# Temenos Group AG (TEMN.SW)

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

Analysis as of: 2026-10-16T07:37:07.786Z. Financial observations: FY2002–FY2025.

Listing currency: CHF. Reporting currency: USD.

## 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 73.15 per share; close as of 2026-10-15.

Estimated value: low CHF 44.64 per share, central CHF 64.14 per share, high CHF 75.01 per share. Buy at or below the central value CHF 64.14 per share. Valuation as of 2026-10-16T07:37:07.786Z; scenarios are not confidence intervals.

Expected annual return: 9.2% at the stated quote. About 9.2% 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: 0.28×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.24×

- FY2017: 0.24×

- FY2018: 0.26×

- FY2019: 0.24×

- FY2020: 0.26×

- FY2021: 0.25×

- FY2022: 0.17×

- FY2023: 0.20×

- FY2024: 0.22×

- FY2025: 0.45×

### moat: pass

- ROIC, median of available years: 86.8%

- ROIC, second-lowest year: 53.0%

- Typical minus recent gross margin: -0.7 pp

- Typical gross margin (annual median): 71.4%

- Recent gross margin (lower of latest and 3-year median): 72.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.6%

- ROIC including acquisitions, ten-year median: 17.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 98.5%

- FY2017: >100%

- FY2018: 99.0%

- FY2019: 52.4%

- FY2020: 77.2%

- FY2021: 96.5%

- FY2022: 53.0%

- FY2023: 76.3%

- FY2024: 63.3%

- FY2025: >100%

### economics: pass

- Owner earnings / net income, 5-yr: 1.31×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.2B

- Net income, five-year total: $894M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 1.6 pp

- Working capital / revenue, change between three-year averages: 9.0 pp

- Working capital / revenue, final three-year average: 6.5%

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

- FY2021: 1.24×

- FY2022: 1.25×

- FY2023: 1.27×

- FY2024: 1.27×

- FY2025: 1.40×

### 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: 99.0% vs 76.3%

- Per-share earnings: 1.66 to 2.48 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.6%

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

- Market cap gain: $766M

- Cumulative retained earnings: $904M

- Diluted shares, 10-year annual growth: 0.6%

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 5.2%

- Per-share value change: $0.83

- Per-share value, starting three-year median: $1.66

- Per-share value, ending three-year median: $2.48

- Buybacks concentrated in cheaper years (correlation): 0.66

- Average buyback yield: 2.6%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- Acquisition spending: $978M

- Cumulative net income, 10 years: $1.7B

- ROIC, first three-year median: 99.0%

- ROIC, last three-year median: 76.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.66

- FY2017: $1.96

- FY2018: $2.41

- FY2019: $2.47

- FY2020: $2.38

- FY2021: $2.38

- FY2022: $1.59

- FY2023: $1.84

- FY2024: $2.48

- FY2025: $4.19

### accounting: pass

- Sloan accruals: -2.7%

- Receivables to sales index (DSRI): 0.46×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 14.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.21×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 2.67×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -11.2%

- FY2017: -11.7%

- FY2018: -10.7%

- FY2019: -7.1%

- FY2020: -9.4%

- FY2021: -12.8%

- FY2022: -8.2%

- FY2023: -8.4%

- FY2024: -8.2%

- FY2025: -2.7%

## Holders

## Price story

Down 48% since Oct 2021 · sales +9.4%

Story as of 2026-10-16T10:00:08.649Z; price observation 2026-10-15.

