# Straumann Holding AG (STMN.SW)

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

Analysis as of: 2026-10-16T07:34:53.227Z. 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 94.08 per share; close as of 2026-10-15.

Estimated value: low CHF 32.22 per share, central CHF 44.42 per share, high CHF 51.78 per share. Buy at or below the central value CHF 44.42 per share. Valuation as of 2026-10-16T07:34:53.227Z; scenarios are not confidence intervals.

Expected annual return: 6.3% at the stated quote. About 6.3% 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

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.25×

- FY2017: 0.25×

- FY2018: 0.26×

- FY2019: 0.25×

- FY2020: 0.22×

- FY2021: 0.27×

- FY2022: 0.23×

- FY2023: 0.17×

- FY2024: 0.24×

- FY2025: 0.21×

### moat: fail

- Recent gross margin fell 6.1pp below the typical margin (limit 4pp)

- ROIC, median of available years: 33.6%

- ROIC, second-lowest year: 24.3%

- Typical minus recent gross margin: 6.1 pp

- Typical gross margin (annual median): 74.7%

- Recent gross margin (lower of latest and 3-year median): 68.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.7%

- ROIC including acquisitions, ten-year median: 18.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 49.2%

- FY2017: 44.9%

- FY2018: 42.4%

- FY2019: 31.5%

- FY2020: 29.5%

- FY2021: 50.0%

- FY2022: 34.8%

- FY2023: 22.7%

- FY2024: 32.4%

- FY2025: 24.3%

### economics: pass

- Owner earnings / net income, 5-yr: 0.86×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CHF 1.6B

- Net income, five-year total: CHF 1.8B

- Return on incremental invested capital: 25.6%

- Working capital / revenue, annual change: 0.8 pp

- Working capital / revenue, change between three-year averages: 6.5 pp

- Working capital / revenue, final three-year average: 32.9%

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

- FY2021: 0.89×

- FY2022: 0.90×

- FY2023: 0.68×

- FY2024: 0.89×

- FY2025: 0.90×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 44.9% vs 24.3%

- Per-share earnings: 1.47 to 2.25 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.5%

- Ordinary dilution, 5-year annual growth: -0.1%

- Market cap gain: CHF 8.6B

- Cumulative retained earnings: CHF 2.2B

- Diluted shares, 10-year annual growth: -0.5%

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 5.5%

- Per-share value change: CHF 0.78

- Per-share value, starting three-year median: CHF 1.47

- Per-share value, ending three-year median: CHF 2.25

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 0.4%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: CHF 765M

- Cumulative net income, 10 years: CHF 3.0B

- ROIC, first three-year median: 44.9%

- ROIC, last three-year median: 24.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: CHF 1.47

- FY2017: CHF 1.74

- FY2018: CHF 1.72

- FY2019: CHF 1.92

- FY2020: CHF 0.57

- FY2021: CHF 2.48

- FY2022: CHF 2.73

- FY2023: CHF 1.54

- FY2024: CHF 2.43

- FY2025: CHF 2.25

### accounting: pass

- Sloan accruals: -3.9%

- Receivables to sales index (DSRI): 0.92×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.42×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.40×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 4.1%

- FY2017: 3.3%

- FY2018: -0.2%

- FY2019: -3.1%

- FY2020: -11.2%

- FY2021: -5.6%

- FY2022: 0.5%

- FY2023: -7.8%

- FY2024: -2.6%

- FY2025: -3.9%

## Holders

## Price story

Down 52% since Nov 2021 · sales +4%

Story as of 2026-10-16T10:00:02.901Z; price observation 2026-10-15.

