Givaudan SA (CH:GIVN)
:GIVN
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Givaudan SA
(GIVN)
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Rating:70Outperform
Price Target:
CHF2,952.00
▲(8.77% Upside)
Action:ReiteratedDate:02/08/26
The score is driven primarily by strong financial quality (durable margins, solid ROE, and consistent free cash flow) and a supportive earnings outlook/strategy execution. These positives are tempered by weak technical momentum (price below key moving averages with negative MACD) and a relatively high P/E, with leverage remaining the main fundamental risk factor.
Positive Factors
Strong free cash flow generation
Consistent >CHF1bn free cash flow provides durable funding for dividends, buybacks, R&D and M&A without relying on equity issuance. This cash conversion supports strategic investment (R&D ~8% of sales) and cushions the business through cycles, reinforcing long‑term capital allocation flexibility.
Negative Factors
Meaningful leverage on the balance sheet
Elevated leverage increases sensitivity to interest rates and cyclical demand, constraining flexibility for large M&A or extended downturns. Operating cash flow covers only a portion of debt and coverage weakened in 2024–25, meaning deleveraging or higher cash generation is needed to restore a more conservative financial buffer.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow generation
Consistent >CHF1bn free cash flow provides durable funding for dividends, buybacks, R&D and M&A without relying on equity issuance. This cash conversion supports strategic investment (R&D ~8% of sales) and cushions the business through cycles, reinforcing long‑term capital allocation flexibility.
Read all positive factors
Givaudan SA (GIVN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF25.04B
Dividend Yield2.24%
Average Volume (3M)20.82K
Price to Earnings (P/E)27.2
Beta (1Y)0.66
Revenue Growth5.93%
EPS Growth6.00%
CountryCH
Employees16,942
SectorGeneral
Sector StrengthN/A
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)54.37
Shares Outstanding9,233,586
10 Day Avg. Volume25,269
30 Day Avg. Volume20,823
Financial Highlights & Ratios
PEG Ratio-11.97
Price to Book (P/B)6.43
Price to Sales (P/S)3.90
P/FCF Ratio24.17
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF3,055.17Price Target Upside12.57% Upside
Rating ConsensusHold
Number of Analyst Covering11
EPS Forecast (FY)120.63
Revenue Forecast (FY)CHF7.53B
Givaudan SA Business Overview & Revenue Model
Company Description
Givaudan SA, together with its subsidiaries, manufactures, supplies, and sells fragrance, beauty, taste, and wellbeing products to the consumer goods industry. The company operates through in divisions, Fragrance & Beauty, and Taste & Wellbeing. T...
How the Company Makes Money
Givaudan makes money primarily by selling flavors, fragrances, and ingredient solutions to business customers, typically under long-term commercial relationships where it acts as a formulation and innovation partner. Its revenue is mainly generate...
Givaudan SA Earnings Call Summary
Earnings Call Date:Jan 29, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 16, 2026
Earnings Call Sentiment Positive
The call presented a broadly positive picture: Givaudan delivered solid like-for-like sales growth (5.1%), strong free cash flow (>CHF 1 billion), continued outperformance in Fragrance & Beauty (Fine Fragrances +18.3%) and successful delivery of the 2021–2025 strategic cycle with meaningful ESG and R&D milestones. Headwinds included modest margin compression (gross margin -0.6 ppt), localized weaknesses in Fragrance Ingredients and parts of Taste & Wellbeing (Mexico, some APAC markets), FX impacts from a strong Swiss franc, nonrecurring costs and tariff-related uncertainty. Overall, the strengths — healthy organic growth, robust cash generation, improved leverage and proven strategy execution — materially outweigh the manageable challenges reported.Positive Updates
Strong Group Sales Growth
Group sales of CHF 7.472 billion in 2025, up 5.1% like-for-like (LFL) and +0.8% in Swiss francs versus prior year; growth achieved across markets and customer segments.
Negative Updates
Slight Compression of Gross and EBITDA Margins
Gross margin decreased from 44.1% to 43.5% in 2025; comparable EBITDA margin declined to 24.2% from 24.5% in 2024, reflecting higher input costs, tariffs and competitive pressures in parts of the portfolio.
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Q4-2025 Updates
Positive
Negative
Strong Group Sales Growth
Group sales of CHF 7.472 billion in 2025, up 5.1% like-for-like (LFL) and +0.8% in Swiss francs versus prior year; growth achieved across markets and customer segments.
