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DocMorris
(DOCM)
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Rating:60Neutral
Price Target:
CHF11.50
▲(12.09% Upside)
Action:Reiterated
Date:08/21/26
The score is held back primarily by weak financial performance—ongoing losses and sustained negative operating/free cash flow imply execution and funding risk. Offsetting this, the latest earnings call points to improving fundamentals (raised/tightened guidance, accelerating Rx/Digital growth, and cost-savings initiatives) and technicals show a strong uptrend with supportive momentum. Valuation remains constrained by loss-making earnings and no stated dividend support.
Positive Factors
Accelerating prescription and digital growth
Strong prescription adoption, expanding digital services and a growing customer base can deepen scale and lifetime value. The shift toward electronic prescriptions and digital care may support more durable retention and cross-selling.
Negative Factors
Persistent losses and weak profitability
Continued losses and volatile earnings reduce confidence in the business model’s current economics. Until scale benefits consistently exceed fulfillment, marketing and operating costs, profitability remains a significant execution risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Accelerating prescription and digital growth
Strong prescription adoption, expanding digital services and a growing customer base can deepen scale and lifetime value. The shift toward electronic prescriptions and digital care may support more durable retention and cross-selling.
Read all positive factors
DocMorris (DOCM) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF518.44M
Dividend YieldN/A
Average Volume (3M)333.14K
Price to Earnings (P/E)―
Beta (1Y)1.41
Revenue GrowthN/A
EPS GrowthN/A
CountryCH
Employees1,337
SectorGeneral
Sector StrengthN/A
IndustryMedical - Distribution
Share Statistics
EPS (TTM)-1.58
Shares Outstanding54,000,000
10 Day Avg. Volume465,599
30 Day Avg. Volume333,136
Financial Highlights & Ratios
PEG Ratio0.06
Price to Book (P/B)0.75
Price to Sales (P/S)0.27
P/FCF Ratio-3.41
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF11.27Price Target Upside9.84% Upside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)-1.69
Revenue Forecast (FY)CHF1.26B
DocMorris Business Overview & Revenue Model
Company Description
DocMorris AG is a key player in the pharmaceutical sector, focusing on both online pharmacy services and the wholesale supply of medical and pharmaceutical goods. The company provides a comprehensive selection of items, including prescription and ...
How the Company Makes Money
DocMorris makes money mainly by selling pharmacy products to end customers, with revenue driven by (1) prescription (Rx) medicines dispensed and delivered to patients and (2) non-prescription sales such as OTC medicines, health products, and perso...
DocMorris Earnings Call Summary
Earnings Call Date:Aug 19, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 18, 2027
Earnings Call Sentiment Positive
The call conveyed materially positive operational momentum: strong Rx acceleration, rapid Digital Services and TeleClinic growth, meaningful marketing and cost efficiencies, and a credible AI-driven cost-savings plan that supports improved margins and an accelerated guidance. Key risks persist—adjusted EBITDA remains negative, operating cash flow is still negative albeit improved, net debt rose, and regulatory/co-payment dynamics could exert pressure into 2027. Overall, the positive commercial and operational progress and tightened guidance outweigh the remaining near-term financial and regulatory headwinds.Positive Updates
Strong Rx growth and revenue acceleration
Rx revenue reached EUR 86.9m in Q2 '26 (doubling vs eRx start in Q2 '24), Q2 YoY growth +45.8% and H1 growth ~38.3%. Sequential Q1->Q2 Rx revenue +17.2% (EUR +12.6m). Active Rx customers +15.6% YoY in Q2 and +7.1% QoQ; Rx cohorts show much higher retention (latest cohorts 4.5x vs legacy paper cohorts and 2x vs first eRx cohorts).
Negative Updates
Adjusted EBITDA still negative and one-off costs
Despite improvement, adjusted EBITDA remains negative (margin -1.8%); reported EBITDA improvement partly offset by CHF 9.1m of one-off adjustments in H1 (including CHF 7.6m restructuring related to warehouse closure and AI-First execution).
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Rx growth and revenue acceleration
Rx revenue reached EUR 86.9m in Q2 '26 (doubling vs eRx start in Q2 '24), Q2 YoY growth +45.8% and H1 growth ~38.3%. Sequential Q1->Q2 Rx revenue +17.2% (EUR +12.6m). Active Rx customers +15.6% YoY in Q2 and +7.1% QoQ; Rx cohorts show much higher retention (latest cohorts 4.5x vs legacy paper cohorts and 2x vs first eRx cohorts).
