DocMorris (DOCM) AI Stock Analysis

• Market Cap: CHF297.91M
• Dividend Yield: N/A
• Average Volume (3M): 342.18K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.51
• Revenue Growth: 4.91%
• EPS Growth: 14.99%
• Country: CH
• Employees: 1,454
• Sector: General
• Sector Strength: N/A
• Industry: Medical - Pharmaceuticals
• EPS (TTM): -2.11
• Shares Outstanding: 51,617,825
• 10 Day Avg. Volume: 377,518
• 30 Day Avg. Volume: 342,178
• PEG Ratio: 0.01
• Price to Book (P/B): 0.69
• Price to Sales (P/S): 0.23
• P/FCF Ratio: -4.27
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: CHF8.30
• Price Target Upside: 25.76% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 5
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 53 Neutral
• Price Target: CHF6.50 ▼(-1.52% Downside)

The score is held back primarily by weak financial performance (losses and negative cash flow). This is partially offset by constructive technical momentum (despite overbought signals) and a relatively positive earnings call emphasizing strong Rx/TeleClinic growth and successful financing, while valuation remains challenged due to negative earnings.

Positive Factors

Strong Rx revenue growth

Sustained 43.5% Rx revenue growth reflects strengthening of DocMorris’s core prescription business, indicating durable demand, deeper insurer/reimbursement relationships and recurring cash flows. This scale supports higher service uptake and helps stabilize long-term revenue even amid non-Rx volatility.

Rapid TeleClinic expansion

TeleClinic's >150% revenue growth signals successful scaling of a higher-margin digital health service, diversifying revenue away from commoditized pharmacy sales. As TeleClinic is expected to contribute materially to gross profit, it strengthens recurring service margins and long-term platform monetization.

Large successful capital raise

The CHF 200m capital increase with 99% take-up materially improves liquidity and provides runway to invest in strategic initiatives (AI, TeleClinic, retail media). This reduces short-term financing risk and enables execution of the digital health platform transformation over the next several quarters.

Negative Factors

Negative operating and free cash flow

Persistent negative operating and free cash flow undermines the company’s ability to self-fund growth and operations. Over months, this forces reliance on external capital, increases dilution risk, and constrains reinvestment in margin-improving initiatives unless cash generation turns positive.

Declining revenue and losses

A trend of declining revenue with negative net margins points to structural operational and pricing pressures. Without durable top-line recovery and margin improvement, profitability remains distant, limiting internal cash flow generation and jeopardizing sustainable reinvestment and shareholder value creation.

Negative EBITDA and rising marketing spend

Material negative adjusted EBITDA, amplified by higher marketing spend, signals the company is burning capital to drive growth. If marketing-driven customer gains don't convert to durable margins, the strategy strains profitability and requires continued external funding, pressuring long-term financial sustainability.

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 personal care products, nutritional supplements, painkillers, and first aid products, as well as medicines management services. It also operates stationary pharmacy shops. The company sells its products directly to physicians, online mail-order pharmacies, and private individuals under the Zur Rose, PromoFarma, TeleClinic, and DocMorris brands. The company was formerly known as Zur Rose Group AG and changed its name to DocMorris AG in May 2023. DocMorris AG was founded in 1993 and is headquartered in Frauenfeld, Switzerland.

How the Company Makes Money

DocMorris generates revenue primarily through the sale of prescription medications and over-the-counter health products via its online platform. Key revenue streams include the direct sale of pharmaceuticals, which often involves reimbursed prescriptions from health insurance companies, as well as non-reimbursed sales of health and wellness products. The company also benefits from partnerships with various healthcare providers and pharmaceutical manufacturers, allowing it to offer exclusive products and services. Additionally, revenue is supplemented through value-added services such as personalized health consultations and subscription services for regular medication deliveries, enhancing customer loyalty and recurring sales.

DocMorris Financial Statement Overview

Summary

DocMorris is experiencing significant financial challenges, with declining revenues, negative profitability, and cash flow issues. Despite some balance sheet stability, overall financial health is weak, necessitating strategic improvements.

Income Statement

DocMorris has shown a decline in total revenue over the recent periods, with a negative net profit margin indicating significant losses. The gross profit margin remains relatively low, and the absence of EBIT suggests operational challenges. Overall, the income statement reflects a struggling financial performance with a concerning trend in revenue and profitability.

Balance Sheet

The company's balance sheet indicates a moderate debt-to-equity ratio, suggesting manageable leverage. However, the equity ratio is not particularly strong, and stockholders' equity has decreased over time. Despite these challenges, the company's assets still exceed its liabilities, providing some financial stability.

