# Sonova H Ag (SOON.SW)

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

Analysis as of: 2026-10-16T07:34:46.125Z. Financial observations: FY2003–FY2026.

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 274.20 per share; close as of 2026-10-15.

Estimated value: low CHF 135.64 per share, central CHF 153.07 per share, high CHF 176.30 per share. Buy at or below the central value CHF 153.07 per share. Valuation as of 2026-10-16T07:34:46.125Z; scenarios are not confidence intervals.

Expected annual return: 6.7% at the stated quote. About 6.7% 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

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

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.10×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.18×

- FY2018: 0.18×

- FY2019: 0.19×

- FY2020: 0.17×

- FY2021: 0.24×

- FY2022: 0.23×

- FY2023: 0.20×

- FY2024: 0.18×

- FY2025: 0.20×

- FY2026: 0.19×

### moat: pass

- ROIC, median of available years: 57.2%

- ROIC, second-lowest year: 44.7%

- Typical minus recent gross margin: -1.8 pp

- Typical gross margin (annual median): 72.0%

- Recent gross margin (lower of latest and 3-year median): 73.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.5%

- ROIC including acquisitions, ten-year median: 17.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 51.8%

- FY2018: 57.7%

- FY2019: 74.5%

- FY2020: 74.7%

- FY2021: 74.4%

- FY2022: 70.4%

- FY2023: 56.7%

- FY2024: 47.4%

- FY2025: 44.7%

- FY2026: 43.6%

### economics: pass

- Owner earnings / net income, 5-yr: 1.12×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CHF 3.2B

- Net income, five-year total: CHF 2.9B

- Return on incremental invested capital: >100%

- 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: 24.2%

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

- FY2022: 1.07×

- FY2023: 1.04×

- FY2024: 1.10×

- FY2025: 1.13×

- FY2026: 1.30×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 57.7% vs 44.7%

- Per-share earnings: 5.33 to 9.06 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.8%

- Ordinary dilution, 5-year annual growth: -0.9%

- Market cap gain: CHF 1.7B

- Cumulative retained earnings: CHF 1.1B

- Diluted shares, 10-year annual growth: -0.8%

- Diluted shares, 5-year annual growth: -0.9%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 6.9%

- Per-share value change: CHF 3.73

- Per-share value, starting three-year median: CHF 5.33

- Per-share value, ending three-year median: CHF 9.06

- Buybacks concentrated in cheaper years (correlation): 0.35

- Average buyback yield: 1.5%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: CHF 3.8B

- Cumulative net income, 10 years: CHF 5.1B

- ROIC, first three-year median: 57.7%

- ROIC, last three-year median: 44.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: CHF 5.33

- FY2018: CHF 6.10

- FY2019: CHF 7.00

- FY2020: CHF 7.66

- FY2021: CHF 9.18

- FY2022: CHF 10.35

- FY2023: CHF 10.83

- FY2024: CHF 10.05

- FY2025: CHF 9.06

- FY2026: CHF 7.13

### accounting: pass

- Sloan accruals: -4.5%

- Receivables to sales index (DSRI): 0.98×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.59×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.92×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -4.4%

- FY2018: -2.9%

- FY2019: -1.8%

- FY2020: -8.0%

- FY2021: -2.9%

- FY2022: -4.9%

- FY2023: -2.1%

- FY2024: -2.6%

- FY2025: -4.3%

- FY2026: -4.5%

## Holders

## Price story

Down 29% since Mar 2022 · sales -0.2%

Story as of 2026-10-16T10:00:02.440Z; price observation 2026-10-15.

