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Siegfried Holding AG
(SFZN)
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Rating:67Neutral
Price Target:
CHF76.00
▲(2.91% Upside)
Action:Downgraded
Date:08/21/26
The score is driven primarily by solid profitability and a generally sound balance sheet, supported by a constructive technical trend. It is held back by weak/volatile free cash flow and a valuation that is only moderate given the low dividend yield; the latest earnings call adds modest support via reaffirmed guidance but flags near-term cash flow and leverage pressures post-acquisition.
Positive Factors
Strong Profitability
Healthy operating and EBITDA margins show that Siegfried converts its integrated CDMO services into meaningful profits. This profitability provides internal funding for capacity expansion, supports resilience through demand cycles, and strengthens the company’s ability to absorb execution or cost pressures.
Negative Factors
Weak Free Cash Flow Conversion
Persistently weak free cash flow relative to earnings limits the cash available for debt reduction, investment, and shareholder returns. The pattern suggests that capital spending or working-capital needs can absorb reported profits, reducing financial flexibility even while profitability remains strong.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Profitability
Healthy operating and EBITDA margins show that Siegfried converts its integrated CDMO services into meaningful profits. This profitability provides internal funding for capacity expansion, supports resilience through demand cycles, and strengthens the company’s ability to absorb execution or cost pressures.
Read all positive factors
Siegfried Holding AG (SFZN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF3.18B
Dividend Yield0.58%
Average Volume (3M)118.29K
Price to Earnings (P/E)18.0
Beta (1Y)0.92
Revenue Growth3.64%
EPS Growth10.93%
CountryCH
Employees4,454
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)3.91
Shares Outstanding45,230,000
10 Day Avg. Volume159,701
30 Day Avg. Volume118,292
Financial Highlights & Ratios
PEG Ratio5.13
Price to Book (P/B)2.89
Price to Sales (P/S)2.46
P/FCF Ratio327.33
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF82.33Price Target Upside11.49% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)4.06
Revenue Forecast (FY)CHF1.41B
Siegfried Holding AG Business Overview & Revenue Model
Company Description
Siegfried Holding AG, together with its subsidiaries, engages in contract development and manufacturing of active pharmaceutical ingredient (API) and finished dosage forms worldwide. It offers drug substances, including exclusive synthesis that ma...
How the Company Makes Money
Siegfried makes money primarily by providing fee-based CDMO services to pharmaceutical companies under contractual arrangements. Its revenue is largely generated from (1) Drug Substances (API) services: process development, scale-up, and GMP manuf...
Siegfried Holding AG Earnings Call Summary
Earnings Call Date:Aug 21, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Feb 19, 2027
Earnings Call Sentiment Positive
The call balanced clear operational and strategic progress (top-line growth, margin expansion, strong commercial traction, successful technology and site milestones, acquisition integration on track) against near-term financial impacts from the acquisition (lower operating cash flow, higher inventory and leverage, and FX headwinds). Management reconfirmed guidance and emphasized focus on cash generation and deleveraging, with multiple execution milestones supporting the strategic outlook.Positive Updates
Top-line Growth
Net sales CHF 633.0m; reported growth +2.2% YoY and +4.8% in local currencies (H1 2026 vs H1 2025).
Negative Updates
Operating Cash Flow Decline
Operating cash flow decreased to CHF 93.7m from CHF 149.6m in prior year (down CHF 55.9m, ~-37%) driven by tax timing, FX translation effects and increased net working capital after acquisition.
Read all updates
Q2-2026 Updates
Positive
Negative
Top-line Growth
Net sales CHF 633.0m; reported growth +2.2% YoY and +4.8% in local currencies (H1 2026 vs H1 2025).
