S 
105.45
+0.91%
Close of 9 Nov 2026, in CHF
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At a glance
Figures in CHF, from our data supplier.
Revenue
CHF 2.60bn
FY2016FY2025
Net income
CHF 355.9m
FY2016FY2025
Free cash flow
CHF 329.8m
FY2016FY2025
Shareholders' equity
CHF 2.16bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CHF 2.60bn | CHF 2.50bn | CHF 2.41bn | CHF 2.32bn | CHF 2.02bn | CHF 1.43bn | CHF 1.60bn | CHF 1.36bn | CHF 1.11bn | CHF 917.5m |
| Gross profit | CHF 1.79bn | CHF 1.78bn | CHF 1.79bn | CHF 1.70bn | CHF 1.53bn | CHF 1.03bn | CHF 1.20bn | CHF 1.03bn | CHF 840.5m | CHF 718.5m |
| Research and development | — | CHF 115.9m | CHF 111.1m | CHF 104.6m | CHF 96.0m | CHF 128.6m | CHF 6.2m | CHF 6.2m | CHF 2.0m | — |
| Operating income | CHF 537.9m | CHF 601.0m | CHF 411.0m | CHF 530.5m | CHF 536.5m | CHF 316.3m | CHF 400.3m | CHF 351.4m | CHF 282.9m | CHF 226.8m |
| Net income | CHF 355.9m | CHF 388.3m | CHF 246.1m | CHF 434.8m | CHF 396.1m | CHF 91.3m | CHF 306.5m | CHF 272.8m | CHF 272.9m | CHF 229.6m |
| Diluted earnings per share | 2.25 | 2.43 | 1.54 | 2.73 | 2.48 | 0.57 | 1.92 | 1.72 | 1.74 | 1.47 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CHF 3.82bn | CHF 3.62bn | CHF 3.32bn | CHF 3.37bn | CHF 2.97bn | CHF 2.55bn | CHF 2.39bn | CHF 1.86bn | CHF 1.68bn | CHF 1.09bn |
| Cash and short-term investments | CHF 489.6m | CHF 383.1m | CHF 413.5m | CHF 697.1m | CHF 881.5m | CHF 632.5m | CHF 261.8m | CHF 279.8m | CHF 283.0m | CHF 165.1m |
| Total liabilities | CHF 1.65bn | CHF 1.58bn | CHF 1.48bn | CHF 1.52bn | CHF 1.47bn | CHF 1.34bn | CHF 1.02bn | CHF 660.2m | CHF 608.4m | CHF 456.2m |
| Debt | CHF 418.9m | CHF 413.9m | CHF 412.4m | CHF 701.6m | CHF 706.6m | CHF 722.0m | CHF 455.5m | CHF 201.9m | CHF 201.8m | CHF 199.8m |
| Shareholders' equity | CHF 2.16bn | CHF 2.04bn | CHF 1.84bn | CHF 1.85bn | CHF 1.50bn | CHF 1.20bn | CHF 1.36bn | CHF 1.20bn | CHF 1.07bn | CHF 633.7m |
| Shares outstanding | 158m | 160m | 159m | 159m | 160m | 159m | 159m | 159m | 157m | 156m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CHF 505.4m | CHF 483.4m | CHF 503.9m | CHF 416.4m | CHF 561.9m | CHF 377.4m | CHF 380.3m | CHF 277.1m | CHF 217.3m | CHF 184.7m |
| Capital spending | −CHF 175.6m | −CHF 167.8m | −CHF 189.4m | −CHF 195.4m | −CHF 121.0m | −CHF 82.1m | −CHF 149.9m | −CHF 92.9m | −CHF 66.6m | −CHF 39.2m |
| Free cash flow | CHF 329.8m | CHF 315.6m | CHF 314.5m | CHF 220.9m | CHF 441.0m | CHF 295.3m | CHF 230.4m | CHF 184.2m | CHF 150.7m | CHF 145.6m |
| Dividends paid | −CHF 151.3m | −CHF 135.4m | −CHF 127.4m | −CHF 107.4m | −CHF 91.4m | −CHF 91.2m | −CHF 83.1m | −CHF 75.1m | −CHF 65.1m | −CHF 63.2m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CHF 1.38bn | CHF 1.26bn | CHF 1.35bn | CHF 1.23bn | CHF 1.27bn | CHF 1.19bn | CHF 1.22bn | CHF 580.2m |
| Gross profit | CHF 984.6m | CHF 818.1m | CHF 972.0m | CHF 856.6m | CHF 919.9m | CHF 862.1m | CHF 911.0m | CHF 438.7m |
| Operating income | CHF 342.4m | CHF 208.3m | CHF 329.6m | CHF 256.4m | CHF 336.1m | CHF 111.2m | CHF 292.7m | CHF 132.6m |
