# VZ Holding AG (VZN.SW)

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

Analysis as of: 2026-10-16T07:36:28.815Z. Financial observations: FY2006–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 160.80 per share; close as of 2026-10-15.

Estimated value: low CHF 116.28 per share, central CHF 125.00 per share, high CHF 136.60 per share. Buy at or below the central value CHF 125.00 per share. Valuation as of 2026-10-16T07:36:28.815Z; scenarios are not confidence intervals.

Expected annual return: 7.6% at the stated quote. About 7.6% 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: pass

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

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.17×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.43×

- FY2017: 0.40×

- FY2018: 0.42×

- FY2019: 0.40×

- FY2020: 0.41×

- FY2021: 0.59×

- FY2022: 0.58×

- FY2023: 0.63×

- FY2024: 0.46×

- FY2025: 0.44×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

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

- Recent gross margin fell 10.8pp below the typical margin (limit 4pp)

- ROIC, median of available years: 13.3%

- ROIC, second-lowest year: 9.3%

- Typical minus recent gross margin: 10.8 pp

- Typical gross margin (annual median): 78.1%

- Recent gross margin (lower of latest and 3-year median): 67.3%

- Years with nonpositive capital: 10

- Capital spending / revenue: 3.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 15.6%

- FY2017: 15.1%

- FY2018: 14.0%

- FY2019: 9.3%

- FY2020: 7.5%

- FY2021: 11.3%

- FY2022: 16.1%

- FY2023: 19.0%

- FY2024: 12.6%

- FY2025: 12.5%

### economics: pass

- Owner earnings / net income, 5-yr: 0.97×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CHF 905M

- Net income, five-year total: CHF 935M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -21.1 pp

- Working capital / revenue, change between three-year averages: -148.6 pp

- Working capital / revenue, final three-year average: -909.8%

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

- FY2021: 0.92×

- FY2022: 0.93×

- FY2023: 1.04×

- FY2024: 0.94×

- FY2025: 0.98×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 15.1% vs 12.6%

- Per-share earnings: 2.10 to 5.51 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.1%

- Ordinary dilution, 5-year annual growth: 0.6%

- Market cap gain: CHF 3.6B

- Cumulative retained earnings: CHF 811M

- Diluted shares, 10-year annual growth: 0.1%

- Diluted shares, 5-year annual growth: 0.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 12.8%

- Per-share value change: CHF 3.41

- Per-share value, starting three-year median: CHF 2.10

- Per-share value, ending three-year median: CHF 5.51

- Buybacks concentrated in cheaper years (correlation): -0.02

- Average buyback yield: 0.6%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: CHF 60M

- Cumulative net income, 10 years: CHF 1.4B

- ROIC, first three-year median: 15.1%

- ROIC, last three-year median: 12.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: CHF 2.10

- FY2017: CHF 2.18

- FY2018: CHF 2.48

- FY2019: CHF 2.60

- FY2020: CHF 2.99

- FY2021: CHF 3.61

- FY2022: CHF 3.85

- FY2023: CHF 4.74

- FY2024: CHF 5.51

- FY2025: CHF 5.86

### accounting: pass

- Sloan accruals: -0.4%

- Receivables to sales index (DSRI): 1.00×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.14×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.05×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -8.1%

- FY2017: 0.5%

- FY2018: 1.6%

- FY2019: -0.8%

- FY2020: -10.1%

- FY2021: -3.5%

- FY2022: 7.8%

- FY2023: 0.3%

- FY2024: -0.5%

- FY2025: -0.4%

## Holders

## Price story

Price needs cash profits to grow 6% a year for ten years · sales +10.6%

Story as of 2026-10-16T10:00:07.549Z; price observation 2026-10-15.

Price needs cash profits to grow 6% a year for ten years

### Sales · FY2024–2025

sales +10.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CHF 235M 

- FY2017: CHF 263M 

- FY2018: CHF 289M 

- FY2019: CHF 309M 

- FY2020: CHF 332M 

- FY2021: CHF 392M 

- FY2022: CHF 421M 

- FY2023: CHF 517M 

- FY2024: CHF 568M 

- FY2025: CHF 628M 

### Gross margin · FY2025

gross margin 88.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 60.2% 

- FY2017: 59.5% 

- FY2018: 59.6% 

- FY2019: 92.0% 

- FY2020: 93.5% 

- FY2021: 94.0% 

- FY2022: 93.5% 

- FY2023: 66.2% 

- FY2024: 67.3% 

- FY2025: 88.8% 

## Owner memo

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

### How it makes money

Operates in asset management; annual sales are CHF 627.6 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:28.815Z); FY2025: revenue 627604000; grossProfit 557533000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VZN.SW: VZ Holding AG, together with its subsidiaries, provides financial services in Switzerland, Germany, and England. The company offers retirement planning, estate planning, real estate pension scheme, tax advice, and corporate succession services; portfolio management, invest with ETFs, securities account consultancy, securities custody account, and securities portfolio check services; and estate consultation, execution of wills, corporate succession planning, VZ safe, and LGBT advice services. It also provides mortgages, mortgage alarm, real estate valuation, and properties sale services; tax returns, tax planning, and LGBT tax advice services; and pension analysis, vested benefits, and ETFs and individual stocks services. In addition, the company offers insurance, insurance check, pension planning, and digital organizers; VZ depository; VZ financial portal that enables to find properties worth, manage financial investments, insurance policies, and mortgages digitally, as well as set interest rate alarms; investment consultancy services; and trading of crypto assets. VZ Holding AG was founded in 1992 and is headquartered in Zurich, Switzerland. VZ Holding AG operates as a subsidiary of Madarex AG.