Price needs cash profits to grow 9.1% a year for ten years

- 2025-10-28: Temenos raises guidance after Q3 profit beat, CEO search continues ([finance.yahoo.com](https://finance.yahoo.com/news/temenos-raises-guidance-q3-profit-170244620.html))

### Sales · FY2024–2025

sales +9.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: $634M 

- FY2017: $735M 

- FY2018: $841M 

- FY2019: $972M 

- FY2020: $887M 

- FY2021: $967M 

- FY2022: $950M 

- FY2023: $1.0B 

- FY2024: $1.0B 

- FY2025: $1.1B 

### Gross margin · FY2025

gross margin 73.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 69.8% 

- FY2017: 71.9% 

- FY2018: 72.7% 

- FY2019: 72.8% 

- FY2020: 66.3% 

- FY2021: 66.3% 

- FY2022: 66.5% 

- FY2023: 70.9% 

- FY2024: 72.1% 

- FY2025: 73.5% 

## Owner memo

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

### How it makes money

Operates in software application; annual sales are USD 1.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.786Z); FY2025: revenue 1142726611; grossProfit 839415836; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TEMN.SW: Temenos AG develops, markets, and sells integrated banking software systems to banking and other financial services institutions in North America, Europe, the Middle East and Africa, Latin America, and the Asia-Pacific. It operates through two segments, The Product and Service. The Product segment is primarily engaged in marketing, licensing and maintaining the Group's software solutions, including software development fees for requested functionality, as well as providing hosting and subscription arrangements. The Services segment represents various implementation tasks, such as consulting and training. It also offers retail and business; corporate and commercial; and wealth management solutions. The company was formerly known as Temenos Group AG and changed its name to Temenos AG in May 2018. Temenos AG was founded in 1993 and is headquartered in Lancy, Switzerland.

### Why customers stay

Margins ranged from 70.9% to 73.5% during 2023–25; it earns 86.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.786Z); FY2023: grossProfit / revenue = 70.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.786Z); FY2024: grossProfit / revenue = 72.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.786Z); FY2025: grossProfit / revenue = 73.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.786Z); 10-year return on capital observations [[2016,0.9850382324642016],[2017,1.2149537195619802],[2018,0.9900142585408068],[2019,0.5237465846979602],[2020,0.7715912705292507],[2021,0.9652407113585666],[2022,0.5302629373367732],[2023,0.7628037697318232],[2024,0.6325616703471877],[2025,3.556721746125281]]; median 0.8684159909439086. 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 USD 335.7 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.786Z); FY2016: growth capex 0; upkeep 56220000; owner earnings 145203000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.786Z); FY2017: growth capex 0; upkeep 60901000; owner earnings 173588000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.786Z); FY2018: growth capex 0; upkeep 64622000; owner earnings 199332000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.786Z); FY2019: growth capex 0; upkeep 78630000; owner earnings 224077400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.786Z); FY2020: growth capex 0; upkeep 86078000; owner earnings 231221800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.786Z); FY2021: growth capex 0; upkeep 102118000; owner earnings 214363800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.786Z); FY2022: growth capex 0; upkeep 105032000; owner earnings 143394600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.786Z); FY2023: growth capex 0; upkeep 88583000; owner earnings 171514000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.786Z); FY2024: growth capex 0; upkeep 78481000; owner earnings 225090000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.786Z); FY2025: growth capex 0; upkeep 5281879; owner earnings 412414907. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.786Z); Dividend observations: [[2016,31733000],[2017,39506000],[2018,46134000],[2019,52361000],[2020,63355000],[2021,71427000],[2022,74405000],[2023,88273000],[2024,96938000],[2025,115808406]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.786Z); FY2025: cash repurchases 335679804 USD.

### Are managers owners

Insiders own 25.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TEMN.SW SharesStats.PercentInsiders = 25.15 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 9.1% yearly over ten years; actual growth was 15.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:07.786Z); Ten-year compound average after fade. Initial solved rate 0.15431971973783526. Price 73.15; FX 0.8276775368316505; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.420113791314211 → FY2025 5.874856225071225. Closing-price date 2026-10-15.

