A 
49.04
+2.47%
Close of 9 Nov 2026, in CHF
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At a glance
Figures in CHF, from our data supplier.
Revenue
CHF 13.98bn
FY2016FY2025
Net income
CHF 199.0m
FY2016FY2025
Free cash flow
CHF 2.40bn
FY2016FY2025
Shareholders' equity
CHF 1.91bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CHF 13.98bn | CHF 13.72bn | CHF 12.79bn | CHF 6.88bn | CHF 3.92bn | CHF 2.56bn | CHF 8.85bn | CHF 8.68bn | CHF 8.38bn | CHF 7.83bn |
| Operating income | CHF 1.30bn | CHF 836.0m | CHF 865.0m | CHF 558.0m | −CHF 66.2m | −CHF 2.50bn | CHF 432.8m | CHF 443.1m | CHF 486.6m | CHF 292.0m |
| Net income | CHF 199.0m | CHF 103.0m | CHF 87.3m | CHF 58.2m | −CHF 385.4m | −CHF 2.51bn | −CHF 26.5m | CHF 71.8m | CHF 56.8m | CHF 2.5m |
| Diluted earnings per share | 1.35 | 0.71 | 0.58 | 0.62 | -4.25 | -39.95 | -0.50 | 1.35 | 1.03 | 0.05 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CHF 16.30bn | CHF 17.40bn | CHF 16.51bn | CHF 9.31bn | CHF 9.99bn | CHF 11.26bn | CHF 13.36bn | CHF 9.39bn | CHF 9.99bn | CHF 9.92bn |
| Cash and short-term investments | CHF 727.0m | CHF 756.0m | CHF 769.5m | CHF 854.7m | CHF 793.5m | CHF 360.3m | CHF 553.5m | CHF 539.9m | CHF 565.0m | CHF 450.8m |
| Total liabilities | CHF 14.24bn | CHF 14.88bn | CHF 14.02bn | CHF 8.34bn | CHF 8.96bn | CHF 10.34bn | CHF 10.25bn | CHF 6.05bn | CHF 6.63bn | CHF 6.65bn |
| Debt | CHF 11.45bn | CHF 11.91bn | CHF 11.19bn | CHF 6.58bn | CHF 7.45bn | CHF 9.12bn | CHF 8.06bn | CHF 3.82bn | CHF 4.25bn | CHF 4.20bn |
| Shareholders' equity | CHF 1.91bn | CHF 2.35bn | CHF 2.36bn | CHF 893.0m | CHF 956.6m | CHF 839.3m | CHF 2.65bn | CHF 2.90bn | CHF 3.13bn | CHF 3.06bn |
| Shares outstanding | 147m | 145m | 150m | 93m | 91m | 63m | 53m | 53m | 55m | 55m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CHF 2.86bn | CHF 2.60bn | CHF 2.36bn | CHF 1.51bn | CHF 678.2m | −CHF 345.3m | CHF 2.11bn | CHF 836.2m | CHF 715.1m | CHF 700.4m |
| Capital spending | −CHF 455.0m | −CHF 483.0m | −CHF 441.0m | −CHF 113.3m | −CHF 91.2m | −CHF 119.0m | −CHF 244.7m | −CHF 255.5m | −CHF 286.0m | −CHF 268.4m |
| Free cash flow | CHF 2.40bn | CHF 2.12bn | CHF 1.92bn | CHF 1.40bn | CHF 587.0m | −CHF 464.3m | CHF 1.86bn | CHF 580.7m | CHF 429.1m | CHF 432.0m |
| Dividends paid | −CHF 143.0m | −CHF 104.0m | — | — | — | — | −CHF 199.8m | −CHF 198.7m | — | — |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CHF 6.57bn | CHF 7.25bn | CHF 6.73bn | CHF 7.26bn | CHF 6.46bn | CHF 6.97bn | CHF 5.82bn | CHF 2.91bn |
| Operating income | CHF 380.0m | CHF 650.0m | CHF 481.0m | CHF 530.3m | CHF 379.7m | CHF 493.7m | CHF 283.9m | CHF 57.3m |
| Net income | CHF 35.0m | CHF 172.0m | CHF 27.0m | CHF 91.5m | CHF 11.5m | CHF 114.9m | −CHF 27.6m | CHF 19.3m |
