4,065.00
+0.27%
Close of 9 Nov 2026, in CHF
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At a glance
Figures in CHF, from our data supplier.
Revenue
CHF 7.47bn
FY2016FY2025
Net income
CHF 1.07bn
FY2016FY2025
Free cash flow
CHF 1.21bn
FY2016FY2025
Shareholders' equity
CHF 4.54bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CHF 7.47bn | CHF 7.41bn | CHF 6.92bn | CHF 7.12bn | CHF 6.68bn | CHF 6.32bn | CHF 6.20bn | CHF 5.53bn | CHF 5.05bn | CHF 4.66bn |
| Gross profit | CHF 3.25bn | CHF 3.27bn | CHF 2.72bn | CHF 2.63bn | CHF 2.70bn | CHF 2.50bn | CHF 2.53bn | CHF 2.33bn | CHF 2.25bn | CHF 2.13bn |
| Research and development | CHF 551.0m | CHF 565.0m | CHF 519.0m | CHF 477.0m | CHF 498.0m | CHF 474.0m | CHF 528.0m | CHF 477.0m | CHF 424.0m | CHF 400.0m |
| Operating income | CHF 1.38bn | CHF 1.39bn | CHF 1.11bn | CHF 1.01bn | CHF 1.05bn | CHF 955.0m | CHF 931.0m | CHF 856.0m | CHF 843.0m | CHF 812.0m |
| Net income | CHF 1.07bn | CHF 1.09bn | CHF 893.0m | CHF 856.0m | CHF 821.0m | CHF 743.0m | CHF 702.0m | CHF 663.0m | CHF 720.0m | CHF 644.0m |
| Diluted earnings per share | 115.52 | 117.53 | 96.44 | 92.58 | 88.33 | 79.89 | 75.54 | 71.51 | 77.51 | 69.35 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CHF 11.86bn | CHF 12.10bn | CHF 11.13bn | CHF 11.51bn | CHF 11.43bn | CHF 10.66bn | CHF 10.40bn | CHF 9.28bn | CHF 7.31bn | CHF 6.51bn |
| Cash and short-term investments | CHF 742.0m | CHF 762.0m | CHF 608.0m | CHF 488.0m | CHF 278.0m | CHF 415.0m | CHF 456.0m | CHF 427.0m | CHF 536.0m | CHF 329.0m |
| Total liabilities | CHF 7.30bn | CHF 7.52bn | CHF 7.13bn | CHF 7.27bn | CHF 7.49bn | CHF 7.15bn | CHF 6.74bn | CHF 5.54bn | CHF 3.77bn | CHF 3.22bn |
| Debt | CHF 4.42bn | CHF 4.75bn | CHF 4.91bn | CHF 5.00bn | CHF 4.67bn | CHF 4.45bn | CHF 4.13bn | CHF 3.27bn | CHF 1.61bn | CHF 1.31bn |
| Shareholders' equity | CHF 4.54bn | CHF 4.58bn | CHF 3.99bn | CHF 4.23bn | CHF 3.93bn | CHF 3.49bn | CHF 3.64bn | CHF 3.71bn | CHF 3.54bn | CHF 3.29bn |
| Shares outstanding | 9m | 9m | 9m | 9m | 9m | 9m | 9m | 9m | 9m | 9m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CHF 1.51bn | CHF 1.63bn | CHF 1.37bn | CHF 948.0m | CHF 1.29bn | CHF 1.13bn | CHF 1.14bn | CHF 916.0m | CHF 861.0m | CHF 805.0m |
| Capital spending | −CHF 305.0m | −CHF 293.0m | −CHF 275.0m | −CHF 304.0m | −CHF 256.0m | −CHF 227.0m | −CHF 320.0m | −CHF 239.0m | −CHF 191.0m | −CHF 136.0m |
| Free cash flow | CHF 1.21bn | CHF 1.33bn | CHF 1.10bn | CHF 644.0m | CHF 1.03bn | CHF 906.0m | CHF 816.0m | CHF 677.0m | CHF 670.0m | CHF 669.0m |
| Dividends paid | −CHF 645.0m | −CHF 627.0m | −CHF 617.0m | −CHF 607.0m | −CHF 589.0m | −CHF 571.0m | −CHF 552.0m | −CHF 534.0m | −CHF 515.0m | −CHF 495.0m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CHF 3.80bn | CHF 5.54bn | CHF 1.93bn | CHF 3.67bn | CHF 3.74bn | CHF 3.38bn | CHF 3.54bn | CHF 1.77bn |
| Gross profit | CHF 1.69bn | CHF 2.40bn | CHF 851.0m | CHF 1.55bn | CHF 1.65bn | CHF 1.33bn | CHF 1.39bn | CHF 724.0m |
