# SFS Group AG (SFSN.SW)

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

Analysis as of: 2026-10-16T07:36:50.470Z. Financial observations: FY2013–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 140.40 per share; close as of 2026-10-15.

Estimated value: low CHF 89.20 per share, central CHF 116.24 per share, high CHF 135.33 per share. Buy at or below the central value CHF 116.24 per share. Valuation as of 2026-10-16T07:36:50.470Z; scenarios are not confidence intervals.

Expected annual return: 8.8% at the stated quote. About 8.8% 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

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.10×

- FY2017: 0.11×

- FY2018: 0.14×

- FY2019: 0.13×

- FY2020: 0.13×

- FY2021: 0.15×

- FY2022: 0.11×

- FY2023: 0.12×

- FY2024: 0.11×

- FY2025: 0.10×

### moat: pass

- ROIC, median of available years: 15.7%

- ROIC, second-lowest year: 13.9%

- Typical minus recent gross margin: 0.1 pp

- Typical gross margin (annual median): 58.0%

- Recent gross margin (lower of latest and 3-year median): 57.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.2%

- ROIC including acquisitions, ten-year median: 15.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 32.2%

- FY2017: 14.4%

- FY2018: 17.7%

- FY2019: 18.3%

- FY2020: 16.2%

- FY2021: 20.3%

- FY2022: 14.0%

- FY2023: 15.2%

- FY2024: 13.9%

- FY2025: 13.2%

### economics: pass

- Owner earnings / net income, 5-yr: 1.02×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CHF 1.3B

- Net income, five-year total: CHF 1.2B

- Return on incremental invested capital: 23.5%

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

- Working capital / revenue, change between three-year averages: -3.0 pp

- Working capital / revenue, final three-year average: 29.5%

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

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 0.92×

- FY2025: 1.18×

### 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: 17.7% vs 13.9%

- Per-share earnings: 3.25 to 6.21 (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: 0.7%

- Market cap gain: CHF 1.1B

- Cumulative retained earnings: CHF 990M

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

- Diluted shares, 5-year annual growth: 0.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 8.4%

- Per-share value change: CHF 2.95

- Per-share value, starting three-year median: CHF 3.25

- Per-share value, ending three-year median: CHF 6.21

- Buybacks concentrated in cheaper years (correlation): 0.20

- Average buyback yield: 0.2%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: CHF 54M

- Cumulative net income, 10 years: CHF 2.1B

- ROIC, first three-year median: 17.7%

- ROIC, last three-year median: 13.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: CHF 3.25

- FY2017: CHF 4.24

- FY2018: CHF 5.14

- FY2019: CHF 5.47

- FY2020: CHF 4.90

- FY2021: CHF 6.51

- FY2022: CHF 6.86

- FY2023: CHF 6.84

- FY2024: CHF 6.21

- FY2025: CHF 5.63

### accounting: pass

- Sloan accruals: -6.3%

- Receivables to sales index (DSRI): 1.01×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.72×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -8.2%

- FY2017: -4.4%

- FY2018: -4.4%

- FY2019: -4.4%

- FY2020: -6.7%

- FY2021: -4.4%

- FY2022: -0.8%

- FY2023: -1.9%

- FY2024: -5.1%

- FY2025: -6.3%

## Holders

## Price story

Price needs cash profits to grow 6.9% a year for ten years · sales +0.7%

Story as of 2026-10-16T10:00:08.227Z; price observation 2026-10-15.

Price needs cash profits to grow 6.9% a year for ten years

### Sales · FY2024–2025

sales +0.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CHF 1.4B 

- FY2017: CHF 1.6B 

- FY2018: CHF 1.8B 

- FY2019: CHF 1.8B 

- FY2020: CHF 1.7B 

- FY2021: CHF 1.9B 

- FY2022: CHF 2.7B 

- FY2023: CHF 3.1B 

- FY2024: CHF 3.1B 

- FY2025: CHF 3.1B 

### Gross margin · FY2025

gross margin 57.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 64.1% 

- FY2017: 63.9% 

- FY2018: 63.9% 

- FY2019: 64.1% 

- FY2020: 27.6% 

- FY2021: 30.8% 

- FY2022: 26.7% 

- FY2023: 57.1% 

- FY2024: 58.1% 

- FY2025: 57.9% 

## Owner memo

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

### How it makes money

Operates in tools & accessories; annual sales are CHF 3.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.470Z); FY2025: revenue 3070900000; grossProfit 1777600000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SFSN.SW: SFS Group AG supplies precision components and assemblies, mechanical fastening systems, tools, and procurement solutions in Switzerland and internationally. It operates in three segments: Engineered Components, Fastening Systems, and Distribution & Logistics. The company offers airbag restraint systems; automation; brake systems; building technology; clip nuts; communication technology; components, assemblies, and complete devices; connections and reinforcements for timber construction; and domestic and kitchen appliances. It also provides fasteners for flat roof and industrial lightweight construction; fasters for inserts; fastening and hinge technology for doors, windows, and glass facades; fastening system for the facade; furniture fittings; hard disk drives; inserts; interior plastics; life-saving fall protection; lifestyle electronics; mobile devices; sensors; seats and doors; powertrain; powertrain technology; snap and click system; tools, forestry, and garden equipment; wire and hypo tubing; and window fittings. In addition, it offers products under the SFS, UNISTEEL, Tegra Medical, GESIPA, TFC, HECO, Hoffmann, GARANT, HOLEX, and other brand names. It serves aircraft, automotive, construction, electronics, medical, and other industries. SFS Group AG was founded in 1928 and is based in Heerbrugg, Switzerland.