| Net income | CHF 250.7m | CHF 119.8m | CHF 236.4m | CHF 156.3m | CHF 230.4m | CHF 40.3m | CHF 205.8m | CHF 108.7m |
| Diluted earnings per share | 1.57 | 0.76 | 1.49 | 0.98 | 1.44 | 0.25 | 1.29 | 0.68 |
| Cash from operations | CHF 239.0m | CHF 284.0m | CHF 219.0m | CHF 281.0m | CHF 195.0m | CHF 309.0m | CHF 196.0m | CHF 103.0m |
| Capital spending | −CHF 57.0m | −CHF 84.0m | −CHF 91.0m | −CHF 58.0m | −CHF 60.0m | −CHF 103.0m | −CHF 86.0m | −CHF 48.0m |
| Free cash flow | CHF 182.0m | CHF 200.0m | CHF 128.0m | CHF 223.0m | CHF 135.0m | CHF 206.0m | CHF 110.0m | CHF 55.0m |
| Total assets | CHF 3.90bn | CHF 3.82bn | CHF 3.51bn | CHF 3.62bn | CHF 3.48bn | CHF 3.40bn | CHF 3.43bn | CHF 843.4m |
| Cash and short-term investments | CHF 381.0m | CHF 489.6m | CHF 246.5m | CHF 383.1m | CHF 333.7m | CHF 413.5m | CHF 603.1m | CHF 174.3m |
| Debt | CHF 36.3m | CHF 509.1m | CHF 435.0m | CHF 460.9m | CHF 453.6m | CHF 228.9m | CHF 706.7m | — |
| Shareholders' equity | CHF 2.28bn | CHF 2.16bn | CHF 2.06bn | CHF 2.04bn | CHF 1.97bn | CHF 1.84bn | CHF 1.89bn | CHF 463.5m |
Financial ratios
Data as of 2 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 68.6% | 71.2% | 74.2% | 73.3% | 75.6% | 72.0% | — |
| Operating margin | 20.6% | 24.0% | 17.0% | 22.9% | 26.5% | 22.2% | — |
| Net margin | 13.7% | 15.5% | 10.2% | 18.7% | 19.6% | 6.4% | — |
| Return on equity | 16.5% | 19.0% | 13.4% | 23.5% | 26.5% | 7.6% | — |
| Return on assets | 9.3% | 10.7% | 7.4% | 12.9% | 13.3% | 3.6% | — |
| Free cash flow yield | 4.7% | 4.5% | 4.8% | 4.2% | 4.7% | 3.2% | — |
| Revenue growth | 4.0% | 3.8% | 3.9% | 14.8% | 41.8% | -10.7% | — |
| Earnings growth | -8.3% | 57.8% | -43.4% | 9.8% | 333.9% | -70.2% | — |
| Current ratio | 2.21x | 1.61x | 1.95x | 1.64x | 2.72x | 3.04x | — |
| Debt to equity | 0.14x | 0.11x | 0.13x | 0.27x | 0.34x | 0.42x | — |
| Equity ratio | 56.6% | 56.4% | 55.3% | 54.9% | 50.4% | 47.3% | — |
| Interest coverage | 35.26x | 27.75x | 27.46x | 30.86x | 31.67x | 20.42x | — |
| R&D as a share of sales | — | 4.6% | 4.6% | 4.5% | 4.7% | 9.0% | 0.4% |
| Buybacks as a share of market value | 0.9% | -0.1% | -0.1% | 0.2% | -0.5% | 0.3% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 3.9% | 12.8% | 12.6% |
| Operating income | 0.5% | 11.2% | 11.3% |
| Net income | -6.5% | 31.3% | 17.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 69.9% | 71.7% | 72.4% | 73.5% |
| Operating margin | 22.3% | 21.1% | 22.1% | 23.0% |
| Net margin | 14.6% | 14.5% | 14.4% | 16.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 41.3 | 47.0 | 87.9 | 38.7 | 78.1 | 179.6 | 49.4 | 36.0 | 39.6 | 27.1 |
| Price to sales | 5.7 | 7.3 | 9.0 | 7.3 | 15.3 | 11.5 | 9.5 | 7.2 | 9.7 | 6.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 27 years. Last went ex-dividend on 21 Apr 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.00 | 0.95 | 0.85 | 0.80 | 0.675 | 0.575 | 0.575 | 0.525 |
- 10-for-1 split · 20 Apr 2022
- 1-for-0.05 split · 20 Jul 2001
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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