184.10
+1.49%
Close of 9 Nov 2026, in CHF
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At a glance
Figures in CHF, from our data supplier.
Revenue
CHF 6.28bn
FY2016FY2025
Net income
CHF 3.0m
FY2016FY2025
Free cash flow
CHF 98.0m
FY2016FY2025
Shareholders' equity
CHF 11.56bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CHF 6.28bn | CHF 6.74bn | CHF 7.89bn | CHF 7.50bn | CHF 7.31bn | CHF 5.59bn | CHF 8.24bn | CHF 8.47bn | CHF 7.99bn | CHF 7.55bn |
| Gross profit | CHF 5.16bn | CHF 5.60bn | CHF 6.71bn | CHF 6.19bn | CHF 5.81bn | CHF 4.25bn | CHF 6.63bn | CHF 6.88bn | CHF 6.34bn | CHF 5.99bn |
| Research and development | — | CHF 299.0m | CHF 298.0m | CHF 265.0m | CHF 265.0m | CHF 244.0m | CHF 271.0m | CHF 246.0m | CHF 242.0m | CHF 241.0m |
| Operating income | CHF 135.0m | CHF 4.5m | CHF 191.0m | CHF 1.16bn | CHF 1.02bn | CHF 52.0m | CHF 1.02bn | CHF 1.15bn | CHF 1.00bn | CHF 805.0m |
| Net income | CHF 3.0m | CHF 193.0m | CHF 869.0m | CHF 807.0m | CHF 765.0m | −CHF 51.0m | CHF 730.0m | CHF 845.0m | CHF 733.0m | CHF 574.0m |
| Diluted earnings per share | 0.06 | 3.72 | 14.61 | 15.57 | 14.77 | -0.99 | 14.14 | 16.35 | 14.18 | 9.49 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CHF 13.38bn | CHF 13.99bn | CHF 14.23bn | CHF 13.89bn | CHF 13.68bn | CHF 12.90bn | CHF 13.69bn | CHF 13.66bn | CHF 13.48bn | CHF 13.11bn |
| Cash and short-term investments | CHF 1.23bn | CHF 1.40bn | CHF 2.05bn | CHF 2.54bn | CHF 2.66bn | CHF 1.79bn | CHF 1.47bn | CHF 1.24bn | CHF 1.62bn | CHF 1.46bn |
| Total liabilities | CHF 1.72bn | CHF 1.77bn | CHF 1.97bn | CHF 1.84bn | CHF 2.07bn | CHF 1.93bn | CHF 2.20bn | CHF 2.39bn | CHF 2.19bn | CHF 2.03bn |
| Debt | CHF 38.0m | CHF 13.0m | CHF 75.0m | CHF 8.0m | CHF 99.0m | CHF 91.0m | CHF 121.0m | CHF 224.0m | CHF 37.0m | CHF 144.0m |
| Shareholders' equity | CHF 11.56bn | CHF 12.11bn | CHF 12.20bn | CHF 11.98bn | CHF 11.54bn | CHF 10.90bn | CHF 11.40bn | CHF 11.19bn | CHF 11.20bn | CHF 10.99bn |
| Shares outstanding | 52m | 52m | 59m | 52m | 52m | 52m | 52m | 52m | 52m | 60m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CHF 507.0m | CHF 333.0m | CHF 615.0m | CHF 724.0m | CHF 1.30bn | CHF 819.0m | CHF 1.22bn | CHF 943.0m | CHF 1.26bn | CHF 1.01bn |
| Capital spending | −CHF 409.0m | −CHF 549.0m | −CHF 785.0m | −CHF 387.0m | −CHF 295.0m | −CHF 249.0m | −CHF 446.0m | −CHF 437.0m | −CHF 396.0m | −CHF 504.0m |
| Free cash flow | CHF 98.0m | −CHF 216.0m | −CHF 170.0m | CHF 337.0m | CHF 1.00bn | CHF 570.0m | CHF 778.0m | CHF 506.0m | CHF 868.0m | CHF 506.0m |
| Dividends paid | −CHF 234.0m | −CHF 335.0m | −CHF 311.0m | −CHF 285.0m | −CHF 181.0m | −CHF 284.0m | −CHF 413.0m | −CHF 394.0m | −CHF 357.0m | −CHF 403.0m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CHF 3.12bn | CHF 3.22bn | CHF 3.06bn | CHF 3.29bn | CHF 3.44bn | CHF 3.87bn | CHF 4.02bn | CHF 3.89bn |
| Gross profit | CHF 1.14bn | CHF 2.61bn | CHF 2.55bn | CHF 2.69bn | CHF 2.92bn | CHF 3.26bn | CHF 3.45bn | CHF 3.21bn |
| Operating income | CHF 52.0m | CHF 67.0m | CHF 68.0m | −CHF 199.5m | CHF 204.0m | −CHF 495.0m | CHF 686.0m | CHF 655.0m |
