# Zurich Insurance Group AG (ZURN.SW)

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

Analysis as of: 2026-10-16T07:33:39.431Z. Financial observations: FY2015–FY2025.

Listing currency: CHF. Reporting currency: USD.

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

Estimated value: low CHF 187.47 per share, central CHF 214.19 per share, high CHF 249.79 per share. Buy at or below the central value CHF 214.19 per share. Valuation as of 2026-10-16T07:33:39.431Z; scenarios are not confidence intervals.

Expected annual return: 5.5% at the stated quote. About 5.5% 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

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.33×

Chart: Net income; fiscal year observations.

- FY2016: $3.2B

- FY2017: $3.0B

- FY2018: $3.7B

- FY2019: $4.1B

- FY2020: $3.8B

- FY2021: $5.2B

- FY2022: $4.6B

- FY2023: $4.4B

- FY2024: $5.8B

- FY2025: $6.8B

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity

- Bank / P&C ROTE, median of available years: 12.5%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 9.6%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: 9.9%

- FY2017: 8.6%

- FY2018: 11.7%

- FY2019: 11.3%

- FY2020: 9.6%

- FY2021: 13.3%

- FY2022: 17.1%

- FY2023: 16.6%

- FY2024: 21.6%

- FY2025: 22.5%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 10.6%

- Book return interval: 10 years

- Starting book value per share: $220.56

- Ending book value per share: $208.99

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 6.2%

- FY2017: 15.7%

- FY2018: 0.8%

- FY2019: 24.0%

- FY2020: 17.7%

- FY2021: 7.3%

- FY2022: -21.3%

- FY2023: 15.0%

- FY2024: 19.6%

- FY2025: 30.1%

### management: fail

- Common book per share

- Parent-total proxy for preferred equity

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: -0.3%

- Diluted shares, 5-year annual growth: -0.8%

- Share growth excluding flagged crisis recapitalisations: -0.3%

- Five-year share growth excluding flagged crisis recapitalisations: -0.8%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: -0.54×

- Book value created per share: -$11.56

- Earnings retained per share after dividends and buybacks: $21.57

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 101

- FY2017: 101

- FY2018: 100

- FY2019: 101

- FY2020: 101

- FY2021: 101

- FY2022: 100

- FY2023: 98

- FY2024: 97

- FY2025: 97

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price is 1.2 times annual sales · "Zurich Insurance profit beats estimates as Life growth offsets claims" (finance.yahoo.com, Aug 2026) · net income +16.9%

Story as of 2026-10-16T09:59:57.063Z; price observation 2026-10-15.

The price is 1.2 times annual sales

### Net income · FY2025

net income +16.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: $3.2B 

- FY2017: $3.0B 

- FY2018: $3.7B 

- FY2019: $4.1B 

- FY2020: $3.8B 

- FY2021: $5.2B 

- FY2022: $4.6B 

- FY2023: $4.4B 

- FY2024: $5.8B 

- FY2025: $6.8B 

## Owner memo

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

### How it makes money

Operates in insurance diversified; annual sales are USD 91.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:39.431Z); FY2025: revenue 91893309132.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ZURN.SW: Zurich Insurance Group AG provides insurance products and related services in Europe, the Middle East, Africa, North America, Latin America, and the Asia Pacific. It operates through Property & Casualty Regions, Life Regions, and Farmers segments. The company offers car and motor, home, travel, general liability, life and critical illness, and other insurance products; and saving and investment, and pension and retirement planning products. It also provides property, casualty, energy and engineering lines, and marine; management liability, financial institutions, and professional indemnity; and cyber, accident and health, and credit lines and surety insurance products, as well as non-claims and ancillary services to the farmers exchanges. In addition, it offers employee benefit insurance products; and climate resilience, risk engineering, captive, cyber resilience, and reinsurance services. It serves individuals, small businesses, mid-sized and large companies, and multinational corporations. The company sells its products through agents, brokers, and bank distribution channels. Zurich Insurance Group AG was founded in 1872 and is based in Zurich, Switzerland.