Price needs cash profits to grow 9% a year for ten years

### Sales · FY2025–2026

sales -0.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: CHF 2.4B 

- FY2018: CHF 2.6B 

- FY2019: CHF 2.8B 

- FY2020: CHF 2.9B 

- FY2021: CHF 2.6B 

- FY2022: CHF 3.4B 

- FY2023: CHF 3.7B 

- FY2024: CHF 3.6B 

- FY2025: CHF 3.6B 

- FY2026: CHF 3.6B 

### Gross margin · FY2026

gross margin 73.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 68.9% 

- FY2018: 70.6% 

- FY2019: 71.5% 

- FY2020: 71.9% 

- FY2021: 72.1% 

- FY2022: 73.2% 

- FY2023: 70.8% 

- FY2024: 72.3% 

- FY2025: 74.3% 

- FY2026: 73.7% 

## Owner memo

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

### How it makes money

Operates in medical devices; annual sales are CHF 3.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:46.125Z); FY2026: revenue 3605900000; grossProfit 2658300000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SOON.SW: Sonova Holding AG manufactures and sells hearing care solutions for children and adults in Switzerland, the United States, rest of the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It operates through Hearing Instruments, Cochlear Implants, and Lifestyle-Aligned segments. The Hearing Instruments segment engages in the design, development, manufacture, distribution, and service of hearing instruments and related products, as well as wireless headsets, speech-enhanced hearables, and audiophile headphones under the Phonak, Unitron, Hansaton, and Sennheiser brand names; and audiological care services under the AudioNova, Audition Santé, Boots Hearingcare, Connect Hearing, Geers, Hansaton, Lapperre, Schoonenberg, and Triton Hearing brands. The Cochlear Implants segment is involved in the design, development, manufacture, distribution, and service of hearing instruments and related products under the Advanced Bionics brand. The Lifestyle-Aligned segment designs connected solutions and integrating AI and digital capabilities. It sells its products directly to end consumers through its own store network; wholesales to independent audiologists, third party retail chains, and multinational and government customers; and provides hearing care services through a network of stores and clinics. The company was formerly known as Phonak Holding AG and changed its name to Sonova Holding AG in August 2007. Sonova Holding AG was founded in 1947 and is headquartered in Stäfa, Switzerland.

### Why customers stay

Margins ranged from 72.3% to 74.3% during 2024–26; it earns 57.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:46.125Z); FY2024: grossProfit / revenue = 72.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:46.125Z); FY2025: grossProfit / revenue = 74.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:46.125Z); FY2026: grossProfit / revenue = 73.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:46.125Z); 10-year return on capital observations [[2017,0.5175170213344747],[2018,0.5773272821974551],[2019,0.7449002731349663],[2020,0.7467761597353443],[2021,0.744444664583648],[2022,0.703660431487034],[2023,0.5670922253116193],[2024,0.47366542089140296],[2025,0.4465895757804247],[2026,0.43588121039540867]]; median 0.5722097537545372. 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 63.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:46.125Z); FY2017: growth capex 2757000; upkeep 95463000; owner earnings 349172000. Growth capex / owner earnings = 0.007895822116320896.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:46.125Z); FY2018: growth capex 0; upkeep 61200000; owner earnings 451100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:46.125Z); FY2019: growth capex 0; upkeep 77000000; owner earnings 486200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:46.125Z); FY2020: growth capex 0; upkeep 128800000; owner earnings 500700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:46.125Z); FY2021: growth capex 0; upkeep 89200000; owner earnings 633640000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:46.125Z); FY2022: growth capex 0; upkeep 106600000; owner earnings 696640000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:46.125Z); FY2023: growth capex 0; upkeep 154300000; owner earnings 673520000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:46.125Z); FY2024: growth capex 0; upkeep 128600000; owner earnings 662780000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:46.125Z); FY2025: growth capex 0; upkeep 137600000; owner earnings 610980000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:46.125Z); FY2026: growth capex 0; upkeep 81400000; owner earnings 561320000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:46.125Z); Dividend observations: [[2017,137178000],[2018,150250000],[2019,169800000],[2020,186500000],[2021,200000],[2022,201600000],[2023,267600000],[2024,274100000],[2025,256200000],[2026,262300000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:46.125Z); FY2026: cash repurchases 63100000 CHF.

