O 
5.04
+1.00%
Close of 9 Nov 2026, in CHF
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At a glance
Figures in CHF, from our data supplier.
Revenue
CHF 1.57bn
FY2016FY2025
Net income
−CHF 19.0m
FY2016FY2025
Free cash flow
CHF 104.0m
FY2016FY2025
Shareholders' equity
CHF 912.0m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CHF 1.57bn | CHF 2.37bn | CHF 2.69bn | CHF 2.91bn | CHF 2.65bn | CHF 2.26bn | CHF 2.59bn | CHF 2.61bn | CHF 2.07bn | CHF 2.33bn |
| Gross profit | CHF 438.0m | CHF 647.0m | CHF 651.0m | CHF 731.0m | CHF 640.0m | CHF 463.0m | CHF 630.0m | CHF 792.0m | CHF 663.0m | CHF 632.0m |
| Research and development | CHF 89.0m | CHF 107.0m | CHF 125.0m | CHF 139.0m | CHF 164.0m | CHF 138.0m | CHF 82.0m | CHF 134.0m | CHF 114.0m | CHF 100.0m |
| Operating income | CHF 86.0m | CHF 157.0m | CHF 118.0m | CHF 216.0m | CHF 223.0m | CHF 61.0m | CHF 148.0m | CHF 209.0m | CHF 149.0m | CHF 159.0m |
| Net income | −CHF 19.0m | CHF 66.0m | CHF 33.0m | CHF 89.0m | CHF 164.0m | CHF 35.0m | CHF 106.0m | CHF 167.0m | CHF 92.0m | CHF 81.0m |
| Diluted earnings per share | -0.06 | 0.20 | 0.10 | 0.27 | 0.50 | 0.11 | 0.31 | 0.50 | 0.27 | 0.24 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CHF 3.81bn | CHF 4.00bn | CHF 4.10bn | CHF 4.09bn | CHF 4.52bn | CHF 3.49bn | CHF 3.77bn | CHF 4.54bn | CHF 4.36bn | CHF 3.83bn |
| Cash and short-term investments | CHF 239.0m | CHF 412.0m | CHF 541.0m | CHF 477.0m | CHF 619.0m | CHF 433.0m | CHF 699.0m | CHF 894.0m | CHF 965.0m | CHF 869.0m |
| Total liabilities | CHF 2.88bn | CHF 2.87bn | CHF 3.06bn | CHF 2.77bn | CHF 3.05bn | CHF 2.13bn | CHF 2.00bn | CHF 2.52bn | CHF 2.37bn | CHF 1.99bn |
| Debt | CHF 1.56bn | CHF 1.52bn | CHF 1.69bn | CHF 947.0m | CHF 960.0m | CHF 371.0m | CHF 363.0m | CHF 497.0m | CHF 466.0m | CHF 468.0m |
| Shareholders' equity | CHF 912.0m | CHF 1.12bn | CHF 1.01bn | CHF 1.27bn | CHF 1.42bn | CHF 1.32bn | CHF 1.76bn | CHF 2.00bn | CHF 1.97bn | CHF 1.83bn |
| Shares outstanding | 326m | 325m | 325m | 324m | 327m | 326m | 340m | 335m | 338m | 337m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CHF 178.0m | CHF 272.0m | CHF 181.0m | CHF 230.0m | CHF 324.0m | CHF 310.0m | CHF 152.0m | CHF 498.0m | CHF 478.0m | CHF 293.0m |
| Capital spending | −CHF 74.0m | −CHF 123.0m | −CHF 83.0m | −CHF 131.0m | −CHF 131.0m | −CHF 117.0m | −CHF 184.0m | −CHF 232.0m | −CHF 202.0m | −CHF 112.0m |
| Free cash flow | CHF 104.0m | CHF 149.0m | CHF 98.0m | CHF 99.0m | CHF 193.0m | CHF 193.0m | −CHF 32.0m | CHF 266.0m | CHF 276.0m | CHF 181.0m |
| Dividends paid | −CHF 66.0m | −CHF 65.0m | −CHF 114.0m | −CHF 114.0m | −CHF 116.0m | −CHF 331.0m | −CHF 343.0m | −CHF 118.0m | −CHF 102.0m | −CHF 102.0m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CHF 790.0m | CHF 782.0m | CHF 786.0m | CHF 1.21bn | CHF 1.17bn | CHF 1.26bn | CHF 1.44bn | CHF 727.3m |
| Gross profit | CHF 264.0m | CHF 221.0m | CHF 217.0m | CHF 320.0m | CHF 327.0m | CHF 282.0m | CHF 369.0m | CHF 182.8m |
| Operating income | CHF 81.0m | CHF 52.0m | −CHF 7.0m | CHF 93.0m | CHF 74.0m | CHF 49.0m | CHF 107.0m | CHF 41.3m |
