A 
22.54
-0.62%
Close of 9 Nov 2026, in CHF
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At a glance
Figures in EUR, from our data supplier.
Revenue
€21.75bn
FY2016FY2025
Net income
€276.1m
FY2016FY2025
Free cash flow
€455.1m
FY2016FY2025
Shareholders' equity
€3.17bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €21.75bn | €21.66bn | €22.43bn | €23.64bn | €19.61bn | €18.31bn | €21.93bn | €22.34bn | €22.15bn | €21.26bn |
| Gross profit | €4.11bn | €4.21bn | €4.65bn | €4.97bn | €4.01bn | €3.55bn | €4.22bn | €4.15bn | €4.07bn | €4.00bn |
| Operating income | €506.9m | €506.4m | €591.6m | €547.0m | €730.1m | €128.2m | €846.2m | €716.1m | €928.6m | €994.1m |
| Net income | €276.1m | €283.6m | €304.2m | €342.0m | €548.5m | −€90.8m | €680.5m | €428.7m | €737.6m | €676.8m |
| Diluted earnings per share | 1.63 | 1.69 | 1.81 | 2.05 | 3.41 | -0.56 | 4.20 | 2.59 | 4.38 | 3.97 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €11.00bn | €11.33bn | €11.64bn | €13.26bn | €11.11bn | €9.17bn | €9.90bn | €9.10bn | €9.26bn | €9.45bn |
| Cash and short-term investments | €362.9m | €451.2m | €520.4m | €782.0m | €2.86bn | €1.39bn | €1.26bn | €610.3m | €900.5m | €1.06bn |
| Total liabilities | €7.82bn | €7.97bn | €8.26bn | €9.36bn | €7.55bn | €6.15bn | €6.20bn | €5.74bn | €5.90bn | €5.97bn |
| Debt | €2.68bn | €2.96bn | €3.15bn | €3.24bn | €3.10bn | €1.86bn | €1.75bn | €1.78bn | €1.96bn | €2.02bn |
| Shareholders' equity | €3.17bn | €3.35bn | €3.37bn | €3.88bn | €3.55bn | €3.00bn | €3.69bn | €3.35bn | €3.35bn | €3.48bn |
| Shares outstanding | 169m | 168m | 168m | 167m | 161m | 161m | 162m | 166m | 168m | 170m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €577.6m | €661.8m | €527.0m | €543.0m | €675.8m | €674.0m | €823.7m | €680.5m | €683.3m | €643.1m |
| Capital spending | −€122.5m | −€134.8m | −€202.2m | −€215.0m | −€123.6m | −€147.0m | −€146.0m | −€147.9m | −€93.6m | −€71.1m |
| Free cash flow | €455.1m | €527.0m | €324.8m | €328.0m | €552.3m | €527.0m | €677.7m | €532.6m | €589.7m | €571.9m |
| Dividends paid | −€165.8m | −€404.4m | −€395.0m | −€409.0m | −€341.7m | −€356.6m | −€337.0m | −€327.6m | −€350.1m | −€348.2m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €5.61bn | €5.26bn | €5.57bn | €5.41bn | €5.41bn | €5.22bn | €5.50bn | €5.34bn |
| Gross profit | €1.02bn | €976.1m | €1.05bn | €1.04bn | €1.02bn | €1.01bn | €1.06bn | €1.03bn |
| Operating income | €97.3m | €99.6m | €173.0m | €149.8m | €96.4m | €96.4m | €134.8m | €151.6m |
| Net income | €44.0m | €64.2m | €82.3m | €83.3m | €54.3m | €56.2m | €68.3m | €92.7m |
| Diluted earnings per share | 0.26 | 0.38 | 0.49 | 0.49 | 0.32 | 0.33 | 0.41 | 0.55 |
| Cash from operations | €21.0m | −€165.0m | €448.0m | €187.0m | €75.0m | −€134.0m | €459.0m | €113.0m |
| Capital spending | −€34.0m | −€20.0m | −€46.0m | −€28.0m | −€27.0m | −€19.0m | −€42.0m | −€36.0m |
| Free cash flow | −€13.0m | −€185.0m | €402.0m | €159.0m | €48.0m | −€153.0m | €417.0m | €77.0m |
| Total assets | €11.66bn | €11.30bn | €11.00bn | €11.04bn | €11.09bn | €11.22bn | €11.33bn | €11.11bn |
| Cash and short-term investments | €516.4m | €285.7m | €362.9m | €320.1m | €252.7m | €322.0m | €451.2m | €260.2m |
| Debt | €3.11bn | €2.83bn | €2.86bn | €3.03bn | €3.14bn | €3.04bn | €2.95bn | €3.18bn |
| Shareholders' equity | €3.28bn | €3.29bn | €3.17bn | €3.08bn | €2.99bn | €3.31bn | €3.35bn | €3.14bn |
Financial ratios
Data as of 22 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 18.9% | 19.4% | 20.7% | 21.0% | 20.4% | 19.4% |
| Operating margin | 2.6% | 2.2% | 2.4% | 2.1% | 3.7% | 0.5% |
| Net margin | 1.3% | 1.3% | 1.4% | 1.4% | 2.8% | -0.5% |
| Return on equity | 8.7% | 8.5% | 9.0% | 8.8% | 15.5% | -3.0% |
| Return on assets | 2.5% | 2.5% | 2.6% | 2.6% | 4.9% | -1.0% |
| Free cash flow yield | 19.8% | 22.7% | 20.7% | 20.3% | 23.7% | 24.4% |
| Revenue growth | 0.4% | -3.4% | 1.3% | 12.8% | 7.1% | -16.5% |
| Earnings growth | -2.7% | -6.8% | -5.0% | -41.6% | -704.1% | -113.3% |
| Current ratio | 1.05x | 1.06x | 1.06x | 1.18x | 1.63x | 1.29x |
| Debt to equity | 0.85x | 0.88x | 0.93x | 0.88x | 0.86x | 0.64x |
| Equity ratio | 28.8% | 29.6% | 28.9% | 29.3% | 31.9% | 32.8% |
| Interest coverage | 8.91x | 7.07x | 7.58x | 10.20x | 24.53x | 3.27x |
| Buybacks as a share of market value | -0.6% | 0.2% | -0.7% | -3.9% | 0.1% | 0.6% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -2.7% | 3.5% | 0.5% |
| Operating income | -2.5% | 31.6% | 6.1% |
| Net income | -6.9% | — | 43.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 19.2% | 20.1% | 20.0% | 19.5% |
| Operating margin | 2.3% | 2.4% | 2.4% | 2.9% |
| Net margin | 1.3% | 1.3% | 1.3% | 1.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 15.2 | 14.1 | 24.6 | 15.8 | 14.5 | -96.9 | 13.4 | 15.7 | 14.6 | 15.6 |
| Price to sales | 0.2 | 0.2 | 0.3 | 0.2 | 0.4 | 0.5 | 0.4 | 0.3 | 0.5 | 0.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 30 years. Last went ex-dividend on 20 Apr 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.00 | 2.00 | 2.50 | 0.65 | 1.25 | 2.50 | 2.50 | 2.50 |
- 1-for-0.1 split · 14 May 2001
- 1-to-1 reverse split · 15 Dec 1999
- 1-to-1 reverse split · 25 Jun 1999
- 1-for-0.924137 split · 28 Apr 1993
- 1-to-1 reverse split · 2 Jul 1990
- 1-for-0.253001 split · 6 Dec 1989
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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