SoftwareOne Holding Ltd. (CH:SWON)
:SWON
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SoftwareOne Holding Ltd.
(SWON)
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Rating:61Neutral
Price Target:
CHF7.00
▲(11.11% Upside)
Action:ReiteratedDate:04/02/26
The score is primarily supported by balance-sheet strength and generally positive cash generation, plus constructive 2026 margin guidance and synergy progress from the integration. It is held back by historically volatile profitability, current weak technical trend (below key moving averages with negative MACD), and a relatively high P/E despite the attractive dividend yield.
Positive Factors
Global scale & partner reach
Large global scale and an extensive vendor/channel footprint underpin durable competitive advantages in software asset management, distribution and cloud brokering. Broad customer and partner coverage supports cross‑sell, vendor incentives and resilience across regions and product cycles.
Negative Factors
Inconsistent profitability and earnings volatility
Volatile net income and uneven margin conversion weaken confidence in repeatable earnings power. Inconsistent returns restrain reinvestment capacity and raise execution risk for multi-year service expansion, making forecasted margin improvements harder to rely on absent sustained operating stability.
Read all positive and negative factors
Positive Factors
Negative Factors
Global scale & partner reach
Large global scale and an extensive vendor/channel footprint underpin durable competitive advantages in software asset management, distribution and cloud brokering. Broad customer and partner coverage supports cross‑sell, vendor incentives and resilience across regions and product cycles.
Read all positive factors
SoftwareOne Holding Ltd. (SWON) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF1.35B
Dividend Yield3.4%
Average Volume (3M)493.11K
Price to Earnings (P/E)―
Beta (1Y)0.58
Revenue Growth-5.87%
EPS Growth-224.75%
CountryCH
Employees9,199
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.28
Shares Outstanding221,102,950
10 Day Avg. Volume289,438
30 Day Avg. Volume493,105
Financial Highlights & Ratios
PEG Ratio-9.60
Price to Book (P/B)1.41
Price to Sales (P/S)1.10
P/FCF Ratio6.76
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF8.95Price Target Upside42.06% Upside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)0.69
Revenue Forecast (FY)CHF1.60B
SoftwareOne Holding Ltd. Business Overview & Revenue Model
Company Description
SoftwareONE Holding AG offers software and cloud technology solutions in Switzerland and internationally. The company provides Pyracloud, a proprietary digital hub that allows to transact, manage, and optimize their entire spend using a data-drive...
How the Company Makes Money
SoftwareOne makes money primarily by delivering a mix of (1) software and cloud resale/marketplace services and (2) higher-value services delivered by its own consultants and engineers. A key revenue stream is acting as a licensing and cloud solut...
SoftwareOne Holding Ltd. Earnings Call Summary
Earnings Call Date:Mar 31, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 20, 2026
Earnings Call Sentiment Positive
The call balanced clear operational progress with tangible achievements from the Crayon acquisition — including reported revenue lift (+22.5% reported, +1.4% like-for-like), strong Q4 acceleration (+11%), margin resilience (adjusted EBITDA margin 20.9% with a target >23% for 2026), and delivered synergies (CHF 64m run rate to date). At the same time, meaningful risks and headwinds remain: North America underperformance (-12.6%), elevated acquisition-related impairments and adjustments, a materially higher effective tax rate (95%) leading to a very low net profit (CHF 1.4m), increased net debt (CHF 369.3m) and continued reliance on factoring. Management provided an optimistic 2026 outlook (mid-single-digit like-for-like growth, adjusted EBITDA margin >23%) and clear synergy targets, but several financial and regional execution issues temper the outlook.Positive Updates
Combined Scale and Market Position
Combined gross sales of CHF 14.0 billion; serve >70,000 clients across 70+ countries with 13,000 employees, 10,000+ vendors and 12,000 channel partners — underpinning leading positions in SAM and broad hyperscaler/ISV reach.
Negative Updates
Weak North America Performance
North America revenue declined -12.6% YoY in 2025 due to GTM execution issues and Microsoft incentive changes; management indicated turnaround actions but recovery timing remains a risk.
Read all updates
Q4-2025 Updates
Positive
Negative
Combined Scale and Market Position
Combined gross sales of CHF 14.0 billion; serve >70,000 clients across 70+ countries with 13,000 employees, 10,000+ vendors and 12,000 channel partners — underpinning leading positions in SAM and broad hyperscaler/ISV reach.
