dormakaba Holding AG (DOKA) AI Stock Analysis

• Market Cap: CHF2.29B
• Dividend Yield: N/A
• Average Volume (3M): 5.61K
• Price to Earnings (P/E): 26.0
• 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

Diversified product and service portfolio

dormakaba’s broad mix of mechanical, electromechanical, entrance systems and software creates multiple durable revenue channels across new-build and retrofit markets. This product breadth reduces single-market exposure and supports cross-selling into projects, improving resilience to demand swings over months.

Installed-base driven recurring revenue

The installed-base effect generates recurring aftermarket sales and service contracts, creating predictable lifetime customer value. This durable recurring demand supports steady service margins and reduces dependence on one-time project cycles, helping revenue stability over a multi-month horizon.

Stable gross margin and improving operational margins

Stable gross margins and evidence of improving EBIT/EBITDA margins point to structural cost control and operational leverage. If maintained, these margin improvements can translate into more durable profitability even with uneven top-line growth, supporting cash generation capacity over months.

Negative Factors

High leverage and low equity ratio

Significant leverage reduces financial flexibility for capex, M&A or investment in software and digital services. Higher interest and refinancing risk can pressure cash flow and limit capacity to fund growth or absorb cyclical downturns, making fundamentals vulnerable over the medium term.

Inconsistent revenue growth with recent decline

Uneven top-line performance undermines predictability of margins and cash conversion. Continued revenue declines constrain the ability to deleverage and reinvest in product innovation or digital offerings, increasing execution risk across the business over the coming months.

Weak free cash flow growth and declining operating cash flow

Negative free cash flow growth and falling operating cash flow limit the company’s ability to reduce debt, invest in product development, or expand services. Persistent weak cash generation raises structural risks for funding long-term strategic initiatives without raising external capital.

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%