### Why customers stay

It earns 12.5% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:39.431Z); 10-year return on tangible equity observations [[2016,0.09891294306038863],[2017,0.08609176625684235],[2018,0.11684799698132194],[2019,0.11346411666529864],[2020,0.09622044872760127],[2021,0.1328057186622415],[2022,0.17092461938358708],[2023,0.16556316590563167],[2024,0.21582894053010618],[2025,0.22535304647616522]]; median 0.12482685782178171. 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 471.4 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:39.431Z); Dividend observations: [[2016,2768000000],[2017,2891000000],[2018,3015000000],[2019,3036000000],[2020,3232000000],[2021,3534000000],[2022,3767000000],[2023,3877000000],[2024,4156000000],[2025,4886938977]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:39.431Z); FY2025: cash repurchases 471408904 USD.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ZURN.SW SharesStats.PercentInsiders = 0.186 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.2 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:39.431Z); Closing price 608.2 CHF; reporting-to-trading FX 0.8276775368316505; FY2025 annual sales per share 636.645232066809; price multiple 1.1542177699414355. FY2025 cash earnings/share 49.592411419157145. Closing-price date 2026-10-15.

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

- 2016-10: CHF 258.90 per share

- 2016-11: CHF 266.50 per share

- 2016-12: CHF 280.40 per share

- 2017-01: CHF 283.50 per share

- 2017-02: CHF 277.30 per share

- 2017-03: CHF 267.40 per share

- 2017-04: CHF 275.40 per share

- 2017-05: CHF 284.70 per share

- 2017-06: CHF 279.10 per share

- 2017-07: CHF 294.80 per share

- 2017-08: CHF 286.90 per share

- 2017-09: CHF 295.40 per share

- 2017-10: CHF 304.50 per share

- 2017-11: CHF 297.20 per share

- 2017-12: CHF 296.60 per share

- 2018-01: CHF 305.90 per share

- 2018-02: CHF 312.00 per share

- 2018-03: CHF 313.40 per share

- 2018-04: CHF 317.60 per share

- 2018-05: CHF 292.20 per share

- 2018-06: CHF 294.10 per share

- 2018-07: CHF 304.70 per share

- 2018-08: CHF 295.20 per share

- 2018-09: CHF 310.20 per share

- 2018-10: CHF 313.20 per share

- 2018-11: CHF 313.50 per share

- 2018-12: CHF 293.10 per share

- 2019-01: CHF 311.70 per share

- 2019-02: CHF 330.00 per share

- 2019-03: CHF 329.60 per share

- 2019-04: CHF 324.90 per share

- 2019-05: CHF 324.80 per share

- 2019-06: CHF 339.90 per share

- 2019-07: CHF 346.50 per share

- 2019-08: CHF 352.20 per share

- 2019-09: CHF 382.00 per share

- 2019-10: CHF 385.50 per share

- 2019-11: CHF 392.30 per share

- 2019-12: CHF 397.10 per share

- 2020-01: CHF 400.70 per share

- 2020-02: CHF 370.90 per share

- 2020-03: CHF 343.40 per share

- 2020-04: CHF 307.30 per share

- 2020-05: CHF 309.50 per share

- 2020-06: CHF 334.20 per share

- 2020-07: CHF 336.20 per share

- 2020-08: CHF 334.00 per share

- 2020-09: CHF 320.70 per share

- 2020-10: CHF 304.00 per share

- 2020-11: CHF 368.90 per share

- 2020-12: CHF 373.50 per share

- 2021-01: CHF 356.20 per share

- 2021-02: CHF 371.50 per share

- 2021-03: CHF 403.40 per share

- 2021-04: CHF 374.70 per share

- 2021-05: CHF 375.60 per share

- 2021-06: CHF 371.20 per share

- 2021-07: CHF 365.80 per share

- 2021-08: CHF 402.00 per share

- 2021-09: CHF 383.60 per share

- 2021-10: CHF 405.90 per share

- 2021-11: CHF 379.10 per share

- 2021-12: CHF 400.40 per share

- 2022-01: CHF 440.70 per share

