# Siegfried Holding (SFZN.SW)

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

Analysis as of: 2026-10-16T07:38:28.011Z. Financial observations: FY2002–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 70.00 per share; close as of 2026-10-15.

Estimated value: low CHF 27.58 per share, central CHF 36.54 per share, high CHF 42.50 per share. Buy at or below the central value CHF 36.54 per share. Valuation as of 2026-10-16T07:38:28.011Z; scenarios are not confidence intervals.

Expected annual return: 6.6% at the stated quote. About 6.6% 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: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.36×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.06×

- FY2017: 0.08×

- FY2018: 0.10×

- FY2019: 0.07×

- FY2020: 0.09×

- FY2021: 0.12×

- FY2022: 0.19×

- FY2023: 0.14×

- FY2024: 0.15×

- FY2025: 0.16×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 8.4%

- ROIC, second-lowest year: 4.4%

- Typical minus recent gross margin: -4.2 pp

- Typical gross margin (annual median): 21.3%

- Recent gross margin (lower of latest and 3-year median): 25.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 9.2%

- ROIC including acquisitions, ten-year median: 5.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.1%

- FY2017: 4.4%

- FY2018: 6.2%

- FY2019: 6.8%

- FY2020: 7.8%

- FY2021: 9.0%

- FY2022: 13.5%

- FY2023: 9.9%

- FY2024: 11.3%

- FY2025: 10.6%

### economics: fail

- owner earnings cash conversion below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.71×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CHF 492M

- Net income, five-year total: CHF 694M

- Return on incremental invested capital: 14.8%

- Working capital / revenue, annual change: 1.6 pp

- Working capital / revenue, change between three-year averages: 11.7 pp

- Working capital / revenue, final three-year average: 59.7%

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

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 0.75×

- FY2024: 0.50×

- FY2025: 0.45×

### 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: 4.4% vs 10.6%

- Per-share earnings: 0.98 to 3.71 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.9%

- Ordinary dilution, 5-year annual growth: 0.3%

- Market cap gain: CHF 2.4B

- Cumulative retained earnings: CHF 792M

- Diluted shares, 10-year annual growth: 0.9%

- Diluted shares, 5-year annual growth: 0.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 18.2%

- Per-share value change: CHF 2.74

- Per-share value, starting three-year median: CHF 0.98

- Per-share value, ending three-year median: CHF 3.71

- Buybacks concentrated in cheaper years (correlation): 0.52

- Average buyback yield: 0.9%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: CHF 23M

- Cumulative net income, 10 years: CHF 932M

- ROIC, first three-year median: 4.4%

- ROIC, last three-year median: 10.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: CHF 0.70

- FY2017: CHF 0.98

- FY2018: CHF 1.30

- FY2019: CHF 1.25

- FY2020: CHF 1.41

- FY2021: CHF 2.20

- FY2022: CHF 3.63

- FY2023: CHF 2.62

- FY2024: CHF 3.71

- FY2025: CHF 3.85

### accounting: pass

- Sloan accruals: -2.5%

- Receivables to sales index (DSRI): 1.20×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.32×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.06×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.9%

- FY2017: -4.2%

- FY2018: -4.5%

- FY2019: -1.1%

- FY2020: -4.3%

- FY2021: -1.4%

- FY2022: 0.8%

- FY2023: -5.1%

- FY2024: -0.5%

- FY2025: -2.5%

## Holders

## Price story

Down 38% since Sep 2024 · sales +2.6%

Story as of 2026-10-16T10:00:09.978Z; price observation 2026-10-15.

Price needs cash profits to grow 13.6% a year for ten years

### Sales · FY2024–2025

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

- FY2016: CHF 718M 

- FY2017: CHF 750M 

- FY2018: CHF 794M 

- FY2019: CHF 834M 

- FY2020: CHF 845M 

- FY2021: CHF 1.1B 

- FY2022: CHF 1.2B 

- FY2023: CHF 1.3B 

- FY2024: CHF 1.3B 

- FY2025: CHF 1.3B 

### Gross margin · FY2025

gross margin 26.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 15.2% 

- FY2017: 18.5% 

- FY2018: 19.7% 

- FY2019: 20.7% 

- FY2020: 20.8% 

- FY2021: 21.7% 

- FY2022: 25.9% 

- FY2023: 25.2% 

- FY2024: 25.4% 

- FY2025: 26.5% 

## Owner memo

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

### How it makes money

Operates in drug manufacturers specialty & generic; annual sales are CHF 1.3 billion.

