Autoneum Stock price
Compare with Peer Group
📊 Peer Group
📈 What is it?
The peer group consists of the companies with the most similar business model. They serve as a benchmark for putting a stock into context.
🧮 How is it selected?
Based on similarity of business model, meaning companies from the same industry with comparable products and a similar customer base. That's the only way to compare apples to apples.
🏛️ Why does it matter?
Whether a stock is cheap or expensive is best judged by comparison. A P/E of 18 or an EV/FCF of 20 can look cheap or expensive depending on the yardstick. The peer group gives you the most accurate one: companies with a similar business model that operate under the same conditions.
🎯 What does it mean for investors?
When a metric sits below the peer average, the stock is valued more cheaply relative to its competitors, and above the average more expensively. A discount to the peer group can be an opportunity, but it can also have a reason (for example lower growth). The comparison is a starting point, not a verdict.
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Key metrics
📘 Market Capitalization
📈 What is it?
Market capitalization shows how much a company is currently worth on the stock market.
🧮 How is it calculated?
🏛️ Why is it important?
It helps classify companies by size (Large, Mid, Small Cap) and indicates their market presence and relative stability.
🧮 Calculation
🎯 What does this mean for investors?
- Large-cap companies tend to be more stable, often pay dividends, but may grow more slowly.
- Smaller firms may offer higher growth potential but come with more volatility.
- Market capitalization is a useful indicator of company size — but not a measure of whether a stock is undervalued or overvalued.
📘 Enterprise Value (EV)
📈 What is it?
Enterprise Value represents the total cost to acquire a company — including its debt and excluding its cash reserves.
🧮 How is it calculated?
(= Market Cap + Net Debt)
🏛️ Why is it important?
EV gives a more complete picture of a company's value than market cap alone and is used in key valuation ratios like EV/FCF or EV/Sales.
🧮 Calculation
🎯 What does this mean for investors?
- Enterprise Value shows the true cost of buying a company, including all financial obligations.
- It is more accurate than just looking at market cap, especially when comparing companies with different levels of debt or cash.
- Professional investors prefer EV-based multiples because they better reflect the company’s full financial footprint.
📘 Net Debt
📈 What is it?
Net Debt shows how much debt remains after subtracting a company’s available cash reserves.
🧮 How is it calculated?
🏛️ Why is it important?
It indicates how dependent a company is on borrowed money and how easily it can service its debt in the short term.
🧮 Calculation
🎯 What does this mean for investors?
- Low or negative net debt signals financial strength and flexibility.
- Companies with strong cash positions are better positioned in crises.
- High net debt increases financial risk — especially in environments with rising interest rates or economic downturns.
📘 Cash
📈 What is it?
Cash represents all liquid assets a company can access immediately — including cash, bank deposits, and short-term investments.
🧮 How is it calculated?
🏛️ Why is it important?
It reflects a company’s financial flexibility and resilience — enabling investments, buybacks, or buffer in downturns.
🧮 Calculation
🎯 What does this mean for investors?
- A strong cash position means greater room for maneuver and crisis resistance.
- Cash-rich companies can invest, pay down debt, or repurchase shares.
- But excess idle cash might indicate a lack of growth opportunities.
📘 Shares Outstanding
📈 What is it?
Shares outstanding represent the total number of a company’s shares currently held by investors — excluding treasury stock.
🧮 How is it calculated?
🏛️ Why is it important?
It’s the basis for key metrics like Earnings Per Share (EPS), Market Capitalization, or the Price/Earnings ratio (P/E).
🧮 Calculation
🎯 What does this mean for investors?
- Fewer shares in circulation typically increase earnings per share — making each share more valuable.
- Share buybacks reduce the number of shares and boost per-share metrics.
- Issuing new shares does the opposite — diluting shareholder value and lowering per-share figures.
📘 Price-to-Earnings Ratio (P/E)
📈 What is it?
The P/E ratio shows how many times a company's earnings per share are reflected in its current share price — in other words, how "expensive" the stock appears relative to its profits.
🧮 How is it calculated?
🏛️ Why is it important?
The P/E ratio is one of the most widely used valuation metrics. It helps investors assess whether a stock appears cheap or expensive compared to its earnings power.
🧮 Calculation
📊 P/E (TTM) = Based on earnings from the last 12 months (Trailing Twelve Months):🎯 What does this mean for investors?
- A low P/E may indicate undervaluation — or signal underlying issues.
- A high P/E may reflect strong growth expectations — or an overvalued stock.
📘 Price-to-Sales Ratio (P/S)
📈 What is it?
The P/S ratio shows how much investors are paying for $1 of the company’s revenue – regardless of profitability.
