- FY2017: >100%

- FY2018: >100%

- FY2019: 82.5%

- FY2020: >100%

- FY2021: >100%

- FY2022: 77.7%

- FY2023: >100%

- FY2024: >100%

- FY2025: >100%

### economics: pass

- Owner earnings / net income, 5-yr: 1.15×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CHF 4.9B

- Net income, five-year total: CHF 4.3B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.0 pp

- Working capital / revenue, change between three-year averages: -0.6 pp

- Working capital / revenue, final three-year average: 26.6%

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

- FY2021: 1.15×

- FY2022: 1.21×

- FY2023: 1.18×

- FY2024: 1.13×

- FY2025: 1.12×

### management: pass

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 144.9% vs 157.8%

- Per-share earnings: 7.13 to 8.52 (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: -0.1%

- Market cap gain: CHF 13B

- Cumulative retained earnings: CHF 3.2B

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

- Diluted shares, 5-year annual growth: -0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 2.3%

- Per-share value change: CHF 1.39

- Per-share value, starting three-year median: CHF 7.13

- Per-share value, ending three-year median: CHF 8.52

- Buybacks concentrated in cheaper years (correlation): -0.25

- Average buyback yield: 0.2%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: CHF 1.6B

- Cumulative net income, 10 years: CHF 8.4B

- ROIC, first three-year median: >100%

- ROIC, last three-year median: >100%

Chart: Earnings per share; fiscal year observations.

- FY2016: CHF 7.13

- FY2017: CHF 7.68

- FY2018: CHF 8.77

- FY2019: CHF 8.03

- FY2020: CHF 6.71

- FY2021: CHF 7.69

- FY2022: CHF 5.67

- FY2023: CHF 8.03

- FY2024: CHF 8.52

- FY2025: CHF 9.47

### accounting: pass

- Sloan accruals: -4.1%

- Receivables to sales index (DSRI): 0.99×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.47×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.28×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.0%

- FY2017: 0.2%

- FY2018: -0.6%

- FY2019: -3.0%

- FY2020: -7.9%

- FY2021: -4.1%

- FY2022: -0.7%

- FY2023: -3.6%

- FY2024: -5.4%

- FY2025: -4.1%

## Holders

## Price story

Price needs cash profits to grow 9.8% a year for ten years · "Schindler forecasts modest 2026 revenue growth amid China pressure" (finance.yahoo.com, Feb 2026) · sales -2.6%

Story as of 2026-10-16T09:59:59.515Z; price observation 2026-10-15.

Price needs cash profits to grow 9.8% a year for ten years

- 2026-02-11: Schindler forecasts modest 2026 revenue growth amid China pressure ([finance.yahoo.com](https://finance.yahoo.com/news/schindler-forecasts-modest-2026-revenue-061619153.html))

### Sales · FY2024–2025

sales -2.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CHF 9.7B 

- FY2017: CHF 10B 

- FY2018: CHF 11B 

- FY2019: CHF 11B 

- FY2020: CHF 11B 

- FY2021: CHF 11B 

- FY2022: CHF 11B 

- FY2023: CHF 11B 

- FY2024: CHF 11B 

- FY2025: CHF 11B 

### Gross margin · FY2025

gross margin 64.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 30.2% 

- FY2017: 29.9% 

- FY2018: 29.1% 

- FY2019: 27.8% 

- FY2020: 27.9% 

- FY2021: 28.4% 

- FY2022: 26.6% 

- FY2023: 70.1% 

- FY2024: 62.5% 

- FY2025: 64.5% 

## Owner memo

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

### How it makes money

Operates in specialty industrial machinery; annual sales are CHF 10.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:11.843Z); FY2025: revenue 10947000000; grossProfit 7057000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SCHP.SW: Schindler Holding AG engages in the production, installation, maintenance, and modernization of elevators, escalators, and moving walks worldwide. It offers Schindler PORT, a transit management system; CleanMobility solutions; Schindler R.I.S.E, a robotic installation system; Schindler MetaCore which enables buildings to be repurposed and their functionality to be reconfigured; Schindler CLIMB Lift, a self-climbing system; Schindler X8; Digital Twin; and BuildingMinds, a cloud based SaaS platform that lets users monitor the performance of a real estate portfolio. In addition, the company provides digital services; and Building Information Modeling which provides traceability and insights throughout the project life cycle, including planning, design, construction, operation, and maintenance. The company was founded in 1874 and is headquartered in Hergiswil, Switzerland.

