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Holcim
(HOLN)
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Rating:61Neutral
Price Target:
CHF68.00
▼(-6.54% Downside)
Action:Reiterated
Date:08/03/26
The score is primarily supported by acceptable fundamentals with strong cash generation, and reinforced by an upbeat earnings call featuring upgraded 2026 guidance and clear margin/FCF targets. It is held back by very high valuation (P/E ~69) and only moderate-to-weak technical momentum (negative MACD; price below short-term averages).
Positive Factors
Organic growth and recurring EBIT expansion
Positive organic sales growth alongside double-digit recurring EBIT expansion indicates improving demand capture and operating execution. If sustained, this combination can strengthen earnings power, support margin expansion, and provide a durable foundation for reinvestment across Holcim’s regions and product portfolio.
Negative Factors
Volatile revenue and bottom-line performance
The multi-year revenue declines and sharp deterioration in net margin show that strong operating margins have not consistently translated into stable bottom-line results. Earnings volatility can reduce planning visibility, constrain capital allocation, and make future profit growth more dependent on recovery in demand and below-operating items.
Read all positive and negative factors
Positive Factors
Negative Factors
Organic growth and recurring EBIT expansion
Positive organic sales growth alongside double-digit recurring EBIT expansion indicates improving demand capture and operating execution. If sustained, this combination can strengthen earnings power, support margin expansion, and provide a durable foundation for reinvestment across Holcim’s regions and product portfolio.
Read all positive factors
Holcim (HOLN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF34.62B
Dividend Yield2.65%
Average Volume (3M)1.16M
Price to Earnings (P/E)60.6
Beta (1Y)0.76
Revenue Growth-26.49%
EPS Growth-87.22%
CountryCH
Employees50,000
SectorGeneral
Sector StrengthN/A
IndustryConstruction Materials
Share Statistics
EPS (TTM)1.06
Shares Outstanding566,875,500
10 Day Avg. Volume1,291,506
30 Day Avg. Volume1,162,901
Financial Highlights & Ratios
PEG Ratio-1.28
Price to Book (P/B)2.80
Price to Sales (P/S)2.73
P/FCF Ratio24.89
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF80.79Price Target Upside11.03% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)3.72
Revenue Forecast (FY)CHF16.83B
Holcim Business Overview & Revenue Model
Company Description
Holcim Ltd stands as a premier international supplier of construction materials and advanced building solutions, maintaining a robust presence across numerous continents, including Asia Pacific, Europe, Latin America, the Middle East, Africa, and ...
How the Company Makes Money
Holcim primarily makes money by manufacturing and selling building materials and construction solutions to customers such as contractors, developers, infrastructure builders, public-sector entities, and building-materials distributors. Its core re...
Holcim Earnings Call Summary
Earnings Call Date:Jul 31, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Feb 25, 2027
Earnings Call Sentiment Positive
The call conveyed strong operational momentum across regions with double-digit recurring EBIT growth, upgraded guidance, accretive strategic acquisitions (Xella and Pacasmayo), sustainability and AI-driven initiatives, and solid cash-generation guidance. Headwinds are manageable and largely relate to M&A onboarding, FX translation effects, some country-specific softness (UK, Argentina, Colombia), and one-off below-EBIT items. Overall the positives — organic growth, margin expansion drivers, successful large acquisitions, and improved guidance — materially outweigh the manageable lowlights.Positive Updates
Strong Organic Net Sales Growth
Organic net sales grew 5.2% in H1 2026 and accelerated to 6.4% in Q2 2026, representing approximately CHF 390 million of organic growth year-to-date.
Negative Updates
Group Margin Flat in Q2 (Mix/Divestment Impact)
Group recurring EBIT margin was flat year-on-year in Q2, primarily due to the divestment of high-margin Nigeria which reduced comparables and created a mix headwind.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Organic Net Sales Growth
Organic net sales grew 5.2% in H1 2026 and accelerated to 6.4% in Q2 2026, representing approximately CHF 390 million of organic growth year-to-date.
