Siegfried Holding AG (CH:SFZN)
:SFZN
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Siegfried Holding AG
(SFZN)
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Rating:62Neutral
Price Target:
CHF72.00
▲(0.84% Upside)
Action:Reiterated
Date:02/23/26
The score is primarily supported by solid profitability and a positive guidance outlook (including margin resilience and an accretive acquisition), but is held back by weak/volatile free cash flow and bearish technical positioning. Valuation is also a modest headwind given the higher P/E and low dividend yield.
Positive Factors
Balance Sheet Health
Lower leverage and rising equity provide durable financial flexibility to fund capex, M&A and working-capital swings. Improved debt-to-equity and a stronger equity base reduce refinancing risk and give management runway to pursue strategic investments without immediate pressure on margins.
Negative Factors
Free Cash Flow Generation
Thin and volatile free cash flow limits internal funding capacity and financial flexibility despite strong accounting profits. Low FCF conversion constrains the firm's ability to self-fund bolt-on M&A, sustain distributions, or absorb shocks without relying on external financing or factoring facilities.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Health
Lower leverage and rising equity provide durable financial flexibility to fund capex, M&A and working-capital swings. Improved debt-to-equity and a stronger equity base reduce refinancing risk and give management runway to pursue strategic investments without immediate pressure on margins.
Read all positive factors
Siegfried Holding AG (SFZN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF3.06B
Dividend Yield0.51%
Average Volume (3M)101.52K
Price to Earnings (P/E)17.4
Beta (1Y)0.89
Revenue Growth2.57%
EPS Growth4.31%
CountryCH
Employees3,886
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)3.85
Shares Outstanding45,230,000
10 Day Avg. Volume105,249
30 Day Avg. Volume101,518
Financial Highlights & Ratios
PEG Ratio5.13
Price to Book (P/B)2.89
Price to Sales (P/S)2.46
P/FCF Ratio327.33
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF90.50Price Target Upside26.75% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)4.05
Revenue Forecast (FY)CHF1.41B
Siegfried Holding AG Business Overview & Revenue Model
Company Description
Siegfried Holding AG, a global life sciences enterprise founded in 1873 and headquartered in Zofingen, Switzerland, is actively involved in the development and manufacture of various pharmaceutical products. The company specializes in creating act...
How the Company Makes Money
Siegfried makes money primarily by providing fee-based CDMO services to pharmaceutical companies under contractual arrangements. Its revenue is largely generated from (1) Drug Substances (API) services: process development, scale-up, and GMP manuf...
Siegfried Holding AG Earnings Call Summary
Earnings Call Date:Feb 20, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 21, 2026
Earnings Call Sentiment Positive
The call presented a largely positive operational and financial picture: record profitability, margin expansion to ~23.5%, strong cash generation, major strategic investments and an accretive U.S. acquisition that strengthens the network. Management also highlighted robust commercial momentum (RFP wins +30%), quality and safety improvements, and concrete sustainability progress. Key risks discussed were a material pending confirmation on one large on‑market Drug Substance product (creating cautious Drug Substance guidance for 2026), meaningful currency headwinds, and near‑term top‑line timing/seasonality and elevated investment-related ramp timing. On balance, the strengths — sustainable margin improvement, cash and balance sheet flexibility, M&A that increases strategic optionality, and clear commercial momentum — outweigh the near‑term uncertainties.Positive Updates
Revenue Growth and Scale
Group sales of CHF 1.33 billion in FY2025, up 4.3% in local currency; both Drug Substance and Drug Product grew +4.3% LFL, with H2 accounting for ~53% of revenue.
Negative Updates
Uncertainty on a Large On‑Market Drug Substance Product
Management guided 2026 Drug Substance to low single-digit growth due to a pending customer order confirmation for a large in‑market product; analysts and management indicated the product is material (market commentary referenced ~CHF 40 million annual magnitude), so outcomes could materially affect top-line pacing if confirmation is delayed or reduced. Management stated margins are contractually protected, which should limit bottom‑line impact.
Read all updates
Q4-2025 Updates
Positive
Negative
Revenue Growth and Scale
Group sales of CHF 1.33 billion in FY2025, up 4.3% in local currency; both Drug Substance and Drug Product grew +4.3% LFL, with H2 accounting for ~53% of revenue.