### Why customers stay

Margins ranged from 62.5% to 70.1% during 2023–25; it earns over 100% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:11.843Z); FY2023: grossProfit / revenue = 70.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:11.843Z); FY2024: grossProfit / revenue = 62.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:11.843Z); FY2025: grossProfit / revenue = 64.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:11.843Z); 10-year return on capital observations [[2016,41.808630393996246],[2017,1.449181326339124],[2018,1.116647243388615],[2019,0.8254005869284912],[2020,1.7560025542784163],[2021,1.505289510790299],[2022,0.777061671561235],[2023,1.3563051375194604],[2024,1.5780782559758302],[2025,2.828826357616903]]; median 1.4772354185647116. 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 231 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:11.843Z); FY2016: growth capex 40762609.75299376; upkeep 181237390.24700624; owner earnings 721762609.7529938. Growth capex / owner earnings = 0.05647647744865005.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:11.843Z); FY2017: growth capex 37128638.502910525; upkeep 224871361.49708948; owner earnings 752128638.5029105. Growth capex / owner earnings = 0.049364745074478175.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:11.843Z); FY2018: growth capex 77961531.0833337; upkeep 203038468.9166663; owner earnings 913961531.0833337. Growth capex / owner earnings = 0.08530067013972088.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:11.843Z); FY2019: growth capex 0; upkeep 273000000; owner earnings 819800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:11.843Z); FY2020: growth capex 0; upkeep 141000000; owner earnings 847600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:11.843Z); FY2021: growth capex 0; upkeep 132000000; owner earnings 950000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:11.843Z); FY2022: growth capex 0; upkeep 130000000; owner earnings 740000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:11.843Z); FY2023: growth capex 0; upkeep 102000000; owner earnings 1023400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:11.843Z); FY2024: growth capex 0; upkeep 109000000; owner earnings 1072400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:11.843Z); FY2025: growth capex 0; upkeep 107000000; owner earnings 1139600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:11.843Z); Dividend observations: [[2016,289000000],[2017,535000000],[2018,428000000],[2019,429000000],[2020,430000000],[2021,430000000],[2022,431000000],[2023,430000000],[2024,538000000],[2025,643000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:11.843Z); FY2025: cash repurchases 231000000 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); SCHP.SW SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 9.8% yearly over ten years; actual growth was 6.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:11.843Z); Ten-year compound average after fade. Initial solved rate 0.1678737816481078. Price 266.2; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 5.876009737387565 → FY2025 10.637304867621747. Closing-price date 2026-10-15.