### Are managers owners

Insiders own 17.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SOON.SW SharesStats.PercentInsiders = 17.503 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 9% yearly over ten years; actual growth was 6.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:46.125Z); Ten-year compound average after fade. Initial solved rate 0.15233110617595708. Price 274.2; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2016 owner earnings/share 5.098492426431753 → FY2026 9.296147858633368. Closing-price date 2026-10-15.

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

- 2016-10: CHF 132.70 per share

- 2016-11: CHF 122.90 per share

- 2016-12: CHF 123.40 per share

- 2017-01: CHF 130.40 per share

- 2017-02: CHF 131.90 per share

- 2017-03: CHF 138.90 per share

- 2017-04: CHF 147.10 per share

- 2017-05: CHF 160.40 per share

- 2017-06: CHF 155.70 per share

- 2017-07: CHF 156.90 per share

- 2017-08: CHF 162.10 per share

- 2017-09: CHF 164.30 per share

- 2017-10: CHF 180.10 per share

- 2017-11: CHF 156.70 per share

- 2017-12: CHF 152.20 per share

- 2018-01: CHF 150.10 per share

- 2018-02: CHF 148.40 per share

- 2018-03: CHF 151.80 per share

- 2018-04: CHF 164.20 per share

- 2018-05: CHF 172.00 per share

- 2018-06: CHF 177.85 per share

- 2018-07: CHF 182.80 per share

- 2018-08: CHF 183.90 per share

- 2018-09: CHF 195.30 per share

- 2018-10: CHF 164.55 per share

- 2018-11: CHF 161.35 per share

- 2018-12: CHF 160.60 per share

- 2019-01: CHF 186.20 per share

- 2019-02: CHF 186.65 per share

- 2019-03: CHF 197.00 per share

- 2019-04: CHF 205.50 per share

- 2019-05: CHF 223.10 per share

- 2019-06: CHF 221.80 per share

- 2019-07: CHF 229.50 per share

- 2019-08: CHF 229.70 per share

- 2019-09: CHF 232.00 per share

- 2019-10: CHF 226.00 per share

- 2019-11: CHF 228.30 per share

- 2019-12: CHF 221.50 per share

- 2020-01: CHF 241.80 per share

- 2020-02: CHF 229.80 per share

- 2020-03: CHF 174.40 per share

- 2020-04: CHF 174.30 per share

- 2020-05: CHF 210.50 per share

- 2020-06: CHF 189.15 per share

- 2020-07: CHF 205.60 per share

- 2020-08: CHF 211.10 per share

- 2020-09: CHF 233.60 per share

- 2020-10: CHF 217.50 per share

- 2020-11: CHF 225.10 per share

- 2020-12: CHF 230.00 per share

- 2021-01: CHF 215.40 per share

- 2021-02: CHF 232.80 per share

- 2021-03: CHF 250.40 per share

- 2021-04: CHF 270.10 per share

- 2021-05: CHF 319.80 per share

- 2021-06: CHF 348.00 per share

- 2021-07: CHF 355.90 per share

- 2021-08: CHF 353.00 per share

- 2021-09: CHF 355.20 per share

- 2021-10: CHF 378.30 per share

- 2021-11: CHF 346.50 per share

- 2021-12: CHF 357.80 per share

- 2022-01: CHF 327.00 per share

- 2022-02: CHF 357.00 per share

- 2022-03: CHF 387.60 per share

- 2022-04: CHF 355.20 per share

- 2022-05: CHF 339.00 per share

- 2022-06: CHF 304.00 per share

- 2022-07: CHF 341.00 per share

- 2022-08: CHF 258.70 per share

- 2022-09: CHF 220.00 per share

- 2022-10: CHF 236.70 per share

- 2022-11: CHF 242.00 per share

- 2022-12: CHF 219.30 per share

- 2023-01: CHF 227.90 per share

- 2023-02: CHF 231.20 per share

- 2023-03: CHF 268.60 per share

- 2023-04: CHF 281.80 per share

- 2023-05: CHF 233.40 per share

