Straumann Holding AG (CH:STMN)
:STMN
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Straumann Holding AG
(STMN)
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Rating:66Neutral
Price Target:
CHF91.00
▲(7.95% Upside)
Action:DowngradedDate:02/21/26
The score reflects solid underlying financial strength and a positive, margin-improvement-oriented 2026 outlook, tempered by a 2025 profitability/cash-flow downshift. High valuation and only lukewarm technical momentum further cap the overall rating.
Positive Factors
Very high gross margins and guided margin uplift
Sustained ~70% gross margins provide structural profitability advantage versus peers, enabling reinvestment and shareholder returns. Management's explicit 30–60bps EBIT margin guidance (with Smartee COGS benefits and lower CapEx/working capital) supports durable margin expansion if execution and production transitions proceed.
Negative Factors
China VBP process and distributor destocking
Regulatory procurement changes (VBP) introduce structural demand and pricing uncertainty in China, a material market. Distributor destocking and weaker patient flow reduce near-term procedure volumes and visibility; prolonged VBP effects could compress pricing, alter channel economics and slow recovery of regional revenue contribution.
Read all positive and negative factors
Positive Factors
Negative Factors
Very high gross margins and guided margin uplift
Sustained ~70% gross margins provide structural profitability advantage versus peers, enabling reinvestment and shareholder returns. Management's explicit 30–60bps EBIT margin guidance (with Smartee COGS benefits and lower CapEx/working capital) supports durable margin expansion if execution and production transitions proceed.
Read all positive factors
Straumann Holding AG (STMN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF13.44B
Dividend Yield1.02%
Average Volume (3M)415.23K
Price to Earnings (P/E)41.7
Beta (1Y)1.15
Revenue Growth4.49%
EPS Growth45.08%
CountryCH
Employees11,342
SectorGeneral
Sector StrengthN/A
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)1.33
Shares Outstanding159,455,250
10 Day Avg. Volume293,178
30 Day Avg. Volume415,225
Financial Highlights & Ratios
PEG Ratio-5.09
Price to Book (P/B)6.91
Price to Sales (P/S)5.73
P/FCF Ratio45.29
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF94.20Price Target Upside11.74% Upside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)3.04
Revenue Forecast (FY)CHF2.71B
Straumann Holding AG Business Overview & Revenue Model
Company Description
Straumann Holding AG provides tooth replacement and orthodontic solutions worldwide. It researches, develops, manufactures, and supplies dental implants, instruments, CADCAM prosthetics, orthodontic aligners, biomaterials, and digital solutions fo...
How the Company Makes Money
Straumann primarily makes money by selling dental products and solutions to dental clinics, dentists, orthodontists, and dental laboratories through a mix of direct sales organizations and third-party distributors (channel details by market are no...
Straumann Holding AG Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 29, 2026
Earnings Call Sentiment Positive
The call presented a predominantly positive operational and financial picture: strong organic revenue growth (8.9%), robust margins (core EBIT 26.5% at constant rates), solid free cash flow (CHF 290m) and clear progress on strategic initiatives (iEXCEL uptake, AXS adoption, ClearCorrect transition). Key near-term headwinds include China VBP-related disruption and distributor destocking, FX translation and tariff impacts, and one-off restructuring/transition costs (~CHF 120m after tax). Management provided a constructive outlook for 2026 (high single-digit organic growth and 30–60 bps core EBIT margin improvement at constant FX) and expects most transformation benefits and cost savings to materialize in the second half of 2026 and into 2027. On balance, the highlights (growth, innovation, cash generation, regional strength and strategic roadmap) outweigh the lowlights, though execution and macro/regulatory risks (China, FX, tariffs) remain visible in the near term.Positive Updates
Strong Top-Line Growth
Revenue of CHF 2.6 billion in FY2025, representing organic revenue growth of 8.9% and reported growth of 4.1% (translation impact ~CHF 100 million).
Negative Updates
China Market Weakness and VBP Uncertainty
China experienced softer patient flow and distributor destocking in H2 2025 tied to the upcoming VBP process; management expects first-half 2026 headwinds in China with recovery in H2 contingent on VBP timing and destocking normalization.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Top-Line Growth
Revenue of CHF 2.6 billion in FY2025, representing organic revenue growth of 8.9% and reported growth of 4.1% (translation impact ~CHF 100 million).
