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Sonova Holding AG
(SOON)
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Rating:69Neutral
Price Target:
CHF267.00
▲(10.70% Upside)
Action:Downgraded
Date:08/23/26
The score is driven primarily by solid financial quality (strong margins and historically strong cash conversion) and a positive earnings outlook with supportive guidance. Technicals add support due to a strong uptrend, though momentum indicators are stretched. Valuation is the main drag given the high P/E and only moderate dividend yield.
Positive Factors
Hearing Instruments Growth and Margin Expansion
The core Hearing Instruments segment is showing both meaningful revenue growth and strong operating leverage. Expanding margins alongside higher sales suggests product mix, innovation, and execution are supporting durable earnings improvement rather than growth relying only on volume.
Negative Factors
Cochlear Implant Weakness and Competitive Pressure
The Cochlear Implants business is facing broad weakness across both system and upgrade sales, compounded by pricing pressure and a rival product launch. Continued underperformance could dilute group growth, reduce segment profitability, and require greater execution to restore demand.
Read all positive and negative factors
Positive Factors
Negative Factors
Hearing Instruments Growth and Margin Expansion
The core Hearing Instruments segment is showing both meaningful revenue growth and strong operating leverage. Expanding margins alongside higher sales suggests product mix, innovation, and execution are supporting durable earnings improvement rather than growth relying only on volume.
Read all positive factors
Sonova Holding AG (SOON) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF15.41B
Dividend Yield1.76%
Average Volume (3M)127.79K
Price to Earnings (P/E)37.0
Beta (1Y)0.88
Revenue Growth-6.71%
EPS Growth-20.30%
CountryCH
Employees18,580
SectorGeneral
Sector StrengthN/A
IndustryMedical - Devices
Share Statistics
EPS (TTM)7.23
Shares Outstanding59,626,810
10 Day Avg. Volume124,647
30 Day Avg. Volume127,786
Financial Highlights & Ratios
PEG Ratio-1.22
Price to Book (P/B)4.15
Price to Sales (P/S)3.00
P/FCF Ratio17.98
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF252.17Price Target Upside4.55% Upside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)11.03
Revenue Forecast (FY)CHF3.89B
Sonova Holding AG Business Overview & Revenue Model
Company Description
Headquartered in Stäfa, Switzerland, Sonova Holding AG is a leading provider of innovative hearing care solutions for both adults and children. The company's operations are divided into two primary segments: Hearing Instruments and Cochlear Implan...
How the Company Makes Money
Sonova primarily generates revenue by selling hearing-care products and related services across two main business areas: (1) Hearing Instruments and (2) Cochlear Implants. In Hearing Instruments, Sonova earns money by supplying hearing aids and as...
Sonova Holding AG Earnings Call Summary
Earnings Call Date:May 18, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Positive
The call presented a clearly positive operational and financial picture: above-market sales growth, strong wholesale momentum and market-share gains, significant margin expansion, robust cash conversion and a confident guidance range. Key negatives are concentrated in the Cochlear Implants business (declining sales and margins), substantial non‑recurring charges and FX headwinds, and timing/regulatory risk around the planned CI product launch. On balance, the company showed broad-based momentum and multiple levers (product pipeline, retail M&A, efficiency initiatives) to drive future growth, outweighing the identified headwinds.Positive Updates
Above-market Sales Growth and Confirmed Guidance
Group delivered above-market sales growth across all regions, exited the year with sequential Q4 momentum and provided FY26/27 guidance of consolidated sales rising 5% to 8% and core EBIT growth of 7% to 10% at constant exchange rates.
Negative Updates
Cochlear Implants Underperformance
Cochlear Implants sales declined 11% to CHF 252 million (or ~3.8% lower excluding China); system sales down ~10% and upgrade sales down 13%, weighed by VBP introduction in China, softer upgrade demand and competitive pressure from a major competitor.
Read all updates
Q4-2026 Updates
Positive
Negative
Above-market Sales Growth and Confirmed Guidance
Group delivered above-market sales growth across all regions, exited the year with sequential Q4 momentum and provided FY26/27 guidance of consolidated sales rising 5% to 8% and core EBIT growth of 7% to 10% at constant exchange rates.