| Operating income | CHF 1.69bn | CHF 1.00bn | CHF 381.0m | CHF 666.0m | CHF 729.0m | CHF 535.0m | CHF 581.0m | CHF 262.0m |
| Net income | CHF 475.0m | CHF 775.0m | CHF 296.0m | CHF 502.0m | CHF 588.0m | CHF 444.0m | CHF 449.0m | CHF 224.5m |
| Diluted earnings per share | 51.44 | 83.59 | 31.93 | 54.13 | 63.40 | 47.95 | 48.49 | 24.26 |
| Cash from operations | — | CHF 1.23bn | CHF 216.0m | CHF 1.16bn | CHF 396.0m | CHF 989.0m | CHF 296.0m | — |
| Capital spending | — | −CHF 102.0m | −CHF 73.0m | −CHF 121.0m | −CHF 115.0m | −CHF 38.0m | −CHF 313.0m | — |
| Free cash flow | — | CHF 1.13bn | CHF 143.0m | CHF 1.03bn | CHF 281.0m | CHF 951.0m | −CHF 17.0m | — |
| Total assets | — | CHF 11.86bn | CHF 11.28bn | CHF 12.10bn | CHF 12.18bn | CHF 11.13bn | CHF 11.57bn | CHF 11.57bn |
| Cash and short-term investments | — | CHF 742.0m | CHF 303.0m | CHF 762.0m | CHF 659.0m | CHF 608.0m | CHF 250.0m | CHF 250.0m |
| Debt | — | CHF 4.42bn | CHF 4.78bn | CHF 4.75bn | CHF 5.32bn | CHF 4.54bn | CHF 5.48bn | CHF 4.07bn |
| Shareholders' equity | — | CHF 4.54bn | CHF 4.11bn | CHF 4.58bn | CHF 4.31bn | CHF 3.99bn | CHF 3.94bn | CHF 3.95bn |
Financial ratios
Data as of 24 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 43.5% | 44.1% | 39.3% | 37.0% | 40.3% | 39.5% |
| Operating margin | 18.5% | 18.8% | 16.0% | 14.2% | 15.7% | 15.1% |
| Net margin | 14.3% | 14.7% | 12.9% | 12.0% | 12.3% | 11.8% |
| Return on equity | 23.6% | 23.8% | 22.4% | 20.2% | 20.9% | 21.3% |
| Return on assets | 9.0% | 9.0% | 8.0% | 7.4% | 7.2% | 7.0% |
| Free cash flow yield | 5.7% | 6.0% | 5.2% | 4.0% | 4.8% | 4.3% |
| Revenue growth | 0.8% | 7.2% | -2.8% | 6.5% | 5.7% | 1.9% |
| Earnings growth | -1.7% | 22.1% | 4.3% | 4.3% | 10.5% | 5.8% |
| Current ratio | 1.74x | 1.49x | 1.75x | 1.88x | 1.47x | 1.84x |
| Debt to equity | 0.90x | 0.96x | 1.14x | 1.10x | 1.10x | 1.17x |
| Equity ratio | 38.2% | 37.8% | 35.9% | 36.8% | 34.4% | 32.7% |
| Interest coverage | 12.22x | 12.23x | 9.73x | 10.65x | 11.82x | 11.65x |
| R&D as a share of sales | 7.4% | 7.6% | 7.5% | 6.7% | 7.5% | 7.5% |
| Buybacks as a share of market value | 0.0% | -0.2% | -0.2% | 0.5% | 0.1% | -0.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 1.6% | 3.4% | 5.4% |
| Operating income | 10.9% | 7.7% | 6.2% |
| Net income | 7.8% | 7.6% | 5.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 43.8% | 41.1% | 40.7% | 41.8% |
| Operating margin | 18.6% | 16.9% | 16.5% | 16.4% |
| Net margin | 14.5% | 13.5% | 13.1% | 13.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 27.2 | 33.7 | 36.1 | 30.6 | 54.3 | 46.7 | 40.1 | 31.8 | 29.1 | 26.9 |
| Price to sales | 3.9 | 5.0 | 4.7 | 3.7 | 6.7 | 5.5 | 4.5 | 3.8 | 4.1 | 3.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 25 years. Last went ex-dividend on 23 Mar 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 72.00 | 70.00 | 68.00 | 67.00 | 66.00 | 64.00 | 62.00 | 60.00 |
- 1-to-1 reverse split · 8 Oct 2004
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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