- Source: https://eodhd.com/api/fundamentals/SFZN.SW.json#2025-12-31 (filed 2026-10-16T07:38:28.011Z); FY2025: revenue 1327834000; grossProfit 352394000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SFZN.SW: Siegfried Holding AG, together with its subsidiaries, engages in contract development and manufacturing of active pharmaceutical ingredient (API) and finished dosage forms worldwide. It offers drug substances, including exclusive synthesis that manufactures custom APIs. The company also offers an API portfolio, including non-exclusive APIs and pharma-grade substances that focus on anesthetics, pain and addiction treatment applications, and central nervous and respiratory diseases, as well as caffeine for human health and nutrition. In addition, it offers drug products, including steriles, which includes fill and finish in vials, ampoules, cartridges, and pre-filled syringes; ophthalmics, such as sterile ointments, gels, and suspensions and solutions; inhalation products, including capsules in medical devices for inhalation applications; oral solid dosage forms, which includes tablets and capsules; and viral vectors, such as AAV and lentiviruses for gene therapy. Further, the company provides technologies with chemistry capabilities, analytical services, formulation technologies, bridging technologies, containment technology, and cell and gene therapies. The company was founded in 1873 and is headquartered in Zofingen, Switzerland.

### Why customers stay

Margins ranged from 25.2% to 26.5% during 2023–25; it earns 8.4% on its capital.

- Source: https://eodhd.com/api/fundamentals/SFZN.SW.json#2023-12-31 (filed 2026-10-16T07:38:28.011Z); FY2023: grossProfit / revenue = 25.2%.

- Source: https://eodhd.com/api/fundamentals/SFZN.SW.json#2024-12-31 (filed 2026-10-16T07:38:28.011Z); FY2024: grossProfit / revenue = 25.4%.

- Source: https://eodhd.com/api/fundamentals/SFZN.SW.json#2025-12-31 (filed 2026-10-16T07:38:28.011Z); FY2025: grossProfit / revenue = 26.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:28.011Z); 10-year return on capital observations [[2016,0.031131540253429627],[2017,0.044076043237893686],[2018,0.06199860086624364],[2019,0.06847926750423736],[2020,0.07773867733472556],[2021,0.08971053305066665],[2022,0.13463557889981254],[2023,0.09869066297978332],[2024,0.11346102673516925],[2025,0.1061056808104945]]; median 0.0837246051926961. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 30.2% of cash earnings; earns 14.8% on new investment.

- Source: https://eodhd.com/api/fundamentals/SFZN.SW.json#2016-12-31 (filed 2026-10-16T07:38:28.011Z); FY2016: growth capex 14909000; upkeep 50000000; owner earnings 27906000. Growth capex / owner earnings = 0.5342578656919659.

- Source: https://eodhd.com/api/fundamentals/SFZN.SW.json#2017-12-31 (filed 2026-10-16T07:38:28.011Z); FY2017: growth capex 2244000; upkeep 49674000; owner earnings 39732000. Growth capex / owner earnings = 0.05647840531561462.

- Source: https://eodhd.com/api/fundamentals/SFZN.SW.json#2018-12-31 (filed 2026-10-16T07:38:28.011Z); FY2018: growth capex 8972000; upkeep 49807000; owner earnings 56310000. Growth capex / owner earnings = 0.15933226780323212.

- Source: https://eodhd.com/api/fundamentals/SFZN.SW.json#2019-12-31 (filed 2026-10-16T07:38:28.011Z); FY2019: growth capex 10144000; upkeep 51757000; owner earnings 53147000. Growth capex / owner earnings = 0.190866841025834.

- Source: https://eodhd.com/api/fundamentals/SFZN.SW.json#2020-12-31 (filed 2026-10-16T07:38:28.011Z); FY2020: growth capex 7525118.682253167; upkeep 61610881.31774683; owner earnings 54528118.68225317. Growth capex / owner earnings = 0.13800437029752702.

- Source: https://eodhd.com/api/fundamentals/SFZN.SW.json#2021-12-31 (filed 2026-10-16T07:38:28.011Z); FY2021: growth capex 30281000; upkeep 83116000; owner earnings 95600000. Growth capex / owner earnings = 0.3167468619246862.