| Net income | CHF 325.0m | CHF 12.0m | −CHF 31.0m | CHF 30.0m | CHF 36.0m | −CHF 42.0m | CHF 75.0m | CHF 22.3m |
| Diluted earnings per share | 0.99 | 0.04 | -0.09 | 0.09 | 0.11 | -0.13 | 0.23 | 0.07 |
| Cash from operations | −CHF 18.0m | CHF 193.0m | −CHF 15.0m | CHF 148.0m | CHF 88.0m | CHF 260.0m | −CHF 91.0m | CHF 57.0m |
| Capital spending | −CHF 23.0m | −CHF 41.0m | −CHF 33.0m | −CHF 48.0m | −CHF 31.0m | −CHF 79.0m | −CHF 53.0m | −CHF 32.0m |
| Free cash flow | −CHF 41.0m | CHF 152.0m | −CHF 48.0m | CHF 100.0m | CHF 57.0m | CHF 181.0m | −CHF 144.0m | CHF 25.0m |
| Total assets | CHF 2.93bn | CHF 3.81bn | CHF 3.68bn | CHF 4.00bn | CHF 4.04bn | CHF 4.18bn | CHF 4.55bn | CHF 984.3m |
| Cash and short-term investments | CHF 310.0m | CHF 239.0m | CHF 180.0m | CHF 412.0m | CHF 347.0m | CHF 543.0m | CHF 520.0m | CHF 119.3m |
| Debt | CHF 902.0m | CHF 1.56bn | CHF 1.51bn | CHF 1.52bn | CHF 1.54bn | CHF 1.51bn | CHF 1.78bn | — |
| Shareholders' equity | CHF 1.20bn | CHF 912.0m | CHF 907.0m | CHF 1.12bn | CHF 1.08bn | CHF 1.01bn | CHF 1.18bn | CHF 329.0m |
Financial ratios
Data as of 4 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 27.9% | 27.3% | 24.2% | 25.1% | 24.2% | 20.5% |
| Operating margin | 5.5% | 7.3% | 4.4% | 6.0% | 8.9% | 3.4% |
| Net margin | -1.2% | 2.8% | 1.2% | 3.1% | 6.2% | 1.6% |
| Return on equity | -2.1% | 5.9% | 3.3% | 7.0% | 11.5% | 2.6% |
| Return on assets | -0.5% | 1.6% | 0.8% | 2.2% | 3.6% | 1.0% |
| Free cash flow yield | 15.0% | 23.6% | 15.8% | 21.6% | 27.0% | 25.4% |
| Revenue growth | -33.9% | -11.9% | -7.4% | 9.8% | 17.3% | -12.9% |
| Earnings growth | -128.8% | 100.0% | -62.9% | -45.7% | 368.6% | -67.0% |
| Current ratio | 1.06x | 1.09x | 1.29x | 1.09x | 1.14x | 1.10x |
| Debt to equity | 1.53x | 1.19x | 1.50x | 0.62x | 0.55x | 0.15x |
| Equity ratio | 24.0% | 27.9% | 24.6% | 31.1% | 31.5% | 38.0% |
| Interest coverage | 1.95x | 3.20x | 2.23x | 9.21x | 13.06x | 4.75x |
| R&D as a share of sales | 5.7% | 4.5% | 4.6% | 4.8% | 6.2% | 6.1% |
| Buybacks as a share of market value | -0.3% | -0.1% | -0.2% | 0.7% | -0.3% | 4.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -18.6% | -7.0% | -5.2% |
| Operating income | -26.4% | 7.1% | -9.8% |
| Net income | — | — | -26.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 27.5% | 25.9% | 24.7% | 26.4% |
| Operating margin | 6.2% | 6.0% | 6.0% | 6.6% |
| Net margin | 1.2% | 1.8% | 2.5% | 1.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -55.6 | 17.3 | 37.4 | 22.1 | 18.6 | 85.2 | 36.4 | 22.1 | 60.4 | 41.7 |
| Price to sales | 0.7 | 0.5 | 0.5 | 0.7 | 1.1 | 1.3 | 1.5 | 1.4 | 2.7 | 1.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 14 years. Last went ex-dividend on 26 Mar 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.20 | 0.20 | 0.20 | 0.35 | 0.35 | 0.35 | 0.65 | 0.03 |
- 2-for-1 split · 15 Jun 1993
- 1-to-1 reverse split · 12 Jun 1991
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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