Read all positive updates
Company Guidance
Management guided 2026 to low single‑digit group revenue growth with Drug Product accelerating to high single‑digit growth and Drug Substance at low single‑digit, and reiterated a core EBITDA margin above 23% (2025 baseline: CHF 1.33bn sales, +4.3% in local currency; core gross profit CHF 354m, +7.6%; core EBITDA CHF 312.3m, reported margin ~23.5% or 23.05% excluding a CHF 7.5m one‑off). Management warned of a ~2% FY FX headwind (≈2.8% in H1) and persistent H2 seasonality (c.53% of revenue in H2), noted the pending Noramco/Extractas acquisition (sub‑10x EBITDA multiple, closing possibly end‑Q1/Q2 or Q3) could materially raise 2026 top‑ and bottom‑line with no dilution, and highlighted balance‑sheet and cash metrics: YE net debt/EBITDA ~1.5x (1.0x post‑receivables conversion), operating cash flow +35% YoY, CHF 231m capex (tangible+intangible) in 2025, a CHF 300m bond, CHF 40m factored receivables (CHF 50m facility), proposed CHF 0.40 par value repayment, plus operational KPIs—RFP wins +30%, lost‑time injury rate −25%, and ~50% carbon/energy reductions vs 2020.Siegfried Holding AG Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
52
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.33B | 1.29B | 1.27B | 1.23B | 1.10B |
| Gross Profit | 352.39M | 329.06M | 320.41M | 318.69M | 239.27M |
| EBITDA | 306.70M | 289.49M | 241.22M | 308.30M | 213.54M |
| Net Income | 168.66M | 160.06M | 112.77M | 156.49M | 95.60M |
Balance Sheet | |||||
| Total Assets | 2.15B | 1.93B | 1.86B | 1.79B | 1.67B |
| Cash, Cash Equivalents and Short-Term Investments | 103.80M | 39.61M | 56.63M | 91.62M | 72.97M |
| Total Debt | 575.20M | 490.10M | 525.00M | 590.00M | 560.00M |
| Total Liabilities | 1.03B | 953.81M | 1.02B | 1.08B | 1.06B |
| Stockholders Equity | 1.13B | 980.19M | 838.24M | 710.93M | 608.22M |
Cash Flow | |||||
| Free Cash Flow | 9.97M | -12.07M | 71.51M | 19.30M | -1.04M |
| Operating Cash Flow | 221.89M | 168.78M | 208.61M | 134.50M | 112.36M |
| Investing Cash Flow | -231.31M | -190.35M | -146.86M | -103.72M | -250.10M |
| Financing Cash Flow | 74.83M | 3.04M | -94.75M | -10.68M | 156.24M |
Siegfried Holding AG Technical Analysis
Negative
71.40
Price Trends
78.50
Negative
81.07
Negative
79.70
Negative
Market Momentum
-3.17
Positive
24.92
Positive
13.61
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:SFZN, the sentiment is Negative. The current price of 71.4 is below the 20-day moving average (MA) of 76.14, below the 50-day MA of 78.50, and below the 200-day MA of 79.70, indicating a bearish trend. The MACD of -3.17 indicates Positive momentum. The RSI at 24.92 is Positive, neither overbought nor oversold. The STOCH value of 13.61 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CH:SFZN.
Siegfried Holding AG Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | CHF5.10B | 33.75 | 9.76% | 1.43% | 14.84% | 23.77% | |
66 Neutral | CHF29.88B | 39.42 | 2.64% | 1.02% | 0.80% | 28043.55% | |
62 Neutral | CHF3.06B | 17.38 | 15.79% | 0.51% | 2.57% | 4.31% | |
61 Neutral | CHF4.20B | 22.86 | ― | 2.36% | 5.47% | -0.96% | |
56 Neutral | CHF33.99B | -125.46 | ― | 0.75% | -0.65% | -143.04% | |
54 Neutral | CHF1.30B | -63.08 | ― | ― | 13.85% | -7.03% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
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Siegfried Holding AG Corporate Events
Siegfried boosts global API network with new large-scale Minden facility
Jun 16, 2026
Siegfried has inaugurated a new large-scale active pharmaceutical ingredient (API) manufacturing facility in Minden, Germany, adding 100 m³ of reactor capacity to its network for small molecule drug substances. The plant is designed for compl...
Siegfried names Christina Del Vecchio Chief Legal Officer as long‑time legal head departs
Jun 1, 2026
Siegfried Holding AG has appointed Christina Del Vecchio as Chief Legal Officer and member of the Executive Committee, effective no later than November 1, 2026, succeeding long‑serving legal chief Luca Dalla Torre. Del Vecchio, previously Ch...
Siegfried Raises CHF 200 Million Via Bond Issue to Fund Growth
May 26, 2026
Siegfried Holding AG has strengthened its capital structure by successfully placing CHF 200 million in senior bonds with a 1.35% coupon and a four-year tenor, targeted at investors in the Swiss market under the joint lead of UBS and Zürcher K...
Siegfried Rejoins Dow Jones Best-in-Class Europe Index as Sole End-to-End CDMO
May 7, 2026
Siegfried Holding AG, a Swiss-listed global CDMO for the pharmaceutical industry, operates 16 sites worldwide and focuses on manufacturing active pharmaceutical ingredients, intermediates and a broad range of drug products alongside development se...
Siegfried’s DINAMIQS Wins Swissmedic License, Expanding Viral Vector CDMO Capabilities
Apr 29, 2026
DINAMIQS, a Siegfried company specializing in viral vector CDMO services, has obtained a Swissmedic license for cGMP-compliant manufacturing and testing of viral vectors, enabling the production and release of genomic medicines under full regulato...
Siegfried Wins Antitrust Nod for US–Australia Plant Deal and Lifts 2026 Growth Outlook
Apr 24, 2026
Siegfried has secured antitrust clearance and satisfied all conditions for its acquisition of three small‑molecule drug substance sites in the US and Australia from an affiliate of SK Capital Partners, with closing set for May 1, 2026. The a...
Siegfried Shareholders Back Capital Reduction and New Board Leadership at AGM
Apr 16, 2026
Siegfried Holding AG, a global life sciences and pharmaceutical manufacturing specialist listed on SIX Swiss Exchange, reported 2025 sales of CHF 1,327.8 million and more than 3,800 employees across 13 sites in Europe, the U.S. and China. The grou...
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.