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Emmi AG
(EMMN)
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Rating:64Neutral
Price Target:
CHF931.00
▲(9.40% Upside)
Action:Downgraded
Date:08/06/26
The score is driven primarily by stable operating performance and positive free cash flow, offset by materially higher leverage and uneven cash conversion. Technical signals are mixed with subdued near-term momentum, while valuation appears reasonable but not distinctly cheap, supported modestly by a ~2% dividend yield.
Positive Factors
Revenue Growth
Revenue growth accelerated into 2025, showing continued expansion despite the company’s mature packaged-foods profile. Sustained top-line progress can support operating leverage, strengthen distribution economics, and provide a foundation for continued investment in brands and specialty categories.
Negative Factors
Elevated Leverage
The sharp increase in debt-to-equity materially reduces financial flexibility compared with 2023. Higher leverage makes Emmi more sensitive to earnings or cash-flow swings, while potentially limiting its ability to fund growth, acquisitions, or shareholder returns without additional balance-sheet pressure.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Revenue growth accelerated into 2025, showing continued expansion despite the company’s mature packaged-foods profile. Sustained top-line progress can support operating leverage, strengthen distribution economics, and provide a foundation for continued investment in brands and specialty categories.
Read all positive factors
Emmi AG (EMMN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF4.93B
Dividend Yield1.9%
Average Volume (3M)3.77K
Price to Earnings (P/E)21.4
Beta (1Y)0.46
Revenue Growth4.18%
EPS Growth8.23%
CountryCH
Employees12,831
SectorConsumer Defensive
Sector Strength42
IndustryPackaged Foods
Share Statistics
EPS (TTM)43.12
Shares Outstanding5,349,810
10 Day Avg. Volume3,096
30 Day Avg. Volume3,769
Financial Highlights & Ratios
PEG Ratio5.61
Price to Book (P/B)3.64
Price to Sales (P/S)0.83
P/FCF Ratio16.10
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF950.00Price Target Upside11.63% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)44.09
Revenue Forecast (FY)CHF4.83B
Emmi AG Business Overview & Revenue Model
Company Description
Emmi AG, along with its various group entities, specializes in the creation, manufacturing, and distribution of a wide selection of dairy and fresh food items. Its primary markets are centered in Switzerland, North and South America, Africa, the A...
How the Company Makes Money
Emmi makes money primarily by manufacturing and selling dairy products and related food items to customers across retail (e.g., supermarkets and other consumer channels) and foodservice/industrial channels (e.g., restaurants, coffee shops, caterer...
Emmi AG Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
58
Neutral
Cash Flow
64
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.80B | 4.75B | 4.35B | 4.24B | 4.23B | 3.91B |
| Gross Profit | 555.56M | 979.04M | 1.66B | 1.56B | 815.38M | 786.31M |
| EBITDA | 421.67M | 492.49M | 428.44M | 371.78M | 358.51M | 390.72M |
| Net Income | 230.69M | 227.10M | 220.29M | 186.27M | 182.55M | 216.74M |
Balance Sheet | ||||||
| Total Assets | 3.52B | 3.48B | 3.36B | 2.71B | 2.64B | 2.47B |
| Cash, Cash Equivalents and Short-Term Investments | 407.39M | 405.56M | 306.75M | 371.32M | 204.12M | 256.57M |
| Total Debt | 1.29B | 1.31B | 1.33B | 682.30M | 693.91M | 658.44M |
| Total Liabilities | 2.27B | 2.26B | 2.23B | 1.30B | 1.35B | 1.29B |
| Stockholders Equity | 1.09B | 1.08B | 994.05M | 1.29B | 1.17B | 1.08B |
Cash Flow | ||||||
| Free Cash Flow | 273.07M | 244.25M | 283.00M | 222.62M | 6.71M | 103.85M |
| Operating Cash Flow | 435.04M | 400.17M | 406.88M | 370.14M | 211.28M | 261.26M |
| Investing Cash Flow | -184.11M | -206.03M | -962.93M | -135.83M | -231.10M | -430.01M |
| Financing Cash Flow | -125.30M | -112.00M | 507.95M | -81.08M | -23.09M | 121.29M |
Emmi AG Technical Analysis
Positive
851.00
Price Trends
854.00
Positive
863.73
Positive
830.42
Positive
Market Momentum
19.87
Negative
77.88
Negative
95.24
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:EMMN, the sentiment is Positive. The current price of 851 is below the 20-day moving average (MA) of 875.85, below the 50-day MA of 854.00, and above the 200-day MA of 830.42, indicating a bullish trend. The MACD of 19.87 indicates Negative momentum. The RSI at 77.88 is Negative, neither overbought nor oversold. The STOCH value of 95.24 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CH:EMMN.
Emmi AG Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | CHF215.30B | 28.96 | 23.98% | 3.70% | -2.39% | -27.81% | |
64 Neutral | CHF4.93B | 21.36 | 21.20% | 1.90% | 4.18% | 8.23% | |
64 Neutral | CHF1.03B | 12.34 | 21.06% | 2.06% | -2.92% | -2.01% | |
63 Neutral | CHF1.58B | 19.92 | 4.90% | 2.78% | 1.67% | -36.08% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
44 Neutral | CHF80.43M | 6.35 | ― | 4.01% | -5.00% | ― |
* Consumer Defensive Sector Average
CH:EMMN
Emmi AG
921.00
193.70
26.63%
CH:NESN
Nestlé SA
83.70
6.94
9.03%
CH:ARYN
ARYZTA AG
41.50
-11.90
-22.28%
CH:BELL
Bell Food Group
252.00
25.26
11.14%
CH:ORON
Orior AG
12.32
-0.60
-4.64%
Emmi AG Corporate Events
Emmi’s KlimaStaR Milch Project Exceeds Food-Competition Targets, Eyes Nationwide Rollout
Oct 8, 2026
Swiss dairy group Emmi and partners report strong progress after four years of the KlimaStaR Milch project, a cross-industry initiative launched in 2022 to cut greenhouse gas emissions and reduce competition for food and land in milk production. P...
Emmi lifts sales outlook as premium niches drive volume and profit growth
Aug 19, 2026
Emmi reported a solid first half of 2026, with net sales rising 2.2% to CHF 2.32 billion and organic growth of 3.6%, driven entirely by volume gains across all divisions despite currency headwinds. Growth was particularly strong in Switzerland, Ch...
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.