- 2023-06: CHF 238.20 per share

- 2023-07: CHF 242.50 per share

- 2023-08: CHF 233.70 per share

- 2023-09: CHF 217.70 per share

- 2023-10: CHF 214.50 per share

- 2023-11: CHF 252.30 per share

- 2023-12: CHF 274.40 per share

- 2024-01: CHF 277.70 per share

- 2024-02: CHF 272.30 per share

- 2024-03: CHF 261.10 per share

- 2024-04: CHF 255.40 per share

- 2024-05: CHF 284.80 per share

- 2024-06: CHF 277.60 per share

- 2024-07: CHF 269.30 per share

- 2024-08: CHF 295.80 per share

- 2024-09: CHF 303.80 per share

- 2024-10: CHF 315.20 per share

- 2024-11: CHF 300.80 per share

- 2024-12: CHF 296.30 per share

- 2025-01: CHF 319.20 per share

- 2025-02: CHF 289.00 per share

- 2025-03: CHF 256.50 per share

- 2025-04: CHF 253.40 per share

- 2025-05: CHF 257.60 per share

- 2025-06: CHF 236.40 per share

- 2025-07: CHF 222.30 per share

- 2025-08: CHF 232.90 per share

- 2025-09: CHF 216.60 per share

- 2025-10: CHF 218.60 per share

- 2025-11: CHF 200.10 per share

- 2025-12: CHF 207.10 per share

- 2026-01: CHF 211.50 per share

- 2026-02: CHF 201.90 per share

- 2026-03: CHF 179.00 per share

- 2026-04: CHF 171.20 per share

- 2026-05: CHF 207.60 per share

- 2026-06: CHF 192.10 per share

- 2026-07: CHF 220.00 per share

- 2026-08: CHF 232.20 per share

- 2026-09: CHF 251.60 per share

- 2026-10: CHF 267.00 per share

## Annual estimated value (CHF per share)

- FY2017: low CHF 72.09 per share, central CHF 81.47 per share, high CHF 93.96 per share

- FY2018: low CHF 87.84 per share, central CHF 101.28 per share, high CHF 116.70 per share

- FY2019: low CHF 91.86 per share, central CHF 109.11 per share, high CHF 126.40 per share

- FY2020: low CHF 96.11 per share, central CHF 108.67 per share, high CHF 125.41 per share

- FY2021: low CHF 107.68 per share, central CHF 118.93 per share, high CHF 133.92 per share

- FY2022: low CHF 141.92 per share, central CHF 197.64 per share, high CHF 230.54 per share

- FY2023: low CHF 168.89 per share, central CHF 243.29 per share, high CHF 284.95 per share

- FY2024: low CHF 157.07 per share, central CHF 210.33 per share, high CHF 245.24 per share

- FY2025: low CHF 155.22 per share, central CHF 200.90 per share, high CHF 233.42 per share

- FY2026: low CHF 133.44 per share, central CHF 150.59 per share, high CHF 173.44 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.

Sonova H Ag

SOON · SW

STOXX Europe 600

A wonderful business at too high a price

Passes the quality tests.

Share price: CHF 274.20
Buy up to: CHF 153.07
Expected / yr: 6.7% 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 10% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 19.1%
Worst year: 17.5%
Latest · 2026: 18.7%

Capital return excluding acquisitions: median 57.2% (minimum 15%), and the second-worst year 44.7% (minimum 10%).

ROIC excluding acquisitions

10y median: 57.2%
Worst year: 43.6%
Latest · 2026: 43.6%

Each $1 of profit left $1.12 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.12×
Annual median: 1.10×
Latest · 2026: 1.30×

Per-share value rose from 5.33 to 9.06, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: CHF 8.36
Worst year: CHF 5.33
Latest · 2026: CHF 7.13

Profits were backed by cash: accruals were -4.5% of assets (limit 10%).