### Why customers stay

Margins ranged from 66.2% to 88.8% during 2023–25; it earns 13.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:28.815Z); FY2023: grossProfit / revenue = 66.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:28.815Z); FY2024: grossProfit / revenue = 67.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:28.815Z); FY2025: grossProfit / revenue = 88.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:28.815Z); 10-year return on capital observations [[2016,0.15615181728802333],[2017,0.15053200637286193],[2018,0.1395501886514253],[2019,0.09345936671690162],[2020,0.07536537954353197],[2021,0.113470907572358],[2022,0.16106347043163446],[2023,0.18978399362350687],[2024,0.12592332225083716],[2025,0.12519013919034186]]; median 0.13273675545113123. 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 26.9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:28.815Z); FY2016: growth capex 0; upkeep 5083000; owner earnings 85829000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:28.815Z); FY2017: growth capex 2849447.743692316; upkeep 57682552.256307684; owner earnings 37509447.743692316. Growth capex / owner earnings = 0.07596613427003832.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:28.815Z); FY2018: growth capex 0; upkeep 9410000; owner earnings 99147000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:28.815Z); FY2019: growth capex 0; upkeep 11405000; owner earnings 97165800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:28.815Z); FY2020: growth capex 0; upkeep 18141000; owner earnings 106091000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:28.815Z); FY2021: growth capex 392000; upkeep 20342000; owner earnings 131678000. Growth capex / owner earnings = 0.0029769589453059737.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:28.815Z); FY2022: growth capex 10218345.438525371; upkeep 22256654.56147463; owner earnings 140615945.43852538. Growth capex / owner earnings = 0.07266846876190608.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:28.815Z); FY2023: growth capex 0; upkeep 4425000; owner earnings 193860800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:28.815Z); FY2024: growth capex 0; upkeep 22626000; owner earnings 206038600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:28.815Z); FY2025: growth capex 0; upkeep 14413000; owner earnings 232689200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:28.815Z); Dividend observations: [[2016,33431000],[2017,33376000],[2018,34519000],[2019,38761000],[2020,40235000],[2021,48812000],[2022,61884000],[2023,68396000],[2024,89586000],[2025,108508000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:28.815Z); FY2025: cash repurchases 26916000 CHF.

### Are managers owners

Insiders own 62.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VZN.SW SharesStats.PercentInsiders = 62.236999999999995 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 6% yearly over ten years; actual growth was 10.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:28.815Z); Ten-year compound average after fade. Initial solved rate 0.07242778922021798. Price 160.8; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.0886525411868724 → FY2025 5.763057261739648. Closing-price date 2026-10-15.

