B 
1,260.00
+1.61%
Close of 9 Nov 2026, in CHF
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At a glance
Figures in CHF, from our data supplier.
Revenue
CHF 14.79bn
FY2016FY2025
Net income
CHF 185.9m
FY2016FY2025
Free cash flow
−CHF 337.5m
FY2016FY2025
Shareholders' equity
CHF 2.62bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CHF 14.79bn | CHF 10.39bn | CHF 8.47bn | CHF 8.09bn | CHF 7.21bn | CHF 6.89bn | CHF 7.31bn | CHF 6.95bn | CHF 6.81bn | CHF 6.68bn |
| Gross profit | CHF 1.42bn | CHF 1.38bn | CHF 1.35bn | CHF 1.22bn | CHF 1.15bn | CHF 1.06bn | CHF 1.20bn | CHF 1.16bn | CHF 958.8m | CHF 863.2m |
| Research and development | — | CHF 35.9m | CHF 37.0m | CHF 32.4m | CHF 29.7m | CHF 32.2m | CHF 30.0m | CHF 28.6m | CHF 22.4m | CHF 20.4m |
| Operating income | CHF 635.1m | CHF 446.1m | CHF 682.5m | CHF 647.5m | CHF 581.4m | CHF 506.5m | CHF 606.7m | CHF 567.8m | CHF 447.6m | CHF 405.4m |
| Net income | CHF 185.9m | CHF 189.8m | CHF 444.4m | CHF 360.7m | CHF 383.9m | CHF 316.1m | CHF 370.3m | CHF 356.1m | CHF 302.3m | CHF 217.1m |
| Diluted earnings per share | 33.85 | 36.58 | 80.92 | 65.61 | 70.02 | 57.61 | 67.26 | 64.65 | 54.76 | 39.49 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CHF 12.64bn | CHF 15.27bn | CHF 8.52bn | CHF 7.93bn | CHF 7.35bn | CHF 7.21bn | CHF 6.51bn | CHF 5.83bn | CHF 5.47bn | CHF 5.64bn |
| Cash and short-term investments | CHF 1.94bn | CHF 978.4m | CHF 488.3m | CHF 880.0m | CHF 1.10bn | CHF 1.39bn | CHF 559.4m | CHF 416.3m | CHF 421.6m | CHF 475.0m |
| Total liabilities | CHF 10.02bn | CHF 12.43bn | CHF 5.63bn | CHF 5.03bn | CHF 4.67bn | CHF 4.85bn | CHF 4.09bn | CHF 3.55bn | CHF 3.34bn | CHF 3.67bn |
| Debt | CHF 6.21bn | CHF 4.80bn | CHF 1.80bn | CHF 2.08bn | CHF 2.38bn | CHF 2.76bn | CHF 1.86bn | CHF 1.48bn | CHF 1.51bn | CHF 1.91bn |
| Shareholders' equity | CHF 2.62bn | CHF 2.84bn | CHF 2.90bn | CHF 2.90bn | CHF 2.68bn | CHF 2.35bn | CHF 2.40bn | CHF 2.27bn | CHF 2.11bn | CHF 1.96bn |
| Shares outstanding | 5m | 5m | 5m | 5m | 5m | 5m | 6m | 6m | 6m | 5m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CHF 42.5m | −CHF 2.06bn | CHF 330.6m | CHF 521.7m | CHF 615.6m | CHF 593.5m | CHF 555.7m | CHF 515.5m | CHF 684.0m | CHF 621.5m |
| Capital spending | −CHF 295.0m | −CHF 285.1m | −CHF 241.2m | −CHF 275.9m | −CHF 275.2m | −CHF 280.9m | −CHF 218.4m | −CHF 180.8m | −CHF 179.6m | −CHF 159.6m |
| Free cash flow | −CHF 337.5m | −CHF 2.35bn | CHF 89.4m | CHF 245.8m | CHF 340.4m | CHF 312.7m | CHF 337.4m | CHF 334.7m | CHF 504.4m | CHF 461.9m |
| Dividends paid | −CHF 159.1m | −CHF 158.9m | −CHF 153.6m | −CHF 153.5m | −CHF 120.7m | −CHF 142.7m | −CHF 131.5m | −CHF 69.9m | −CHF 85.1m | −CHF 79.6m |
Latest quarters
By quarter end
| Feb 2026 | Aug 2025 | Feb 2025 | Nov 2024 | Aug 2024 | Feb 2024 | Aug 2023 | Feb 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CHF 6.75bn | CHF 7.50bn | CHF 7.29bn | CHF 2.23bn | CHF 5.74bn | CHF 4.64bn | CHF 4.29bn | CHF 4.18bn |
| Gross profit | CHF 668.9m | CHF 765.4m | CHF 653.8m | CHF 329.5m | CHF 719.2m | CHF 663.1m | CHF 684.4m | CHF 664.1m |