Sloan accruals

10y median: -3.6%
Worst year: -1.8%
Latest · 2026: -4.5%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 19.6%, three-year average owner earnings per share 10.21 CHF.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CHF 132.70; 2016-11 · Price CHF 122.90; 2016-12 · Price CHF 123.40; 2017-01 · Price CHF 130.40 · Value 81.47 · Buy at or below 81.47; 2017-02 · Price CHF 131.90 · Value 81.47 · Buy at or below 81.47; 2017-03 · Price CHF 138.90 · Value 81.47 · Buy at or below 81.47; 2017-04 · Price CHF 147.10 · Value 81.47 · Buy at or below 81.47; 2017-05 · Price CHF 160.40 · Value 81.47 · Buy at or below 81.47; 2017-06 · Price CHF 155.70 · Value 81.47 · Buy at or below 81.47; 2017-07 · Price CHF 156.90 · Value 81.47 · Buy at or below 81.47; 2017-08 · Price CHF 162.10 · Value 81.47 · Buy at or below 81.47; 2017-09 · Price CHF 164.30 · Value 81.47 · Buy at or below 81.47; 2017-10 · Price CHF 180.10 · Value 81.47 · Buy at or below 81.47; 2017-11 · Price CHF 156.70 · Value 81.47 · Buy at or below 81.47; 2017-12 · Price CHF 152.20 · Value 81.47 · Buy at or below 81.47; 2018-01 · Price CHF 150.10 · Value 81.47 · Buy at or below 81.47; 2018-02 · Price CHF 148.40 · Value 101.28 · Buy at or below 101.28; 2018-03 · Price CHF 151.80 · Value 101.28 · Buy at or below 101.28; 2018-04 · Price CHF 164.20 · Value 101.28 · Buy at or below 101.28; 2018-05 · Price CHF 172.00 · Value 101.28 · Buy at or below 101.28; 2018-06 · Price CHF 177.85 · Value 101.28 · Buy at or below 101.28; 2018-07 · Price CHF 182.80 · Value 101.28 · Buy at or below 101.28; 2018-08 · Price CHF 183.90 · Value 101.28 · Buy at or below 101.28; 2018-09 · Price CHF 195.30 · Value 101.28 · Buy at or below 101.28; 2018-10 · Price CHF 164.55 · Value 101.28 · Buy at or below 101.28; 2018-11 · Price CHF 161.35 · Value 101.28 · Buy at or below 101.28; 2018-12 · Price CHF 160.60 · Value 101.28 · Buy at or below 101.28; 2019-01 · Price CHF 186.20 · Value 101.28 · Buy at or below 101.28; 2019-02 · Price CHF 186.65 · Value 109.11 · Buy at or below 109.11; 2019-03 · Price CHF 197.00 · Value 109.11 · Buy at or below 109.11; 2019-04 · Price CHF 205.50 · Value 109.11 · Buy at or below 109.11; 2019-05 · Price CHF 223.10 · Value 109.11 · Buy at or below 109.11; 2019-06 · Price CHF 221.80 · Value 109.11 · Buy at or below 109.11; 2019-07 · Price CHF 229.50 · Value 109.11 · Buy at or below 109.11; 2019-08 · Price CHF 229.70 · Value 109.11 · Buy at or below 109.11; 2019-09 · Price CHF 232.00 · Value 109.11 · Buy at or below 109.11; 2019-10 · Price CHF 226.00 · Value 109.11 · Buy at or below 109.11; 2019-11 · Price CHF 228.30 · Value 109.11 · Buy at or below 109.11; 2019-12 · Price CHF 221.50 · Value 109.11 · Buy at or below 109.11; 2020-01 · Price CHF 241.80 · Value 109.11 · Buy at or below 109.11; 2020-02 · Price CHF 229.80 · Value 108.67 · Buy at or below 108.67; 2020-03 · Price CHF 174.40 · Value 108.67 · Buy at or below 108.67; 2020-04 · Price CHF 174.30 · Value 108.67 · Buy at or