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

- 2016-10: CHF 63.85 per share

- 2016-11: CHF 70.40 per share

- 2016-12: CHF 70.90 per share

- 2017-01: CHF 71.70 per share

- 2017-02: CHF 77.65 per share

- 2017-03: CHF 79.60 per share

- 2017-04: CHF 86.15 per share

- 2017-05: CHF 90.10 per share

- 2017-06: CHF 85.60 per share

- 2017-07: CHF 93.50 per share

- 2017-08: CHF 94.60 per share

- 2017-09: CHF 98.80 per share

- 2017-10: CHF 115.20 per share

- 2017-11: CHF 121.40 per share

- 2017-12: CHF 125.00 per share

- 2018-01: CHF 128.60 per share

- 2018-02: CHF 110.90 per share

- 2018-03: CHF 114.40 per share

- 2018-04: CHF 125.30 per share

- 2018-05: CHF 146.00 per share

- 2018-06: CHF 150.00 per share

- 2018-07: CHF 159.50 per share

- 2018-08: CHF 175.00 per share

- 2018-09: CHF 159.20 per share

- 2018-10: CHF 138.50 per share

- 2018-11: CHF 123.70 per share

- 2018-12: CHF 117.90 per share

- 2019-01: CHF 133.90 per share

- 2019-02: CHF 144.70 per share

- 2019-03: CHF 146.80 per share

- 2019-04: CHF 169.40 per share

- 2019-05: CHF 174.40 per share

- 2019-06: CHF 174.65 per share

- 2019-07: CHF 176.10 per share

- 2019-08: CHF 165.80 per share

- 2019-09: CHF 167.00 per share

- 2019-10: CHF 140.75 per share

- 2019-11: CHF 151.70 per share

- 2019-12: CHF 153.20 per share

- 2020-01: CHF 155.90 per share

- 2020-02: CHF 137.25 per share

- 2020-03: CHF 126.90 per share

- 2020-04: CHF 125.60 per share

- 2020-05: CHF 146.70 per share

- 2020-06: CHF 147.15 per share

- 2020-07: CHF 135.00 per share

- 2020-08: CHF 145.80 per share

- 2020-09: CHF 124.05 per share

- 2020-10: CHF 98.44 per share

- 2020-11: CHF 114.80 per share

- 2020-12: CHF 123.65 per share

- 2021-01: CHF 112.85 per share

- 2021-02: CHF 122.75 per share

- 2021-03: CHF 136.05 per share

- 2021-04: CHF 134.10 per share

- 2021-05: CHF 138.45 per share

- 2021-06: CHF 148.60 per share

- 2021-07: CHF 144.00 per share

- 2021-08: CHF 145.40 per share

- 2021-09: CHF 127.10 per share

- 2021-10: CHF 139.85 per share

- 2021-11: CHF 117.85 per share

- 2021-12: CHF 126.05 per share

- 2022-01: CHF 110.05 per share

- 2022-02: CHF 92.62 per share

- 2022-03: CHF 89.00 per share

- 2022-04: CHF 99.30 per share

- 2022-05: CHF 93.16 per share

- 2022-06: CHF 81.62 per share

- 2022-07: CHF 75.00 per share

- 2022-08: CHF 80.18 per share

- 2022-09: CHF 67.44 per share

- 2022-10: CHF 59.70 per share

- 2022-11: CHF 57.06 per share

- 2022-12: CHF 50.74 per share

- 2023-01: CHF 64.98 per share

- 2023-02: CHF 69.28 per share

- 2023-03: CHF 63.28 per share

- 2023-04: CHF 74.68 per share

- 2023-05: CHF 76.74 per share

- 2023-06: CHF 71.14 per share

- 2023-07: CHF 74.76 per share

- 2023-08: CHF 70.26 per share

- 2023-09: CHF 64.42 per share

- 2023-10: CHF 65.14 per share

- 2023-11: CHF 74.02 per share

- 2023-12: CHF 78.22 per share

- 2024-01: CHF 88.38 per share