| Operating income | CHF 295.0m | CHF 364.1m | CHF 277.5m | CHF 181.2m | CHF 336.1m | CHF 178.1m | CHF 327.7m | CHF 354.8m |
| Net income | CHF 89.4m | CHF 153.8m | CHF 32.1m | CHF 88.8m | CHF 111.9m | CHF 77.9m | CHF 208.9m | CHF 235.5m |
| Diluted earnings per share | 16.22 | 28.01 | 5.84 | 17.12 | 21.56 | 14.20 | 38.03 | 42.88 |
| Cash from operations | CHF 936.0m | CHF 1.97bn | −CHF 1.99bn | — | −CHF 1.05bn | −CHF 1.01bn | −CHF 117.0m | −CHF 97.0m |
| Capital spending | −CHF 132.0m | −CHF 157.0m | −CHF 112.0m | — | −CHF 153.0m | −CHF 103.0m | −CHF 144.0m | −CHF 96.0m |
| Free cash flow | CHF 804.0m | CHF 1.81bn | −CHF 2.11bn | — | −CHF 1.20bn | −CHF 1.11bn | −CHF 261.0m | −CHF 193.0m |
| Total assets | CHF 12.01bn | CHF 12.64bn | CHF 17.84bn | — | CHF 15.27bn | CHF 13.33bn | CHF 8.52bn | CHF 8.18bn |
| Cash and short-term investments | CHF 1.62bn | CHF 1.94bn | CHF 1.61bn | — | CHF 978.4m | CHF 428.0m | CHF 488.3m | CHF 629.1m |
| Debt | CHF 5.00bn | CHF 6.21bn | CHF 7.72bn | — | CHF 4.80bn | CHF 2.28bn | CHF 1.80bn | CHF 2.21bn |
| Shareholders' equity | CHF 2.51bn | CHF 2.62bn | CHF 2.72bn | — | CHF 2.84bn | CHF 2.90bn | CHF 2.90bn | CHF 2.90bn |
Financial ratios
Data as of 9 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 9.6% | 13.3% | 15.9% | 15.0% | 15.9% | 15.4% | — |
| Operating margin | 4.4% | 4.5% | 7.8% | 6.7% | 7.8% | 7.0% | — |
| Net margin | 1.3% | 1.8% | 5.2% | 4.5% | 5.3% | 4.6% | — |
| Return on equity | 7.1% | 6.7% | 15.3% | 12.4% | 14.3% | 13.4% | — |
| Return on assets | 1.5% | 1.2% | 5.2% | 4.5% | 5.2% | 4.4% | — |
| Free cash flow yield | 4.4% | -32.5% | 9.9% | 13.8% | 15.4% | 15.1% | — |
| Revenue growth | 42.4% | 22.6% | 4.7% | 12.3% | 4.6% | -5.7% | — |
| Earnings growth | -2.1% | -57.3% | 23.2% | -6.1% | 21.5% | -14.6% | — |
| Current ratio | 1.79x | 1.37x | 1.32x | 1.53x | 1.98x | 1.83x | — |
| Debt to equity | 2.27x | 1.60x | 0.54x | 0.64x | 0.81x | 1.11x | — |
| Equity ratio | 20.7% | 18.6% | 34.0% | 36.6% | 36.5% | 32.7% | — |
| Interest coverage | 1.67x | 2.06x | 5.17x | 4.88x | 5.73x | 4.72x | — |
| R&D as a share of sales | — | 0.3% | 0.4% | 0.4% | 0.4% | 0.5% | 0.4% |
| Buybacks as a share of market value | -5.9% | 5.5% | 0.1% | -0.3% | 0.0% | 0.4% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 22.3% | 16.5% | 9.0% |
| Operating income | -0.6% | 4.6% | 4.4% |
| Net income | -19.8% | -10.1% | -2.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 11.1% | 12.9% | 13.6% | 14.0% |
| Operating margin | 4.3% | 5.8% | 6.3% | 6.6% |
| Net margin | 1.5% | 2.8% | 3.4% | 3.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 38.6 | 32.9 | 17.5 | 27.9 | 31.6 | 36.5 | 31.8 | 23.7 | 37.1 | 31.6 |
| Price to sales | 0.5 | 0.6 | 0.9 | 1.2 | 1.7 | 1.7 | 1.6 | 1.2 | 1.6 | 1.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 21 years. Last went ex-dividend on 12 Jan 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 29.00 | 29.00 | 29.00 | 28.00 | 28.00 | 22.00 | 26.00 | 24.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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