Price needs cash profits to grow 16% a year for ten years

### Sales · FY2024–2025

sales +4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CHF 918M 

- FY2017: CHF 1.1B 

- FY2018: CHF 1.4B 

- FY2019: CHF 1.6B 

- FY2020: CHF 1.4B 

- FY2021: CHF 2.0B 

- FY2022: CHF 2.3B 

- FY2023: CHF 2.4B 

- FY2024: CHF 2.5B 

- FY2025: CHF 2.6B 

### Gross margin · FY2025

gross margin 68.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 78.3% 

- FY2017: 75.6% 

- FY2018: 75.4% 

- FY2019: 75.2% 

- FY2020: 72.0% 

- FY2021: 75.6% 

- FY2022: 73.3% 

- FY2023: 74.2% 

- FY2024: 71.2% 

- FY2025: 68.6% 

## Owner memo

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

### How it makes money

Operates in medical instruments & supplies; annual sales are CHF 2.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:53.227Z); FY2025: revenue 2605000000; grossProfit 1787000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); STMN.SW: Straumann Holding AG provides tooth replacement and orthodontic solutions in Switzerland, the United States, China, Germany, Brazil, Japan, France, and internationally. It operates through Sales Europe, Middle East and Africa; Sales North America; Sales Asia Pacific; Sales Latin America; and Operations segments. The company offers dental implants, instruments, CADCAM prosthetics, orthodontic and clear aligners, biomaterials, and digital equipment and solutions for use in tooth correction, replacement, and restoration, as well as to prevent tooth loss. It also provides implant systems, components, and related instruments, as well as healing components, materials and surfaces, surgical sets and instruments, and guided surgery and navigation products; prosthetics, including angled solutions, connections, components, and molar solutions; intra-oral and lab scanners, milling machines, dynamic navigation systems, and 3D printers; consumables, such as blocks, discs, resins, titanium bases, and abutment blanks, as well as scan bodies, analogs, and sleeves; online education; and dentists and dental labs solutions. In addition, the company offers regenerative solutions for tooth preservation, implant-site management, and implant preservation; scanner hardware, software licenses, sterile-packaged products, customer training, and other products; and logistics and supply chain services. Further, it provides thermoplastics; implant treatment referral; high-tech materials; artificial intelligence solutions for dental applications; and 3D orthodontic treatment animations. The company sells its products under the Straumann, Neodent, Medentika, Anthogyr, ClearCorrect, NUVO, and other brands through a network of distribution subsidiaries and partners, and third-party distributors, as well as through its e-shop. It serves clinicals needs, patient segments, and healthcare systems. Straumann Holding AG was founded in 1954 and is headquartered in Basel, Switzerland.

### Why customers stay

Margins ranged from 68.6% to 74.2% during 2023–25; it earns 33.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:53.227Z); FY2023: grossProfit / revenue = 74.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:53.227Z); FY2024: grossProfit / revenue = 71.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:53.227Z); FY2025: grossProfit / revenue = 68.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:53.227Z); 10-year return on capital observations [[2016,0.4924493074551691],[2017,0.4488318164541649],[2018,0.4236420530031322],[2019,0.3150883810195865],[2020,0.29543118270004065],[2021,0.5000534046553331],[2022,0.34819134782010164],[2023,0.22687746292178676],[2024,0.32383893865782765],[2025,0.24278149783482303]]; median 0.33601514323896464. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 5.4% of cash earnings on expansion; earns 25.6% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:53.227Z); FY2016: growth capex 7147000; upkeep 32023000; owner earnings 229600000. Growth capex / owner earnings = 0.031128048780487805.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:53.227Z); FY2017: growth capex 25325036.576389983; upkeep 41228963.42361002; owner earnings 271946036.57638997. Growth capex / owner earnings = 0.09312522769301751.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:53.227Z); FY2018: growth capex 35011299.45009396; upkeep 57910700.54990604; owner earnings 267226299.45009395. Growth capex / owner earnings = 0.13101741678173603.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:53.227Z); FY2019: growth capex 44033003.091368705; upkeep 105826996.9086313; owner earnings 243039803.0913687. Growth capex / owner earnings = 0.18117609762387307.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:53.227Z); FY2020: growth capex 0; upkeep 82069000; owner earnings 60234600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:53.227Z); FY2021: growth capex 17764000; upkeep 103206000; owner earnings 350733400. Growth capex / owner earnings = 0.05064815612085989.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:53.227Z); FY2022: growth capex 32729000; upkeep 162705000; owner earnings 390451800. Growth capex / owner earnings = 0.08382340662791156.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:53.227Z); FY2023: growth capex 29344419.202450395; upkeep 160088580.7975496; owner earnings 166289619.2024504. Growth capex / owner earnings = 0.1764657309529637.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:53.227Z); FY2024: growth capex 22837000; upkeep 144931000; owner earnings 345535200. Growth capex / owner earnings = 0.06609167459639423.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:53.227Z); FY2025: growth capex 17497000; upkeep 158135000; owner earnings 322079200. Growth capex / owner earnings = 0.05432514735506049.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:53.227Z); Incremental return on capital 0.25619771335430197, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:53.227Z); Dividend observations: [[2016,63152000],[2017,65139000],[2018,75120000],[2019,83126000],[2020,91231000],[2021,91381000],[2022,107432000],[2023,127445000],[2024,135428000],[2025,151340000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:53.227Z); FY2025: cash repurchases 24559000 CHF.