- 2024-02: CHF 66.30 per share

- 2024-03: CHF 64.48 per share

- 2024-04: CHF 57.50 per share

- 2024-05: CHF 58.00 per share

- 2024-06: CHF 62.00 per share

- 2024-07: CHF 60.90 per share

- 2024-08: CHF 59.10 per share

- 2024-09: CHF 59.20 per share

- 2024-10: CHF 59.75 per share

- 2024-11: CHF 57.85 per share

- 2024-12: CHF 64.10 per share

- 2025-01: CHF 77.95 per share

- 2025-02: CHF 73.85 per share

- 2025-03: CHF 68.10 per share

- 2025-04: CHF 59.00 per share

- 2025-05: CHF 61.05 per share

- 2025-06: CHF 56.75 per share

- 2025-07: CHF 73.15 per share

- 2025-08: CHF 71.10 per share

- 2025-09: CHF 64.20 per share

- 2025-10: CHF 75.85 per share

- 2025-11: CHF 72.85 per share

- 2025-12: CHF 79.60 per share

- 2026-01: CHF 68.35 per share

- 2026-02: CHF 71.50 per share

- 2026-03: CHF 68.85 per share

- 2026-04: CHF 73.90 per share

- 2026-05: CHF 67.55 per share

- 2026-06: CHF 66.10 per share

- 2026-07: CHF 66.95 per share

- 2026-08: CHF 74.40 per share

- 2026-09: CHF 65.85 per share

- 2026-10: CHF 70.50 per share

## Annual estimated value (CHF per share)

- FY2016: low CHF 16.44 per share, central CHF 18.41 per share, high CHF 21.02 per share

- FY2017: low CHF 22.45 per share, central CHF 25.29 per share, high CHF 29.08 per share

- FY2018: low CHF 28.27 per share, central CHF 31.72 per share, high CHF 36.30 per share

- FY2019: low CHF 29.24 per share, central CHF 33.06 per share, high CHF 38.14 per share

- FY2020: low CHF 26.97 per share, central CHF 30.53 per share, high CHF 35.27 per share

- FY2021: low CHF 30.37 per share, central CHF 35.01 per share, high CHF 40.46 per share

- FY2022: low CHF 28.74 per share, central CHF 32.54 per share, high CHF 37.59 per share

- FY2023: low CHF 29.19 per share, central CHF 32.97 per share, high CHF 38.00 per share

- FY2024: low CHF 38.32 per share, central CHF 53.21 per share, high CHF 62.15 per share

- FY2025: low CHF 44.81 per share, central CHF 64.16 per share, high CHF 74.95 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.

Temenos Group AG

TEMN · SW

STOXX Europe 600

A wonderful business at too high a price

Passes the quality tests.

Share price: CHF 73.15
Buy up to: CHF 64.14
Expected / yr: 9.2% 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 27.5% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 24.2%
Worst year: 17.2%
Latest · 2025: 44.6%

Capital return excluding acquisitions: median 86.8% (minimum 15%), and the second-worst year 53% (minimum 10%).

ROIC excluding acquisitions

10y median: 86.8%
Worst year: 52.4%
Latest · 2025: >100%

Each $1 of profit left $1.31 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.31×
Annual median: 1.27×
Latest · 2025: 1.40×

Per-share value rose from 1.66 to 2.48, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: $2.38
Worst year: $1.59
Latest · 2025: $4.19

Profits were backed by cash: accruals were -2.7% of assets (limit 10%).