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

- 2016-10: CHF 58.60 per share

- 2016-11: CHF 63.80 per share

- 2016-12: CHF 61.10 per share

- 2017-01: CHF 59.50 per share

- 2017-02: CHF 60.30 per share

- 2017-03: CHF 55.00 per share

- 2017-04: CHF 55.35 per share

- 2017-05: CHF 59.40 per share

- 2017-06: CHF 61.55 per share

- 2017-07: CHF 62.30 per share

- 2017-08: CHF 57.75 per share

- 2017-09: CHF 61.80 per share

- 2017-10: CHF 68.95 per share

- 2017-11: CHF 65.50 per share

- 2017-12: CHF 66.10 per share

- 2018-01: CHF 62.80 per share

- 2018-02: CHF 59.60 per share

- 2018-03: CHF 51.80 per share

- 2018-04: CHF 55.90 per share

- 2018-05: CHF 59.30 per share

- 2018-06: CHF 62.40 per share

- 2018-07: CHF 63.10 per share

- 2018-08: CHF 60.00 per share

- 2018-09: CHF 58.40 per share

- 2018-10: CHF 57.10 per share

- 2018-11: CHF 53.40 per share

- 2018-12: CHF 53.00 per share

- 2019-01: CHF 52.70 per share

- 2019-02: CHF 52.20 per share

- 2019-03: CHF 52.10 per share

- 2019-04: CHF 49.80 per share

- 2019-05: CHF 52.60 per share

- 2019-06: CHF 53.50 per share

- 2019-07: CHF 54.90 per share

- 2019-08: CHF 58.10 per share

- 2019-09: CHF 59.60 per share

- 2019-10: CHF 55.00 per share

- 2019-11: CHF 59.60 per share

- 2019-12: CHF 59.70 per share

- 2020-01: CHF 68.30 per share

- 2020-02: CHF 66.30 per share

- 2020-03: CHF 64.80 per share

- 2020-04: CHF 67.50 per share

- 2020-05: CHF 71.40 per share

- 2020-06: CHF 70.80 per share

- 2020-07: CHF 72.10 per share

- 2020-08: CHF 80.90 per share

- 2020-09: CHF 82.20 per share

- 2020-10: CHF 76.90 per share

- 2020-11: CHF 76.00 per share

- 2020-12: CHF 80.90 per share

- 2021-01: CHF 75.30 per share

- 2021-02: CHF 76.00 per share

- 2021-03: CHF 78.10 per share

- 2021-04: CHF 78.60 per share

- 2021-05: CHF 78.40 per share

- 2021-06: CHF 78.40 per share

- 2021-07: CHF 81.70 per share

- 2021-08: CHF 87.00 per share

- 2021-09: CHF 92.90 per share

- 2021-10: CHF 93.10 per share

- 2021-11: CHF 91.10 per share

- 2021-12: CHF 97.80 per share

- 2022-01: CHF 86.70 per share

- 2022-02: CHF 82.60 per share

- 2022-03: CHF 87.50 per share

- 2022-04: CHF 72.70 per share

- 2022-05: CHF 72.60 per share

- 2022-06: CHF 69.20 per share

- 2022-07: CHF 77.60 per share

- 2022-08: CHF 78.50 per share

- 2022-09: CHF 69.50 per share

- 2022-10: CHF 69.00 per share

- 2022-11: CHF 74.90 per share

- 2022-12: CHF 71.80 per share

- 2023-01: CHF 72.60 per share

- 2023-02: CHF 73.60 per share

- 2023-03: CHF 74.90 per share

- 2023-04: CHF 83.00 per share

- 2023-05: CHF 75.60 per share

- 2023-06: CHF 82.20 per share

- 2023-07: CHF 81.00 per share

- 2023-08: CHF 89.40 per share

- 2023-09: CHF 95.50 per share

- 2023-10: CHF 89.20 per share

- 2023-11: CHF 94.60 per share

- 2023-12: CHF 98.20 per share

- 2024-01: CHF 101.80 per share

- 2024-02: CHF 111.00 per share

- 2024-03: CHF 110.00 per share

- 2024-04: CHF 106.20 per share

- 2024-05: CHF 112.00 per share

- 2024-06: CHF 115.20 per share

- 2024-07: CHF 118.60 per share

- 2024-08: CHF 127.40 per share

- 2024-09: CHF 135.40 per share

- 2024-10: CHF 139.40 per share

- 2024-11: CHF 145.80 per share

- 2024-12: CHF 144.00 per share

- 2025-01: CHF 157.00 per share

- 2025-02: CHF 152.00 per share

- 2025-03: CHF 168.60 per share

- 2025-04: CHF 169.80 per share

- 2025-05: CHF 174.60 per share

- 2025-06: CHF 173.60 per share

- 2025-07: CHF 172.60 per share

- 2025-08: CHF 181.20 per share

- 2025-09: CHF 166.40 per share

- 2025-10: CHF 157.00 per share

- 2025-11: CHF 149.20 per share

- 2025-12: CHF 149.40 per share

- 2026-01: CHF 151.20 per share

- 2026-02: CHF 144.80 per share

- 2026-03: CHF 150.80 per share

- 2026-04: CHF 152.40 per share

- 2026-05: CHF 148.60 per share

- 2026-06: CHF 151.40 per share

- 2026-07: CHF 154.80 per share

- 2026-08: CHF 179.20 per share

- 2026-09: CHF 161.00 per share

- 2026-10: CHF 158.00 per share

## Annual estimated value (CHF per share)

- FY2016: low CHF 50.56 per share, central CHF 62.48 per share, high CHF 69.42 per share

- FY2017: low CHF 49.61 per share, central CHF 55.66 per share, high CHF 61.12 per share

- FY2018: low CHF 59.59 per share, central CHF 74.34 per share, high CHF 82.93 per share

- FY2019: low CHF 73.40 per share, central CHF 89.10 per share, high CHF 98.24 per share

- FY2020: low CHF 81.25 per share, central CHF 97.03 per share, high CHF 106.22 per share

- FY2021: low CHF 82.17 per share, central CHF 86.94 per share, high CHF 93.30 per share

- FY2022: low CHF 76.22 per share, central CHF 81.62 per share, high CHF 88.81 per share

- FY2023: low CHF 87.27 per share, central CHF 93.88 per share, high CHF 102.67 per share

- FY2024: low CHF 100.54 per share, central CHF 107.79 per share, high CHF 117.45 per share

- FY2025: low CHF 113.08 per share, central CHF 121.59 per share, high CHF 132.91 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 2026-10-15T06:42:15.229Z 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.

## Reported holder observations