🧮 How is it calculated?
🏛️ Why is it important?
P/S is especially useful for evaluating growth companies or businesses not yet profitable. It reflects how the market values the company’s sales.
🧮 Calculation
Market Cap = CHF711.90m | Revenue (TTM) = CHF2.27b
Market Cap = CHF711.90m | Estimated Revenue = CHF2.36b
🎯 What does this mean for investors?
- A low P/S may indicate undervaluation — or low profitability.
- A high P/S can reflect strong growth expectations — or excessive optimism.
- Especially helpful when evaluating companies where profits are low, volatile, or negative.
📘 Enterprise Value to Sales (EV/Sales)
📈 What is it?
EV/Sales shows how much investors are paying for $1 of revenue — considering not just equity, but also debt and cash. It’s the capital structure–adjusted version of the P/S ratio.
🧮 How is it calculated?
🏛️ Why is it important?
It’s ideal for comparing companies with different levels of debt. It reflects a company's true cost relative to its revenue.
🧮 Calculation
Enterprise Value = CHF1.10b | Revenue (TTM) = CHF2.27b
Enterprise Value = CHF1.10b | Forward Revenue = CHF2.36b
🎯 What does this mean for investors?
- EV/Sales allows for capital structure–neutral company comparisons.
- A lower ratio may indicate undervaluation; a higher one may signal strong growth expectations or overvaluation.
- Especially helpful when evaluating high-growth companies with low or negative earnings.
📘 Enterprise Value to Free Cash Flow (EV/FCF)
📈 What is it?
EV/FCF shows how many years it would take for a company to "pay back" its enterprise value using its free cash flow.
🧮 How is it calculated?
🏛️ Why is it important?
It focuses on real cash generation, ignoring accounting noise — ideal for assessing profitability and value based on liquidity, not earnings.
🧮 Calculation
🎯 What does this mean for investors?
- A low EV/FCF may signal undervaluation and strong cash generation.
- A high EV/FCF might reflect weak recent cash flow or aggressive growth expectations.
- Best suited for stable, mature businesses with predictable free cash flows.
📘 Price-to-Book Ratio (P/B)
📈 What is it?
The P/B ratio compares a company’s market value to its book value — showing how much investors are paying for each dollar of net assets.
🧮 How is it calculated?
🏛️ Why is it important?
P/B is commonly used for asset-heavy industries like banks or industrials. It helps assess whether a stock is trading above or below its net asset value.
🧮 Calculation
🎯 What does this mean for investors?
- A P/B below 1 may signal undervaluation — or weak profitability.
- A P/B above 1 implies the market expects future value creation (e.g., brand, IP, growth).
- Best used for companies with tangible assets and strong balance sheets.
📘 Dividend per Share (DPS)
📈 What is it?
Dividend per Share shows how much cash a company pays out to shareholders for each share they own – usually on an annual or quarterly basis.
🧮 How is it calculated?
🏛️ Why is it important?
DPS is the absolute value of the payout per share – crucial for income-focused investors and dividend strategies.
🧮 Calculation
🎯 What does this mean for investors?
- A stable or growing DPS often signals a strong, shareholder-friendly business.
- DPS alone doesn’t tell you how attractive the payout is – the stock price also matters (→ see Dividend Yield).
- Long-term dividend growth is often a hallmark of high-quality companies – like the dividend aristocrats.
📘 Dividend Yield
📈 What is it?
Dividend yield shows how large a company’s dividend is in relation to its current share price.
🧮 How is it calculated?
🏛️ Why is it important?
It allows investors to compare dividend payouts across stocks, regardless of price or payout size.
🧮 Calculation
🎯 What does this mean for investors?
- A stable yield can reflect reliable distributions.
- Comparing 1Y and 5Y yield shows whether dividend growth keeps pace with stock price appreciation.
- A low yield isn’t always negative – it can signal strong past performance or growth focus.
📘 Dividend Growth
📈 What is it?
Dividend growth shows how much a company has increased its dividend per share over time.
🧮 How is it calculated?
5Y: Compound Annual Growth Rate (CAGR)
🏛️ Why is it important?
Consistently rising dividends are often a sign of financial strength and shareholder orientation – especially relevant for long-term investors.
🧮 Calculation
🎯 What does this mean for investors?
- Stable dividend growth is a sign of sustainable earning power.
- High dividend growth can significantly boost your total return:
- If a company pays $1 in dividends and increases it by 15% annually over 5 years, you’ll receive $2 per share in year 5 – twice as much as at the start!
📘 Payout Ratio
📈 What is it?