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

- 2016-10: CHF 183.90 per share

- 2016-11: CHF 180.60 per share

- 2016-12: CHF 179.60 per share

- 2017-01: CHF 188.00 per share

- 2017-02: CHF 194.20 per share

- 2017-03: CHF 193.80 per share

- 2017-04: CHF 203.30 per share

- 2017-05: CHF 207.70 per share

- 2017-06: CHF 202.90 per share

- 2017-07: CHF 208.60 per share

- 2017-08: CHF 205.40 per share

- 2017-09: CHF 213.90 per share

- 2017-10: CHF 226.10 per share

- 2017-11: CHF 222.20 per share

- 2017-12: CHF 224.30 per share

- 2018-01: CHF 233.40 per share

- 2018-02: CHF 221.60 per share

- 2018-03: CHF 206.00 per share

- 2018-04: CHF 205.60 per share

- 2018-05: CHF 208.20 per share

- 2018-06: CHF 213.60 per share

- 2018-07: CHF 230.80 per share

- 2018-08: CHF 231.20 per share

- 2018-09: CHF 244.60 per share

- 2018-10: CHF 212.40 per share

- 2018-11: CHF 200.00 per share

- 2018-12: CHF 194.70 per share

- 2019-01: CHF 211.00 per share

- 2019-02: CHF 225.60 per share

- 2019-03: CHF 206.40 per share

- 2019-04: CHF 219.80 per share

- 2019-05: CHF 211.20 per share

- 2019-06: CHF 217.30 per share

- 2019-07: CHF 230.20 per share

- 2019-08: CHF 226.00 per share

- 2019-09: CHF 223.20 per share

- 2019-10: CHF 241.20 per share

- 2019-11: CHF 249.30 per share

- 2019-12: CHF 246.20 per share

- 2020-01: CHF 249.40 per share

- 2020-02: CHF 214.50 per share

- 2020-03: CHF 212.40 per share

- 2020-04: CHF 214.50 per share

- 2020-05: CHF 223.10 per share

- 2020-06: CHF 223.00 per share

- 2020-07: CHF 230.50 per share

- 2020-08: CHF 241.10 per share

- 2020-09: CHF 251.50 per share

- 2020-10: CHF 234.50 per share

- 2020-11: CHF 248.00 per share

- 2020-12: CHF 238.60 per share

- 2021-01: CHF 235.50 per share

- 2021-02: CHF 248.20 per share

- 2021-03: CHF 277.60 per share

- 2021-04: CHF 259.80 per share

- 2021-05: CHF 265.70 per share

- 2021-06: CHF 283.00 per share

- 2021-07: CHF 293.20 per share

- 2021-08: CHF 295.80 per share

- 2021-09: CHF 251.20 per share

- 2021-10: CHF 238.20 per share

- 2021-11: CHF 237.00 per share

- 2021-12: CHF 245.50 per share

- 2022-01: CHF 230.10 per share

- 2022-02: CHF 211.50 per share

- 2022-03: CHF 199.00 per share

- 2022-04: CHF 189.40 per share

- 2022-05: CHF 196.65 per share

- 2022-06: CHF 174.10 per share

- 2022-07: CHF 185.00 per share

- 2022-08: CHF 170.70 per share

- 2022-09: CHF 154.65 per share

- 2022-10: CHF 163.25 per share

- 2022-11: CHF 177.15 per share

- 2022-12: CHF 173.90 per share

- 2023-01: CHF 194.35 per share

- 2023-02: CHF 211.40 per share

- 2023-03: CHF 202.10 per share

- 2023-04: CHF 198.70 per share

- 2023-05: CHF 188.60 per share

- 2023-06: CHF 209.70 per share

- 2023-07: CHF 211.20 per share

- 2023-08: CHF 197.15 per share

- 2023-09: CHF 183.00 per share

- 2023-10: CHF 183.20 per share

- 2023-11: CHF 195.75 per share

- 2023-12: CHF 210.30 per share

- 2024-01: CHF 216.00 per share

- 2024-02: CHF 232.90 per share

- 2024-03: CHF 227.10 per share

- 2024-04: CHF 230.00 per share

- 2024-05: CHF 233.60 per share

- 2024-06: CHF 225.80 per share

- 2024-07: CHF 235.00 per share

- 2024-08: CHF 235.80 per share

- 2024-09: CHF 248.00 per share

- 2024-10: CHF 251.40 per share

- 2024-11: CHF 254.40 per share

- 2024-12: CHF 250.40 per share

- 2025-01: CHF 264.00 per share

- 2025-02: CHF 275.60 per share

- 2025-03: CHF 275.80 per share

- 2025-04: CHF 300.80 per share

- 2025-05: CHF 292.40 per share

- 2025-06: CHF 295.00 per share

- 2025-07: CHF 295.20 per share

- 2025-08: CHF 297.20 per share

- 2025-09: CHF 301.20 per share

- 2025-10: CHF 286.00 per share

- 2025-11: CHF 287.00 per share

- 2025-12: CHF 299.20 per share

- 2026-01: CHF 298.20 per share

- 2026-02: CHF 293.60 per share

- 2026-03: CHF 260.40 per share

- 2026-04: CHF 273.40 per share

- 2026-05: CHF 264.00 per share

- 2026-06: CHF 268.00 per share

- 2026-07: CHF 254.60 per share

- 2026-08: CHF 263.00 per share

- 2026-09: CHF 260.60 per share

- 2026-10: CHF 266.20 per share

## Annual estimated value (CHF per share)

- FY2016: low CHF 93.51 per share, central CHF 103.69 per share, high CHF 117.21 per share

- FY2017: low CHF 92.40 per share, central CHF 102.96 per share, high CHF 117.01 per share

- FY2018: low CHF 103.69 per share, central CHF 115.09 per share, high CHF 130.27 per share

- FY2019: low CHF 110.08 per share, central CHF 121.90 per share, high CHF 137.63 per share

- FY2020: low CHF 114.40 per share, central CHF 131.17 per share, high CHF 147.89 per share

- FY2021: low CHF 134.40 per share, central CHF 156.50 per share, high CHF 177.05 per share

- FY2022: low CHF 121.61 per share, central CHF 134.26 per share, high CHF 151.11 per share

- FY2023: low CHF 139.64 per share, central CHF 170.47 per share, high CHF 194.10 per share

- FY2024: low CHF 133.91 per share, central CHF 150.62 per share, high CHF 169.75 per share

- FY2025: low CHF 141.59 per share, central CHF 156.09 per share, high CHF 175.42 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 2026-10-15T06:39:58.220Z 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.

