V-ZUG Holding Ltd (VZUG) AI Stock Analysis

• Market Cap: CHF234.64M
• Dividend Yield: 2.16%
• Average Volume (3M): 4.88K
• Price to Earnings (P/E): 13.0
• Beta (1Y): 0.82
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: CH
• Employees: 2,086
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Furnishings, Fixtures & Appliances
• EPS (TTM): 0.82
• Shares Outstanding: 6,428,571
• 10 Day Avg. Volume: 3,019
• 30 Day Avg. Volume: 4,877
• PEG Ratio: -0.58
• Price to Book (P/B): 0.56
• Price to Sales (P/S): 0.48
• P/FCF Ratio: -21.13
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 1.54
• Revenue Forecast (FY): CHF565.95M

• Rating: 51 Neutral
• Price Target: CHF39.00 ▼(-7.58% Downside)
• Action: Reiterated Date: 03/07/26
• Date: Action: Reiterated 03/07/26

The score is anchored by a very strong, debt-free balance sheet, but is materially reduced by weak earnings power and negative/volatile free cash flow. Technical indicators also reflect a clear downtrend, and the high P/E multiple limits valuation support despite a modest dividend yield.

Positive Factors

Debt-free balance sheet

A zero-debt, equity-heavy balance sheet materially reduces financial risk and preserves strategic optionality. Over the next 2–6 months this structure supports capital spending, product investment, or cushioning versus demand shocks without increasing leverage, improving resilience.

Premium brand and after-sales revenue

Strong premium positioning and an installed base that generates recurring after-sales revenue supports durable unit economics. High-end brand equity can sustain pricing, customer loyalty and service margins, helping revenue mix stability over a multi-month horizon.

Stable gross margins (mid-30% range)

Consistent mid-30% gross margins indicate underlying manufacturing and product pricing strength. Even if operating profit is pressured, stable gross margins provide a structural buffer to absorb input-cost swings and support margin recovery if operating costs are reined in.

Negative Factors

Very thin net profitability

A roughly 1.2% net margin signals weak earnings power: limited internal cash for reinvestment, constrained ability to fund growth or dividends, and higher sensitivity to cost inflation or price pressure, which undermines durable profitability prospects.

Negative and volatile free cash flow

Volatile and recently negative free cash flow reduces financial flexibility despite no debt. Ongoing negative FCF limits funding for product investment, service expansion, or shareholder returns and increases reliance on retained earnings to sustain operations.

Weak/flat revenue trend

Stagnant to mildly declining revenue undermines leverage on fixed costs and hinders margin recovery. Without clear top-line growth, scaling service revenue or spreading fixed manufacturing costs is harder, keeping returns and cash generation under pressure.

V-ZUG Holding Ltd Business Overview & Revenue Model

Company Description

V-ZUG Holding AG manufactures and sells various household appliances in Switzerland and internationally. The company operates in two segments, Household Appliances and Real Estate. It provides kitchen appliances, including ovens and cookers, hobs, steamers, dishwashers, refrigerators and freezers, range hoods, microwaves, drawers, and automatic built-in coffee machines; and laundry appliances comprising washing machines, dryers, refreshbutlers, and till systems. The company also offers oven, cooker, and steamer accessories; refrigerator and freezer, dishwasher, range hood, tumble dryer, washing machine, and vacuisine accessories; and recipe books. In addition, it operates a spare part shops. The company was founded in 1913 and is headquartered in Zug, Switzerland.

How the Company Makes Money

V-ZUG primarily makes money by selling household appliances (and related products) to customers through a mix of channels that typically includes kitchen retailers, specialized appliance dealers, and project/business-to-business sales tied to residential construction and renovation (e.g., property developers and kitchen studios). Revenue is mainly generated from the sale of manufactured appliances; pricing tends to reflect premium positioning (higher average selling prices relative to mass-market brands). In addition to initial product sales, the company earns revenue from after-sales activities associated with its installed base—such as maintenance, repairs, spare parts, and customer service—extending monetization beyond the point of sale. Earnings are influenced by product mix (e.g., cooking appliances vs. laundry), brand strength in the Swiss home market, expansion in export markets, and demand cycles in housing/renovation, as well as manufacturing efficiency and input-cost dynamics.

