86.13
+0.33%
Close of 9 Nov 2026, in CHF
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At a glance
Figures in CHF, from our data supplier.
Revenue
CHF 89.49bn
FY2016FY2025
Net income
CHF 9.03bn
FY2016FY2025
Free cash flow
CHF 11.38bn
FY2016FY2025
Shareholders' equity
CHF 32.81bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CHF 89.49bn | CHF 91.72bn | CHF 93.35bn | CHF 94.78bn | CHF 87.47bn | CHF 84.68bn | CHF 92.86bn | CHF 91.75bn | CHF 89.92bn | CHF 89.79bn |
| Gross profit | CHF 40.80bn | CHF 43.05bn | CHF 43.02bn | CHF 43.03bn | CHF 42.00bn | CHF 41.71bn | CHF 46.22bn | CHF 45.68bn | CHF 44.35bn | CHF 45.59bn |
| Research and development | CHF 1.61bn | CHF 1.67bn | CHF 1.66bn | CHF 1.70bn | CHF 1.67bn | CHF 1.58bn | CHF 1.67bn | CHF 1.69bn | CHF 1.74bn | CHF 1.74bn |
| Operating income | CHF 14.27bn | CHF 14.72bn | CHF 14.06bn | CHF 14.41bn | CHF 12.55bn | CHF 14.29bn | CHF 16.08bn | CHF 14.51bn | CHF 10.78bn | CHF 13.80bn |
| Net income | CHF 9.03bn | CHF 10.88bn | CHF 11.21bn | CHF 9.27bn | CHF 16.91bn | CHF 12.23bn | CHF 12.61bn | CHF 10.13bn | CHF 7.16bn | CHF 8.53bn |
| Diluted earnings per share | 3.50 | 4.21 | 4.25 | 3.46 | 6.07 | 4.32 | 4.32 | 3.37 | 2.32 | 2.74 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CHF 127.15bn | CHF 139.26bn | CHF 126.55bn | CHF 135.18bn | CHF 139.14bn | CHF 124.03bn | CHF 127.94bn | CHF 137.01bn | CHF 133.21bn | CHF 131.90bn |
| Cash and short-term investments | CHF 6.23bn | CHF 7.87bn | CHF 5.85bn | CHF 6.69bn | CHF 14.04bn | CHF 8.61bn | CHF 10.26bn | CHF 10.30bn | CHF 8.59bn | CHF 9.30bn |
| Total liabilities | CHF 94.09bn | CHF 102.57bn | CHF 90.16bn | CHF 92.39bn | CHF 85.42bn | CHF 77.51bn | CHF 75.08bn | CHF 78.61bn | CHF 70.98bn | CHF 65.92bn |
| Debt | CHF 57.85bn | CHF 63.56bn | CHF 55.24bn | CHF 54.31bn | CHF 46.57bn | CHF 39.95bn | CHF 37.16bn | CHF 40.39bn | CHF 29.78bn | CHF 23.21bn |
| Shareholders' equity | CHF 32.81bn | CHF 35.92bn | CHF 35.74bn | CHF 41.98bn | CHF 53.14bn | CHF 45.70bn | CHF 52.03bn | CHF 57.36bn | CHF 60.96bn | CHF 64.59bn |
| Shares outstanding | 2,580m | 2,585m | 2,635m | 2,679m | 2,784m | 2,831m | 2,918m | 3,003m | 3,086m | 3,109m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CHF 15.90bn | CHF 16.68bn | CHF 15.94bn | CHF 11.91bn | CHF 13.86bn | CHF 14.38bn | CHF 15.85bn | CHF 15.40bn | CHF 14.20bn | CHF 15.58bn |
| Capital spending | −CHF 4.53bn | −CHF 5.96bn | −CHF 6.20bn | −CHF 5.36bn | −CHF 5.34bn | −CHF 4.36bn | −CHF 4.21bn | −CHF 3.87bn | −CHF 3.94bn | −CHF 4.01bn |
| Free cash flow | CHF 11.38bn | CHF 10.71bn | CHF 9.74bn | CHF 6.55bn | CHF 8.52bn | CHF 10.01bn | CHF 11.64bn | CHF 11.53bn | CHF 10.26bn | CHF 11.57bn |
| Dividends paid | −CHF 7.85bn | −CHF 7.82bn | −CHF 7.83bn | −CHF 7.62bn | −CHF 7.68bn | −CHF 7.70bn | −CHF 7.23bn | −CHF 7.12bn | −CHF 7.13bn | −CHF 6.94bn |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CHF 43.11bn | CHF 45.26bn | CHF 44.41bn | CHF 46.49bn | CHF 45.23bn | CHF 46.88bn | CHF 46.48bn | CHF 23.24bn |
| Gross profit | CHF 19.99bn | CHF 20.18bn | CHF 20.80bn | CHF 21.61bn | CHF 21.44bn | CHF 21.72bn | CHF 21.30bn | CHF 10.65bn |