Schindler Holding AG

SCHP · SW

STOXX Europe 600

A wonderful business at too high a price

Passes the quality tests.

Share price: CHF 266.20
Buy up to: CHF 151.28
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 12.8% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 11.2%
Worst year: 7.8%
Latest · 2025: 12.6%

Capital return excluding acquisitions: median >100% (minimum 15%), and the second-worst year 82.5% (minimum 10%).

ROIC excluding acquisitions

10y median: >100%
Worst year: 77.7%
Latest · 2025: >100%

Each $1 of profit left $1.15 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.15×
Annual median: 1.15×
Latest · 2025: 1.12×

Per-share value rose from 7.13 to 8.52, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: CHF 7.86
Worst year: CHF 5.67
Latest · 2025: CHF 9.47

Profits were backed by cash: accruals were -4.1% of assets (limit 10%).

Sloan accruals

10y median: -3.3%
Worst year: 0.2%
Latest · 2025: -4.1%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 11.1%, three-year average owner earnings per share 9.92 CHF.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CHF 183.90 · Value 103.69 · Buy at or below 103.69; 2016-11 · Price CHF 180.60 · Value 103.69 · Buy at or below 103.69; 2016-12 · Price CHF 179.60 · Value 103.69 · Buy at or below 103.69; 2017-01 · Price CHF 188.00 · Value 103.69 · Buy at or below 103.69; 2017-02 · Price CHF 194.20 · Value 102.96 · Buy at or below 102.96; 2017-03 · Price CHF 193.80 · Value 102.96 · Buy at or below 102.96; 2017-04 · Price CHF 203.30 · Value 102.96 · Buy at or below 102.96; 2017-05 · Price CHF 207.70 · Value 102.96 · Buy at or below 102.96; 2017-06 · Price CHF 202.90 · Value 102.96 · Buy at or below 102.96; 2017-07 · Price CHF 208.60 · Value 102.96 · Buy at or below 102.96; 2017-08 · Price CHF 205.40 · Value 102.96 · Buy at or below 102.96; 2017-09 · Price CHF 213.90 · Value 102.96 · Buy at or below 102.96; 2017-10 · Price CHF 226.10 · Value 102.96 · Buy at or below 102.96; 2017-11 · Price CHF 222.20 · Value 102.96 · Buy at or below 102.96; 2017-12 · Price CHF 224.30 · Value 102.96 · Buy at or below 102.96; 2018-01 · Price CHF 233.40 · Value 102.96 · Buy at or below 102.96; 2018-02 · Price CHF 221.60 · Value 115.09 · Buy at or below 115.09; 2018-03 · Price CHF 206.00 · Value 115.09 · Buy at or below 115.09; 2018-04 · Price CHF 205.60 · Value 115.09 · Buy at or below 115.09; 2018-05 · Price CHF 208.20 · Value 115.09 · Buy at or below 115.09; 2018-06 · Price CHF 213.60 · Value 115.09 · Buy at or below 115.09; 2018-07 · Price CHF 230.80 · Value 115.09 · Buy at or below 115.09; 2018-08 · Price CHF 231.20 · Value 115.09 · Buy at or below 115.09; 2018-09 · Price CHF 244.60 · Value 115.09 · Buy at or below 115.09; 2018-10 · Price CHF 212.40 · Value 115.09 · Buy at or below 115.09; 2018-11 · Price CHF 200.00 · Value 115.09 · Buy at or below 115.09; 2018-12 · Price CHF 194.70 · Value 115.09 · Buy at or below 115.09; 2019-01 · Price CHF 211.00 · Value 115.09 · Buy at or below 115.09; 2019-02 · Price CHF 225.60 · Value 121.90 · Buy at or below 121.90; 2019-03 · Price CHF 206.40 · Value 121.90 · Buy at or below 121.90; 2019-04 · Price CHF 219.80 · Value 121.90 · Buy at or below 121.90; 2019-05 · Price CHF 211.20 · Value 121.90 · Buy at or below 121.90; 2019-06 · Price CHF 217.30 · Value 121.90 · Buy at or