Sonova Holding AG (CH:SOON)
:SOON
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Sonova Holding AG
(SOON)
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Rating:71Outperform
Price Target:
CHF231.00
▲(4.24% Upside)
Action:Upgraded
Date:05/23/26
The score is driven primarily by solid fundamentals (strong profitability and cash generation despite recent softening) and a positive earnings-call outlook with supportive guidance. Technicals are constructive but appear overbought, while valuation looks reasonable with a modest dividend yield.
Positive Factors
High margins and operating leverage
Sonova's Hearing Instruments segment shows structurally high gross and EBITDA margins and clear operating leverage: a mid‑20s percent margin and faster EBITDA growth than sales indicate scalable manufacturing, pricing power and durable profitability across product cycles, supporting long‑term cash generation.
Negative Factors
Recent revenue decline and margin compression
Top‑line weakness and recent margin compression signal near‑term demand and pricing pressures that could persist through product cycles. Slowing revenue growth reduces scale benefits and limits margin upside, making sustained margin recovery dependent on successful product rollouts and efficiency programs.
Read all positive and negative factors
Positive Factors
Negative Factors
High margins and operating leverage
Sonova's Hearing Instruments segment shows structurally high gross and EBITDA margins and clear operating leverage: a mid‑20s percent margin and faster EBITDA growth than sales indicate scalable manufacturing, pricing power and durable profitability across product cycles, supporting long‑term cash generation.
Read all positive factors
Sonova Holding AG (SOON) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF12.04B
Dividend Yield2.14%
Average Volume (3M)194.70K
Price to Earnings (P/E)7.6
Beta (1Y)0.86
Revenue Growth-6.71%
EPS Growth-20.30%
CountryCH
Employees18,335
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)9.02
Shares Outstanding59,626,810
10 Day Avg. Volume113,155
30 Day Avg. Volume194,698
Financial Highlights & Ratios
PEG Ratio-36.00
Price to Book (P/B)4.15
Price to Sales (P/S)3.00
P/FCF Ratio17.98
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF197.50Price Target Upside-10.88% Downside
Rating ConsensusHold
Number of Analyst Covering10
EPS Forecast (FY)10.68
Revenue Forecast (FY)CHF3.82B
Sonova Holding AG Business Overview & Revenue Model
Company Description
Sonova Holding AG designs, develops, manufactures, and distributes hearing care solutions for adults and children. It operates through two segments, Hearing Instruments and Cochlear Implants segments. The company offers wireless communication prod...
How the Company Makes Money
Sonova primarily makes money by selling hearing-care products and services through a combination of wholesale distribution and owned retail. A core revenue stream is the sale of hearing instruments (hearing aids) and associated ecosystem products—...
Sonova Holding AG Earnings Call Summary
Earnings Call Date:May 18, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Nov 24, 2026
Earnings Call Sentiment Positive
The call presented a clearly positive operational and financial picture: above-market sales growth, strong wholesale momentum and market-share gains, significant margin expansion, robust cash conversion and a confident guidance range. Key negatives are concentrated in the Cochlear Implants business (declining sales and margins), substantial non‑recurring charges and FX headwinds, and timing/regulatory risk around the planned CI product launch. On balance, the company showed broad-based momentum and multiple levers (product pipeline, retail M&A, efficiency initiatives) to drive future growth, outweighing the identified headwinds.Positive Updates
Above-market Sales Growth and Confirmed Guidance
Group delivered above-market sales growth across all regions, exited the year with sequential Q4 momentum and provided FY26/27 guidance of consolidated sales rising 5% to 8% and core EBIT growth of 7% to 10% at constant exchange rates.
Negative Updates
Cochlear Implants Underperformance
Cochlear Implants sales declined 11% to CHF 252 million (or ~3.8% lower excluding China); system sales down ~10% and upgrade sales down 13%, weighed by VBP introduction in China, softer upgrade demand and competitive pressure from a major competitor.
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Q4-2026 Updates
Positive
Negative
Above-market Sales Growth and Confirmed Guidance
Group delivered above-market sales growth across all regions, exited the year with sequential Q4 momentum and provided FY26/27 guidance of consolidated sales rising 5% to 8% and core EBIT growth of 7% to 10% at constant exchange rates.