Read all positive updates
Company Guidance
Management reconfirmed full‑year 2026 guidance of high single‑digit revenue growth in local currencies and a core EBITDA margin above 23%. In H1 they reported net sales of CHF 633m (+2.2% reported, +4.8% L.C.), with Drug Substances CHF 431.1m (68.1% of sales) and Drug Products CHF 201.9m; core EBITDA margin rose to 22.4% from 21.6% (an 80 bps improvement) and core gross profit was CHF 170.7m (+4.7% YoY). Cash and balance‑sheet metrics: operating cash flow CHF 93.7m (vs CHF 149.6m prior), free cash flow CHF 15.1m, acquisition cash outflows CHF 157.4m, financing inflows CHF 143.3m, and net debt to core EBITDA of 2.3x; the acquisition is expected to contribute roughly USD 100m on an annualized basis, USD exposure rose to 14% in H1 (forecast ~20% for FY) and management assumes an approximately 2% FX headwind for the year. Capital allocation and execution priorities were reiterated: CapEx targeted in the low‑teens of sales (moving closer to 10%), focus on cash generation and deleveraging, and operational milestones include freeing 80 m3 of U.S. capacity (available from 2028) with first transfers this year and first revenues from new U.S. business expected in 2027.Siegfried Holding AG Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.34B | 1.33B | 1.29B | 1.27B | 1.23B | 1.10B |
| Gross Profit | 361.70M | 352.39M | 329.06M | 320.41M | 318.69M | 239.27M |
| EBITDA | 313.22M | 306.70M | 289.49M | 241.22M | 308.30M | 213.54M |
| Net Income | 171.34M | 168.66M | 160.06M | 112.77M | 156.49M | 95.60M |
Balance Sheet | ||||||
| Total Assets | 2.42B | 2.15B | 1.93B | 1.86B | 1.79B | 1.67B |
| Cash, Cash Equivalents and Short-Term Investments | 105.16M | 103.80M | 39.61M | 56.63M | 91.62M | 72.97M |
| Total Debt | 925.20M | 575.20M | 490.10M | 525.00M | 590.00M | 560.00M |
| Total Liabilities | 1.42B | 1.03B | 953.81M | 1.02B | 1.08B | 1.06B |
| Stockholders Equity | 994.68M | 1.13B | 980.19M | 838.24M | 710.93M | 608.22M |
Cash Flow | ||||||
| Free Cash Flow | -18.24M | 9.97M | -12.07M | 71.51M | 19.30M | -1.04M |
| Operating Cash Flow | 165.84M | 221.89M | 168.78M | 208.61M | 134.50M | 112.36M |
| Investing Cash Flow | -358.07M | -231.31M | -190.35M | -146.86M | -103.72M | -250.10M |
| Financing Cash Flow | 262.33M | 74.83M | 3.04M | -94.75M | -10.68M | 156.24M |
Siegfried Holding AG Technical Analysis
Negative
73.85
Price Trends
74.45
Negative
75.91
Negative
77.84
Negative
Market Momentum
-1.39
Positive
35.85
Neutral
2.42
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:SFZN, the sentiment is Negative. The current price of 73.85 is below the 20-day moving average (MA) of 75.37, below the 50-day MA of 74.45, and below the 200-day MA of 77.84, indicating a bearish trend. The MACD of -1.39 indicates Positive momentum. The RSI at 35.85 is Neutral, neither overbought nor oversold. The STOCH value of 2.42 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CH:SFZN.
Siegfried Holding AG Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | CHF28.63B | 54.23 | 2.91% | 0.49% | -0.87% | -44.90% | |
67 Neutral | CHF3.18B | 18.03 | 16.14% | 0.58% | 3.64% | 10.93% | |
66 Neutral | CHF37.00B | 47.90 | ― | 0.22% | 15.78% | 111.61% | |
63 Neutral | CHF2.50B | -21.28 | -10.25% | 1.52% | -3.98% | -284.91% | |
62 Neutral | CHF30.08B | 55.90 | 7.04% | 1.17% | 0.81% | 165.32% | |
56 Neutral | CHF1.45B | 108.72 | ― | 0.35% | 22.06% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
CH:SFZN
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Siegfried Holding AG Corporate Events
Siegfried posts higher H1 profits, strengthens U.S. footprint with key acquisition
Aug 21, 2026
Siegfried reported higher first-half 2026 results, with net sales up 4.8% in local currencies to CHF 633 million and core EBITDA rising to CHF 142 million, lifting the margin to 22.4% on the back of sustained demand for both drug substances and dr...
Siegfried names new COO as it unifies operations to drive end-to-end pharma services
Jul 16, 2026
Siegfried has appointed seasoned industry executive Eduardo Montanha as Chief Operating Officer and member of the Executive Committee, effective September 1, 2026, consolidating its previously separate drug substance and drug product COO roles. Th...
Siegfried boosts global API network with new large-scale Minden facility
Jun 16, 2026
Siegfried has inaugurated a new large-scale active pharmaceutical ingredient (API) manufacturing facility in Minden, Germany, adding 100 m³ of reactor capacity to its network for small molecule drug substances. The plant is designed for compl...
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.