The payout ratio shows what percentage of a company’s earnings (per share) is distributed to shareholders as dividends.
🧮 How is it calculated?
🏛️ Why is it important?
It helps assess whether the dividend is sustainable – especially in relation to the company’s profitability.
🧮 Calculation
🎯 What does this mean for investors?
- A low payout ratio means the company retains more earnings for reinvestment – typical for growth companies.
- A moderate payout (e.g. 25–50%) indicates a healthy balance between returns and reinvestment.
- High payout ratios may seem attractive but can carry risk if earnings decline.
📘 Consecutive Dividend Increases
📈 What is it?
This metric shows how many consecutive years a company has raised its dividend per share – without any cuts or pauses.
🧮 How is it calculated?
(Special dividends are not considered.)
🏛️ Why is it important?
A long track record of increases reflects financial strength, consistency, and shareholder commitment.
🎯 What does this mean for investors?
- A long dividend increase streak builds confidence – especially in volatile markets.
- Such companies are seen as reliable and income-friendly investments.
- The longer the streak, the stronger the company’s dividend discipline.
📘 Revenue
📈 What is it?
Revenue shows how much a company earns in total from selling its products and services – the gross income before any costs are deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Revenue is one of the key figures to assess a company’s size, market position, and growth potential.
🧮 Calculation
🎯 What does this mean for investors?
- Growing revenue indicates rising demand and can be an early signal of future earnings growth.
- Comparing actual and expected revenue reveals trends in the market environment and analyst sentiment.
- Note: Strong revenue alone isn’t enough – margins and profitability matter just as much.
📘 EBITDA
📈 What is it?
EBITDA stands for “Earnings Before Interest, Taxes, Depreciation, and Amortization.” It reflects a company’s operating profit before the effects of financing, taxes, and accounting depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
EBITDA is widely used to evaluate a company’s operating performance – especially across capital-intensive sectors or international comparisons.
🧮 Calculation
🎯 What does this mean for investors?
- A high or growing EBITDA indicates strong operational profitability – independent of taxes, interest, or accounting methods.
- It’s especially useful for comparing companies across sectors or geographies.
- Important: EBITDA is not a net income figure – it excludes key costs like depreciation and interest.
📘 EBIT
📈 What is it?
EBIT stands for “Earnings Before Interest and Taxes.” It reflects a company’s operating profit after depreciation, but before interest and tax expenses.
🧮 How is it calculated?
🏛️ Why is it important?
EBIT is a core profitability metric that shows how well the company performs in its main business operations – independent of capital structure and tax environment.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT indicates strong profitability from the company’s core business – before financial and tax effects.
- It allows better comparison between companies with different debt levels or tax structures.
- Compared to EBITDA, EBIT already accounts for depreciation and reflects capital intensity more clearly.
📘 Net Income
📈 What is it?
Net income is the company’s total profit – the amount left after all expenses, taxes, interest, and depreciation have been deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Net income is the most comprehensive measure of a company’s profitability – showing how much actual profit remains after all business and financing costs.
🧮 Calculation
🎯 What does this mean for investors?
- Growing net income indicates that the company is managing all of its costs efficiently.
- It directly influences valuation metrics like P/E ratio and the company’s dividend capacity.
- Over time, net income trends reveal how resilient and profitable the business model really is.
📘 Free Cash Flow (FCF)
📈 What is it?
Free Cash Flow shows how much actual cash remains after a company covers its operating expenses and capital expenditures.
🧮 How is it calculated?
🏛️ Why is it important?
FCF reflects a company’s real financial strength – regardless of accounting profits. It shows how much flexibility a company has for dividends, share buybacks, or debt reduction.
🧮 Calculation
🎯 What does this mean for investors?
- High free cash flow means the company generates real, usable cash – independent of reported net income.
- It’s often the most reliable base for sustainable dividends and buybacks.
- Declining FCF can be an early warning sign – even when profits appear stable.
📘 Revenue Growth
📈 What is it?
Revenue growth shows how much a company’s sales have changed compared to the previous year – both on a trailing basis (TTM) and based on forward projections.
🧮 How is it calculated?
Forward = (Expected revenue ÷ Revenue in prior year − 1) × 100
Forward growth is based on analyst estimates for the current fiscal year.
🏛️ Why is it important?
Rising revenue signals growing demand, business expansion, and market share gains – especially important for growth-oriented companies.
🧮 Calculation
🎯 What does this mean for investors?
- Growth is the engine of long-term value creation – especially in tech and growth sectors.
- What matters is not just current growth, but its sustainability.
- Forward projections reflect whether analysts expect continued momentum – or a slowdown.