Cash Flow

DocMorris has experienced negative operating cash flow, indicating cash flow difficulties. The free cash flow is also negative, and the free cash flow growth rate is concerning. The company needs to improve its cash generation to support its operations and growth.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.06B	1.02B	969.46M	930.97M	1.73B	1.48B
Gross Profit	154.95M	216.54M	203.35M	160.15M	260.05M	241.33M
EBITDA	-61.21M	-37.02M	-54.57M	-109.79M	-150.84M	-76.13M
Net Income	-120.87M	-97.25M	82.28M	-171.12M	-225.74M	-135.69M
Balance Sheet
Total Assets	907.44M	778.13M	866.42M	1.10B	1.27B	1.28B
Cash, Cash Equivalents and Short-Term Investments	230.29M	95.37M	104.03M	156.40M	278.20M	300.97M
Total Debt	310.55M	312.21M	330.81M	528.64M	525.15M	526.43M
Total Liabilities	427.09M	438.02M	435.89M	748.67M	784.29M	746.74M
Stockholders Equity	480.35M	340.11M	430.53M	350.78M	484.92M	531.74M
Cash Flow
Free Cash Flow	-72.45M	-55.21M	-115.12M	-156.58M	-194.11M	-127.34M
Operating Cash Flow	-70.52M	-26.60M	-87.42M	-97.29M	-130.63M	-67.51M
Investing Cash Flow	12.30M	93.88M	219.82M	-89.77M	-67.33M	-199.86M
Financing Cash Flow	104.34M	-26.00M	-202.63M	39.11M	179.72M	363.25M

DocMorris Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 6.60
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:DOCM, the sentiment is Neutral. The current price of 6.6 is above the 20-day moving average (MA) of 5.81, above the 50-day MA of 5.49, and below the 200-day MA of 7.17, indicating a neutral trend. The MACD of 0.20 indicates Negative momentum. The RSI at 55.25 is Neutral, neither overbought nor oversold. The STOCH value of 53.71 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CH:DOCM.

DocMorris Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GALD	70 Outperform	CHF38.79B	119.56	―	0.09%	6.22%	―
GALE	70 Outperform	CHF4.91B	25.52	―	2.36%	5.84%	8.57%
MEDX	56 Neutral	CHF476.99M	-81.94	―	4.54%	-2.42%	-222.68%
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
DOCM	53 Neutral	CHF297.91M	-1.48	―	―	4.91%	14.99%
SANN	48 Neutral	$196.51M	-2.84	-301.13%	―	-56.85%	-186.55%
IDIA	46 Neutral	CHF942.57M	-5.53	―	―	229.23%	63.47%

DocMorris Corporate Events

DocMorris Completes Convertible Bonds Repurchase Offer

DocMorris has announced the results of its repurchase offer for convertible bonds maturing in 2026, with a total of 72,713 bonds tendered, equating to CHF 72,713,000. The company accepted the full tendered amount at a purchase price of CHF 1,035.00 per bond, which is 103.50% of the nominal value, plus accrued interest, leaving 22,259 bonds outstanding.

The most recent analyst rating on (CH:DOCM) stock is a Sell with a CHF5.50 price target. To see the full list of analyst forecasts on DocMorris stock, see the CH:DOCM Stock Forecast page.

DocMorris Initiates Buyback Offer for 2026 Convertible Bonds

DocMorris has initiated the buyback offer period for its convertible bonds maturing in 2026, offering CHF 1,035.00 per bond, which is 103.50% of the nominal value, plus accrued interest. This move, announced after the buyback advertisement on October 22, 2025, is part of DocMorris’s strategic financial management, potentially impacting its market positioning and stakeholder interests, with the offer period ending on November 12, 2025.

The most recent analyst rating on (CH:DOCM) stock is a Hold with a CHF5.50 price target. To see the full list of analyst forecasts on DocMorris stock, see the CH:DOCM Stock Forecast page.

DocMorris Completes CHF 49.6 Million Convertible Bond Issuance

DocMorris has successfully issued a CHF 49.6 million convertible bond maturing in 2028, aimed at optimizing its balance sheet and financing costs to support sustainable growth. This issuance will finance the early repurchase of a CHF 95.0 million bond maturing in 2026, inviting eligible holders to tender their bonds at a premium. The transaction is expected to impact DocMorris’ financial strategy positively, enhancing its market positioning and operational efficiency.

The most recent analyst rating on (CH:DOCM) stock is a Hold with a CHF7.00 price target. To see the full list of analyst forecasts on DocMorris stock, see the CH:DOCM Stock Forecast page.

DocMorris Launches CHF 45 Million Convertible Bond for Strategic Repurchase

DocMorris AG has announced the launch of a CHF 45 million convertible bond maturing in 2028 to finance the early repurchase of its 2026 convertible bond. This strategic move aims to optimize the company’s balance sheet and reduce financing costs, supporting its goal of sustainable growth. The new bond offer is part of a private placement in Switzerland and select jurisdictions, with the repurchase offer set to begin in November 2025. This initiative reflects DocMorris’ commitment to financial efficiency and its strategic positioning in the digital health market.

The most recent analyst rating on (CH:DOCM) stock is a Hold with a CHF7.00 price target. To see the full list of analyst forecasts on DocMorris stock, see the CH:DOCM Stock Forecast page.

DocMorris Reports Strong Revenue Growth and Strategic AI Expansion

DocMorris has reported a 9.5% increase in total revenue for the first nine months of 2025, driven by significant growth in both Rx and Non-Rx sales. The company has launched the AI-based DocMorris Health Companion, expanded its executive board, and is focusing on sustainable growth and profitability, with plans to achieve EBITDA breakeven by 2026. The strategic use of AI and streamlining of management structures are central to its operational efficiency and market positioning.

The most recent analyst rating on (CH:DOCM) stock is a Hold with a CHF6.00 price target. To see the full list of analyst forecasts on DocMorris stock, see the CH:DOCM Stock Forecast page.