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Straumann Holding AG
(STMN)
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Rating:71Outperform
Price Target:
CHF117.00
▲(21.72% Upside)
Action:Upgraded
Date:05/29/26
The score is driven primarily by solid financial performance (strong margins and steady revenue growth) tempered by 2025 margin and free-cash-flow softening. Technical indicators are supportive with the price above major moving averages, while valuation is a headwind due to the relatively high P/E despite a modest dividend yield.
Positive Factors
High gross margins
Sustained mid-to-high 60% gross margins indicate durable pricing power and differentiated product mix (implants, biomaterials, digital workflows). High gross margins support reinvestment in R&D, consistent product-margin economics and buffer against cyclical cost swings.
Negative Factors
Margin compression in 2025
Declining operating and net margins suggest rising cost pressures, heavier investment or adverse product/mix shifts. If persistent, reduced profitability can erode free cash flow and limit the company’s ability to fund strategic initiatives without reprioritizing investments or raising prices.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margins
Sustained mid-to-high 60% gross margins indicate durable pricing power and differentiated product mix (implants, biomaterials, digital workflows). High gross margins support reinvestment in R&D, consistent product-margin economics and buffer against cyclical cost swings.
Read all positive factors
Straumann Holding AG (STMN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF15.92B
Dividend Yield1%
Average Volume (3M)415.23K
Price to Earnings (P/E)44.4
Beta (1Y)1.24
Revenue Growth4.05%
EPS Growth-7.94%
CountryCH
Employees11,570
SectorGeneral
Sector StrengthN/A
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)2.25
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
CHF97.00Price Target Upside0.92% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)3.21
Revenue Forecast (FY)CHF2.76B
Straumann Holding AG Business Overview & Revenue Model
Company Description
Straumann Holding AG is a global leader in providing advanced solutions for tooth replacement and orthodontic treatment. The company actively researches, develops, manufactures, and distributes a comprehensive range of dental products and services...
How the Company Makes Money
Straumann primarily generates revenue by selling dental products and related solutions to dental professionals and dental laboratories (and, depending on market, via distributors). Key revenue streams include: (1) Implantology: sales of dental imp...
Straumann Holding AG Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 19, 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 | 696.07M | 726.15M | 495.42M | 678.33M | 591.48M |
| Net Income | 355.92M | 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
Positive
96.12
Price Trends
100.03
Positive
91.92
Positive
92.72
Positive
Market Momentum
-0.09
Negative
55.23
Neutral
82.06
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:STMN, the sentiment is Positive. The current price of 96.12 is below the 20-day moving average (MA) of 101.19, below the 50-day MA of 100.03, and above the 200-day MA of 92.72, indicating a bullish trend. The MACD of -0.09 indicates Negative momentum. The RSI at 55.23 is Neutral, neither overbought nor oversold. The STOCH value of 82.06 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | CHF15.92B | 44.39 | ― | 1.04% | 4.05% | -7.94% | |
71 Outperform | CHF12.66B | 30.43 | ― | 2.22% | -6.71% | -20.30% | |
63 Neutral | CHF41.27B | 53.21 | ― | 0.20% | 15.78% | 111.61% | |
62 Neutral | CHF27.67B | 41.53 | 3.69% | 0.50% | -3.08% | -33.39% | |
57 Neutral | CHF1.32B | 81.25 | ― | 0.38% | -7.74% | -58.06% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | CHF1.20B | 131.04 | ― | ― | 19.76% | 150.73% |
* General Sector Average
CH:STMN
Straumann Holding AG
102.90
1.63
1.61%
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8.00%
Straumann Holding AG Corporate Events
Straumann Group Schedules Webcast for Half-Year 2026 Results
Jul 13, 2026
The Straumann Group will release its half-year 2026 financial results on 19 August 2026, publishing figures early in the morning and following up with a live audio webcast for investors, analysts and media. Management will present the operational ...
Straumann lifts 2026 profit outlook on stronger margins and China recovery
Jun 17, 2026
Straumann Group has raised its profitability guidance for 2026, citing stronger-than-expected performance across all business franchises, a favorable geographic mix and lower tariffs. The company now expects core EBIT margin expansion of 140 to 17...
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.