- 2022-02: CHF 421.60 per share

- 2022-03: CHF 456.80 per share

- 2022-04: CHF 445.90 per share

- 2022-05: CHF 438.00 per share

- 2022-06: CHF 415.20 per share

- 2022-07: CHF 414.90 per share

- 2022-08: CHF 434.10 per share

- 2022-09: CHF 395.00 per share

- 2022-10: CHF 427.30 per share

- 2022-11: CHF 452.90 per share

- 2022-12: CHF 442.30 per share

- 2023-01: CHF 452.20 per share

- 2023-02: CHF 446.40 per share

- 2023-03: CHF 437.70 per share

- 2023-04: CHF 431.80 per share

- 2023-05: CHF 426.00 per share

- 2023-06: CHF 424.90 per share

- 2023-07: CHF 420.80 per share

- 2023-08: CHF 415.00 per share

- 2023-09: CHF 420.10 per share

- 2023-10: CHF 430.60 per share

- 2023-11: CHF 437.90 per share

- 2023-12: CHF 439.60 per share

- 2024-01: CHF 439.10 per share

- 2024-02: CHF 470.00 per share

- 2024-03: CHF 486.30 per share

- 2024-04: CHF 444.20 per share

- 2024-05: CHF 473.70 per share

- 2024-06: CHF 479.10 per share

- 2024-07: CHF 483.20 per share

- 2024-08: CHF 491.40 per share

- 2024-09: CHF 509.80 per share

- 2024-10: CHF 510.80 per share

- 2024-11: CHF 558.60 per share

- 2024-12: CHF 538.80 per share

- 2025-01: CHF 553.80 per share

- 2025-02: CHF 593.60 per share

- 2025-03: CHF 615.00 per share

- 2025-04: CHF 582.40 per share

- 2025-05: CHF 577.20 per share

- 2025-06: CHF 554.60 per share

- 2025-07: CHF 556.60 per share

- 2025-08: CHF 584.40 per share

- 2025-09: CHF 566.60 per share

- 2025-10: CHF 559.00 per share

- 2025-11: CHF 577.20 per share

- 2025-12: CHF 601.80 per share

- 2026-01: CHF 549.00 per share

- 2026-02: CHF 580.60 per share

- 2026-03: CHF 561.40 per share

- 2026-04: CHF 543.80 per share

- 2026-05: CHF 557.00 per share

- 2026-06: CHF 598.60 per share

- 2026-07: CHF 615.80 per share

- 2026-08: CHF 592.60 per share

- 2026-09: CHF 567.00 per share

- 2026-10: CHF 589.00 per share

## Annual estimated value (CHF per share)

- FY2016: low CHF 177.58 per share, central CHF 195.34 per share, high CHF 217.05 per share

- FY2017: low CHF 187.33 per share, central CHF 206.06 per share, high CHF 228.96 per share

- FY2018: low CHF 166.88 per share, central CHF 183.57 per share, high CHF 203.96 per share

- FY2019: low CHF 213.99 per share, central CHF 246.82 per share, high CHF 291.55 per share

- FY2020: low CHF 214.58 per share, central CHF 236.04 per share, high CHF 262.27 per share

- FY2021: low CHF 211.71 per share, central CHF 242.35 per share, high CHF 283.37 per share

- FY2022: low CHF 116.55 per share, central CHF 128.20 per share, high CHF 142.45 per share

- FY2023: low CHF 116.50 per share, central CHF 131.31 per share, high CHF 150.43 per share

- FY2024: low CHF 133.70 per share, central CHF 151.00 per share, high CHF 173.44 per share

- FY2025: low CHF 181.12 per share, central CHF 206.94 per share, high CHF 241.33 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 2026-10-15T06:39:25.687Z 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.

Zurich Insurance Group AG

ZURN · SW

STOXX Europe 600 · SMI

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: CHF 608.20
Buy up to: CHF 214.19
Expected / yr: 5.5% 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

Profits were positive in 10 years (at least 8 needed).

Net income

10y median: $4.2B
Worst year: $3.0B
Latest · 2025: $6.8B

Earned a median 12.5% on equity (minimum 10%).

Return on common equity

10y median: 12.5%
Worst year: 8.6%
Latest · 2025: 22.5%

Book value plus dividends grew 10.6% a year (minimum 7%).