Read all positive updates
Company Guidance
Holcim upgraded 2026 guidance to the high end of its NextGen targets, targeting roughly 5% organic net‑sales growth and 10% organic recurring EBIT growth for the year, with further recurring‑EBIT margin expansion (group margin broadly flat through the first 9 months before improving to deliver two stronger margin quarters), free cash flow of around CHF 2.0 billion, and year‑end leverage of ~1.6x (close to the 1.5x target) despite closing Xella (projected ~CHF900m 2026 sales) and Pacasmayo (~CHF500m); the company reiterated a ~CHF0.5bn p.a. bolt‑on run rate, AI benefits of ~CHF200m by 2028 with ~CHF20m/yr investment, continued positive price‑over‑cost (17 consecutive quarters; ~EUR90m in Q2 split roughly evenly across regions), LatAm recurring‑EBIT margin above 30% (portfolio 30–35%), recycled C&D volumes up 36% in H1, alternative fuels >70% in Europe H1, and EPS already +7.4% y/y in CHF.Holcim Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
62
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 23.67B | 15.72B | 26.41B | 27.01B | 29.19B | 26.83B |
| Gross Profit | 9.95B | 6.66B | 11.68B | 11.50B | 11.61B | 11.54B |
| EBITDA | 5.27B | 3.68B | 5.47B | 6.45B | 6.98B | 6.06B |
| Net Income | 583.50M | 387.00M | 2.93B | 3.06B | 3.31B | 2.30B |
Balance Sheet | ||||||
| Total Assets | 36.27B | 33.60B | 54.28B | 52.69B | 57.60B | 59.88B |
| Cash, Cash Equivalents and Short-Term Investments | 3.60B | 5.44B | 5.35B | 6.09B | 9.83B | 6.69B |
| Total Debt | 10.95B | 9.51B | 12.92B | 13.12B | 14.91B | 16.61B |
| Total Liabilities | 19.58B | 17.52B | 26.33B | 25.90B | 27.99B | 29.41B |
| Stockholders Equity | 15.80B | 15.38B | 27.24B | 26.00B | 28.67B | 27.68B |
Cash Flow | ||||||
| Free Cash Flow | 2.80B | 1.73B | 4.02B | 3.96B | 3.01B | 3.51B |
| Operating Cash Flow | 4.50B | 2.79B | 5.67B | 5.47B | 4.56B | 5.04B |
| Investing Cash Flow | -4.61B | -1.96B | -2.04B | -3.47B | 2.08B | -4.71B |
| Financing Cash Flow | -687.00M | -63.00M | -4.37B | -5.22B | -3.25B | 1.11B |
Holcim Technical Analysis
Negative
72.76
Price Trends
69.45
Negative
72.15
Negative
71.54
Negative
Market Momentum
-1.78
Positive
38.08
Neutral
17.73
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:HOLN, the sentiment is Negative. The current price of 72.76 is above the 20-day moving average (MA) of 66.28, above the 50-day MA of 69.45, and above the 200-day MA of 71.54, indicating a bearish trend. The MACD of -1.78 indicates Positive momentum. The RSI at 38.08 is Neutral, neither overbought nor oversold. The STOCH value of 17.73 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CH:HOLN.
Holcim Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | CHF3.19B | 17.92 | ― | 2.08% | -4.06% | -17.81% | |
75 Outperform | CHF28.04B | 26.88 | ― | 2.12% | -4.22% | -14.86% | |
70 Outperform | CHF16.51B | 28.00 | ― | 2.43% | 3.09% | 6.69% | |
61 Neutral | CHF34.62B | 60.62 | 3.74% | 2.65% | -26.49% | -87.22% | |
61 Neutral | CHF2.69B | 27.81 | ― | 1.42% | -2.71% | -0.52% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | CHF4.76B | -35.40 | ― | 2.33% | -20.47% | -148.37% |
* General Sector Average
CH:HOLN
Holcim
64.26
-1.83
-2.77%
CH:DOKA
dormakaba Holding AG
64.80
-4.47
-6.45%
CH:SIKA
Sika AG
174.75
7.23
4.32%
CH:BUCN
Bucher Industries AG
325.00
-40.25
-11.02%
CH:GEBN
Geberit AG
530.80
-59.41
-10.07%
CH:GF
Georg Fischer AG
58.05
0.50
0.87%
Holcim Corporate Events
Holcim backs Cloud Cycle to digitize and decarbonize concrete delivery
Sep 9, 2026
Holcim has invested in Cloud Cycle, a UK technology firm that uses in-truck sensors, edge computing and machine learning to manage ready-mix concrete in real time across the value chain. The system turns concrete operations into data-driven proces...
Holcim Unveils First Calcined Clay Cement Line in Czech Republic
Sep 3, 2026
Holcim has opened a calcined clay production line at its Čížkovice plant, the first of its kind in the Czech Republic, in a CZK 1 billion investment partially funded by the country’s Modernization Fund. Using patented technolo...
Holcim Bolsters Building Solutions Portfolio with EUR 840 Million Fermacell Acquisition
Aug 20, 2026
Holcim has agreed to acquire Fermacell from James Hardie Industries, adding a leading European provider of sustainable wall and floor solutions with expected 2026 sales of around EUR 430 million to its portfolio. Fermacell brings high-performance ...
Holcim to Exit Philippine Operations in USD 807 Million Deal with Huaxin
Aug 2, 2026
Holcim has agreed to sell its business in the Philippines to Huaxin Building Materials, starting with a 67.623% stake for USD 527 million and a structured exit of its remaining roughly 31% stake within three to five years at a minimum price of USD...
Holcim lifts 2026 outlook on strong earnings and strategic acquisitions
Jul 31, 2026
Holcim reported a strong first half of 2026, with organic recurring EBIT up 11.5% to CHF 1.44 billion and organic sales growth of 5.2% to CHF 7.93 billion, driven by higher demand for sustainable products, strict cost discipline and operational ef...
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.