- Source: https://eodhd.com/api/fundamentals/SFZN.SW.json#2022-12-31 (filed 2026-10-16T07:38:28.011Z); FY2022: growth capex 33260000; upkeep 81948000; cash acquisitions 0; owner earnings 156490000. Growth capex plus acquisitions / owner earnings = 0.2125375423349735.

- Source: https://eodhd.com/api/fundamentals/SFZN.SW.json#2023-12-31 (filed 2026-10-16T07:38:28.011Z); FY2023: growth capex 27157584.406772584; upkeep 109936415.59322742; cash acquisitions 10498000; owner earnings 84190584.40677258. Growth capex plus acquisitions / owner earnings = 0.44726598196345857.

- Source: https://eodhd.com/api/fundamentals/SFZN.SW.json#2024-12-31 (filed 2026-10-16T07:38:28.011Z); FY2024: growth capex 15305528.993370742; upkeep 165541471.00662926; cash acquisitions 10138000; owner earnings 79248528.99337074. Growth capex plus acquisitions / owner earnings = 0.32105995299293355.

- Source: https://eodhd.com/api/fundamentals/SFZN.SW.json#2025-12-31 (filed 2026-10-16T07:38:28.011Z); FY2025: growth capex 22939889.802904308; upkeep 188974110.1970957; cash acquisitions 0; owner earnings 76047889.80290431. Growth capex plus acquisitions / owner earnings = 0.3016505765295834.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:28.011Z); Incremental return on capital 0.14832674041130756, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:28.011Z); Dividend observations: [[2016,6998000],[2017,7831000],[2018,9964000],[2019,10793000],[2020,11622000],[2021,12630000],[2022,13535000],[2023,14438000],[2024,15386000],[2025,16633000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 13.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SFZN.SW SharesStats.PercentInsiders = 13.225000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 13.6% yearly over ten years; actual growth was 5.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:28.011Z); Ten-year compound average after fade. Initial solved rate 0.18333840270224744. Price 70; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.9774291363876119 → FY2025 1.7378403002912388. Closing-price date 2026-10-15.