### Are managers owners

Insiders own 28.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); STMN.SW SharesStats.PercentInsiders = 28.804999999999996 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 16% yearly over ten years; actual growth was 16.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:53.227Z); Ten-year compound average after fade. Initial solved rate 0.21807125387825377. Price 94.08; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.43169893622346966 → FY2025 2.03384187926244. Closing-price date 2026-10-15.

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

- 2016-11: CHF 36.45 per share

- 2016-12: CHF 39.75 per share

- 2017-01: CHF 39.80 per share

- 2017-02: CHF 42.55 per share

- 2017-03: CHF 46.47 per share

- 2017-04: CHF 52.50 per share

- 2017-05: CHF 53.65 per share

- 2017-06: CHF 54.55 per share

- 2017-07: CHF 54.65 per share

- 2017-08: CHF 61.45 per share

- 2017-09: CHF 62.20 per share

- 2017-10: CHF 69.65 per share

- 2017-11: CHF 73.20 per share

- 2017-12: CHF 68.85 per share

- 2018-01: CHF 71.10 per share

- 2018-02: CHF 64.05 per share

- 2018-03: CHF 60.20 per share

- 2018-04: CHF 67.75 per share

- 2018-05: CHF 64.95 per share

- 2018-06: CHF 75.50 per share

- 2018-07: CHF 77.00 per share

- 2018-08: CHF 77.25 per share

- 2018-09: CHF 73.80 per share

- 2018-10: CHF 68.75 per share

- 2018-11: CHF 61.10 per share

- 2018-12: CHF 61.80 per share

- 2019-01: CHF 72.05 per share

- 2019-02: CHF 77.90 per share

- 2019-03: CHF 81.35 per share

- 2019-04: CHF 82.26 per share

- 2019-05: CHF 82.44 per share

- 2019-06: CHF 86.14 per share

- 2019-07: CHF 81.30 per share

- 2019-08: CHF 77.56 per share

- 2019-09: CHF 81.58 per share

- 2019-10: CHF 87.98 per share

- 2019-11: CHF 96.20 per share

- 2019-12: CHF 95.04 per share

- 2020-01: CHF 92.00 per share

- 2020-02: CHF 90.10 per share

- 2020-03: CHF 72.14 per share

- 2020-04: CHF 73.24 per share

- 2020-05: CHF 77.80 per share

- 2020-06: CHF 81.40 per share

- 2020-07: CHF 89.58 per share

- 2020-08: CHF 88.88 per share

- 2020-09: CHF 93.00 per share

- 2020-10: CHF 95.60 per share

- 2020-11: CHF 104.20 per share

- 2020-12: CHF 103.15 per share

- 2021-01: CHF 98.96 per share

- 2021-02: CHF 109.90 per share

- 2021-03: CHF 117.90 per share

- 2021-04: CHF 130.45 per share

- 2021-05: CHF 140.75 per share

- 2021-06: CHF 147.50 per share

- 2021-07: CHF 168.00 per share

- 2021-08: CHF 177.00 per share

- 2021-09: CHF 168.35 per share

- 2021-10: CHF 190.20 per share

- 2021-11: CHF 195.70 per share

- 2021-12: CHF 193.70 per share

- 2022-01: CHF 151.55 per share

- 2022-02: CHF 145.95 per share

- 2022-03: CHF 148.65 per share

- 2022-04: CHF 116.55 per share

- 2022-05: CHF 121.95 per share

- 2022-06: CHF 114.65 per share