Read all positive updates
Company Guidance
Straumann guided to high single‑digit organic revenue growth for 2026 and a core EBIT margin improvement of 30–60 basis points at constant 2025 exchange rates (assuming the China VBP around Q2), supported by continued market‑share gains in a >CHF20bn total addressable market (group share rose from 12.5% to 14% over the last 12 months). Management reiterated drivers and phasing: iEXCEL has sold >1.0m implants and Straumann AXS exceeds 15,000 active users; 2025 base figures were CHF2.6bn revenue (organic +8.9%, reported +4.1% with ~CHF100m FX translation impact), core gross margin 70.1%, core EBIT margin 25.2% (26.5% at constant FX), core net CHF478m (net margin 18.3%), free cash flow CHF290m (11.1% of revenue) and CapEx CHF223m. For 2026 they expect materially lower CapEx and working capital, significantly lower non‑core items vs 2025, Smartee‑driven ortho COGS improvements ramping through H2 (with UK/EMEA/APAC production transition largely complete and larger margin benefit from Q3), a tariff-related COGS headwind roughly similar to 2025 (~CHF20m) but more evenly spread, and continued upside from digital equipment and Shanghai manufacturing — the Board also proposed a CHF1.00/share dividend (+5%, ~33% core payout) based on 2025 results.Straumann Holding AG Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
78
Positive
Cash Flow
70
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.60B | 2.50B | 2.41B | 2.32B | 2.02B |
| Gross Profit | 1.79B | 1.78B | 1.79B | 1.70B | 1.53B |
| EBITDA | 549.00M | 726.15M | 495.42M | 678.33M | 591.48M |
| Net Income | 358.00M | 388.32M | 246.07M | 434.79M | 396.08M |
Balance Sheet | |||||
| Total Assets | 3.82B | 3.62B | 3.40B | 3.45B | 3.05B |
| Cash, Cash Equivalents and Short-Term Investments | 489.57M | 383.07M | 413.54M | 697.11M | 881.50M |
| Total Debt | 650.72M | 460.90M | 412.35M | 705.20M | 711.66M |
| Total Liabilities | 1.65B | 1.58B | 1.56B | 1.60B | 1.55B |
| Stockholders Equity | 2.16B | 2.04B | 1.84B | 1.85B | 1.50B |
Cash Flow | |||||
| Free Cash Flow | 329.78M | 315.62M | 316.61M | 220.94M | 440.97M |
| Operating Cash Flow | 505.42M | 483.39M | 503.95M | 416.38M | 561.94M |
| Investing Cash Flow | -275.35M | -352.62M | -349.33M | -449.84M | -185.20M |
| Financing Cash Flow | -105.95M | -169.06M | -424.40M | -140.35M | -122.90M |
Straumann Holding AG Technical Analysis
Neutral
84.30
Price Trends
88.21
Negative
92.14
Negative
94.34
Negative
Market Momentum
-1.13
Negative
51.02
Neutral
65.88
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:STMN, the sentiment is Neutral. The current price of 84.3 is above the 20-day moving average (MA) of 81.36, below the 50-day MA of 88.21, and below the 200-day MA of 94.34, indicating a neutral trend. The MACD of -1.13 indicates Negative momentum. The RSI at 51.02 is Neutral, neither overbought nor oversold. The STOCH value of 65.88 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CH:STMN.
Straumann Holding AG Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | CHF30.78B | 38.35 | 4.44% | 0.44% | 0.39% | -12.46% | |
68 Neutral | CHF10.51B | 17.11 | ― | 2.14% | 3.79% | -7.84% | |
66 Neutral | CHF13.44B | 41.72 | ― | 1.02% | 4.49% | 45.08% | |
63 Neutral | CHF37.52B | 28.64 | ― | 0.09% | 6.22% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | CHF999.39M | 72.95 | ― | 0.77% | -3.45% | -49.82% | |
51 Neutral | CHF1.11B | 131.13 | ― | ― | 7.29% | -112.70% |
* General Sector Average
CH:STMN
Straumann Holding AG
84.30
-12.78
-13.16%
CH:SOON
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182.70
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-21.10%
CH:ALC
Alcon
61.60
-12.26
-16.60%
CH:GALD
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159.80
81.33
103.64%
CH:SKAN
SKAN Group AG
44.45
-17.68
-28.46%
CH:MED
Medartis Holding AG
81.60
10.90
15.42%
Straumann Holding AG Corporate Events
Straumann Schedules Q1 2026 Revenue Release and Investor Webcast
Apr 8, 2026
Straumann Group will publish its revenue figures for the first quarter of 2026 on 29 April at around 7:00 a.m. CEST and will host a live English-language audio webcast from 10:30 to 11:30 a.m. for investors, analysts and media. Executive managemen...
Straumann lifts dividend as 2025 growth and margins beat guidance
Feb 18, 2026
Straumann Group reported 2025 revenue of CHF 2.6 billion, representing 8.9% organic growth and confirming continued market-share gains across its global footprint. Performance was broad-based, with very strong growth in EMEA, solid improvement in ...
Straumann Group Sets Date for Full-Year 2025 Results Webcast
Jan 19, 2026
Straumann Group has scheduled the release of its full-year 2025 financial results for 18 February 2026, with management hosting an English-language live audio webcast for investors, analysts and media later that morning to discuss operational perf...
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.