📘 EBITDA Growth
📈 What is it?
EBITDA growth shows how much a company’s operating profit (before interest, taxes, depreciation, and amortization) has increased or decreased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBITDA ÷ EBITDA from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
Growing EBITDA indicates improving operational profitability – regardless of financing or accounting effects.
🧮 Calculation
🎯 What does this mean for investors?
- Strong EBITDA growth signals operational efficiency and scalability – especially during growth phases.
- EBITDA growth can be an early indicator of margin and earnings expansion – but should be assessed alongside revenue and EBIT.
📘 EBIT Growth
📈 What is it?
EBIT growth shows how much a company’s operating profit (after depreciation, but before interest and taxes) has increased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBIT ÷ EBIT from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
EBIT growth is a direct indicator of a company’s business performance – taking into account capital intensity through depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- Rising EBIT signals improving operating profitability – even after accounting for depreciation.
- It’s especially important for evaluating companies with significant capital expenditures.
- Combined with revenue and EBITDA growth, EBIT growth provides a well-rounded view of operational progress.
📘 Net Income Growth
📈 What is it?
Net income growth shows how much a company’s bottom-line profit has increased or decreased compared to the previous year – both on a trailing basis (TTM) and based on analyst projections.
🧮 How is it calculated?
Forward = (Expected net income ÷ Net income from prior year − 1) × 100
The forward estimate reflects analysts’ expectations for the current fiscal year.
🏛️ Why is it important?
Net income is the ultimate measure of profitability. Growing net income signals stronger efficiency, cost control, and sustainable earnings power.
🧮 Calculation
🎯 What does this mean for investors?
- Stronger net income boosts valuation, dividend potential, and investor confidence.
- If profits stall while revenue grows, it may signal margin pressure.
📘 Free Cash Flow Growth
📈 What is it?
Free cash flow (FCF) growth shows how a company’s available cash – after covering operating expenses and capital expenditures – has changed compared to the previous year.
🧮 How is it calculated?
🏛️ Why is it important?
Free cash flow reflects real financial strength. Growing FCF indicates more flexibility for dividends, share buybacks, and reinvestment.
🧮 Calculation
🎯 What does this mean for investors?
- Declining FCF may point to rising investments, increasing costs, or weaker operating performance.
- Especially for dividend investors, FCF growth is critical – since dividends are paid from actual available cash.
- A negative trend isn't always bad, but it deserves closer attention.
📘 Gross Margin
📈 What is it?
Gross margin shows how much of a company’s revenue remains after deducting the direct costs of goods sold (like materials and production). It represents the company’s “raw profit” before fixed costs, taxes, and interest.
🧮 How is it calculated?
Or simply: Gross Margin = Gross Profit ÷ Revenue × 100
🏛️ Why is it important?
Gross margin indicates how efficiently a company can produce or procure what it sells. It is a key measure of product-level profitability and pricing power.
🧮 Calculation
🎯 What does this mean for investors?
- A high gross margin suggests strong pricing power and efficient production.
- Falling margins may signal rising input costs or competitive pressure.
- Compared to peers, gross margin offers insights into the quality of a business model.
📘 EBITDA Margin
📈 What is it?
The EBITDA margin shows how much of a company’s revenue remains as operating profit before interest, taxes, depreciation, and amortization.It reflects operating efficiency without being distorted by financing or accounting factors.
🧮 How is it calculated?
🏛️ Why is it important?
The EBITDA margin reveals how much operating income a company generates per dollar of revenue – independent of capital structure and tax effects.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBITDA margin reflects strong core profitability – before accounting distortions.
- It allows for effective comparisons across companies and sectors.
- A stable or growing margin signals efficient cost control and business scalability.
📘 EBIT Margin
📈 What is it?
The EBIT margin shows what percentage of revenue remains as operating profit after depreciation but before interest and taxes.
🧮 How is it calculated?
🏛️ Why is it important?
The EBIT margin reflects a company’s core profitability while accounting for capital intensity (e.g. machinery, infrastructure). It’s especially useful for comparing businesses with different levels of depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT margin shows that the company remains efficient even after factoring in depreciation.
- It’s especially relevant for capital-intensive industries.
- Stable or rising EBIT margins over time are a strong indicator of pricing power and business quality.
📘 Net Margin
📈 What is it?
Net margin shows how much of a company’s revenue remains as bottom-line profit after deducting all costs, interest, taxes, and depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
Net margin reflects a company’s overall efficiency – across operations, financing, and taxation. It shows how much actual profit is generated from each dollar of revenue.
🧮 Calculation
🎯 What does this mean for investors?