### Why customers stay

Margins ranged from 57.1% to 58.1% during 2023–25; it earns 15.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.470Z); FY2023: grossProfit / revenue = 57.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.470Z); FY2024: grossProfit / revenue = 58.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.470Z); FY2025: grossProfit / revenue = 57.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.470Z); 10-year return on capital observations [[2016,0.32177575828796007],[2017,0.14384184968468053],[2018,0.17677527192346865],[2019,0.18306144744410058],[2020,0.1619033147458945],[2021,0.20302834369887793],[2022,0.1397003519109738],[2023,0.15164977311621058],[2024,0.13881724467265483],[2025,0.13236626783661953]]; median 0.15677654393105256. 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 700000 of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.470Z); FY2016: growth capex 0; upkeep 83500000; owner earnings 184900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.470Z); FY2017: growth capex 3000000; upkeep 125800000; owner earnings 159100000. Growth capex / owner earnings = 0.018856065367693273.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.470Z); FY2018: growth capex 43422703.90143004; upkeep 102677296.09856996; owner earnings 179822703.90143004. Growth capex / owner earnings = 0.2414750916282086.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.470Z); FY2019: growth capex 17843510.10109718; upkeep 98856489.89890282; owner earnings 201843510.10109717. Growth capex / owner earnings = 0.08840269420681358.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.470Z); FY2020: growth capex 0; upkeep 104100000; owner earnings 180000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.470Z); FY2021: growth capex 16000000; upkeep 105400000; owner earnings 243800000. Growth capex / owner earnings = 0.06562756357670221.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.470Z); FY2022: growth capex 53200000; upkeep 117800000; owner earnings 266700000. Growth capex / owner earnings = 0.1994750656167979.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.470Z); FY2023: growth capex 46600000; upkeep 127400000; owner earnings 266000000. Growth capex / owner earnings = 0.17518796992481203.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.470Z); FY2024: growth capex 0; upkeep 148900000; owner earnings 222000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.470Z); FY2025: growth capex 0; upkeep 103700000; owner earnings 257800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.470Z); Dividend observations: [[2016,56900000],[2017,65600000],[2018,71200000],[2019,75000000],[2020,67500000],[2021,67500000],[2022,82000000],[2023,97200000],[2024,97200000],[2025,97200000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.470Z); FY2025: cash repurchases 700000 CHF.

### Are managers owners

Insiders own 57.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SFSN.SW SharesStats.PercentInsiders = 57.882999999999996 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 6.9% yearly over ten years; actual growth was 5.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.470Z); Ten-year compound average after fade. Initial solved rate 0.0866540847502679. Price 140.4; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 4.018666666666666 → FY2025 6.631443020521975. Closing-price date 2026-10-15.