Annual book + dividend return

10y median: 15.4%
Worst year: -21.3%
Latest · 2025: 30.1%

Book value gained -11.56 per share against 21.57 kept (must cover the amount kept).

Shares (first year = 100)

11y median: 100
Worst year: 101
Latest · 2025: 97

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 39.08 USD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CHF 258.90 · Value 195.34 · Buy at or below 195.34; 2016-11 · Price CHF 266.50 · Value 195.34 · Buy at or below 195.34; 2016-12 · Price CHF 280.40 · Value 195.34 · Buy at or below 195.34; 2017-01 · Price CHF 283.50 · Value 195.34 · Buy at or below 195.34; 2017-02 · Price CHF 277.30 · Value 206.06 · Buy at or below 206.06; 2017-03 · Price CHF 267.40 · Value 206.06 · Buy at or below 206.06; 2017-04 · Price CHF 275.40 · Value 206.06 · Buy at or below 206.06; 2017-05 · Price CHF 284.70 · Value 206.06 · Buy at or below 206.06; 2017-06 · Price CHF 279.10 · Value 206.06 · Buy at or below 206.06; 2017-07 · Price CHF 294.80 · Value 206.06 · Buy at or below 206.06; 2017-08 · Price CHF 286.90 · Value 206.06 · Buy at or below 206.06; 2017-09 · Price CHF 295.40 · Value 206.06 · Buy at or below 206.06; 2017-10 · Price CHF 304.50 · Value 206.06 · Buy at or below 206.06; 2017-11 · Price CHF 297.20 · Value 206.06 · Buy at or below 206.06; 2017-12 · Price CHF 296.60 · Value 206.06 · Buy at or below 206.06; 2018-01 · Price CHF 305.90 · Value 206.06 · Buy at or below 206.06; 2018-02 · Price CHF 312.00 · Value 183.57 · Buy at or below 183.57; 2018-03 · Price CHF 313.40 · Value 183.57 · Buy at or below 183.57; 2018-04 · Price CHF 317.60 · Value 183.57 · Buy at or below 183.57; 2018-05 · Price CHF 292.20 · Value 183.57 · Buy at or below 183.57; 2018-06 · Price CHF 294.10 · Value 183.57 · Buy at or below 183.57; 2018-07 · Price CHF 304.70 · Value 183.57 · Buy at or below 183.57; 2018-08 · Price CHF 295.20 · Value 183.57 · Buy at or below 183.57; 2018-09 · Price CHF 310.20 · Value 183.57 · Buy at or below 183.57; 2018-10 · Price CHF 313.20 · Value 183.57 · Buy at or below 183.57; 2018-11 · Price CHF 313.50 · Value 183.57 · Buy at or below 183.57; 2018-12 · Price CHF 293.10 · Value 183.57 · Buy at or below 183.57; 2019-01 · Price CHF 311.70 · Value 183.57 · Buy at or below 183.57; 2019-02 · Price CHF 330.00 · Value 246.82 · Buy at or below 246.82; 2019-03 · Price CHF 329.60 · Value 246.82 · Buy at or below 246.82; 2019-04 · Price CHF 324.90 · Value 246.82 · Buy at or below 246.82; 2019-05 · Price CHF 324.80 · Value 246.82 · Buy at or below 246.82; 2019-06 · Price CHF 339.90 · Value 246.82 · Buy at or below 246.82; 2019-07 · Price CHF 346.50 · Value 246.82 · Buy at or below 246.82; 2019-08 · Price CHF 352.20 · Value 246.82 · Buy at or below 246.82; 2019-09 · Price CHF 382.00 · Value 246.82 · Buy at or below 246.82; 2019-10 · Price CHF 385.50 · Value 246.82 · Buy at or below 246.82; 2019-11 · Price CHF 392.30 · Value 246.82 · Buy at or below 246.82; 2019-12 · Price CHF 397.10 · Value 246.82 · Buy at or below 246.82; 2020-01 · Price CHF 400.70 · Value 246.82 · Buy at or below 246.82; 2020-02 · Price CHF 370.90 · Value 236.04 · Buy at or below 236.04; 2020-03 · Price CHF 343.40 · Value 236.04 · Buy at or below 236.04; 2020-04 · Price CHF 307.30 · Value 236.04 · Buy at or below 236.04; 2020-05 · Price CHF 309.50 · Value 236.04 · Buy at or below 236.04; 2020-06 · Price CHF 334.20 · Value 236.04 · Buy at or below 236.04; 2020-07 · Price CHF 336.20 · Value 236.04 · Buy at or below 236.04; 2020-08 · Price CHF 334.00 · Value 236.04 · Buy at or below 236.04; 2020-09 · Price CHF 320.70 · Value 236.04 · Buy at or below 236.04; 2020-10 · Price CHF 304.00 · Value 236.04 · Buy at or below 236.04; 2020-11 · Price CHF 368.90 · Value 236.04 · Buy at or below 236.04; 2020-12 · Price CHF 373.50 · Value 236.04 · Buy at or below 236.04; 2021-01 · Price CHF 356.20 · Value 236.04 · Buy at or below 236.04; 2021-02 · Price CHF 371.50 · Value 242.35 · Buy at or below 242.35; 2021-03 · Price CHF 403.40 · Value 242.35 · Buy at or below 242.35; 2021-04 · Price CHF 374.70 · Value 242.35 · Buy at or below 242.35; 2021-05 · Price CHF 375.60 · Value 242.35 · Buy at or below 242.35; 2021-06 · Price CHF 371.20 · Value 242.35 · Buy at or below 242.35; 2021-07 · Price CHF 365.80 · Value 242.35 · Buy at or below 242.35; 2021-08 · Price CHF 402.00 · Value 242.35 · Buy at or below 242.35; 2021-09 · Price CHF 383.60 · Value 242.35 · Buy at or below 242.35; 2021-10 · Price CHF 405.90 · Value 242.35 · Buy at or below 242.35; 2021-11 · Price CHF 379.10 · Value 242.35 · Buy at or below 242.35; 2021-12 · Price CHF 400.40 · Value 242.35 · Buy at or below 242.35; 2022-01 · Price CHF 440.70 · Value 242.35 · Buy at or below 242.35; 2022-02 · Price CHF 421.60 · Value 128.20 · Buy at or below 128.20; 2022-03 · Price CHF 456.80 · Value 128.20 · Buy at or below 128.20; 2022-04 · Price CHF 445.90 · Value 128.20 · Buy at or below 128.20; 2022-05 · Price CHF 438.00 · Value 128.20 · Buy at or below 128.20; 2022-06 · Price CHF 415.20 · Value 128.20 · Buy at or below 128.20; 2022-07 · Price CHF 414.90 · Value 128.20 · Buy at or below 128.20; 2022-08 · Price CHF 434.10 · Value 128.20 · Buy at or below 128.20; 2022-09 · Price CHF 395.00 · Value 128.20 · Buy at or below 128.20; 2022-10 · Price CHF 427.30 · Value 128.20 · Buy at or below 128.20; 2022-11 · Price CHF 452.90 · Value 128.20 · Buy at or below 128.20; 2022-12 · Price CHF 442.30 · Value 128.20 · Buy at or below 128.20; 2023-01 · Price CHF 452.20 · Value 128.20 · Buy at or below 128.20; 2023-02 · Price CHF 446.40 · Value 131.31 · Buy at or below 131.31; 2023-03 · Price CHF 437.70 · Value 131.31 · Buy at or below 131.31; 2023-04 · Price CHF 431.80 · Value 131.31 · Buy at or below 131.31; 2023-05 · Price CHF 426.00 · Value 131.31 · Buy at or below 131.31; 2023-06 · Price CHF 424.90 · Value 131.31 · Buy at or below 131.31; 2023-07 · Price CHF 420.80 · Value 131.31 · Buy at or below 131.31; 2023-08 · Price CHF 415.00 · Value 131.31 · Buy at or below 131.31; 2023-09 · Price CHF 420.10 · Value 131.31 · Buy at or below 131.31; 2023-10 · Price CHF 430.60 · Value 131.31 · Buy at or below 131.31; 2023-11 · Price CHF 437.90 · Value 