DocMorris AG (CH:DOCM)
:DOCM
Want to see CH:DOCM full AI Analyst Report?
Top Page
DocMorris
(DOCM)
Select Model
Select Model
Rating:52Neutral
Price Target:
CHF6.50
▼(-1.66% Downside)
Action:ReiteratedDate:04/10/26
The score is held back primarily by weak financial performance, especially ongoing losses and materially negative (and worsening) operating/free cash flow. Offsetting this are improving technical trend signals and a moderately positive earnings-call outlook with a defined path toward EBITDA breakeven in 2026, though execution risks remain due to cost pressures and guidance uncertainty.
Positive Factors
Digital services scale & margins
Rapid, high‑growth digital services (TeleClinic + Retail Media) are high‑margin and already materially lift contribution margins. Their scale diversifies revenue away from low‑margin retail, reduces reliance on physical logistics, and creates a sustainable earnings lever as take‑rates and ad revenues scale.
Negative Factors
Persistent negative cash flow
Sustained and worsening operating and free cash‑flow deficits create a structural funding need that can force dilution or costly refinancing if profitability is delayed. Persistent cash burn limits reinvestment capacity and raises execution risk for the guided breakeven timeline.
Read all positive and negative factors
Positive Factors
Negative Factors
Digital services scale & margins
Rapid, high‑growth digital services (TeleClinic + Retail Media) are high‑margin and already materially lift contribution margins. Their scale diversifies revenue away from low‑margin retail, reduces reliance on physical logistics, and creates a sustainable earnings lever as take‑rates and ad revenues scale.
Read all positive factors
DocMorris (DOCM) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF276.09M
Dividend YieldN/A
Average Volume (3M)342.18K
Price to Earnings (P/E)―
Beta (1Y)0.94
Revenue Growth4.91%
EPS Growth14.99%
CountryCH
Employees1,454
SectorGeneral
Sector StrengthN/A
IndustryMedical - Pharmaceuticals
Share Statistics
EPS (TTM)N/A
Shares Outstanding51,617,825
10 Day Avg. Volume377,518
30 Day Avg. Volume342,178
Financial Highlights & Ratios
PEG Ratio0.06
Price to Book (P/B)0.75
Price to Sales (P/S)0.27
P/FCF Ratio-3.41
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF6.74Price Target Upside1.97% Upside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)-1.64
Revenue Forecast (FY)CHF1.22B
DocMorris Business Overview & Revenue Model
Company Description
DocMorris AG operates e-commerce pharmacies and a wholesale business for medical and pharmaceutical products in Switzerland and internationally. The company offers prescription and over-the-counter medicines, consumer health products, beauty and p...
How the Company Makes Money
DocMorris primarily makes money by selling pharmacy and health products directly to customers through its online channels. Key revenue streams include: (1) Prescription (Rx) medicines: revenue generated from dispensing prescribed medications where...
DocMorris Earnings Call Summary
Earnings Call Date:Mar 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 19, 2026
Earnings Call Sentiment Positive
The call presented a mixed but constructive picture: strong top-line growth (11.1%), exceptional digital services expansion (+110%) and clear operational progress (customer growth, improved gross margin, personnel cost discipline, AI adoption, and a CHF 160m liquidity buffer). At the same time, the company is managing sizeable FY2025 adjusted EBITDA losses (~CHF -48m), logistics and marketing cost pressures, working capital inefficiencies, and one-off restructuring costs. Management provided a detailed roadmap to reach EBITDA breakeven in 2026 and free cash flow breakeven in 2027, and highlighted strategic assets (TeleClinic scale, Retail Media, Google partnership) that support the recovery. Overall, the positive operational trends and credible path to profitability outweigh current financial and operational headwinds.Positive Updates
Revenue Growth
Group revenue grew 11.1% in FY2025 (local currency); reported revenues excluding Apotal grew 12.4% (local currency).
Negative Updates
Large Adjusted EBITDA Loss in FY2025
Adjusted EBITDA was materially negative (management referenced ~CHF -48.2m), representing a significant loss that the company plans to materially narrow in 2026.
Read all updates
Q4-2025 Updates
Positive
Negative
Revenue Growth
Group revenue grew 11.1% in FY2025 (local currency); reported revenues excluding Apotal grew 12.4% (local currency).