below 108.67; 2020-05 · Price CHF 210.50 · Value 108.67 · Buy at or below 108.67; 2020-06 · Price CHF 189.15 · Value 108.67 · Buy at or below 108.67; 2020-07 · Price CHF 205.60 · Value 108.67 · Buy at or below 108.67; 2020-08 · Price CHF 211.10 · Value 108.67 · Buy at or below 108.67; 2020-09 · Price CHF 233.60 · Value 108.67 · Buy at or below 108.67; 2020-10 · Price CHF 217.50 · Value 108.67 · Buy at or below 108.67; 2020-11 · Price CHF 225.10 · Value 108.67 · Buy at or below 108.67; 2020-12 · Price CHF 230.00 · Value 108.67 · Buy at or below 108.67; 2021-01 · Price CHF 215.40 · Value 108.67 · Buy at or below 108.67; 2021-02 · Price CHF 232.80 · Value 118.93 · Buy at or below 118.93; 2021-03 · Price CHF 250.40 · Value 118.93 · Buy at or below 118.93; 2021-04 · Price CHF 270.10 · Value 118.93 · Buy at or below 118.93; 2021-05 · Price CHF 319.80 · Value 118.93 · Buy at or below 118.93; 2021-06 · Price CHF 348.00 · Value 118.93 · Buy at or below 118.93; 2021-07 · Price CHF 355.90 · Value 118.93 · Buy at or below 118.93; 2021-08 · Price CHF 353.00 · Value 118.93 · Buy at or below 118.93; 2021-09 · Price CHF 355.20 · Value 118.93 · Buy at or below 118.93; 2021-10 · Price CHF 378.30 · Value 118.93 · Buy at or below 118.93; 2021-11 · Price CHF 346.50 · Value 118.93 · Buy at or below 118.93; 2021-12 · Price CHF 357.80 · Value 118.93 · Buy at or below 118.93; 2022-01 · Price CHF 327.00 · Value 118.93 · Buy at or below 118.93; 2022-02 · Price CHF 357.00 · Value 197.64 · Buy at or below 197.64; 2022-03 · Price CHF 387.60 · Value 197.64 · Buy at or below 197.64; 2022-04 · Price CHF 355.20 · Value 197.64 · Buy at or below 197.64; 2022-05 · Price CHF 339.00 · Value 197.64 · Buy at or below 197.64; 2022-06 · Price CHF 304.00 · Value 197.64 · Buy at or below 197.64; 2022-07 · Price CHF 341.00 · Value 197.64 · Buy at or below 197.64; 2022-08 · Price CHF 258.70 · Value 197.64 · Buy at or below 197.64; 2022-09 · Price CHF 220.00 · Value 197.64 · Buy at or below 197.64; 2022-10 · Price CHF 236.70 · Value 197.64 · Buy at or below 197.64; 2022-11 · Price CHF 242.00 · Value 197.64 · Buy at or below 197.64; 2022-12 · Price CHF 219.30 · Value 197.64 · Buy at or below 197.64; 2023-01 · Price CHF 227.90 · Value 197.64 · Buy at or below 197.64; 2023-02 · Price CHF 231.20 · Value 243.29 · Buy at or below 243.29; 2023-03 · Price CHF 268.60 · Value 243.29 · Buy at or below 243.29; 2023-04 · Price CHF 281.80 · Value 243.29 · Buy at or below 243.29; 2023-05 · Price CHF 233.40 · Value 243.29 · Buy at or below 243.29; 2023-06 · Price CHF 238.20 · Value 243.29 · Buy at or below 243.29; 2023-07 · Price CHF 242.50 · Value 243.29 · Buy at or below 243.29; 2023-08 · Price CHF 233.70 · Value 243.29 · Buy at or below 243.29; 2023-09 · Price CHF 217.70 · Value 243.29 · Buy at or below 243.29; 2023-10 · Price CHF 214.50 · Value 243.29 · Buy at or below 243.29; 2023-11 · Price CHF 252.30 · Value 243.29 · Buy at or below 243.29; 2023-12 · Price CHF 274.40 · Value 243.29 · Buy at or