Read all positive updates
Company Guidance
Sonova guided to consolidated sales growth of 5–8% and core EBIT growth of 7–10% (both at constant exchange rates) for FY26/27, assuming market growth of ~2–4% this year (gradually toward a mid‑term 3–5%); FX at early‑May levels is expected to reduce reported Swiss‑franc sales growth by ~1–2 percentage points and core EBIT growth by ~2–3 points, non‑core items are forecast at CHF 35–40m, and retail M&A is expected to contribute ~1–2% to group sales—management also said H1 core EBIT should remain within the 7–10% range, Cochlear Implan ts will face H1 headwinds with a meaningful H2 pickup on a planned new processor, and wholesale/retail momentum plus a new HI platform underpin upside to the range.Sonova Holding AG Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
68
Positive
Cash Flow
70
Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.61B | 3.87B | 3.63B | 3.74B | 3.36B |
| Gross Profit | 2.66B | 2.78B | 2.61B | 2.59B | 2.46B |
| EBITDA | 2.66B | 927.00M | 917.90M | 974.50M | 893.10M |
| Net Income | 546.00M | 540.50M | 601.00M | 647.50M | 649.00M |
Balance Sheet | |||||
| Total Assets | 5.63B | 5.92B | 5.79B | 5.55B | 5.59B |
| Cash, Cash Equivalents and Short-Term Investments | 722.10M | 687.10M | 513.80M | 414.80M | 612.00M |
| Total Debt | 1.71B | 1.76B | 1.79B | 1.81B | 1.48B |
| Total Liabilities | 2.99B | 3.24B | 3.30B | 3.32B | 3.16B |
| Stockholders Equity | 2.61B | 2.66B | 2.47B | 2.21B | 2.41B |
Cash Flow | |||||
| Free Cash Flow | 602.70M | 656.10M | 624.70M | 609.10M | 815.90M |
| Operating Cash Flow | 684.10M | 793.70M | 753.30M | 763.40M | 922.50M |
| Investing Cash Flow | -196.40M | -212.70M | -234.00M | -429.50M | -707.00M |
| Financing Cash Flow | -425.30M | -401.80M | -415.30M | -523.50M | -1.37B |
Sonova Holding AG Technical Analysis
Positive
221.60
Price Trends
182.61
Positive
194.52
Positive
206.89
Positive
Market Momentum
5.50
Negative
73.86
Negative
96.66
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:SOON, the sentiment is Positive. The current price of 221.6 is above the 20-day moving average (MA) of 182.36, above the 50-day MA of 182.61, and above the 200-day MA of 206.89, indicating a bullish trend. The MACD of 5.50 indicates Negative momentum. The RSI at 73.86 is Negative, neither overbought nor oversold. The STOCH value of 96.66 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CH:SOON.
Sonova Holding AG Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | CHF4.63B | 11.28 | 27.15% | 0.67% | -2.39% | 154.37% | |
71 Outperform | CHF12.04B | 7.64 | ― | 2.14% | -6.71% | -20.30% | |
66 Neutral | CHF14.33B | 41.72 | ― | 1.02% | 4.05% | -7.94% | |
64 Neutral | CHF2.90B | 23.81 | 23.76% | 0.45% | 13.93% | 28.92% | |
61 Neutral | CHF1.92B | -3.17 | 4.57% | 2.31% | -5.54% | -264.90% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | CHF1.05B | 27.98 | ― | ― | 19.76% | 150.73% |
* Healthcare Sector Average
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Sonova Holding AG Corporate Events
Sonova lifts profitability, beats market with AI hearing solutions and record dividend
May 18, 2026
Sonova reported 2025/26 sales of CHF 3.61 billion, up 5.9% in local currencies but slightly down in Swiss francs due to adverse FX, while normalized EBITA rose 17.3% in local currencies to CHF 811.2 million, underscoring strong operating leverage ...
Sonova sets up APAC hub and innovation center in Singapore to drive regional growth
Mar 31, 2026
Sonova Holding AG, the Swiss-based global provider of hearing care solutions, is deepening its presence in Asia Pacific through a strategic partnership with the Singapore Economic Development Board. The company will establish an Innovation Center ...
Sonova Sharpens Hearing-Care Focus, Sets CHF 6 Billion Sales Target by 2030/31
Mar 23, 2026
Sonova has unveiled a sharpened strategy to reinforce its market leadership in hearing care by fully focusing on hearing aids and cochlear implants and exiting its Consumer Hearing business under the Sennheiser brand. Management targets revenue of...
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.