Holcim (CH:HOLN)
:HOLN
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Holcim
(HOLN)
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Rating:68Neutral
Price Target:
CHF79.00
▲(6.70% Upside)
Action:Reiterated
Date:05/16/26
The score is driven primarily by mixed financial performance (strong 2020–2024 profile but a sharp 2025 deterioration) tempered by supportive earnings-call guidance and margin/FCF execution. Technicals are positive but near-term overbought signals add caution, while valuation is helped by the dividend but clouded by a negative P/E.
Positive Factors
Vertical Integration
Holcim’s vertical integration across quarries, cement plants, terminals and ready-mix networks gives durable cost and supply advantages. It reduces logistics exposure, captures margin across the value chain and improves reliability in tight markets, supporting steady margins and project delivery over years.
Negative Factors
2025 Revenue & Margin Shock
A pronounced 2025 revenue and margin reset weakens the company’s earnings cushion and raises execution risk. Sustained lower volumes or margins would pressure cash conversion, constrain discretionary deployment and test management’s ability to hit 2026 recovery targets.
Read all positive and negative factors
Positive Factors
Negative Factors
Vertical Integration
Holcim’s vertical integration across quarries, cement plants, terminals and ready-mix networks gives durable cost and supply advantages. It reduces logistics exposure, captures margin across the value chain and improves reliability in tight markets, supporting steady margins and project delivery over years.
Read all positive factors
Holcim (HOLN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF41.32B
Dividend Yield2.03%
Average Volume (3M)1.19M
Price to Earnings (P/E)3.0
Beta (1Y)0.81
Revenue Growth-40.46%
EPS Growth-70.87%
CountryCH
Employees62,391
SectorGeneral
Sector StrengthN/A
IndustryConstruction Materials
Share Statistics
EPS (TTM)0.70
Shares Outstanding566,875,500
10 Day Avg. Volume984,453
30 Day Avg. Volume1,185,202
Financial Highlights & Ratios
PEG Ratio-1.28
Price to Book (P/B)2.80
Price to Sales (P/S)2.73
P/FCF Ratio24.89
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF81.80Price Target Upside10.48% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering13
EPS Forecast (FY)3.6
Revenue Forecast (FY)CHF16.30B
Holcim Business Overview & Revenue Model
Company Description
Holcim Ltd, together with its subsidiaries, operates as a building materials and solutions company in the Asia Pacific, Europe, Latin America, the Middle East, Africa, and North America. It operates through four segments: Cement, Aggregates, Ready...
How the Company Makes Money
Holcim makes money primarily by manufacturing and selling building materials and construction solutions to a broad base of customers (e.g., contractors, ready-mix producers, developers, industrial customers, and public-sector infrastructure projec...
Holcim Earnings Call Summary
Earnings Call Date:Feb 27, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 31, 2026
Earnings Call Sentiment Positive
The earnings call presents a strongly positive operational and financial performance: recurring EBIT growth, margin expansion, CHF 2.2bn free cash flow, low leverage (0.9x), ROIC improvement and a progressive capital allocation plan (dividend and M&A) underpin a constructive outlook. Key near-term headwinds are regulatory uncertainty around EU ETS/CCUS economics, FX translation effects, and temporary regional softness (notably LatAm integration effects and some weaker local markets). Management positions these as manageable or temporary and reiterated disciplined capital allocation and confidence in 2026 guidance.Positive Updates
Strong recurring EBIT growth and margin expansion
Recurring EBIT grew 10.3% for FY2025 (local currency) with an acceleration in Q4 (+12.2%). Industry-leading recurring EBIT margin expanded by 80 basis points to 18.3%, with Europe delivering 140 bps of margin expansion and EMEA (Asia, Middle East & Africa) expanding margins by ~220 bps.
Negative Updates
EU ETS uncertainty and CCUS economics risk
Regulatory noise around EU ETS has already pressured carbon prices (analyst remark cited ~25% decline over six weeks). Management noted current CCUS investments are negligible to date and that economic comfort for CCUS projects requires CO2 prices closer to ~EUR 100+ per tonne (or derisking mechanisms). This regulatory uncertainty could delay CCUS timing and increase project complexity.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong recurring EBIT growth and margin expansion
Recurring EBIT grew 10.3% for FY2025 (local currency) with an acceleration in Q4 (+12.2%). Industry-leading recurring EBIT margin expanded by 80 basis points to 18.3%, with Europe delivering 140 bps of margin expansion and EMEA (Asia, Middle East & Africa) expanding margins by ~220 bps.