| Operating income | CHF 7.00bn | CHF 6.98bn | CHF 6.82bn | CHF 7.27bn | CHF 7.45bn | CHF 6.80bn | CHF 7.26bn | CHF 3.48bn |
| Net income | CHF 3.47bn | CHF 3.97bn | CHF 5.07bn | CHF 5.24bn | CHF 5.64bn | CHF 5.56bn | CHF 5.65bn | CHF 2.89bn |
| Diluted earnings per share | 1.35 | 1.54 | 1.96 | 2.03 | 2.18 | 2.11 | 2.14 | 1.08 |
| Cash from operations | CHF 5.34bn | CHF 11.03bn | CHF 4.87bn | CHF 9.71bn | CHF 6.97bn | CHF 10.20bn | CHF 5.74bn | — |
| Capital spending | −CHF 1.77bn | −CHF 2.09bn | −CHF 2.44bn | −CHF 2.79bn | −CHF 2.96bn | −CHF 3.24bn | −CHF 2.97bn | — |
| Free cash flow | CHF 3.57bn | CHF 8.95bn | CHF 2.43bn | CHF 6.91bn | CHF 4.01bn | CHF 6.96bn | CHF 2.77bn | — |
| Total assets | CHF 128.38bn | CHF 127.15bn | CHF 130.12bn | CHF 139.26bn | CHF 135.60bn | CHF 126.55bn | CHF 131.60bn | CHF 131.60bn |
| Cash and short-term investments | CHF 6.13bn | CHF 6.23bn | CHF 5.51bn | CHF 7.87bn | CHF 6.39bn | CHF 5.85bn | CHF 4.36bn | CHF 4.36bn |
| Debt | CHF 16.34bn | CHF 57.85bn | CHF 65.60bn | CHF 63.56bn | CHF 65.87bn | CHF 9.42bn | CHF 59.60bn | CHF 45.81bn |
| Shareholders' equity | CHF 29.23bn | CHF 32.81bn | CHF 28.83bn | CHF 35.92bn | CHF 32.86bn | CHF 35.74bn | CHF 36.13bn | CHF 36.82bn |
Financial ratios
Data as of 5 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 45.6% | 46.9% | 46.1% | 45.4% | 48.0% | 49.3% |
| Operating margin | 15.9% | 16.1% | 15.1% | 15.2% | 14.4% | 16.9% |
| Net margin | 10.1% | 11.9% | 12.0% | 9.8% | 19.3% | 14.4% |
| Return on equity | 27.5% | 30.3% | 31.4% | 22.1% | 31.8% | 26.8% |
| Return on assets | 7.1% | 7.8% | 8.9% | 6.9% | 12.1% | 9.9% |
| Free cash flow yield | 10.1% | 11.2% | 10.7% | 8.2% | 8.8% | 8.5% |
| Revenue growth | -2.4% | -1.7% | -1.5% | 8.4% | 3.3% | -8.8% |
| Earnings growth | -17.0% | -2.9% | 20.9% | -45.2% | 38.2% | -3.0% |
| Current ratio | 0.79x | 0.82x | 0.83x | 0.88x | 0.98x | 0.86x |
| Debt to equity | 1.69x | 1.67x | 1.49x | 1.24x | 0.84x | 0.83x |
| Equity ratio | 25.8% | 25.8% | 28.2% | 31.1% | 38.2% | 36.8% |
| Interest coverage | 8.46x | 8.00x | 8.56x | 11.53x | 13.20x | 14.53x |
| R&D as a share of sales | 1.8% | 1.8% | 1.8% | 1.8% | 1.9% | 1.9% |
| Buybacks as a share of market value | 0.2% | 1.9% | 1.6% | 3.8% | 1.7% | 3.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -1.9% | 1.1% | 0.0% |
| Operating income | -0.3% | -0.0% | 1.4% |
| Net income | -0.9% | -5.9% | -0.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 46.3% | 46.0% | 46.8% | 48.2% |
| Operating margin | 16.0% | 15.6% | 15.6% | 15.3% |
| Net margin | 11.0% | 10.9% | 12.8% | 11.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 22.5 | 17.8 | 22.9 | 31.0 | 21.0 | 24.1 | 24.3 | 23.6 | 36.1 | 26.6 |
| Price to sales | 2.3 | 2.1 | 2.8 | 3.0 | 4.1 | 3.5 | 3.3 | 2.6 | 2.9 | 2.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 20 Apr 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 3.10 | 3.05 | 3.00 | 2.95 | 2.80 | 2.75 | 2.70 | 2.45 |
- 10-for-1 split · 30 Jun 2008
- 10-to-1 reverse split · 11 Jun 2001
- 10-to-1 reverse split · 1 Sept 1992
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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