Sloan accruals

10y median: -8.9%
Worst year: -2.7%
Latest · 2025: -2.7%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 25.3%, three-year average owner earnings per share 3.79 USD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CHF 63.85 · Value 18.41 · Buy at or below 18.41; 2016-11 · Price CHF 70.40 · Value 18.41 · Buy at or below 18.41; 2016-12 · Price CHF 70.90 · Value 18.41 · Buy at or below 18.41; 2017-01 · Price CHF 71.70 · Value 18.41 · Buy at or below 18.41; 2017-02 · Price CHF 77.65 · Value 25.29 · Buy at or below 25.29; 2017-03 · Price CHF 79.60 · Value 25.29 · Buy at or below 25.29; 2017-04 · Price CHF 86.15 · Value 25.29 · Buy at or below 25.29; 2017-05 · Price CHF 90.10 · Value 25.29 · Buy at or below 25.29; 2017-06 · Price CHF 85.60 · Value 25.29 · Buy at or below 25.29; 2017-07 · Price CHF 93.50 · Value 25.29 · Buy at or below 25.29; 2017-08 · Price CHF 94.60 · Value 25.29 · Buy at or below 25.29; 2017-09 · Price CHF 98.80 · Value 25.29 · Buy at or below 25.29; 2017-10 · Price CHF 115.20 · Value 25.29 · Buy at or below 25.29; 2017-11 · Price CHF 121.40 · Value 25.29 · Buy at or below 25.29; 2017-12 · Price CHF 125.00 · Value 25.29 · Buy at or below 25.29; 2018-01 · Price CHF 128.60 · Value 25.29 · Buy at or below 25.29; 2018-02 · Price CHF 110.90 · Value 31.72 · Buy at or below 31.72; 2018-03 · Price CHF 114.40 · Value 31.72 · Buy at or below 31.72; 2018-04 · Price CHF 125.30 · Value 31.72 · Buy at or below 31.72; 2018-05 · Price CHF 146.00 · Value 31.72 · Buy at or below 31.72; 2018-06 · Price CHF 150.00 · Value 31.72 · Buy at or below 31.72; 2018-07 · Price CHF 159.50 · Value 31.72 · Buy at or below 31.72; 2018-08 · Price CHF 175.00 · Value 31.72 · Buy at or below 31.72; 2018-09 · Price CHF 159.20 · Value 31.72 · Buy at or below 31.72; 2018-10 · Price CHF 138.50 · Value 31.72 · Buy at or below 31.72; 2018-11 · Price CHF 123.70 · Value 31.72 · Buy at or below 31.72; 2018-12 · Price CHF 117.90 · Value 31.72 · Buy at or below 31.72; 2019-01 · Price CHF 133.90 · Value 31.72 · Buy at or below 31.72; 2019-02 · Price CHF 144.70 · Value 33.06 · Buy at or below 33.06; 2019-03 · Price CHF 146.80 · Value 33.06 · Buy at or below 33.06; 2019-04 · Price CHF 169.40 · Value 33.06 · Buy at or below 33.06; 2019-05 · Price CHF 174.40 · Value 33.06 · Buy at or below 33.06; 2019-06 · Price CHF 174.65 · Value 33.06 · Buy at or below 33.06; 2019-07 · Price CHF 176.10 · Value 33.06 · Buy at or below 33.06; 2019-08 · Price CHF 165.80 · Value 33.06 · Buy at or below 33.06; 2019-09 · Price CHF 167.00 · Value 33.06 · Buy at or below 33.06; 2019-10 · Price CHF 140.75 · Value 33.06 · Buy at or below 33.06; 2019-11 · Price CHF 151.70 · Value 33.06 · Buy at or below 33.06; 2019-12 · Price CHF 153.20 · Value 33.06 · Buy at or below 33.06; 2020-01 · Price CHF 155.90 · Value 33.06 · Buy at or below 33.06; 2020-02 · Price CHF 137.25 · Value 30.53 · Buy at or below 30.53; 2020-03 · Price CHF 126.90 · Value 30.53 · Buy at or below 30.53; 2020-04 · Price CHF 125.60 · Value 30.53 · Buy at or below 30.53; 2020-05 · Price CHF 146.70 · Value 30.53 · Buy at or below 30.53; 2020-06 · Price CHF 147.15 · Value 30.53 · Buy at or below 30.53; 2020-07 · Price CHF 135.00 · Value 30.53 · Buy at or below 30.53; 2020-08 · Price CHF 145.80 · Value 30.53 · Buy at or below 30.53; 2020-09 · Price CHF 124.05 · Value 30.53 · Buy at or below 30.53; 2020-10 · Price CHF 98.44 · Value 30.53 · Buy at or below 30.53; 2020-11 · Price CHF 114.80 · Value 30.53 · Buy at or below 30.53; 2020-12 · Price CHF 123.65 · Value 30.53 · Buy at or below 30.53; 2021-01 · Price CHF 112.85 · Value 30.53 · Buy at or below 30.53; 2021-02 · Price CHF 122.75 · Value 35.01 · Buy at or below 35.01; 2021-03 · Price CHF 136.05 · Value 35.01 · Buy at or below 35.01; 2021-04 · Price CHF 134.10 · Value 35.01 · Buy at or below 35.01; 2021-05 · Price CHF 138.45 · Value 35.01 · Buy at or below 35.01; 2021-06 · Price CHF 148.60 · Value 35.01 · Buy at or below 35.01; 2021-07 · Price CHF 144.00 · Value 35.01 · Buy at or below 35.01; 2021-08 · Price CHF 145.40 · Value 35.01 · Buy at or below 35.01; 2021-09 · Price CHF 127.10 · Value 35.01 · Buy at or below 35.01; 2021-10 · Price CHF 139.85 · Value 35.01 · Buy at or below 35.01; 2021-11 · Price CHF 117.85 · Value 35.01 · Buy at or below 35.01; 2021-12 · Price CHF 126.05 · Value 35.01 · Buy at or below 35.01; 2022-01 · Price CHF 110.05 · Value 35.01 · Buy at or below 35.01; 2022-02 · Price CHF 92.62 · Value 32.54 · Buy at or below 32.54; 2022-03 · Price CHF 89.00 · Value 32.54 · Buy at or below 32.54; 2022-04 · Price CHF 99.30 · Value 32.54 · Buy at or below 32.54; 2022-05 · Price CHF 93.16 · Value 32.54 · Buy at or below 32.54; 2022-06 · Price CHF 81.62 · Value 32.54 · Buy at or below 32.54; 2022-07 · Price CHF 75.00 · Value 32.54 · Buy at or below 32.54; 2022-08 · Price CHF 80.18 · Value 32.54 · Buy at or below 32.54; 2022-09 · Price CHF 67.44 · Value 32.54 · Buy at or below 32.54; 2022-10 · Price CHF 59.70 · Value 32.54 · Buy at or below 32.54; 2022-11 · Price CHF 57.06 · Value 32.54 · Buy at or below 32.54; 2022-12 · Price CHF 50.74 · Value 32.54 · Buy at or below 32.54; 2023-01 · Price CHF 64.98 · Value 32.54 · Buy at or below 32.54; 2023-02 · Price CHF 69.28 · Value 32.97 · Buy at or below 32.97; 2023-03 · Price CHF 63.28 · Value 32.97 · Buy at or below 32.97; 2023-04 · Price CHF 74.68 · Value 32.97 · Buy at or below 32.97; 2023-05 · Price CHF 76.74 · Value 32.97 · Buy at or below 32.97; 2023-06 · Price CHF 71.14 · Value 32.97 · Buy at or below 32.97; 2023-07 · Price CHF 74.76 · Value 32.97 · Buy at or below 32.97; 2023-08 · Price CHF 70.26 · Value 32.97 · Buy at or below 32.97; 2023-09 · Price CHF 64.42 · Value 32.97 · Buy at or below 32.97; 2023-10 · Price CHF 65.14 · Value 32.97 · Buy at or below 32.97; 2023-11 · Price CHF 74.02 · Value 32.97 · Buy at or below 32.97; 2023-12 · Price CHF 