dormakaba Holding AG (DOKA) AI Stock Analysis

• Market Cap: CHF2.35B
• Dividend Yield: N/A
• Average Volume (3M): 5.61K
• Price to Earnings (P/E): 27.2
• Beta (1Y): 0.36
• Revenue Growth: 1.16%
• EPS Growth: 132.26%
• Country: CH
• Employees: 15,427
• Sector: Industrials
• Sector Strength: 72
• Industry: Security & Protection Services
• EPS (TTM): 0.97
• Shares Outstanding: 42,000,260
• 10 Day Avg. Volume: 6,716
• 30 Day Avg. Volume: 5,611
• PEG Ratio: 0.23
• Price to Book (P/B): 10.95
• Price to Sales (P/S): 1.06
• P/FCF Ratio: 19.27
• 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: CHF80.67
• Price Target Upside: ― Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): 3.3
• Revenue Forecast (FY): CHF2.87B

• Rating: 52 Neutral
• Price Target: CHF56.00
• Action: Reiterated Date: 11/14/25
• Date: Action: Reiterated 11/14/25

dormakaba Holding AG's overall stock score is primarily impacted by its financial performance challenges, including high leverage and inconsistent revenue growth. The technical analysis indicates a bearish trend, with the stock trading below key moving averages and weak momentum indicators. Valuation concerns also weigh on the score, with a high P/E ratio suggesting potential overvaluation.

Positive Factors

Installed-base recurring revenue

The installed-base effect creates durable recurring service and aftermarket revenue from spare parts, upgrades and maintenance. This recurring demand supports revenue resilience across cycles, improves lifetime customer value, and makes future sales and cross-sell more predictable for 2–6+ months.

Broad product & solutions portfolio

A wide product and service mix across mechanical, electromechanical, entrance systems and software spreads risk and enables integrated solutions for building projects. That breadth supports stable project wins, cross-selling, and exposure to construction and retrofit markets over the medium term.

Operational margin improvements

Stable gross margins and improving EBIT/EBITDA margins indicate the company is extracting efficiency from operations and cost structure. If sustained, these improvements boost cash generation potential and competitiveness, helping absorb cyclical revenue variability over several quarters.

Negative Factors

High leverage & low equity ratio

Substantial leverage and a low equity ratio reduce financial flexibility, increasing refinancing and interest-rate risk. This constrains investment capacity, raises vulnerability to downturns, and forces management to prioritize deleveraging over growth initiatives in the medium term.

Inconsistent and declining revenue

Negative and uneven top-line trajectory weakens predictability of backlog and aftermarket volumes. Sustained or recurring revenue declines make it harder to leverage fixed costs, pressure margins, and require management to refocus on sales execution and product-market fit to restore stable growth.

Weak free cash flow & declining operating cash flow

Deteriorating free cash flow and weaker operating cash conversion limit capacity to pay down debt, invest in product development, or increase service capability. Over multiple quarters this can force trade-offs between capex, maintenance of installed base and balance sheet repair.

dormakaba Holding AG Business Overview & Revenue Model

Company Description

dormakaba Holding AG (DOKA) is a global leader in access and security solutions, specializing in the development and provision of products and services that enhance the security and convenience of buildings and facilities. The company operates across various sectors, including commercial, residential, and institutional markets, offering a wide range of core products such as electronic locking systems, access control systems, door hardware, and software solutions. With a strong focus on innovation and sustainability, dormakaba aims to deliver integrated solutions that meet the evolving needs of its customers worldwide.

How the Company Makes Money

dormakaba generates revenue through several key streams, primarily by selling its diverse range of products and services directly to customers, including construction firms, property managers, and end-users. The company's revenue model is built on both product sales and recurring income from service contracts, maintenance, and software licensing. Significant partnerships with construction and architectural firms enhance its market reach and influence, while strategic acquisitions allow dormakaba to expand its product portfolio and geographic presence. Additionally, the growing emphasis on security and technological advancements in access control systems positions dormakaba to capitalize on emerging market trends, contributing positively to its earnings.

dormakaba Holding AG Financial Statement Overview

Summary

dormakaba Holding AG faces challenges in revenue growth and profitability, with high leverage posing financial risks. While there are signs of operational improvements, the company needs to enhance its cash flow generation and reduce reliance on debt to strengthen its financial position.

Income Statement

The company's gross profit margin has been relatively stable, with a slight improvement in recent years. However, the net profit margin remains low, indicating challenges in converting revenue into profit. Revenue growth has been inconsistent, with a notable decline in the latest period. EBIT and EBITDA margins show some improvement, suggesting operational efficiencies, but overall profitability remains a concern.

Balance Sheet

The balance sheet reveals a high debt-to-equity ratio, indicating significant leverage and potential financial risk. Return on equity has improved but remains volatile, reflecting fluctuating profitability. The equity ratio is low, suggesting limited financial stability and reliance on debt financing.

Cash Flow

Operating cash flow is positive but has decreased recently, impacting the company's ability to cover net income. Free cash flow growth has been negative, indicating challenges in generating excess cash. The ratios of operating and free cash flow to net income suggest moderate efficiency in cash conversion.

Breakdown	TTM	Jun 2024	Jun 2023	Jun 2022	Jun 2021	Jun 2020
Income Statement
Total Revenue	2.81B	2.87B	2.84B	2.85B	2.76B	2.50B
Gross Profit	1.15B	1.18B	1.14B	1.08B	929.20M	1.04B
EBITDA	440.60M	390.80M	299.50M	320.50M	334.60M	351.60M
Net Income	88.00M	97.90M	42.20M	45.70M	19.30M	100.80M
Balance Sheet
Total Assets	1.84B	2.17B	1.97B	1.95B	2.07B	1.87B
Cash, Cash Equivalents and Short-Term Investments	118.50M	445.10M	150.40M	122.10M	104.50M	169.10M
Total Debt	576.60M	800.40M	605.10M	719.00M	807.90M	677.90M
Total Liabilities	1.43B	1.77B	1.62B	1.61B	1.71B	1.60B
Stockholders Equity	284.80M	277.00M	255.70M	250.70M	260.30M	207.50M
Cash Flow
Free Cash Flow	-2.30M	157.40M	187.60M	189.90M	48.80M	237.40M
Operating Cash Flow	36.20M	264.50M	286.20M	288.40M	127.30M	313.50M
Investing Cash Flow	-74.00M	-91.20M	-81.60M	-111.80M	-158.90M	-95.50M
Financing Cash Flow	-287.60M	133.30M	-177.90M	-177.80M	-400.00K	-231.90M

dormakaba Holding AG Technical Analysis

• Last Price: ―

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:DOKA, the sentiment is undefined. The current price of undefined is equal to the 20-day moving average (MA) of ―, equal to the 50-day MA of ―, and equal to the 200-day MA of ―, indicating a neutral trend. The MACD of ― indicates undefined momentum. The RSI at ― is undefined, neither overbought nor oversold. The STOCH value of ― is undefined, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a undefined sentiment for CH:DOKA.

dormakaba Holding AG Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%