131.31 · Buy at or below 131.31; 2023-12 · Price CHF 439.60 · Value 131.31 · Buy at or below 131.31; 2024-01 · Price CHF 439.10 · Value 131.31 · Buy at or below 131.31; 2024-02 · Price CHF 470.00 · Value 151.00 · Buy at or below 151.00; 2024-03 · Price CHF 486.30 · Value 151.00 · Buy at or below 151.00; 2024-04 · Price CHF 444.20 · Value 151.00 · Buy at or below 151.00; 2024-05 · Price CHF 473.70 · Value 151.00 · Buy at or below 151.00; 2024-06 · Price CHF 479.10 · Value 151.00 · Buy at or below 151.00; 2024-07 · Price CHF 483.20 · Value 151.00 · Buy at or below 151.00; 2024-08 · Price CHF 491.40 · Value 151.00 · Buy at or below 151.00; 2024-09 · Price CHF 509.80 · Value 151.00 · Buy at or below 151.00; 2024-10 · Price CHF 510.80 · Value 151.00 · Buy at or below 151.00; 2024-11 · Price CHF 558.60 · Value 151.00 · Buy at or below 151.00; 2024-12 · Price CHF 538.80 · Value 151.00 · Buy at or below 151.00; 2025-01 · Price CHF 553.80 · Value 151.00 · Buy at or below 151.00; 2025-02 · Price CHF 593.60 · Value 206.94 · Buy at or below 206.94; 2025-03 · Price CHF 615.00 · Value 206.94 · Buy at or below 206.94; 2025-04 · Price CHF 582.40 · Value 206.94 · Buy at or below 206.94; 2025-05 · Price CHF 577.20 · Value 206.94 · Buy at or below 206.94; 2025-06 · Price CHF 554.60 · Value 206.94 · Buy at or below 206.94; 2025-07 · Price CHF 556.60 · Value 206.94 · Buy at or below 206.94; 2025-08 · Price CHF 584.40 · Value 206.94 · Buy at or below 206.94; 2025-09 · Price CHF 566.60 · Value 206.94 · Buy at or below 206.94; 2025-10 · Price CHF 559.00 · Value 206.94 · Buy at or below 206.94; 2025-11 · Price CHF 577.20 · Value 206.94 · Buy at or below 206.94; 2025-12 · Price CHF 601.80 · Value 206.94 · Buy at or below 206.94; 2026-01 · Price CHF 549.00 · Value 206.94 · Buy at or below 206.94; 2026-02 · Price CHF 580.60 · Value 214.19 · Buy at or below 214.19; 2026-03 · Price CHF 561.40 · Value 214.19 · Buy at or below 214.19; 2026-04 · Price CHF 543.80 · Value 214.19 · Buy at or below 214.19; 2026-05 · Price CHF 557.00 · Value 214.19 · Buy at or below 214.19; 2026-06 · Price CHF 598.60 · Value 214.19 · Buy at or below 214.19; 2026-07 · Price CHF 615.80 · Value 214.19 · Buy at or below 214.19; 2026-08 · Price CHF 592.60 · Value 214.19 · Buy at or below 214.19; 2026-09 · Price CHF 567.00 · Value 214.19 · Buy at or below 214.19; 2026-10 · Price CHF 589.00 · Value 214.19 · Buy at or below 214.19; 2026-10 · Price CHF 608.20 · Value 214.19 · Buy at or below 214.19

CHF per share · annual estimates

Price & return math
Value range	CHF 187.47 – CHF 249.79
Buy at or below	Central value CHF 214.19
Discount to value	1 − 608.20 / 214.19 = -184.0%
Return / year	About 5.5% a year at today's price (required return 10.0%)
Cash-flow inputs	Book CHF 105.23/share; ROE 17.3%; first payout CHF 15.03/share, growing 3.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net income$6.8B

Net income

Book / share$208.99

Book / share

Dividend / share$33.86

Dividend / share

Return on equity22.5%

Return on equity

Diluted shares144M

Diluted shares

Prices 15 Oct 2026 · FY2025