- 2022-07: CHF 127.80 per share

- 2022-08: CHF 107.70 per share

- 2022-09: CHF 91.84 per share

- 2022-10: CHF 95.38 per share

- 2022-11: CHF 107.60 per share

- 2022-12: CHF 105.60 per share

- 2023-01: CHF 118.95 per share

- 2023-02: CHF 124.85 per share

- 2023-03: CHF 136.35 per share

- 2023-04: CHF 133.65 per share

- 2023-05: CHF 133.10 per share

- 2023-06: CHF 145.15 per share

- 2023-07: CHF 144.15 per share

- 2023-08: CHF 134.00 per share

- 2023-09: CHF 117.20 per share

- 2023-10: CHF 106.95 per share

- 2023-11: CHF 120.25 per share

- 2023-12: CHF 135.60 per share

- 2024-01: CHF 132.40 per share

- 2024-02: CHF 139.60 per share

- 2024-03: CHF 144.00 per share

- 2024-04: CHF 123.00 per share

- 2024-05: CHF 117.00 per share

- 2024-06: CHF 111.30 per share

- 2024-07: CHF 113.45 per share

- 2024-08: CHF 125.45 per share

- 2024-09: CHF 138.25 per share

- 2024-10: CHF 114.00 per share

- 2024-11: CHF 114.65 per share

- 2024-12: CHF 114.25 per share

- 2025-01: CHF 130.35 per share

- 2025-02: CHF 122.05 per share

- 2025-03: CHF 105.95 per share

- 2025-04: CHF 100.65 per share

- 2025-05: CHF 105.55 per share

- 2025-06: CHF 103.55 per share

- 2025-07: CHF 99.14 per share

- 2025-08: CHF 93.82 per share

- 2025-09: CHF 84.90 per share

- 2025-10: CHF 101.00 per share

- 2025-11: CHF 91.60 per share

- 2025-12: CHF 93.46 per share

- 2026-01: CHF 93.10 per share

- 2026-02: CHF 92.60 per share

- 2026-03: CHF 82.00 per share

- 2026-04: CHF 84.50 per share

- 2026-05: CHF 94.72 per share

- 2026-06: CHF 106.40 per share

- 2026-07: CHF 99.88 per share

- 2026-08: CHF 93.90 per share

- 2026-09: CHF 91.54 per share

- 2026-10: CHF 93.04 per share

## Annual estimated value (CHF per share)

- FY2016: low CHF 11.87 per share, central CHF 13.38 per share, high CHF 15.39 per share

- FY2017: low CHF 21.23 per share, central CHF 25.44 per share, high CHF 29.38 per share

- FY2018: low CHF 25.91 per share, central CHF 31.87 per share, high CHF 36.92 per share

- FY2019: low CHF 25.08 per share, central CHF 31.21 per share, high CHF 36.20 per share

- FY2020: low CHF 23.01 per share, central CHF 25.66 per share, high CHF 29.19 per share

- FY2021: low CHF 37.16 per share, central CHF 51.79 per share, high CHF 59.94 per share

- FY2022: low CHF 39.66 per share, central CHF 55.98 per share, high CHF 65.09 per share

- FY2023: low CHF 30.18 per share, central CHF 36.13 per share, high CHF 41.77 per share

- FY2024: low CHF 30.88 per share, central CHF 42.35 per share, high CHF 49.33 per share

- FY2025: low CHF 33.12 per share, central CHF 45.41 per share, high CHF 52.82 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 2026-10-15T06:40:39.541Z 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.