Read all positive updates
Company Guidance
Management tightened and raised FY‑26 targets: external revenue growth is now guided to 9–13% (H1 external revenue +12.5% L‑cy / +9.8% CHF), adjusted EBITDA narrowed to −CHF10.0m to −CHF17.5m (H1 adjusted EBITDA ≈ −CHF10.9m; Q2 EBITDA −CHF4.6m), and CapEx trimmed to below CHF30m (from ~CHF30m+), while reconfirming EBITDA breakeven in 2026 and free cash‑flow breakeven in 2027. Soft guidance specifies Rx growth of ~40% (H1 Rx +38.3%; Q2 Rx +45.8%, Q2 Rx revenue EUR86.9m), OTC mid‑single‑digit growth, and Digital Services >50% (H1 +71%; Q2 +80%). Management also reiterated the AI‑First target of >CHF15m recurring annual net savings by end‑2027 (≈75% flowing to EBITDA) and >CHF5m annual CapEx savings by end‑2027; the guidance is supported by H1 operating cash flow improvement of ~CHF35m to −CHF21.1m, an adjusted EBITDA margin expansion of 350 bps to −1.8% and +1.1m active customers to ~12.9/13.0m.DocMorris Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
56
Neutral
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.18B | 1.12B | 1.02B | 969.46M | 930.97M | 1.73B |
| Gross Profit | 39.65M | 105.69M | 216.54M | 203.35M | 160.15M | 260.05M |
| EBITDA | -49.65M | -39.40M | -37.02M | -54.57M | -109.79M | -150.84M |
| Net Income | -125.95M | -134.40M | -97.25M | 82.28M | -171.12M | -225.74M |
Balance Sheet | ||||||
| Total Assets | 775.70M | 825.40M | 778.13M | 866.42M | 1.10B | 1.27B |
| Cash, Cash Equivalents and Short-Term Investments | 89.80M | 149.92M | 95.37M | 104.03M | 156.40M | 278.20M |
| Total Debt | 265.68M | 288.64M | 312.21M | 330.81M | 528.64M | 525.15M |
| Total Liabilities | 417.81M | 416.35M | 438.02M | 435.89M | 748.67M | 784.29M |
| Stockholders Equity | 357.89M | 409.10M | 340.11M | 430.53M | 350.78M | 484.92M |
Cash Flow | ||||||
| Free Cash Flow | 35.69M | -90.03M | -55.21M | -115.12M | -156.58M | -194.11M |
| Operating Cash Flow | 35.02M | -88.26M | -26.60M | -87.42M | -97.29M | -130.63M |
| Investing Cash Flow | 84.36M | -52.47M | 93.88M | 219.82M | -89.77M | -67.33M |
| Financing Cash Flow | -224.72M | 165.83M | -26.00M | -202.63M | 39.11M | 179.72M |
DocMorris Technical Analysis
Positive
10.26
Price Trends
9.90
Positive
8.57
Positive
6.96
Positive
Market Momentum
0.22
Negative
51.40
Neutral
43.94
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:DOCM, the sentiment is Positive. The current price of 10.26 is above the 20-day moving average (MA) of 10.05, above the 50-day MA of 9.90, and above the 200-day MA of 6.96, indicating a bullish trend. The MACD of 0.22 indicates Negative momentum. The RSI at 51.40 is Neutral, neither overbought nor oversold. The STOCH value of 43.94 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CH:DOCM.
DocMorris Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | CHF4.16B | 26.05 | ― | 2.88% | 6.48% | -17.25% | |
66 Neutral | CHF38.71B | 49.29 | ― | 0.20% | 15.78% | 111.61% | |
62 Neutral | CHF30.30B | 57.69 | 7.04% | 1.26% | 0.81% | 165.32% | |
60 Neutral | CHF518.44M | -6.45 | ― | ― | ― | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
44 Neutral | CHF39.65M | -1.20 | ― | ― | -2.63% | 40.87% |
* General Sector Average
CH:DOCM
DocMorris
10.79
4.45
70.19%
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DocMorris Corporate Events
DocMorris Lifts 2026 Outlook on Surging Rx and Digital Services
Aug 19, 2026
DocMorris reported robust first-half 2026 growth, with external sales up 12.5% to CHF 627.8 million and strong momentum in prescription medicines and digital services, alongside a CHF 17.9 million improvement in adjusted EBITDA to minus CHF 10.9 m...
DocMorris accelerates Rx and digital growth, tracks toward 2026 EBITDA breakeven
Jul 15, 2026
DocMorris reported a sharp acceleration in growth in the second quarter of 2026, with external sales up 15.2% year on year to CHF 309.7 million and revenue rising 16.1% to CHF 295.4 million. The core Germany segment expanded by 15.1% in external s...
DocMorris Fast-Tracks AI-First Strategy With Job Cuts and Cost Savings Plan
Jun 25, 2026
DocMorris is accelerating its shift to an “AI-first” operating model, rolling out AI-supported optimisation and automation across business processes to strengthen scalability and competitiveness. The initiative, combined with earlier l...
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.