| Net income | CHF 9.0m | — | CHF 3.0m | CHF 57.0m | CHF 136.0m | CHF 383.0m | CHF 485.0m | CHF 496.0m |
| Diluted earnings per share | 0.17 | — | 0.06 | 1.10 | 2.62 | 6.44 | 8.15 | 9.57 |
| Cash from operations | CHF 304.0m | CHF 327.0m | CHF 180.0m | CHF 243.0m | CHF 90.0m | CHF 334.0m | CHF 281.0m | CHF 724.0m |
| Capital spending | −CHF 151.0m | −CHF 210.0m | −CHF 199.0m | −CHF 302.0m | −CHF 247.0m | −CHF 424.0m | −CHF 371.0m | −CHF 387.0m |
| Free cash flow | CHF 153.0m | CHF 117.0m | −CHF 19.0m | −CHF 59.0m | −CHF 157.0m | −CHF 90.0m | −CHF 90.0m | CHF 337.0m |
| Total assets | CHF 13.48bn | CHF 13.38bn | CHF 13.56bn | CHF 13.99bn | CHF 14.19bn | CHF 14.23bn | CHF 14.03bn | CHF 13.89bn |
| Cash and short-term investments | CHF 1.36bn | CHF 1.23bn | CHF 1.28bn | CHF 1.40bn | CHF 1.47bn | CHF 2.06bn | CHF 2.12bn | CHF 2.54bn |
| Debt | CHF 234.0m | CHF 38.0m | CHF 187.0m | CHF 13.0m | CHF 34.0m | CHF 75.0m | CHF 27.0m | CHF 8.0m |
| Shareholders' equity | CHF 11.39bn | CHF 11.56bn | CHF 11.59bn | CHF 12.11bn | CHF 12.11bn | CHF 12.20bn | CHF 12.00bn | CHF 11.98bn |
Financial ratios
Data as of 8 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 82.2% | 83.2% | 85.1% | 82.5% | 79.4% | 75.9% | — |
| Operating margin | 2.6% | 4.5% | 15.1% | 15.5% | 14.0% | 0.9% | — |
| Net margin | 0.0% | 2.9% | 11.0% | 10.8% | 10.5% | -0.9% | — |
| Return on equity | 0.0% | 1.6% | 7.1% | 6.7% | 6.6% | -0.5% | — |
| Return on assets | 0.0% | 1.4% | 6.1% | 5.8% | 5.6% | -0.4% | — |
| Free cash flow yield | 9.9% | 9.6% | 13.3% | 12.1% | 17.3% | 11.6% | — |
| Revenue growth | -6.8% | -14.6% | 5.2% | 2.5% | 30.7% | -32.1% | — |
| Earnings growth | -98.4% | -77.8% | 7.7% | 5.5% | -1600.0% | -107.0% | — |
| Current ratio | 9.76x | 9.79x | 8.61x | 9.23x | 7.34x | 7.62x | — |
| Debt to equity | 0.00x | 0.00x | 0.01x | 0.00x | 0.01x | 0.01x | — |
| Equity ratio | 86.4% | 86.6% | 85.7% | 86.3% | 84.4% | 84.5% | — |
| Interest coverage | 40.50x | 43.71x | 170.14x | 165.57x | 113.56x | 7.43x | — |
| R&D as a share of sales | — | 4.4% | 3.8% | 3.5% | 3.6% | 4.4% | 3.3% |
| Buybacks as a share of market value | -0.0% | 12.7% | -14.7% | -0.1% | -0.0% | -0.3% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -5.7% | 2.3% | -2.9% |
| Operating income | -51.1% | 21.0% | -21.1% |
| Net income | -84.5% | — | -44.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 82.7% | 83.3% | 81.6% | 80.8% |
| Operating margin | 1.1% | 5.2% | 6.2% | 9.7% |
| Net margin | 1.5% | 6.6% | 6.3% | 8.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | — | 44.4 | 15.7 | 16.9 | 18.9 | -245.2 | 19.1 | 17.5 | 28.0 | 33.4 |
| Price to sales | 1.4 | 1.3 | 1.7 | 1.8 | 2.0 | 2.2 | 1.7 | 1.8 | 2.6 | 2.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 32 years. Last went ex-dividend on 15 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 4.50 | 4.50 | 6.50 | 6.00 | 5.50 | 3.50 | 5.50 | 8.00 |
- 1-to-1 reverse split · 25 Aug 2005
- 10-for-0.983533 split · 10 Aug 2001
- 1-to-1 reverse split · 7 Dec 1998
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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