below 121.90; 2019-07 · Price CHF 230.20 · Value 121.90 · Buy at or below 121.90; 2019-08 · Price CHF 226.00 · Value 121.90 · Buy at or below 121.90; 2019-09 · Price CHF 223.20 · Value 121.90 · Buy at or below 121.90; 2019-10 · Price CHF 241.20 · Value 121.90 · Buy at or below 121.90; 2019-11 · Price CHF 249.30 · Value 121.90 · Buy at or below 121.90; 2019-12 · Price CHF 246.20 · Value 121.90 · Buy at or below 121.90; 2020-01 · Price CHF 249.40 · Value 121.90 · Buy at or below 121.90; 2020-02 · Price CHF 214.50 · Value 131.17 · Buy at or below 131.17; 2020-03 · Price CHF 212.40 · Value 131.17 · Buy at or below 131.17; 2020-04 · Price CHF 214.50 · Value 131.17 · Buy at or below 131.17; 2020-05 · Price CHF 223.10 · Value 131.17 · Buy at or below 131.17; 2020-06 · Price CHF 223.00 · Value 131.17 · Buy at or below 131.17; 2020-07 · Price CHF 230.50 · Value 131.17 · Buy at or below 131.17; 2020-08 · Price CHF 241.10 · Value 131.17 · Buy at or below 131.17; 2020-09 · Price CHF 251.50 · Value 131.17 · Buy at or below 131.17; 2020-10 · Price CHF 234.50 · Value 131.17 · Buy at or below 131.17; 2020-11 · Price CHF 248.00 · Value 131.17 · Buy at or below 131.17; 2020-12 · Price CHF 238.60 · Value 131.17 · Buy at or below 131.17; 2021-01 · Price CHF 235.50 · Value 131.17 · Buy at or below 131.17; 2021-02 · Price CHF 248.20 · Value 156.50 · Buy at or below 156.50; 2021-03 · Price CHF 277.60 · Value 156.50 · Buy at or below 156.50; 2021-04 · Price CHF 259.80 · Value 156.50 · Buy at or below 156.50; 2021-05 · Price CHF 265.70 · Value 156.50 · Buy at or below 156.50; 2021-06 · Price CHF 283.00 · Value 156.50 · Buy at or below 156.50; 2021-07 · Price CHF 293.20 · Value 156.50 · Buy at or below 156.50; 2021-08 · Price CHF 295.80 · Value 156.50 · Buy at or below 156.50; 2021-09 · Price CHF 251.20 · Value 156.50 · Buy at or below 156.50; 2021-10 · Price CHF 238.20 · Value 156.50 · Buy at or below 156.50; 2021-11 · Price CHF 237.00 · Value 156.50 · Buy at or below 156.50; 2021-12 · Price CHF 245.50 · Value 156.50 · Buy at or below 156.50; 2022-01 · Price CHF 230.10 · Value 156.50 · Buy at or below 156.50; 2022-02 · Price CHF 211.50 · Value 134.26 · Buy at or below 134.26; 2022-03 · Price CHF 199.00 · Value 134.26 · Buy at or below 134.26; 2022-04 · Price CHF 189.40 · Value 134.26 · Buy at or below 134.26; 2022-05 · Price CHF 196.65 · Value 134.26 · Buy at or below 134.26; 2022-06 · Price CHF 174.10 · Value 134.26 · Buy at or below 134.26; 2022-07 · Price CHF 185.00 · Value 134.26 · Buy at or below 134.26; 2022-08 · Price CHF 170.70 · Value 134.26 · Buy at or below 134.26; 2022-09 · Price CHF 154.65 · Value 134.26 · Buy at or below 134.26; 2022-10 · Price CHF 163.25 · Value 134.26 · Buy at or below 134.26; 2022-11 · Price CHF 177.15 · Value 134.26 · Buy at or below 134.26; 2022-12 · Price CHF 173.90 · Value 134.26 · Buy at or below 134.26; 2023-01 · Price CHF 194.35 · Value 134.26 · Buy at or below 134.26; 2023-02 · Price CHF 211.40 · Value 170.47 · Buy at or below 170.47; 2023-03 · Price CHF 202.10 · Value 170.47 · Buy at or below 170.47; 2023-04 · Price CHF 198.70 · Value 170.47 · Buy at or below 170.47; 2023-05 · Price CHF 188.60 · Value 170.47 · Buy at or below 170.47; 2023-06 · Price CHF 209.70 · Value 170.47 · Buy at or below 170.47; 2023-07 · Price CHF 211.20 · Value 170.47 · Buy at or