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

- 2016-10: CHF 74.55 per share

- 2016-11: CHF 78.40 per share

- 2016-12: CHF 83.10 per share

- 2017-01: CHF 86.95 per share

- 2017-02: CHF 91.50 per share

- 2017-03: CHF 94.85 per share

- 2017-04: CHF 99.30 per share

- 2017-05: CHF 111.90 per share

- 2017-06: CHF 108.80 per share

- 2017-07: CHF 110.00 per share

- 2017-08: CHF 109.20 per share

- 2017-09: CHF 118.00 per share

- 2017-10: CHF 118.20 per share

- 2017-11: CHF 113.20 per share

- 2017-12: CHF 113.20 per share

- 2018-01: CHF 116.90 per share

- 2018-02: CHF 109.80 per share

- 2018-03: CHF 112.40 per share

- 2018-04: CHF 111.90 per share

- 2018-05: CHF 111.00 per share

- 2018-06: CHF 104.80 per share

- 2018-07: CHF 117.40 per share

- 2018-08: CHF 118.10 per share

- 2018-09: CHF 113.80 per share

- 2018-10: CHF 98.90 per share

- 2018-11: CHF 96.85 per share

- 2018-12: CHF 76.30 per share

- 2019-01: CHF 79.80 per share

- 2019-02: CHF 81.70 per share

- 2019-03: CHF 86.50 per share

- 2019-04: CHF 94.10 per share

- 2019-05: CHF 79.70 per share

- 2019-06: CHF 83.10 per share

- 2019-07: CHF 76.55 per share

- 2019-08: CHF 72.30 per share

- 2019-09: CHF 79.60 per share

- 2019-10: CHF 87.25 per share

- 2019-11: CHF 92.70 per share

- 2019-12: CHF 93.10 per share

- 2020-01: CHF 90.05 per share

- 2020-02: CHF 79.90 per share

- 2020-03: CHF 72.00 per share

- 2020-04: CHF 76.55 per share

- 2020-05: CHF 86.70 per share

- 2020-06: CHF 88.70 per share

- 2020-07: CHF 86.00 per share

- 2020-08: CHF 85.15 per share

- 2020-09: CHF 92.65 per share

- 2020-10: CHF 85.50 per share

- 2020-11: CHF 103.30 per share

- 2020-12: CHF 105.00 per share

- 2021-01: CHF 112.90 per share

- 2021-02: CHF 113.70 per share

- 2021-03: CHF 117.40 per share

- 2021-04: CHF 117.60 per share

- 2021-05: CHF 126.50 per share

- 2021-06: CHF 133.10 per share

- 2021-07: CHF 135.10 per share

- 2021-08: CHF 130.80 per share

- 2021-09: CHF 127.20 per share

- 2021-10: CHF 123.20 per share

- 2021-11: CHF 116.80 per share

- 2021-12: CHF 126.20 per share

- 2022-01: CHF 134.30 per share

- 2022-02: CHF 134.60 per share

- 2022-03: CHF 128.80 per share

- 2022-04: CHF 122.80 per share

- 2022-05: CHF 108.60 per share

- 2022-06: CHF 96.50 per share

- 2022-07: CHF 104.40 per share

- 2022-08: CHF 91.50 per share

- 2022-09: CHF 85.20 per share

- 2022-10: CHF 90.50 per share

- 2022-11: CHF 90.40 per share

- 2022-12: CHF 87.50 per share

- 2023-01: CHF 105.00 per share

- 2023-02: CHF 110.00 per share

- 2023-03: CHF 118.40 per share

- 2023-04: CHF 116.20 per share

- 2023-05: CHF 122.00 per share

- 2023-06: CHF 117.80 per share

- 2023-07: CHF 103.40 per share

- 2023-08: CHF 101.40 per share

- 2023-09: CHF 100.20 per share

- 2023-10: CHF 90.40 per share

- 2023-11: CHF 98.70 per share

- 2023-12: CHF 104.20 per share

- 2024-01: CHF 104.20 per share

- 2024-02: CHF 110.40 per share

- 2024-03: CHF 118.60 per share

- 2024-04: CHF 109.40 per share

- 2024-05: CHF 122.00 per share

- 2024-06: CHF 119.40 per share

- 2024-07: CHF 128.20 per share

- 2024-08: CHF 129.00 per share

- 2024-09: CHF 132.00 per share

- 2024-10: CHF 123.60 per share

- 2024-11: CHF 127.60 per share

- 2024-12: CHF 125.60 per share

- 2025-01: CHF 114.80 per share

- 2025-02: CHF 116.80 per share

- 2025-03: CHF 111.20 per share

- 2025-04: CHF 111.00 per share

- 2025-05: CHF 116.60 per share

- 2025-06: CHF 108.80 per share

- 2025-07: CHF 105.60 per share

- 2025-08: CHF 110.00 per share

- 2025-09: CHF 106.80 per share

- 2025-10: CHF 109.00 per share

- 2025-11: CHF 102.60 per share

- 2025-12: CHF 108.60 per share

- 2026-01: CHF 113.40 per share

- 2026-02: CHF 122.20 per share

- 2026-03: CHF 118.00 per share

- 2026-04: CHF 119.00 per share

- 2026-05: CHF 127.60 per share

- 2026-06: CHF 133.20 per share

- 2026-07: CHF 132.00 per share

- 2026-08: CHF 134.80 per share

- 2026-09: CHF 139.20 per share

- 2026-10: CHF 140.60 per share

## Annual estimated value (CHF per share)

- FY2017: low CHF 50.98 per share, central CHF 57.72 per share, high CHF 66.68 per share

- FY2018: low CHF 54.94 per share, central CHF 62.16 per share, high CHF 71.78 per share

- FY2019: low CHF 60.09 per share, central CHF 68.02 per share, high CHF 78.59 per share

- FY2020: low CHF 56.56 per share, central CHF 63.79 per share, high CHF 73.42 per share

- FY2021: low CHF 65.03 per share, central CHF 73.08 per share, high CHF 83.80 per share

- FY2022: low CHF 85.49 per share, central CHF 96.69 per share, high CHF 111.59 per share

- FY2023: low CHF 110.02 per share, central CHF 143.43 per share, high CHF 167.11 per share

- FY2024: low CHF 98.11 per share, central CHF 125.05 per share, high CHF 145.46 per share

- FY2025: low CHF 88.88 per share, central CHF 115.92 per share, high CHF 135.00 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.

## Reported holder observations