DocMorris AG (CH:DOCM)
:DOCM
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DocMorris
(DOCM)
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Rating:53Neutral
Price Target:
CHF7.50
▲(13.46% Upside)
Action:Reiterated
Date:04/21/26
The score is held back primarily by persistent losses and significant negative operating/free cash flow, despite improving leverage. Technicals are supportive with strong momentum but look overbought, adding near-term risk. Earnings call guidance improves the outlook with a clearer path to EBITDA breakeven in 2026 and FCF breakeven in 2027, but execution and cost/working-capital headwinds remain meaningful.
Positive Factors
Digital Services Profitability
Rapidly scaling digital services (TeleClinic + Retail Media) are high-margin and already contribute materially to CM3. This durable margin pool diversifies revenue away from low-margin product sales, supports unit economics as scale expands and underpins management's path to EBITDA breakeven.
Negative Factors
Persistent Cash Burn
Sustained, deep negative operating and free cash flow materially increases funding needs and constrains strategic options. Unless structural margin gains and working-capital fixes materialize, the company will require external financing, which can dilute shareholders or limit reinvestment capacity.
Read all positive and negative factors
Positive Factors
Negative Factors
Digital Services Profitability
Rapidly scaling digital services (TeleClinic + Retail Media) are high-margin and already contribute materially to CM3. This durable margin pool diversifies revenue away from low-margin product sales, supports unit economics as scale expands and underpins management's path to EBITDA breakeven.
Read all positive factors
DocMorris (DOCM) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF342.26M
Dividend YieldN/A
Average Volume (3M)342.18K
Price to Earnings (P/E)―
Beta (1Y)1.06
Revenue GrowthN/A
EPS GrowthN/A
CountryCH
Employees1,454
SectorGeneral
Sector StrengthN/A
IndustryMedical - Distribution
Share Statistics
EPS (TTM)-2.60
Shares Outstanding51,657,112
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
CHF6.09Price Target Upside-7.87% Downside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)-1.79
Revenue Forecast (FY)CHF1.21B
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
5.75
Positive
5.73
Positive
5.95
Positive
Market Momentum
0.34
Positive
55.57
Neutral
22.07
Neutral
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 below the 20-day moving average (MA) of 7.13, above the 50-day MA of 5.75, and above the 200-day MA of 5.95, indicating a neutral trend. The MACD of 0.34 indicates Positive momentum. The RSI at 55.57 is Neutral, neither overbought nor oversold. The STOCH value of 22.07 is Neutral, 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 | CHF35.99B | 22.71 | ― | 0.09% | 11.15% | 150.71% | |
61 Neutral | CHF4.13B | 13.11 | ― | 2.36% | 5.47% | -0.96% | |
56 Neutral | CHF355.27M | -285.73 | ― | 4.54% | -7.42% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | CHF1.06B | -4.80 | ― | ― | 96.08% | 69.28% | |
53 Neutral | CHF342.26M | -1.05 | ― | ― | ― | ― | |
53 Neutral | CHF244.53M | -4.06 | -301.13% | ― | 97.32% | -11.07% |
* General Sector Average
CH:DOCM
DocMorris
6.92
-3.25
-31.96%
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DocMorris Corporate Events
DocMorris shareholders back board, reaffirm digital health strategy and 2026 break-even goal
May 12, 2026
DocMorris shareholders backed the board’s leadership and strategy at the 2026 General Meeting in Zurich, rejecting proposals from minority shareholder CEPD N.V. for additional board seats and the chairmanship. The meeting re-elected three ex...
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...
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.