below 170.47; 2023-08 · Price CHF 197.15 · Value 170.47 · Buy at or below 170.47; 2023-09 · Price CHF 183.00 · Value 170.47 · Buy at or below 170.47; 2023-10 · Price CHF 183.20 · Value 170.47 · Buy at or below 170.47; 2023-11 · Price CHF 195.75 · Value 170.47 · Buy at or below 170.47; 2023-12 · Price CHF 210.30 · Value 170.47 · Buy at or below 170.47; 2024-01 · Price CHF 216.00 · Value 170.47 · Buy at or below 170.47; 2024-02 · Price CHF 232.90 · Value 150.62 · Buy at or below 150.62; 2024-03 · Price CHF 227.10 · Value 150.62 · Buy at or below 150.62; 2024-04 · Price CHF 230.00 · Value 150.62 · Buy at or below 150.62; 2024-05 · Price CHF 233.60 · Value 150.62 · Buy at or below 150.62; 2024-06 · Price CHF 225.80 · Value 150.62 · Buy at or below 150.62; 2024-07 · Price CHF 235.00 · Value 150.62 · Buy at or below 150.62; 2024-08 · Price CHF 235.80 · Value 150.62 · Buy at or below 150.62; 2024-09 · Price CHF 248.00 · Value 150.62 · Buy at or below 150.62; 2024-10 · Price CHF 251.40 · Value 150.62 · Buy at or below 150.62; 2024-11 · Price CHF 254.40 · Value 150.62 · Buy at or below 150.62; 2024-12 · Price CHF 250.40 · Value 150.62 · Buy at or below 150.62; 2025-01 · Price CHF 264.00 · Value 150.62 · Buy at or below 150.62; 2025-02 · Price CHF 275.60 · Value 156.09 · Buy at or below 156.09; 2025-03 · Price CHF 275.80 · Value 156.09 · Buy at or below 156.09; 2025-04 · Price CHF 300.80 · Value 156.09 · Buy at or below 156.09; 2025-05 · Price CHF 292.40 · Value 156.09 · Buy at or below 156.09; 2025-06 · Price CHF 295.00 · Value 156.09 · Buy at or below 156.09; 2025-07 · Price CHF 295.20 · Value 156.09 · Buy at or below 156.09; 2025-08 · Price CHF 297.20 · Value 156.09 · Buy at or below 156.09; 2025-09 · Price CHF 301.20 · Value 156.09 · Buy at or below 156.09; 2025-10 · Price CHF 286.00 · Value 156.09 · Buy at or below 156.09; 2025-11 · Price CHF 287.00 · Value 156.09 · Buy at or below 156.09; 2025-12 · Price CHF 299.20 · Value 156.09 · Buy at or below 156.09; 2026-01 · Price CHF 298.20 · Value 156.09 · Buy at or below 156.09; 2026-02 · Price CHF 293.60 · Value 151.28 · Buy at or below 151.28; 2026-03 · Price CHF 260.40 · Value 151.28 · Buy at or below 151.28; 2026-04 · Price CHF 273.40 · Value 151.28 · Buy at or below 151.28; 2026-05 · Price CHF 264.00 · Value 151.28 · Buy at or below 151.28; 2026-06 · Price CHF 268.00 · Value 151.28 · Buy at or below 151.28; 2026-07 · Price CHF 254.60 · Value 151.28 · Buy at or below 151.28; 2026-08 · Price CHF 263.00 · Value 151.28 · Buy at or below 151.28; 2026-09 · Price CHF 260.60 · Value 151.28 · Buy at or below 151.28; 2026-10 · Price CHF 266.20 · Value 151.28 · Buy at or below 151.28; 2026-10 · Price CHF 266.20 · Value 151.28 · Buy at or below 151.28

CHF per share · annual estimates

Price & return math
Value range	CHF 136.72 – CHF 170.67
Buy at or below	Central value CHF 151.28
Discount to value	1 − 266.20 / 151.28 = -76.0%
Return / year	About 6.5% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash CHF 9.13/share; 0.0% growth fades over 10 years to 3.0%; excess cash CHF 32.63/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueCHF 11B

Revenue

Owner earningsCHF 1.1B

Owner earnings

Operating margin12.6%

Operating margin

Net cash / debtCHF 3.6B

Net cash / debt

Diluted shares107M

Diluted shares

Prices 15 Oct 2026 · FY2025