Read all positive updates
Company Guidance
The company guided into a new 2026 year and 2030 strategic cycle targeting average like‑for‑like sales growth of 4–6% and maintaining industry‑leading free cash flow above 12% of sales by 2030, while for 2026 management expects continued momentum in Fragrance & Beauty, a temporary Taste & Wellbeing slowdown easing through H2 (a ~2–3 point H1/H2 split), only limited input‑cost inflation, uncertain tariff effects to be managed via pricing, and some ongoing nonrecurring costs; this outlook sits on a 2025 base of CHF 7.472bn sales (+5.1% LFL), comparable EBITDA margin 24.2%, net income CHF 1,071m (14.3% margin), free cash flow CHF 1,053m (14.1%), and net debt/EBITDA of 2.1x, with a proposed dividend of CHF 72 (+2.9%).Givaudan SA Financial Statement Overview
Summary
Income Statement
83
Very Positive
Balance Sheet
71
Positive
Cash Flow
78
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 7.47B | 7.41B | 6.92B | 7.12B | 6.68B |
| Gross Profit | 3.25B | 3.27B | 2.72B | 2.63B | 2.70B |
| EBITDA | 1.79B | 1.79B | 1.47B | 1.38B | 1.44B |
| Net Income | 1.07B | 1.09B | 893.00M | 856.00M | 821.00M |
Balance Sheet | |||||
| Total Assets | 11.86B | 12.10B | 11.13B | 11.51B | 11.43B |
| Cash, Cash Equivalents and Short-Term Investments | 742.00M | 762.00M | 608.00M | 488.00M | 278.00M |
| Total Debt | 4.42B | 4.75B | 4.91B | 5.00B | 4.67B |
| Total Liabilities | 7.30B | 7.52B | 7.13B | 7.27B | 7.49B |
| Stockholders Equity | 4.54B | 4.58B | 3.99B | 4.23B | 3.93B |
Cash Flow | |||||
| Free Cash Flow | 1.21B | 1.33B | 1.10B | 588.00M | 969.00M |
| Operating Cash Flow | 1.51B | 1.63B | 1.37B | 892.00M | 1.23B |
| Investing Cash Flow | -380.00M | -448.00M | -467.00M | -451.00M | -921.00M |
| Financing Cash Flow | -1.11B | -1.03B | -699.00M | -229.00M | -440.00M |
Givaudan SA Technical Analysis
Neutral
2714.00
Price Trends
2856.85
Negative
3006.75
Negative
3211.16
Negative
Market Momentum
-52.76
Negative
45.36
Neutral
74.02
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:GIVN, the sentiment is Neutral. The current price of 2714 is above the 20-day moving average (MA) of 2694.57, below the 50-day MA of 2856.85, and below the 200-day MA of 3211.16, indicating a neutral trend. The MACD of -52.76 indicates Negative momentum. The RSI at 45.36 is Neutral, neither overbought nor oversold. The STOCH value of 74.02 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CH:GIVN.
Givaudan SA Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | CHF14.82B | 27.52 | 22.08% | 3.16% | -4.25% | -0.03% | |
70 Outperform | CHF25.04B | 27.24 | ― | 2.24% | 5.93% | 6.00% | |
69 Neutral | CHF21.08B | 24.98 | ― | 2.23% | -1.05% | -1.46% | |
62 Neutral | CHF25.88B | 36.63 | ― | 1.29% | 7.37% | -5.49% | |
56 Neutral | CHF2.57B | -31.13 | 5.38% | 5.97% | -2.40% | 38.08% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | CHF7.53B | 31.12 | ― | 2.31% | 42.39% | -2.13% |
* General Sector Average
CH:GIVN
Givaudan SA
2,714.00
-1,013.03
-27.18%
CH:SIKA
Sika AG
131.40
-59.16
-31.05%
CH:LISN
Chocoladefabriken Lindt & Spruengli AG
112,800.00
-128.30
-0.11%
CH:BARN
Barry Callebaut AG
1,373.00
334.88
32.26%
CH:CLN
Clariant AG
7.80
-0.15
-1.86%
CH:EMSN
EMS-CHEMIE HOLDING AG
633.50
78.45
14.13%
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.