V-ZUG Holding Ltd Financial Statement Overview

Summary

Debt-free, conservatively financed balance sheet is a major strength, but overall performance is held back by weakened profitability (thin ~1.2% net margin) and inconsistent cash conversion with negative free cash flow in the latest year.

Income Statement

Revenue has been largely flat to slightly down recently (2025 annual revenue down ~2% after a modest increase in 2024), and profitability has weakened materially versus earlier years. While gross margin has improved versus 2022 and held steady around the mid-30% range in 2023–2025, operating profit and net profit are thin in 2025 (about 1.2% net margin) and well below 2020–2021 levels, indicating pressure from operating costs, pricing, or demand mix.

Balance Sheet

The balance sheet is conservatively positioned with zero debt across the period and a large equity base relative to assets, which meaningfully reduces financial risk and adds flexibility. The trade-off is low returns in the most recent year—return on equity has fallen to roughly 1.4% in 2025 (down from much stronger 2020–2021 levels), reflecting weaker earnings rather than balance-sheet strain.

Cash Flow

Cash generation is mixed: operating cash flow remains positive in 2025, but free cash flow turned negative in 2025 after being only slightly positive in 2024, suggesting heavier investment and/or working-capital headwinds. Cash flow quality has also been volatile historically (notably very weak operating and free cash flow in 2022), and the recent pattern of low/negative free cash flow limits flexibility despite the debt-free balance sheet.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	567.40M	591.72M	585.42M	636.28M	640.72M
Gross Profit	201.72M	211.04M	199.98M	114.70M	157.60M
EBITDA	38.54M	56.26M	45.46M	41.99M	93.39M
Net Income	6.80M	21.41M	11.69M	7.94M	55.43M
Balance Sheet
Total Assets	628.90M	636.47M	619.51M	606.84M	616.11M
Cash, Cash Equivalents and Short-Term Investments	60.10M	83.48M	80.95M	64.50M	117.28M
Total Debt	0.00	0.00	0.00	0.00	0.00
Total Liabilities	144.22M	150.14M	155.58M	153.03M	167.25M
Stockholders Equity	484.70M	486.33M	463.93M	453.81M	448.85M
Cash Flow
Free Cash Flow	-12.81M	1.33M	17.45M	-48.53M	9.02M
Operating Cash Flow	41.33M	57.97M	80.45M	1.13M	63.53M
Investing Cash Flow	-56.69M	-56.17M	-62.26M	-53.36M	-54.48M
Financing Cash Flow	-6.89M	0.00	-141.00K	77.00K	0.00

V-ZUG Holding Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CFR	78 Outperform	CHF76.51B	13.11	―	1.76%	5.10%	206.55%
GIVN	70 Outperform	CHF24.71B	27.24	―	2.24%	5.93%	6.00%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
LISN	62 Neutral	CHF24.70B	36.63	―	1.29%	7.37%	-5.49%
BARN	54 Neutral	CHF7.15B	31.12	―	2.31%	42.39%	-2.13%
VZUG	51 Neutral	CHF234.64M	12.98	―	2.16%	―	―

V-ZUG Holding Ltd Corporate Events

V-ZUG presses ahead with efficiency and growth drive despite profit slump

V-ZUG reported weaker 2025 results, with net sales down 4.1% to CHF 567.4 million and EBIT margin halving to 2.0%, hit by subdued demand and lower project volumes in Switzerland and overseas. Despite sharply lower profit, the balance sheet remains robust, allowing the board to propose an unchanged total dividend of CHF 0.90 per share.

Management is pushing strategic programmes “Simplify” and “Grow”, ramping up its new Zephyr Ost vertical factory, consolidating logistics, and refreshing leadership to restore profitability. The group is also advancing innovation and decarbonisation, and, buoyed by improving order intake, is sticking to medium-term targets of about 3% annual revenue growth and a 10% profitability ambition.

The most recent analyst rating on (CH:VZUG) stock is a Hold with a CHF46.00 price target. To see the full list of analyst forecasts on V-ZUG Holding Ltd stock, see the CH:VZUG Stock Forecast page.