Read all positive updates
Company Guidance
Holcim guided 2026 organic net sales growth of 3–5% and organic recurring EBIT growth of 8–10%, expects a further increase in recurring EBIT margin, and forecasts cash flow of around CHF 2.0 billion; it also targets 20%+ volume growth in circular construction in 2026 and has moved to organic‑growth reporting. The company reiterated its NextGen Growth 2030 financial framework — up to CHF 22 billion total capital deployment to 2030, returning CHF 7 billion to shareholders to 2030 (target payout ~50%+) with an additional CHF 4–6 billion available for large M&A or opportunistic buybacks, and a long‑term net leverage target below 1.5x. (For context, 2025 results included CHF 2.2 billion free cash flow with 54% cash conversion, recurring EBIT margin 18.3% (+80 bps), recurring EBIT up 10.3% for the year, ROIC 11.2%, capex ~CHF 400 million, and a proposed dividend of CHF 1.70/share — payout ratio 53%, post‑tax yield 2.4%.)Holcim Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
70
Positive
Cash Flow
64
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 15.72B | 26.41B | 27.01B | 29.19B | 26.83B |
| Gross Profit | 6.66B | 11.68B | 11.50B | 11.61B | 11.54B |
| EBITDA | 3.68B | 5.97B | 6.45B | 6.98B | 6.04B |
| Net Income | 387.00M | 2.93B | 3.06B | 3.31B | 2.30B |
Balance Sheet | |||||
| Total Assets | 33.60B | 54.28B | 52.69B | 57.60B | 59.88B |
| Cash, Cash Equivalents and Short-Term Investments | 5.44B | 5.35B | 6.09B | 9.83B | 6.69B |
| Total Debt | 9.51B | 12.92B | 13.12B | 14.91B | 16.61B |
| Total Liabilities | 17.52B | 26.33B | 25.90B | 27.99B | 29.41B |
| Stockholders Equity | 15.38B | 27.24B | 26.00B | 28.67B | 27.68B |
Cash Flow | |||||
| Free Cash Flow | 1.73B | 4.02B | 3.96B | 3.01B | 3.51B |
| Operating Cash Flow | 2.79B | 5.67B | 5.47B | 4.56B | 5.04B |
| Investing Cash Flow | -1.96B | -2.04B | -3.47B | 2.08B | -4.71B |
| Financing Cash Flow | -63.00M | -4.37B | -5.22B | -3.25B | 1.11B |
Holcim Technical Analysis
Positive
74.04
Price Trends
69.58
Positive
70.97
Positive
69.74
Positive
Market Momentum
1.76
Negative
63.00
Neutral
88.84
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:HOLN, the sentiment is Positive. The current price of 74.04 is above the 20-day moving average (MA) of 73.05, above the 50-day MA of 69.58, and above the 200-day MA of 69.74, indicating a bullish trend. The MACD of 1.76 indicates Negative momentum. The RSI at 63.00 is Neutral, neither overbought nor oversold. The STOCH value of 88.84 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CH:HOLN.
Holcim Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | CHF16.56B | 35.15 | 22.08% | 3.16% | -5.85% | 1.24% | |
69 Neutral | CHF24.29B | 23.26 | ― | 2.23% | -4.78% | -16.18% | |
68 Neutral | CHF41.32B | 3.02 | 12.79% | 2.03% | -40.46% | -70.87% | |
56 Neutral | CHF2.51B | -33.13 | 5.38% | 5.97% | -5.71% | -130.75% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
CH:HOLN
Holcim
76.70
31.30
68.94%
CH:SIKA
Sika AG
151.40
-60.26
-28.47%
CH:CLN
Clariant AG
7.61
-0.68
-8.17%
CH:EMSN
EMS-CHEMIE HOLDING AG
708.00
112.09
18.81%
Holcim Corporate Events
Holcim Investors Back Dividend, Governance Slate at 2026 AGM
May 13, 2026
Holcim shareholders approved all proposals put forward by the Board of Directors at the 2026 Annual General Meeting in Zug, including a dividend of CHF 1.70 per registered share to be paid on 21 May 2026 from capital contribution reserves, exempt ...
Holcim posts strong Q1 2026, doubles down on LatAm, sustainability and AI
Apr 24, 2026
Holcim reported a strong start to 2026, with organic net sales up 3.9% to CHF 3.52 billion and organic recurring EBIT rising 8.3% to CHF 431 million, driven by cost discipline, operational efficiency and growing demand for its premium and sustaina...
Holcim Calls 2026 AGM and Proposes Tax-Efficient Dividend Payout
Apr 13, 2026
Holcim has convened its 2026 General Meeting for 13 May in Zug, Switzerland, with proceedings in German and partly in English, and live online transmission with simultaneous translation. Shareholders can access all agenda items and documentation o...
Holcim Buys Control of Peru’s Cementos Pacasmayo to Drive Latin America Growth
Mar 30, 2026
Holcim has completed the acquisition of a majority stake in Cementos Pacasmayo, a leading Peruvian producer of cement and concrete that generated 2025 net sales of USD 630 million and an adjusted EBITDA margin of 28%. The deal strengthens Holcim&#...
Holcim to Acquire Cemex Assets in Colombia to Boost Latin American Growth
Mar 12, 2026
Holcim has agreed to acquire Cemex’s building materials and solutions operations in Colombia, adding more than 20 production sites including the Caracolito cement plant and Santa Rosa grinding station. The deal significantly enlarges Holcim&...
Holcim Named Global Top Employer for 2026, Strengthening Talent-Driven Growth Strategy
Mar 5, 2026
Holcim has been recognized as a Global Top Employer for 2026 by the Top Employers Institute for the second consecutive year, placing it among only 17 companies worldwide with this status. The certification spans 27 Holcim markets and reflects a gl...
Holcim Lifts Profitability in 2025 and Doubles Down on Green, High‑Growth Markets
Feb 27, 2026
Holcim reported 2025 net sales of CHF 15.7 billion, up 3% in local currencies, and lifted Recurring EBIT by 10.3% in local currencies to CHF 2.9 billion, expanding its industry‑leading EBIT margin by 80 basis points to 18.3%. Earnings per sh...
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.