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DocMorris
(DOCM)
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Rating:58Neutral
Price Target:
CHF16.50
▲(60.82% Upside)
Action:Reiterated
Date:10/01/26
The score is held back primarily by weak financial performance—persistent losses and sustained negative operating/free cash flow. Offsetting this, the technical setup is strong (price above major moving averages with positive momentum), and the latest earnings call points to improving execution with tightened/raised guidance and a clearer path toward breakeven, though leverage and regulatory risks remain.
Positive Factors
Prescription growth and retention
Strong prescription growth and improving retention indicate rising adoption of DocMorris’s digital pharmacy proposition. Larger, more loyal Rx cohorts can support repeat purchasing, customer lifetime value, and a more durable revenue base as e-prescription usage expands.
Negative Factors
Persistent unprofitability
Sustained losses and negative operating profitability show that revenue growth has not yet translated into durable earnings. Continued losses can constrain internal investment capacity, weaken returns on equity, and leave the business dependent on successful execution of its cost and growth plans.
Read all positive and negative factors
Positive Factors
Negative Factors
Prescription growth and retention
Strong prescription growth and improving retention indicate rising adoption of DocMorris’s digital pharmacy proposition. Larger, more loyal Rx cohorts can support repeat purchasing, customer lifetime value, and a more durable revenue base as e-prescription usage expands.
Read all positive factors
DocMorris (DOCM) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF798.11M
Dividend YieldN/A
Average Volume (3M)561.30K
Price to Earnings (P/E)―
Beta (1Y)1.37
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. Volume512,086
30 Day Avg. Volume561,305
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
CHF13.27Price Target Upside29.34% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)-1.66
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 primarily makes money through the sale and dispensing of pharmacy and health products via its online pharmacy platforms. Its core revenue stream is product sales, which includes (1) prescription medicines fulfilled based on physician pre...
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 | -149.56M |
| 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
11.73
Positive
10.46
Positive
8.16
Positive
Market Momentum
1.24
Negative
72.30
Negative
79.60
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 below the 20-day moving average (MA) of 13.76, below the 50-day MA of 11.73, and above the 200-day MA of 8.16, indicating a bullish trend. The MACD of 1.24 indicates Negative momentum. The RSI at 72.30 is Negative, neither overbought nor oversold. The STOCH value of 79.60 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 | CHF4.40B | 27.68 | ― | 2.83% | 6.48% | -17.25% | |
66 Neutral | CHF40.63B | 57.76 | ― | 0.20% | 15.78% | 111.61% | |
62 Neutral | CHF33.93B | 63.90 | 7.04% | 1.02% | 0.81% | 165.32% | |
58 Neutral | CHF798.11M | -10.18 | ― | ― | ― | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
46 Neutral | CHF38.35M | -2.36 | ― | 17.14% | -0.04% | 46.39% |
* General Sector Average
CH:DOCM
DocMorris
15.72
10.32
190.84%
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1.07
0.43
66.41%
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79.00
30.42
62.62%
CH:GALE
Galenica AG
89.55
0.25
0.28%
CH:GALD
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186.70
47.30
33.94%
DocMorris Corporate Events
DocMorris hits EBITDA breakeven as Rx and digital health drive upgraded 2026 outlook
Oct 15, 2026
DocMorris reported a strong third quarter, with external revenue rising 21.5% to CHF 342.7 million and revenue up 22.2%, driven by a 78.3% surge in prescription medicines and solid non-Rx growth. The company reached adjusted EBITDA breakeven ahead...
DocMorris Secures Oversubscribed CHF 96.8 Million Convertible Bond on Improved Terms
Sep 11, 2026
DocMorris Finance B.V., a wholly owned subsidiary of DocMorris AG, has set the final terms for a new senior unsecured convertible bond maturing in 2031 with an issue volume of CHF 96.8 million. The bond, which can be converted into existing or new...
DocMorris Raises CHF 100 Million in Oversubscribed 2031 Convertible Bond to Refinance 2028 Notes
Sep 9, 2026
DocMorris has completed a significantly oversubscribed private placement of around CHF 100 million in senior unsecured convertible bonds due 2031 via its subsidiary DocMorris Finance B.V., with the new notes carrying a 1.5% coupon and a conversion...
DocMorris Refinances 2028 Convertible With New CHF 100 Million Issue
Sep 9, 2026
DocMorris is restructuring its convertible debt profile by placing around CHF 100 million in new senior unsecured convertible bonds maturing in 2031 through a private offering to professional investors. Issued via subsidiary DocMorris Finance B.V....
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...
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.