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SoftwareOne Holding Ltd.
(SWON)
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Rating:64Neutral
Price Target:
CHF10.00
▲(19.05% Upside)
Action:Reiterated
Date:05/13/26
Overall score is driven by a solid financial foundation (low leverage historically and positive cash generation) but held back by uneven profitability and earnings quality. Technicals are supportive with price above major moving averages, though momentum looks stretched (RSI ~70). Valuation support is mixed: a solid dividend yield, but a negative P/E reflects weak/volatile reported earnings. Earnings-call outlook is constructive on margins and synergies, yet meaningful execution and balance-sheet/adjustment risks remain.
Positive Factors
Scale & Market Position
Large global scale and extensive client/vendor footprint create durable commercial advantages: diversified revenue pools, stronger negotiating leverage with hyperscalers and ISVs, and greater cross-sell between resale and services. This breadth supports steadier revenue and renewal-driven earnings over months.
Negative Factors
Inconsistent Profitability and Earnings Quality
Volatile net income and weak conversion from revenue to profit reflect uneven margin capture and material one-offs. This limits predictability of free cash flow and retained earnings, increasing execution risk for investment, dividends, and M&A over 2–6 months.
Read all positive and negative factors
Positive Factors
Negative Factors
Scale & Market Position
Large global scale and extensive client/vendor footprint create durable commercial advantages: diversified revenue pools, stronger negotiating leverage with hyperscalers and ISVs, and greater cross-sell between resale and services. This breadth supports steadier revenue and renewal-driven earnings over months.
Read all positive factors
SoftwareOne Holding Ltd. (SWON) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF1.89B
Dividend Yield1.71%
Average Volume (3M)493.11K
Price to Earnings (P/E)799.1
Beta (1Y)0.62
Revenue Growth22.24%
EPS GrowthN/A
CountryCH
Employees12,712
SectorGeneral
Sector StrengthN/A
IndustryTechnology Distributors
Share Statistics
EPS (TTM)0.01
Shares Outstanding221,102,950
10 Day Avg. Volume289,438
30 Day Avg. Volume493,105
Financial Highlights & Ratios
PEG Ratio-9.65
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
CHF9.10Price Target Upside8.33% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)0.63
Revenue Forecast (FY)CHF1.61B
SoftwareOne Holding Ltd. Business Overview & Revenue Model
Company Description
SoftwareOne Holding AG, together with its subsidiaries, provides software and cloud solutions in Germany, Austria, Switzerland, Middle East and Africa, Northern Europe, Central and Eastern Europe, the United States of America, Canada, Latin Americ...
How the Company Makes Money
SoftwareOne makes money primarily through a combination of (1) software and cloud resale/marketplace economics and (2) professional and managed services fees. On the resale side, it generates revenue by selling or brokering software licenses, subs...
SoftwareOne Holding Ltd. Earnings Call Summary
Earnings Call Date:Mar 31, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 26, 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 | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.24B | 1.02B | 1.01B | 975.83M | 914.28M |
| Gross Profit | 548.40M | 975.20M | 971.85M | 932.60M | 851.64M |
| EBITDA | 181.50M | 143.89M | 159.39M | 166.60M | 156.91M |
| Net Income | 900.00K | -1.51M | 21.42M | -58.28M | 117.63M |
Balance Sheet | |||||
| Total Assets | 6.79B | 4.31B | 3.78B | 3.45B | 3.40B |
| Cash, Cash Equivalents and Short-Term Investments | 434.10M | 333.65M | 311.12M | 384.21M | 559.11M |
| Total Debt | 74.50M | 40.40M | 33.12M | 38.25M | 39.21M |
| Total Liabilities | 5.81B | 3.72B | 3.14B | 2.71B | 2.52B |
| Stockholders Equity | 972.00M | 582.52M | 640.09M | 738.99M | 869.58M |
Cash Flow | |||||
| Free Cash Flow | 203.10M | 25.32M | 20.05M | 43.80M | 124.76M |
| Operating Cash Flow | 268.60M | 34.69M | 77.28M | 91.07M | 158.05M |
| Investing Cash Flow | -385.00M | -72.68M | -89.69M | -11.79M | -144.90M |
| Financing Cash Flow | 273.40M | 39.18M | -35.53M | -97.44M | -94.93M |
SoftwareOne Holding Ltd. Technical Analysis
Positive
8.40
Price Trends
8.38
Positive
7.68
Positive
7.77
Positive
Market Momentum
0.26
Negative
68.26
Neutral
75.87
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:SWON, the sentiment is Positive. The current price of 8.4 is below the 20-day moving average (MA) of 8.63, above the 50-day MA of 8.38, and above the 200-day MA of 7.77, indicating a bullish trend. The MACD of 0.26 indicates Negative momentum. The RSI at 68.26 is Neutral, neither overbought nor oversold. The STOCH value of 75.87 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CH:SWON.
SoftwareOne Holding Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | CHF3.98B | 50.85 | ― | 1.24% | -1.56% | -13.87% | |
69 Neutral | CHF4.29B | 29.09 | 45.47% | 2.27% | 29.83% | -26.26% | |
64 Neutral | CHF1.89B | 799.09 | ― | 1.78% | 22.24% | ― | |
64 Neutral | CHF3.50B | 47.00 | 11.34% | 1.07% | -3.33% | 4.16% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
49 Neutral | CHF1.58B | -8.44 | -21.50% | ― | -5.27% | -24.26% |
* General Sector Average
CH:SWON
SoftwareOne Holding Ltd.
9.33
3.08
49.30%
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80.11%
SoftwareOne Holding Ltd. Corporate Events
SoftwareOne Names Raphael Erb Sole CEO as Crayon Integration Nears Completion
Jul 14, 2026
SoftwareOne has appointed Raphael Erb as sole Chief Executive Officer, effective 1 August 2026, as the company moves beyond the integration phase following its acquisition of Crayon. Co-CEO Melissa Mulholland will depart, with the Board saying a s...
SoftwareOne Deepens AI Push With Anthropic Reseller Status on Amazon Bedrock
Jun 17, 2026
SoftwareOne has expanded its artificial intelligence portfolio by becoming an Anthropic Authorized Reseller for Amazon Bedrock and a Registered Anthropic Services Partner, giving customers global access to Claude models in secure enterprise cloud ...
SoftwareOne targets higher margins and growth by 2030 as AI reshapes enterprise software demand
Jun 9, 2026
SoftwareOne, a global software and cloud solutions provider headquartered in Stans, is positioning itself as an independent advisor across the full technology lifecycle, from IT cost management and software sourcing to cloud services and data AI ...
SoftwareOne to outline strategy and financial ambitions at hybrid Capital Markets Day 2026
May 20, 2026
SoftwareOne Holding AG will host its Capital Markets Day 2026 on 9 June in a hybrid format from Zurich Airport’s Circle Convention Center, inviting analysts, investors and media to join either in person or via live webcast. The event will ou...
SoftwareOne lifts 2026 outlook as Crayon deal and AI demand boost margins
May 12, 2026
SoftwareOne reported a strong start to 2026, with first-quarter revenue rising 67.4% to CHF 387.7 million on a reported basis, largely driven by the acquisition of Crayon and robust demand for multi-year Microsoft cloud agreements. On a comparable...
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.