78.22 · Value 32.97 · Buy at or below 32.97; 2024-01 · Price CHF 88.38 · Value 32.97 · Buy at or below 32.97; 2024-02 · Price CHF 66.30 · Value 53.21 · Buy at or below 53.21; 2024-03 · Price CHF 64.48 · Value 53.21 · Buy at or below 53.21; 2024-04 · Price CHF 57.50 · Value 53.21 · Buy at or below 53.21; 2024-05 · Price CHF 58.00 · Value 53.21 · Buy at or below 53.21; 2024-06 · Price CHF 62.00 · Value 53.21 · Buy at or below 53.21; 2024-07 · Price CHF 60.90 · Value 53.21 · Buy at or below 53.21; 2024-08 · Price CHF 59.10 · Value 53.21 · Buy at or below 53.21; 2024-09 · Price CHF 59.20 · Value 53.21 · Buy at or below 53.21; 2024-10 · Price CHF 59.75 · Value 53.21 · Buy at or below 53.21; 2024-11 · Price CHF 57.85 · Value 53.21 · Buy at or below 53.21; 2024-12 · Price CHF 64.10 · Value 53.21 · Buy at or below 53.21; 2025-01 · Price CHF 77.95 · Value 53.21 · Buy at or below 53.21; 2025-02 · Price CHF 73.85 · Value 64.16 · Buy at or below 64.16; 2025-03 · Price CHF 68.10 · Value 64.16 · Buy at or below 64.16; 2025-04 · Price CHF 59.00 · Value 64.16 · Buy at or below 64.16; 2025-05 · Price CHF 61.05 · Value 64.16 · Buy at or below 64.16; 2025-06 · Price CHF 56.75 · Value 64.16 · Buy at or below 64.16; 2025-07 · Price CHF 73.15 · Value 64.16 · Buy at or below 64.16; 2025-08 · Price CHF 71.10 · Value 64.16 · Buy at or below 64.16; 2025-09 · Price CHF 64.20 · Value 64.16 · Buy at or below 64.16; 2025-10 · Price CHF 75.85 · Value 64.16 · Buy at or below 64.16; 2025-11 · Price CHF 72.85 · Value 64.16 · Buy at or below 64.16; 2025-12 · Price CHF 79.60 · Value 64.16 · Buy at or below 64.16; 2026-01 · Price CHF 68.35 · Value 64.16 · Buy at or below 64.16; 2026-02 · Price CHF 71.50 · Value 64.14 · Buy at or below 64.14; 2026-03 · Price CHF 68.85 · Value 64.14 · Buy at or below 64.14; 2026-04 · Price CHF 73.90 · Value 64.14 · Buy at or below 64.14; 2026-05 · Price CHF 67.55 · Value 64.14 · Buy at or below 64.14; 2026-06 · Price CHF 66.10 · Value 64.14 · Buy at or below 64.14; 2026-07 · Price CHF 66.95 · Value 64.14 · Buy at or below 64.14; 2026-08 · Price CHF 74.40 · Value 64.14 · Buy at or below 64.14; 2026-09 · Price CHF 65.85 · Value 64.14 · Buy at or below 64.14; 2026-10 · Price CHF 70.50 · Value 64.14 · Buy at or below 64.14; 2026-10 · Price CHF 73.15 · Value 64.14 · Buy at or below 64.14

CHF per share · annual estimates

Price & return math
Value range	CHF 44.64 – CHF 75.01
Buy at or below	Central value CHF 64.14
Discount to value	1 − 73.15 / 64.14 = -14.1%
Return / year	About 9.2% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash CHF 2.93/share; 12.0% growth fades over 10 years to 3.0%; excess cash CHF 2.15/share today.
Required return	10.0% / year, earned by construction at the central value

Revenue$1.1B

Revenue

Owner earnings$412M

Owner earnings

Operating margin44.6%

Operating margin

Net cash / debt-$562M

Net cash / debt

Diluted shares70M

Diluted shares

Prices 15 Oct 2026 · FY2025