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SoftwareOne Holding Ltd.
(SWON)
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Rating:64Neutral
Price Target:
CHF10.00
▲(5.60% Upside)
Action:Reiterated
Date:08/27/26
The score is driven primarily by a solid but uneven financial foundation (strong balance sheet and cash generation, but volatile profitability) and supportive technical momentum (price above key moving averages with positive MACD). This is tempered by expensive valuation (high P/E with modest yield). The latest earnings call adds support through reiterated guidance, strong margin/cash conversion performance, and synergy delivery, but near-term growth normalization and integration/leverage risks remain.
Positive Factors
Broad-based revenue growth
Double-digit like-for-like growth across regions indicates continued customer demand for software, cloud and related services. Broad regional expansion and the combined platform should support durable cross-selling, although unusually strong renewal timing may moderate comparisons.
Negative Factors
Inconsistent bottom-line profitability
Repeated earnings volatility weakens confidence that revenue growth consistently converts into durable shareholder returns. Although operating profit improved, unstable net income can constrain capital allocation and make future performance more dependent on successful margin and integration execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Broad-based revenue growth
Double-digit like-for-like growth across regions indicates continued customer demand for software, cloud and related services. Broad regional expansion and the combined platform should support durable cross-selling, although unusually strong renewal timing may moderate comparisons.
Read all positive factors
SoftwareOne Holding Ltd. (SWON) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF2.02B
Dividend Yield1.56%
Average Volume (3M)467.75K
Price to Earnings (P/E)50.2
Beta (1Y)0.65
Revenue Growth61.73%
EPS GrowthN/A
CountryCH
Employees12,254
SectorGeneral
Sector StrengthN/A
IndustryTechnology Distributors
Share Statistics
EPS (TTM)0.19
Shares Outstanding221,102,950
10 Day Avg. Volume725,272
30 Day Avg. Volume467,751
Financial Highlights & Ratios
PEG Ratio-9.65
Price to Book (P/B)1.41
Price to Sales (P/S)1.10
P/FCF Ratio6.76
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF10.55Price Target Upside11.40% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.68
Revenue Forecast (FY)CHF1.62B
SoftwareOne Holding Ltd. Business Overview & Revenue Model
Company Description
SoftwareOne Holding AG, together with its subsidiaries, provides software and cloud solutions in Germany, Austria, Switzerland, Middle East and Africa, Northern Europe, Central and Eastern Europe, the United States of America, Canada, Latin Americ...
How the Company Makes Money
SoftwareOne makes money primarily through a combination of (1) software and cloud resale/marketplace economics and (2) professional and managed services fees. On the resale side, it generates revenue by selling or brokering software licenses, subs...
SoftwareOne Holding Ltd. Earnings Call Summary
Earnings Call Date:Aug 26, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 04, 2027
Earnings Call Sentiment Positive
Overall the call highlights strong operational execution post‑acquisition with double-digit like‑for‑like revenue growth, meaningful margin expansion, high cash conversion (69% LTM), and CHF 100 million in synergies delivered ahead of plan. Growth was broad-based across regions and the high-margin Channel business outperformed. Key risks include a moderation in H2 growth because of non-repeatable H1 tailwinds (EA‑to‑CSP early renewals), remaining integration costs and higher net debt from the Crayon acquisition, plus tax and working capital timing impacts. Management reiterated guidance and provided a credible path to further margin expansion through AI, Channel scale and Services efficiency.Positive Updates
Strong Like-for-Like Revenue Growth
Combined like-for-like revenue increased 11.6% year-over-year in H1 2026; Q2 maintained momentum with revenue up 10.4% YoY.
Negative Updates
H2 2026 Growth Expected to Moderate
Management expects H2 2026 growth to decelerate as H1 benefited from accelerated EA-to-CSP conversion and early renewals (a ~4 percentage-point tailwind) that are unlikely to fully repeat.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Like-for-Like Revenue Growth
Combined like-for-like revenue increased 11.6% year-over-year in H1 2026; Q2 maintained momentum with revenue up 10.4% YoY.