Read all positive updates
Company Guidance
The company guided 2026 revenue growth to a wide mid-single‑digit to low‑teens range, with segment targets of ~20% for Rx, mid‑single‑digit for OTC/BPC and mid‑double‑digit for Digital Services, and reiterated Digital Services’ strong margin contribution after 110% revenue growth in 2025; EBITDA is guided to minus CHF 10–25m with EBITDA breakeven expected in the course of 2026 (Q3 breakeven / Q4 positive runway, Q4'25 run‑rate was ~‑CHF7m and Q1’26 expected similar), CM3 contribution is set to more than double (CM3 margin improving ~300 bps), CapEx ~CHF30m, free‑cash‑flow breakeven targeted in 2027, and the balance sheet starts 2026 with CHF 160m liquidity, net debt ~CHF138m and a ~50% equity ratio; midterm (to 2030) revenue CAGR guidance is ~15% while maintaining an ~8% target metric.DocMorris Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
56
Neutral
Cash Flow
24
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.12B | 1.02B | 969.46M | 930.97M | 1.73B |
| Gross Profit | 105.69M | 216.54M | 203.35M | 160.15M | 260.05M |
| EBITDA | -39.40M | -37.02M | -54.57M | -109.79M | -150.84M |
| Net Income | -134.40M | -97.25M | 82.28M | -171.12M | -225.74M |
Balance Sheet | |||||
| Total Assets | 825.40M | 778.13M | 866.42M | 1.10B | 1.27B |
| Cash, Cash Equivalents and Short-Term Investments | 149.92M | 95.37M | 104.03M | 156.40M | 278.20M |
| Total Debt | 288.64M | 312.21M | 330.81M | 528.64M | 525.15M |
| Total Liabilities | 416.35M | 438.02M | 435.89M | 748.67M | 784.29M |
| Stockholders Equity | 409.10M | 340.11M | 430.53M | 350.78M | 484.92M |
Cash Flow | |||||
| Free Cash Flow | -90.03M | -55.21M | -115.12M | -156.58M | -194.11M |
| Operating Cash Flow | -88.26M | -26.60M | -87.42M | -97.29M | -130.63M |
| Investing Cash Flow | -52.47M | 93.88M | 219.82M | -89.77M | -67.33M |
| Financing Cash Flow | 165.83M | -26.00M | -202.63M | 39.11M | 179.72M |
DocMorris Technical Analysis
Positive
6.61
Price Trends
5.07
Positive
5.38
Positive
5.98
Positive
Market Momentum
0.37
Negative
78.39
Negative
89.07
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:DOCM, the sentiment is Positive. The current price of 6.61 is above the 20-day moving average (MA) of 4.96, above the 50-day MA of 5.07, and above the 200-day MA of 5.98, indicating a bullish trend. The MACD of 0.37 indicates Negative momentum. The RSI at 78.39 is Negative, neither overbought nor oversold. The STOCH value of 89.07 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CH:DOCM.
DocMorris Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | CHF36.77B | 28.64 | ― | 0.09% | 6.22% | ― | |
61 Neutral | CHF4.45B | 26.89 | ― | 2.36% | 5.84% | 8.57% | |
56 Neutral | CHF370.54M | 71.61 | ― | 4.54% | -2.42% | -222.68% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | CHF276.09M | -2.29 | ― | ― | 4.91% | 14.99% | |
48 Neutral | CHF255.56M | -0.98 | -301.13% | ― | -56.85% | -186.55% | |
45 Neutral | CHF927.76M | -8.17 | ― | ― | 229.23% | 63.47% |
* General Sector Average
CH:DOCM
DocMorris
6.61
-3.43
-34.20%
CH:IDIA
Idorsia Ltd
3.71
2.57
225.79%
CH:SANN
Santhera Pharmaceuticals Holding
17.62
3.60
25.68%
CH:GALE
Galenica AG
89.95
6.15
7.34%
CH:GALD
Galderma Group AG
156.85
79.48
102.73%
CH:MEDX
medmix AG
9.12
-0.37
-3.90%
DocMorris Corporate Events
DocMorris Q1 2026 Growth and Profitability Gains Reinforce Path to Break-Even
Apr 16, 2026
DocMorris reported robust first-quarter 2026 momentum, with external sales up 10.7% in local currency to CHF 318.1 million and consolidated sales rising 11.7%, driven by strong German market performance. Prescription drug revenue surged 30.4%, non...
DocMorris Board Urges Shareholders to Block ‘Creeping Takeover’ at May General Meeting
Apr 16, 2026
DocMorris has published the invitation to its 12 May General Meeting, where a partial renewal of the six-member Board of Directors will dominate the agenda amid a governance battle with minority shareholder CEPD N.V. The board is proposing three i...
DocMorris Hits 2025 Targets as It Accelerates AI-Driven Health Platform Shift
Mar 19, 2026
DocMorris reported that it met its 2025 revenue and earnings targets, delivering double-digit sales growth across all business areas while slightly improving adjusted EBITDA despite higher Rx marketing spend and ending the year with CHF 160 millio...
DocMorris Taps Google AI to Power Next-Generation European Digital Health Platform
Mar 19, 2026
DocMorris has entered into a strategic partnership with Google to accelerate its shift to an AI-first digital health platform, integrating Google’s Gemini models, cloud infrastructure and productivity tools across its operations. The collabo...
DocMorris Overhauls Board to Strengthen Digital Health and Governance Expertise
Mar 3, 2026
DocMorris AG plans a significant refresh of its Board of Directors at the 12 May 2026 Annual General Meeting, as long-serving members Stefan Feuerstein, Christian Mielsch and Rongrong Hu will not seek re-election after steering key strategic and d...
DocMorris Triggers Early Redemption of 2026 Convertible Bond After Major Buyback
Feb 2, 2026
DocMorris Finance B.V., a subsidiary of DocMorris AG, has exercised its option to redeem early its 6.875% convertible bond due in September 2026, following previous buybacks that reduced the outstanding nominal amount to around CHF 8 million, well...
DocMorris further trims 2026 convertible bond, cutting outstanding amount below CHF 8 million
Jan 26, 2026
DocMorris Finance B.V., a subsidiary of DocMorris AG, has agreed to repurchase a portion of its 2026 convertible bonds with a nominal value of around CHF 14.4 million, with settlement expected in the coming days. Following the buyback and immediat...
DocMorris Lifts 2025 Revenue 11% on Rx Surge and Digital Health Push
Jan 20, 2026
DocMorris reported that external revenue in 2025 rose 11.1% in local currencies to CHF 1.19 billion, with total revenue up 12.4%, driven by strong prescription (Rx) growth of 33.2%, a 7.1% increase in non-prescription (Non-Rx) sales, and triple-di...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.