| Diluted earnings per share | 0.26 | 1.17 | 0.18 | 0.63 | 0.08 | 0.76 | -0.18 | 0.16 |
| Cash from operations | CHF 1.38bn | CHF 1.44bn | CHF 1.49bn | CHF 2.60bn | CHF 1.19bn | CHF 1.20bn | CHF 996.0m | — |
| Capital spending | −CHF 194.0m | −CHF 225.0m | −CHF 230.0m | −CHF 483.0m | −CHF 225.0m | −CHF 251.0m | −CHF 189.0m | — |
| Free cash flow | CHF 1.19bn | CHF 1.22bn | CHF 1.26bn | CHF 2.12bn | CHF 963.0m | CHF 951.0m | CHF 807.0m | — |
| Total assets | CHF 17.34bn | CHF 16.30bn | CHF 16.63bn | CHF 17.40bn | CHF 17.59bn | CHF 16.51bn | CHF 13.67bn | CHF 13.67bn |
| Cash and short-term investments | CHF 993.0m | CHF 727.0m | CHF 935.0m | CHF 756.0m | CHF 973.4m | CHF 769.5m | CHF 1.05bn | CHF 1.05bn |
| Debt | CHF 1.72bn | CHF 11.45bn | CHF 11.74bn | CHF 11.91bn | CHF 13.43bn | CHF 1.92bn | CHF 7.98bn | CHF 6.67bn |
| Shareholders' equity | CHF 1.61bn | CHF 1.91bn | CHF 1.83bn | CHF 2.35bn | CHF 2.32bn | CHF 2.36bn | CHF 2.44bn | CHF 2.63bn |
Financial ratios
Data as of 11 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 7.9% | 7.7% | 6.5% | 4.7% | -4.0% | -99.2% |
| Net margin | 1.4% | 0.8% | 0.7% | 0.8% | -9.8% | -98.1% |
| Return on equity | 10.4% | 4.4% | 3.7% | 6.5% | -40.3% | -299.5% |
| Return on assets | 1.2% | 0.6% | 0.5% | 0.6% | -3.9% | -22.3% |
| Free cash flow yield | 53.6% | 49.3% | 44.2% | 41.4% | 20.1% | -8.5% |
| Revenue growth | 1.9% | 7.3% | 85.9% | 75.7% | 52.9% | -71.1% |
| Earnings growth | 93.2% | 18.0% | 50.0% | -115.1% | -84.7% | 9385.7% |
| Current ratio | 0.68x | 0.69x | 0.60x | 0.91x | 0.87x | 0.62x |
| Debt to equity | 2.50x | 2.08x | 1.88x | 5.11x | 5.12x | 6.08x |
| Equity ratio | 11.7% | 13.5% | 14.3% | 9.6% | 9.6% | 7.5% |
| Interest coverage | 1.57x | 1.39x | 1.45x | 1.02x | -0.62x | -7.66x |
| Buybacks as a share of market value | 1.2% | 1.1% | -61.3% | -2.7% | -44.3% | -199.4% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 26.7% | 40.4% | 8.6% |
| Operating income | 32.7% | — | 20.7% |
| Net income | 50.7% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 7.7% | 7.5% | 1.8% | 3.0% |
| Net margin | 1.1% | 0.9% | -4.6% | -2.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 34.8 | 51.2 | 57.0 | 61.7 | -10.6 | -1.4 | -112.5 | 40.6 | 82.7 | — |
| Price to sales | 0.5 | 0.4 | 0.4 | 0.5 | 1.1 | 1.4 | 0.3 | 0.3 | 0.6 | 0.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 2 years. Last went ex-dividend on 8 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2019 | FY2018 | FY2008 | FY2007 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.15 | 1.00 | 0.77 | 0.70 | 3.777 | 3.54 | 0.926 | 0.926 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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