C 
10.77
+0.65%
Close of 9 Nov 2026, in CHF
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At a glance
Figures in CHF, from our data supplier.
Revenue
CHF 3.92bn
FY2016FY2025
Net income
−CHF 75.0m
FY2016FY2025
Free cash flow
CHF 234.0m
FY2016FY2025
Shareholders' equity
CHF 2.02bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CHF 3.92bn | CHF 4.15bn | CHF 4.38bn | CHF 5.20bn | CHF 4.37bn | CHF 3.86bn | CHF 4.40bn | CHF 6.62bn | CHF 6.38bn | CHF 5.85bn |
| Gross profit | CHF 1.22bn | CHF 1.26bn | CHF 1.20bn | CHF 1.02bn | CHF 1.29bn | CHF 1.17bn | CHF 1.38bn | CHF 1.93bn | CHF 1.90bn | CHF 1.77bn |
| Research and development | CHF 121.0m | CHF 126.0m | CHF 138.0m | CHF 160.0m | CHF 155.0m | CHF 170.0m | CHF 173.0m | CHF 209.0m | CHF 211.0m | CHF 206.0m |
| Operating income | CHF 118.0m | CHF 440.0m | CHF 282.0m | CHF 72.0m | CHF 440.0m | CHF 298.0m | CHF 167.0m | CHF 546.0m | CHF 496.0m | CHF 512.0m |
| Net income | −CHF 75.0m | CHF 244.0m | CHF 134.0m | −CHF 101.0m | CHF 344.0m | CHF 116.0m | −CHF 34.0m | CHF 337.0m | CHF 277.0m | CHF 253.0m |
| Diluted earnings per share | -0.23 | 0.74 | 0.41 | -0.31 | 1.04 | 0.35 | -0.10 | 1.02 | 0.83 | 0.78 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CHF 5.87bn | CHF 6.26bn | CHF 5.35bn | CHF 6.19bn | CHF 7.04bn | CHF 6.93bn | CHF 7.98bn | CHF 7.98bn | CHF 8.23bn | CHF 8.37bn |
| Cash and short-term investments | CHF 617.0m | CHF 471.0m | CHF 593.0m | CHF 758.0m | CHF 476.0m | CHF 1.05bn | CHF 1.01bn | CHF 925.0m | CHF 748.0m | CHF 1.37bn |
| Total liabilities | CHF 3.69bn | CHF 3.76bn | CHF 3.17bn | CHF 3.67bn | CHF 4.49bn | CHF 4.55bn | CHF 5.30bn | CHF 5.01bn | CHF 5.29bn | CHF 5.82bn |
| Debt | CHF 2.03bn | CHF 1.88bn | CHF 1.35bn | CHF 1.46bn | CHF 1.95bn | CHF 2.02bn | CHF 2.29bn | CHF 2.24bn | CHF 2.29bn | CHF 2.87bn |
| Shareholders' equity | CHF 2.02bn | CHF 2.33bn | CHF 2.02bn | CHF 2.34bn | CHF 2.36bn | CHF 2.24bn | CHF 2.51bn | CHF 2.80bn | CHF 2.76bn | CHF 2.46bn |
| Shares outstanding | 327m | 330m | 329m | 329m | 331m | 331m | 330m | 330m | 332m | 326m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CHF 379.0m | CHF 418.0m | CHF 424.0m | CHF 502.0m | CHF 363.0m | CHF 369.0m | CHF 509.0m | CHF 530.0m | CHF 428.0m | CHF 646.0m |
| Capital spending | −CHF 145.0m | −CHF 209.0m | −CHF 207.0m | −CHF 212.0m | −CHF 360.0m | −CHF 299.0m | −CHF 289.0m | −CHF 257.0m | −CHF 279.0m | −CHF 336.0m |
| Free cash flow | CHF 234.0m | CHF 209.0m | CHF 217.0m | CHF 290.0m | CHF 3.0m | CHF 70.0m | CHF 220.0m | CHF 273.0m | CHF 149.0m | CHF 310.0m |
| Dividends paid | −CHF 138.0m | −CHF 139.0m | −CHF 138.0m | −CHF 132.0m | −CHF 230.0m | −CHF 989.0m | −CHF 181.0m | −CHF 165.0m | −CHF 148.0m | −CHF 129.0m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CHF 1.86bn | CHF 1.93bn | CHF 1.98bn | CHF 2.08bn | CHF 2.07bn | CHF 2.09bn | CHF 2.28bn | CHF 2.63bn |
| Gross profit | CHF 590.7m | CHF 585.0m | CHF 636.0m | CHF 654.0m | CHF 635.0m | CHF 584.0m | CHF 616.0m | CHF 725.0m |
| Operating income | CHF 195.7m | CHF 181.0m | CHF 215.0m | CHF 215.0m | CHF 229.0m | CHF 184.0m | CHF 299.0m | CHF 275.0m |