below 243.29; 2024-01 · Price CHF 277.70 · Value 243.29 · Buy at or below 243.29; 2024-02 · Price CHF 272.30 · Value 210.33 · Buy at or below 210.33; 2024-03 · Price CHF 261.10 · Value 210.33 · Buy at or below 210.33; 2024-04 · Price CHF 255.40 · Value 210.33 · Buy at or below 210.33; 2024-05 · Price CHF 284.80 · Value 210.33 · Buy at or below 210.33; 2024-06 · Price CHF 277.60 · Value 210.33 · Buy at or below 210.33; 2024-07 · Price CHF 269.30 · Value 210.33 · Buy at or below 210.33; 2024-08 · Price CHF 295.80 · Value 210.33 · Buy at or below 210.33; 2024-09 · Price CHF 303.80 · Value 210.33 · Buy at or below 210.33; 2024-10 · Price CHF 315.20 · Value 210.33 · Buy at or below 210.33; 2024-11 · Price CHF 300.80 · Value 210.33 · Buy at or below 210.33; 2024-12 · Price CHF 296.30 · Value 210.33 · Buy at or below 210.33; 2025-01 · Price CHF 319.20 · Value 210.33 · Buy at or below 210.33; 2025-02 · Price CHF 289.00 · Value 200.90 · Buy at or below 200.90; 2025-03 · Price CHF 256.50 · Value 200.90 · Buy at or below 200.90; 2025-04 · Price CHF 253.40 · Value 200.90 · Buy at or below 200.90; 2025-05 · Price CHF 257.60 · Value 200.90 · Buy at or below 200.90; 2025-06 · Price CHF 236.40 · Value 200.90 · Buy at or below 200.90; 2025-07 · Price CHF 222.30 · Value 200.90 · Buy at or below 200.90; 2025-08 · Price CHF 232.90 · Value 200.90 · Buy at or below 200.90; 2025-09 · Price CHF 216.60 · Value 200.90 · Buy at or below 200.90; 2025-10 · Price CHF 218.60 · Value 200.90 · Buy at or below 200.90; 2025-11 · Price CHF 200.10 · Value 200.90 · Buy at or below 200.90; 2025-12 · Price CHF 207.10 · Value 200.90 · Buy at or below 200.90; 2026-01 · Price CHF 211.50 · Value 200.90 · Buy at or below 200.90; 2026-02 · Price CHF 201.90 · Value 150.59 · Buy at or below 150.59; 2026-03 · Price CHF 179.00 · Value 150.59 · Buy at or below 150.59; 2026-04 · Price CHF 171.20 · Value 150.59 · Buy at or below 150.59; 2026-05 · Price CHF 207.60 · Value 150.59 · Buy at or below 150.59; 2026-06 · Price CHF 192.10 · Value 150.59 · Buy at or below 150.59; 2026-07 · Price CHF 220.00 · Value 150.59 · Buy at or below 150.59; 2026-08 · Price CHF 232.20 · Value 150.59 · Buy at or below 150.59; 2026-09 · Price CHF 251.60 · Value 150.59 · Buy at or below 150.59; 2026-10 · Price CHF 267.00 · Value 150.59 · Buy at or below 150.59; 2026-10 · Price CHF 274.20 · Value 150.59 · Buy at or below 150.59

CHF per share · annual estimates

Price & return math
Value range	CHF 135.64 – CHF 176.30
Buy at or below	Central value CHF 153.07
Discount to value	1 − 274.20 / 153.07 = -79.1%
Return / year	About 6.7% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash CHF 10.94/share; 0.0% growth fades over 10 years to 3.0%; excess cash CHF 10.94/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueCHF 3.6B

Revenue

Owner earningsCHF 561M

Owner earnings

Operating margin18.7%

Operating margin

Net cash / debtCHF -990M

Net cash / debt

Diluted shares60M

Diluted shares

Prices 15 Oct 2026 · FY2026