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

- 2016-10: CHF 20.35 per share

- 2016-11: CHF 20.90 per share

- 2016-12: CHF 21.30 per share

- 2017-01: CHF 21.53 per share

- 2017-02: CHF 22.85 per share

- 2017-03: CHF 26.38 per share

- 2017-04: CHF 28.45 per share

- 2017-05: CHF 28.00 per share

- 2017-06: CHF 27.08 per share

- 2017-07: CHF 28.13 per share

- 2017-08: CHF 30.50 per share

- 2017-09: CHF 31.88 per share

- 2017-10: CHF 31.20 per share

- 2017-11: CHF 30.53 per share

- 2017-12: CHF 32.40 per share

- 2018-01: CHF 33.35 per share

- 2018-02: CHF 32.80 per share

- 2018-03: CHF 32.20 per share

- 2018-04: CHF 34.55 per share

- 2018-05: CHF 38.35 per share

- 2018-06: CHF 39.65 per share

- 2018-07: CHF 42.75 per share

- 2018-08: CHF 45.95 per share

- 2018-09: CHF 45.65 per share

- 2018-10: CHF 40.40 per share

- 2018-11: CHF 35.60 per share

- 2018-12: CHF 33.60 per share

- 2019-01: CHF 35.05 per share

- 2019-02: CHF 36.10 per share

- 2019-03: CHF 35.75 per share

- 2019-04: CHF 38.65 per share

- 2019-05: CHF 35.85 per share

- 2019-06: CHF 34.00 per share

- 2019-07: CHF 37.10 per share

- 2019-08: CHF 40.80 per share

- 2019-09: CHF 39.25 per share

- 2019-10: CHF 40.15 per share

- 2019-11: CHF 43.65 per share

- 2019-12: CHF 46.90 per share

- 2020-01: CHF 44.65 per share

- 2020-02: CHF 41.85 per share

- 2020-03: CHF 39.00 per share

- 2020-04: CHF 44.10 per share

- 2020-05: CHF 39.88 per share

- 2020-06: CHF 43.00 per share

- 2020-07: CHF 47.76 per share

- 2020-08: CHF 51.25 per share

- 2020-09: CHF 63.05 per share

- 2020-10: CHF 58.05 per share

- 2020-11: CHF 63.80 per share

- 2020-12: CHF 65.15 per share

- 2021-01: CHF 64.50 per share

- 2021-02: CHF 70.95 per share

- 2021-03: CHF 77.85 per share

- 2021-04: CHF 83.95 per share

- 2021-05: CHF 81.60 per share

- 2021-06: CHF 86.75 per share

- 2021-07: CHF 91.70 per share

- 2021-08: CHF 88.45 per share

- 2021-09: CHF 83.40 per share

- 2021-10: CHF 87.95 per share

- 2021-11: CHF 82.90 per share

- 2021-12: CHF 88.95 per share

- 2022-01: CHF 74.55 per share

- 2022-02: CHF 69.30 per share

- 2022-03: CHF 76.50 per share

- 2022-04: CHF 71.00 per share

- 2022-05: CHF 64.85 per share

- 2022-06: CHF 61.00 per share

- 2022-07: CHF 70.20 per share

- 2022-08: CHF 78.25 per share

- 2022-09: CHF 73.50 per share

- 2022-10: CHF 59.60 per share

- 2022-11: CHF 63.45 per share

- 2022-12: CHF 61.35 per share

- 2023-01: CHF 67.00 per share

- 2023-02: CHF 65.85 per share

- 2023-03: CHF 67.15 per share

- 2023-04: CHF 68.65 per share

- 2023-05: CHF 72.15 per share

- 2023-06: CHF 73.90 per share

- 2023-07: CHF 76.95 per share

- 2023-08: CHF 79.95 per share

- 2023-09: CHF 78.45 per share

- 2023-10: CHF 71.95 per share

- 2023-11: CHF 78.85 per share

- 2023-12: CHF 85.95 per share

- 2024-01: CHF 86.30 per share

- 2024-02: CHF 88.60 per share

- 2024-03: CHF 92.10 per share

- 2024-04: CHF 88.20 per share

- 2024-05: CHF 89.90 per share

- 2024-06: CHF 93.30 per share

- 2024-07: CHF 102.40 per share

- 2024-08: CHF 111.80 per share

- 2024-09: CHF 113.80 per share

- 2024-10: CHF 113.00 per share

- 2024-11: CHF 111.40 per share

- 2024-12: CHF 98.60 per share

- 2025-01: CHF 102.80 per share

- 2025-02: CHF 96.10 per share

- 2025-03: CHF 90.60 per share

- 2025-04: CHF 98.00 per share

- 2025-05: CHF 96.60 per share

- 2025-06: CHF 89.30 per share

- 2025-07: CHF 91.50 per share

- 2025-08: CHF 83.80 per share

- 2025-09: CHF 79.30 per share

- 2025-10: CHF 77.40 per share

- 2025-11: CHF 72.00 per share

- 2025-12: CHF 74.60 per share

- 2026-01: CHF 94.90 per share

- 2026-02: CHF 85.70 per share

- 2026-03: CHF 75.00 per share

- 2026-04: CHF 78.70 per share

- 2026-05: CHF 81.80 per share

- 2026-06: CHF 70.80 per share

- 2026-07: CHF 75.75 per share

- 2026-08: CHF 72.40 per share

- 2026-09: CHF 72.00 per share

- 2026-10: CHF 68.35 per share

## Annual estimated value (CHF per share)

- FY2016: low CHF 13.99 per share, central CHF 15.86 per share, high CHF 18.34 per share

- FY2017: low CHF 11.21 per share, central CHF 12.69 per share, high CHF 14.66 per share

- FY2018: low CHF 13.00 per share, central CHF 17.22 per share, high CHF 20.08 per share

- FY2019: low CHF 16.62 per share, central CHF 22.74 per share, high CHF 26.63 per share

- FY2020: low CHF 17.66 per share, central CHF 24.58 per share, high CHF 28.70 per share

- FY2021: low CHF 23.42 per share, central CHF 32.96 per share, high CHF 38.51 per share

- FY2022: low CHF 29.03 per share, central CHF 40.80 per share, high CHF 47.65 per share

- FY2023: low CHF 27.34 per share, central CHF 38.75 per share, high CHF 45.39 per share

- FY2024: low CHF 27.36 per share, central CHF 38.95 per share, high CHF 45.70 per share

- FY2025: low CHF 27.58 per share, central CHF 36.55 per share, high CHF 42.52 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 2026-10-15T06:44:12.847Z 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.