Read all positive updates
Company Guidance
The company reiterated mid- to high‑single‑digit revenue growth for FY‑2026, reiterated an adjusted EBITDA margin target of above 23% for 2026 (LTM adjusted margin 23.2%) and maintained a cash‑conversion outlook above 60% for 2026 (LTM cash conversion 69%; LTM operating cash flow CHF 271.6m; free cash flow CHF 211.7m versus LTM reported EBITDA CHF 308m). Looking further out, SoftwareOne targets an EBITDA margin above 28% by 2030 (roughly linear phasing from 2026), with the 5 percentage‑point improvement driven by ~3 p.p. from AI/automation, ~1 p.p. from Channel scale and ~1 p.p. from Services efficiency. Management expects CapEx to rise to ~7–8% of revenue in 2027–28 (funded in part by working‑capital release) before normalizing to ~5% from 2029, and reiterated a dividend policy of 30–50% of adjusted profit for 2026 (moving to 30–50% of reported profit from 2030). They also flagged further near‑term items: an expected additional CHF 5–10m of cost synergies by end‑2026, ~CHF 20m of integration costs in H2‑26 and ~CHF 20m in 2027, and cumulative integration costs to be CHF 75–85m by end‑2027.SoftwareOne Holding Ltd. Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
78
Positive
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.58B | 1.24B | 1.02B | 1.01B | 975.83M | 914.28M |
| Gross Profit | 304.66M | 548.40M | 975.20M | 971.85M | 932.60M | 851.64M |
| EBITDA | 281.87M | 181.50M | 143.89M | 159.39M | 166.60M | 156.91M |
| Net Income | 45.33M | 900.00K | -1.51M | 21.42M | -58.28M | 117.63M |
Balance Sheet | ||||||
| Total Assets | 7.76B | 6.79B | 4.31B | 3.78B | 3.45B | 3.40B |
| Cash, Cash Equivalents and Short-Term Investments | 382.80M | 434.10M | 333.65M | 311.12M | 384.21M | 559.11M |
| Total Debt | 865.80M | 74.50M | 40.40M | 33.12M | 38.25M | 39.21M |
| Total Liabilities | 6.76B | 5.81B | 3.72B | 3.14B | 2.71B | 2.52B |
| Stockholders Equity | 989.60M | 972.00M | 582.52M | 640.09M | 738.99M | 869.58M |
Cash Flow | ||||||
| Free Cash Flow | 174.22M | 203.10M | 25.32M | 20.05M | 43.80M | 124.76M |
| Operating Cash Flow | 246.13M | 268.60M | 34.69M | 77.28M | 91.07M | 158.05M |
| Investing Cash Flow | -364.95M | -385.00M | -72.68M | -89.69M | -11.79M | -144.90M |
| Financing Cash Flow | -162.28M | 273.40M | 39.18M | -35.53M | -97.44M | -94.93M |
SoftwareOne Holding Ltd. Technical Analysis
Positive
9.47
Price Trends
8.75
Positive
8.23
Positive
7.89
Positive
Market Momentum
0.25
Negative
63.63
Neutral
73.53
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:SWON, the sentiment is Positive. The current price of 9.47 is above the 20-day moving average (MA) of 9.12, above the 50-day MA of 8.75, and above the 200-day MA of 7.89, indicating a bullish trend. The MACD of 0.25 indicates Negative momentum. The RSI at 63.63 is Neutral, neither overbought nor oversold. The STOCH value of 73.53 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CH:SWON.
SoftwareOne Holding Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
86 Outperform | CHF3.01B | 28.96 | ― | 3.27% | 12.56% | 43.11% | |
66 Neutral | CHF25.33B | 29.34 | ― | 2.93% | -5.87% | -25.05% | |
64 Neutral | CHF2.02B | 50.21 | ― | 1.78% | 61.73% | ― | |
64 Neutral | CHF32.87B | 24.95 | ― | 4.18% | 13.78% | -1.35% | |
62 Neutral | CHF4.31B | 19.73 | ― | 3.83% | -1.37% | 8.55% | |
60 Neutral | CHF3.07B | -25.39 | -3.00% | 8.24% | ― | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
CH:SWON
SoftwareOne Holding Ltd.
9.71
2.52
35.09%
CH:KNIN
Kuehne + Nagel International AG
211.30
53.05
33.53%
CH:SCMN
Swisscom AG
633.50
67.98
12.02%
CH:DKSH
DKSH Holding AG
66.30
14.38
27.69%
CH:SUNN
Sunrise Communications AG Class A
41.30
-2.98
-6.73%
CH:SMG
SMG Swiss Marketplace Group Holding AG
31.05
-16.56
-34.79%
SoftwareOne Holding Ltd. Corporate Events
SoftwareOne boosts margins and completes Crayon integration as revenues surge
Aug 26, 2026
SoftwareOne reported strong first-half 2026 results, with IFRS group revenue rising 68.2% year-on-year to CHF 818.3 million, largely driven by the Crayon acquisition and organic constant-currency growth of 5%. Adjusted EBITDA climbed to CHF 203.8 ...
SoftwareOne Names Raphael Erb Sole CEO as Crayon Integration Nears Completion
Jul 14, 2026
SoftwareOne has appointed Raphael Erb as sole Chief Executive Officer, effective 1 August 2026, as the company moves beyond the integration phase following its acquisition of Crayon. Co-CEO Melissa Mulholland will depart, with the Board saying a s...
SoftwareOne Deepens AI Push With Anthropic Reseller Status on Amazon Bedrock
Jun 17, 2026
SoftwareOne has expanded its artificial intelligence portfolio by becoming an Anthropic Authorized Reseller for Amazon Bedrock and a Registered Anthropic Services Partner, giving customers global access to Claude models in secure enterprise cloud ...
SoftwareOne targets higher margins and growth by 2030 as AI reshapes enterprise software demand
Jun 9, 2026
SoftwareOne, a global software and cloud solutions provider headquartered in Stans, is positioning itself as an independent advisor across the full technology lifecycle, from IT cost management and software sourcing to cloud services and data AI ...
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.