| Net income | CHF 70.3m | −CHF 101.0m | CHF 26.0m | CHF 87.0m | CHF 157.0m | −CHF 75.0m | CHF 209.0m | −CHF 285.0m |
| Diluted earnings per share | 0.21 | -0.31 | 0.08 | 0.26 | 0.48 | -0.23 | 0.64 | -0.87 |
| Cash from operations | CHF 144.0m | CHF 287.0m | CHF 92.0m | CHF 282.0m | CHF 112.0m | CHF 355.0m | CHF 78.0m | CHF 500.0m |
| Capital spending | −CHF 44.0m | −CHF 85.0m | −CHF 60.0m | −CHF 135.0m | −CHF 72.0m | −CHF 132.0m | −CHF 74.0m | −CHF 123.0m |
| Free cash flow | CHF 100.0m | CHF 202.0m | CHF 32.0m | CHF 147.0m | CHF 40.0m | CHF 223.0m | CHF 4.0m | CHF 377.0m |
| Total assets | CHF 6.05bn | CHF 5.87bn | CHF 5.82bn | CHF 6.26bn | CHF 6.36bn | CHF 5.35bn | CHF 5.68bn | CHF 6.19bn |
| Cash and short-term investments | CHF 634.4m | CHF 617.0m | CHF 449.0m | CHF 471.0m | CHF 470.0m | CHF 593.0m | CHF 330.0m | CHF 758.0m |
| Debt | CHF 328.7m | CHF 2.03bn | CHF 2.09bn | CHF 1.88bn | CHF 2.11bn | CHF 1.35bn | CHF 1.04bn | CHF 1.27bn |
| Shareholders' equity | CHF 2.02bn | CHF 2.02bn | CHF 1.91bn | CHF 2.33bn | CHF 2.18bn | CHF 2.02bn | CHF 2.37bn | CHF 2.34bn |
Financial ratios
Data as of 26 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 31.2% | 30.3% | 27.4% | 19.7% | 29.6% | 30.4% |
| Operating margin | 10.2% | 10.8% | 6.3% | 1.2% | 10.4% | 7.8% |
| Net margin | -1.9% | 5.9% | 3.1% | -1.9% | 7.9% | 3.0% |
| Return on equity | -3.7% | 10.4% | 6.6% | -4.3% | 14.6% | 5.2% |
| Return on assets | -1.3% | 3.9% | 2.5% | -1.6% | 4.9% | 1.7% |
| Free cash flow yield | 16.0% | 18.9% | 19.1% | 21.6% | 21.8% | 20.1% |
| Revenue growth | -5.7% | -5.1% | -15.8% | 18.9% | 13.3% | -12.3% |
| Earnings growth | -130.7% | 82.1% | -232.7% | -129.4% | 196.6% | -441.2% |
| Current ratio | 1.64x | 1.47x | 1.40x | 1.43x | 1.23x | 1.60x |
| Debt to equity | 0.94x | 0.74x | 0.60x | 0.54x | 0.73x | 0.83x |
| Equity ratio | 34.5% | 37.3% | 37.7% | 37.8% | 33.5% | 32.3% |
| Interest coverage | 1.19x | 6.80x | 5.27x | 1.11x | 7.73x | 4.51x |
| R&D as a share of sales | 3.1% | 3.0% | 3.2% | 3.1% | 3.5% | 4.4% |
| Buybacks as a share of market value | 1.1% | -0.5% | 0.1% | 0.7% | -0.0% | -0.4% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -9.0% | 0.3% | -3.9% |
| Operating income | 17.9% | -16.9% | -13.4% |
| Net income | -9.4% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 30.7% | 26.7% | 27.7% | 29.0% |
| Operating margin | 6.9% | 5.2% | 6.4% | 7.0% |
| Net margin | 2.1% | 1.1% | 2.6% | 3.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -31.2 | 13.7 | 30.5 | -47.7 | 18.3 | 53.7 | -209.6 | 17.7 | 32.7 | 22.6 |
| Price to sales | 0.6 | 0.8 | 0.9 | 0.9 | 1.4 | 1.6 | 1.6 | 0.9 | 1.4 | 1.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 14 years. Last went ex-dividend on 2 Jun 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.42 | 0.42 | 0.42 | 0.42 | 0.40 | 0.15 | 0.615 | 0.55 |
- 100000-to-1 reverse split · 21 May 2001
- 500000-to-1 reverse split · 17 Jun 1998
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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