Read all positive updates
Company Guidance
Sonova guided to consolidated sales growth of 5–8% and core EBIT growth of 7–10% (both at constant exchange rates) for FY26/27, assuming market growth of ~2–4% this year (gradually toward a mid‑term 3–5%); FX at early‑May levels is expected to reduce reported Swiss‑franc sales growth by ~1–2 percentage points and core EBIT growth by ~2–3 points, non‑core items are forecast at CHF 35–40m, and retail M&A is expected to contribute ~1–2% to group sales—management also said H1 core EBIT should remain within the 7–10% range, Cochlear Implan ts will face H1 headwinds with a meaningful H2 pickup on a planned new processor, and wholesale/retail momentum plus a new HI platform underpin upside to the range.Sonova Holding AG Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
68
Positive
Cash Flow
70
Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.61B | 3.61B | 3.63B | 3.74B | 3.36B |
| Gross Profit | 2.66B | 2.68B | 2.62B | 2.65B | 2.46B |
| EBITDA | 965.10M | 991.40M | 960.40M | 1.02B | 995.70M |
| Net Income | 430.60M | 540.50M | 601.00M | 647.50M | 649.00M |
Balance Sheet | |||||
| Total Assets | 5.63B | 5.92B | 5.79B | 5.55B | 5.59B |
| Cash, Cash Equivalents and Short-Term Investments | 722.10M | 687.10M | 513.80M | 414.80M | 612.00M |
| Total Debt | 1.71B | 1.76B | 1.79B | 1.81B | 1.48B |
| Total Liabilities | 2.99B | 3.24B | 3.30B | 3.32B | 3.16B |
| Stockholders Equity | 2.61B | 2.66B | 2.47B | 2.21B | 2.41B |
Cash Flow | |||||
| Free Cash Flow | 602.70M | 656.10M | 624.70M | 609.10M | 815.90M |
| Operating Cash Flow | 684.10M | 793.70M | 753.30M | 763.40M | 922.50M |
| Investing Cash Flow | -196.40M | -212.70M | -234.00M | -429.50M | -707.00M |
| Financing Cash Flow | -425.30M | -401.80M | -415.30M | -523.50M | -1.37B |
Sonova Holding AG Technical Analysis
Positive
241.20
Price Trends
240.29
Positive
221.55
Positive
205.71
Positive
Market Momentum
7.24
Negative
78.33
Negative
90.23
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:SOON, the sentiment is Positive. The current price of 241.2 is below the 20-day moving average (MA) of 246.20, above the 50-day MA of 240.29, and above the 200-day MA of 205.71, indicating a bullish trend. The MACD of 7.24 indicates Negative momentum. The RSI at 78.33 is Negative, neither overbought nor oversold. The STOCH value of 90.23 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CH:SOON.
Sonova Holding AG Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | CHF14.61B | 39.33 | ― | 1.09% | 2.24% | -5.84% | |
69 Neutral | CHF15.41B | 37.04 | ― | 1.76% | -6.71% | -20.30% | |
64 Neutral | CHF2.28B | 31.54 | 16.40% | 0.96% | 7.51% | -20.13% | |
64 Neutral | CHF4.74B | 22.11 | 28.54% | 1.22% | -2.39% | 154.37% | |
62 Neutral | CHF1.13B | 68.83 | ― | ― | 29.92% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
CH:SOON
Sonova Holding AG
267.00
56.46
26.82%
CH:STMN
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7.71
9.04%
CH:MOVE
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-21.31%
CH:YPSN
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14.06%
CH:MED
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0.61%
CH:LEPU
Lepu Medical Technology (Beijing) Co., Ltd. Sponsored Global Depositary Receipt Repr Sh -A- Reg S
18.00
0.12
0.68%
Sonova Holding AG Corporate Events
Sonova named Switzerland’s most innovative large company for hearing technology
Sep 29, 2026
Sonova Holding AG has been ranked the most innovative large company in Switzerland in the “Top innovative companies in Switzerland” listing compiled by BILANZ, PME and Statista, recognizing its strengths in products, processes and corp...
Sonova launches AI-powered Phonak EON hearing portfolio to bolster innovation lead
Aug 24, 2026
Sonova has introduced the Phonak Audéo EON Receiver-in-Canal portfolio, including the EON Sphere, EON R and CROS EON R, featuring its third-generation real-time AI and a new HYPERSONIC chip that delivers higher energy efficiency in a smaller,...
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.