Read all positive updates
Company Guidance
The company guided 2026 to mid-single-digit revenue growth on a constant‑currency, like‑for‑like basis with adjusted EBITDA margin expected above 23% (up from a 2025 adjusted EBITDA margin of 20.9% and Q4 adjusted margin of 23.4%), driven by CSP, multi‑vendor expansion, higher‑value services and AI‑led consumption; it expects growth to be back‑half weighted (Q4 the largest quarter) and a return to revenue growth in North America in 2026. Management reaffirmed its synergy targets—aiming for CHF 80–100m (CHF 100m run‑rate ambition) while having delivered CHF 43m run‑rate by end‑2025 and CHF 64m total run‑rate by end‑March—and reiterated a goal to keep EBITDA adjustments below CHF 30m (ex‑Crayon adjustments were CHF 21.1m in 2025). Financial headroom remains: reported revenue rose 22.5% in 2025 (reflecting the Crayon acquisition) while like‑for‑like revenue was +1.4% (Q4 +11%), net debt was CHF 369.3m with CHF 419.1m cash (leverage ~1.3x IFRS / 1.2x like‑for‑like), CapEx was ~CHF 65.5m in 2025 with similar levels expected, and the board proposed a CHF 0.15/share dividend (CHF 33m, ~37% payout of reported adjusted net profit).SoftwareOne Holding Ltd. Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
78
Positive
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 972.80M | 1.24B | 1.02B | 1.01B | 975.83M | 914.28M |
| Gross Profit | 928.99M | 548.40M | 975.20M | 971.85M | 932.60M | 851.64M |
| EBITDA | 146.74M | 181.50M | 143.89M | 159.39M | 166.60M | 156.91M |
| Net Income | -19.61M | 900.00K | -1.51M | 21.42M | -58.28M | 117.63M |
Balance Sheet | ||||||
| Total Assets | 4.96B | 6.79B | 4.31B | 3.78B | 3.45B | 3.40B |
| Cash, Cash Equivalents and Short-Term Investments | 726.59M | 434.10M | 333.65M | 311.12M | 384.21M | 559.11M |
| Total Debt | 733.85M | 74.50M | 40.40M | 33.12M | 38.25M | 39.21M |
| Total Liabilities | 4.45B | 5.81B | 3.72B | 3.14B | 2.71B | 2.52B |
| Stockholders Equity | 508.43M | 972.00M | 582.52M | 640.09M | 738.99M | 869.58M |
Cash Flow | ||||||
| Free Cash Flow | 410.29M | 203.10M | 25.32M | 20.05M | 43.80M | 124.76M |
| Operating Cash Flow | 417.05M | 268.60M | 34.69M | 77.28M | 91.07M | 158.05M |
| Investing Cash Flow | -115.19M | -385.00M | -72.68M | -89.69M | -11.79M | -144.90M |
| Financing Cash Flow | 227.28M | 273.40M | 39.18M | -35.53M | -97.44M | -94.93M |
SoftwareOne Holding Ltd. Technical Analysis
Negative
6.30
Price Trends
7.09
Negative
7.78
Negative
7.67
Negative
Market Momentum
-0.13
Positive
35.95
Neutral
36.73
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:SWON, the sentiment is Negative. The current price of 6.3 is below the 20-day moving average (MA) of 6.79, below the 50-day MA of 7.09, and below the 200-day MA of 7.67, indicating a bearish trend. The MACD of -0.13 indicates Positive momentum. The RSI at 35.95 is Neutral, neither overbought nor oversold. The STOCH value of 36.73 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CH:SWON.
SoftwareOne Holding Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | CHF2.58B | 33.89 | ― | 2.14% | -0.84% | -8.41% | |
70 Outperform | CHF3.41B | 35.95 | 11.33% | 1.32% | 13.03% | 20.38% | |
66 Neutral | CHF4.85B | 40.79 | 55.08% | 1.64% | -25.91% | 83.70% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | CHF1.35B | ― | ― | 3.40% | -5.87% | -224.75% | |
52 Neutral | CHF1.03B | -4.01 | -20.37% | ― | -27.51% | -36.15% | |
45 Neutral | CHF843.83M | -6.44 | -12.96% | ― | -5.48% | 79.75% |
* Technology Sector Average
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SoftwareOne Holding Ltd. Corporate Events
SoftwareOne releases 2025 annual report, offering fresh insight on global cloud strategy
Mar 31, 2026
SoftwareOne Holding AG, a global software and cloud solutions provider headquartered in Stans, Switzerland, has released its 2025 annual report. The company, listed on SIX Swiss Exchange and Euronext Oslo Børs under the ticker SWON, serves cl...
SoftwareOne Exceeds 2025 Guidance as Crayon Deal and Cost Cuts Lift Profitability
Mar 31, 2026
SoftwareOne reported a strong transition year in 2025, with IFRS revenue up 22.5% to CHF 1.24 billion, largely driven by the completed acquisition of Crayon, and reported EBITDA nearly doubling to CHF 207.6 million, while proposing a reduced divid...
SoftwareOne posts growth above guidance and bolsters board with new independent member
Feb 9, 2026
SoftwareOne Holding AG, a global software and cloud solutions provider based in Switzerland, supports customers in over 70 countries with services spanning cloud, software, data and AI. Its business focuses on helping organizations reduce IT costs...
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.