- A high net margin means the company is not only strong operationally but also manages financing and taxes efficiently.
- Peer comparisons reveal business quality and competitiveness.
- Declining margins despite revenue growth can be a red flag for rising costs or inefficiencies.
📘 Free cash flow margin
📈 What is it?
The free cash flow (FCF) margin shows how much of a company’s revenue remains as actual free cash after covering all operating expenses and capital expenditures.
🧮 How is it calculated?
🏛️ Why is it important?
This margin reflects the true liquidity generated by the business – independent of accounting rules or depreciation. It’s especially relevant for dividends, buybacks, and reinvestment decisions.
🧮 Calculation
🎯 What does this mean for investors?
- A high FCF margin means a company consistently generates strong cash flow.
- It’s a positive signal for financial stability and shareholder returns.
- The long-term trend is key – a declining margin may indicate rising investments or weakening operating efficiency.
📘 Equity Ratio
📈 What is it?
The equity ratio indicates what portion of a company’s total assets is financed by shareholders’ equity – in other words, how much it relies on its own capital.
🧮 How is it calculated?
🏛️ Why is it important?
A high equity ratio reflects financial strength and stability, especially during downturns. It’s a key indicator of a company’s solvency and long-term risk profile.
🧮 Calculation
🎯 What does this mean for investors?
- Companies with high equity ratios are generally more resilient and less dependent on external debt.
- Low equity ratios can signal higher risk or aggressive financial strategies.
- Important: Always assess the equity ratio in combination with the return on equity (ROE). This shows not just how stable the company is – but also how efficiently it uses shareholder capital.
📘 Return on Equity (ROE)
📈 What is it?
Return on equity (ROE) shows how efficiently a company uses its shareholders’ equity to generate profit. In other words: how much net income is earned per dollar of equity.
🧮 How is it calculated?
🏛️ Why is it important?
ROE is a core profitability metric. It helps investors understand whether a company delivers attractive returns on the capital provided by its shareholders.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROE indicates that the company is using its capital efficiently and profitably.
- It’s especially meaningful for capital-intensive businesses or firms with high equity bases.
- Important: A very high ROE can also result from high debt levels – always interpret it alongside the equity ratio to assess financial health.
📘 Return on Capital Employed (ROCE)
📈 What is it?
ROCE measures how efficiently a company generates profits from its total capital – including both equity and interest-bearing debt.
🧮 How is it calculated?
It evaluates the return on all capital employed, regardless of how it’s financed.
🏛️ Why is it important?
ROCE is ideal for comparing companies with different financing structures. It shows how well management uses capital to create value for both shareholders and creditors.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROCE means the company uses its capital efficiently – regardless of whether it's funded by debt or equity.
- The higher the ROCE compared to peers, the more value the company creates with its invested capital.
- Especially relevant for capital-intensive sectors like industrials, energy, or infrastructure.
📘 Return on Invested Capital (ROIC)
📈 What is it?
ROIC measures how efficiently a company generates returns from the capital invested in its core operations – regardless of whether the capital comes from equity or debt.
🧮 How is it calculated?
- NOPAT = Net Operating Profit After Taxes
- Invested Capital = Operating assets minus non-interest-bearing liabilities
🏛️ Why is it important?
ROIC is one of the most accurate indicators of capital efficiency. Unlike return on equity, it is not distorted by leverage and shows how much value is created for all capital providers.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROIC shows how effectively a company uses the capital that is truly invested in its core operations.
- Unlike ROCE, ROIC focuses only on the capital that is actively used to run the business – and that requires a return (i.e. interest-bearing).
- Especially useful when comparing companies with large amounts of excess cash or non-interest-bearing liabilities – giving a more realistic picture of capital efficiency.
📘 Leverage Ratio (Debt-to-Equity)
📈 What is it?
The leverage ratio indicates how much a company relies on interest-bearing debt (such as loans and bonds) relative to its shareholders’ equity.
🧮 How is it calculated?
🏛️ Why is it important?
This ratio helps assess a company’s financial structure and risk profile. High leverage can enhance returns – but also increases exposure to interest rate changes and financial stress.
🧮 Calculation
🎯 What does this mean for investors?
- A low leverage ratio signals financial strength and independence.
- A higher ratio can improve returns in good times but increases risk during downturns or rising interest rate periods.
- 👉 Always interpret in the context of industry, capital intensity, and interest rate environment.
📘 Earnings per share (EPS)
📈 What is it?
Earnings per Share (EPS) shows how much profit is attributable to a single share – and is one of the most important metrics for evaluating a company's performance.
🧮 How is it calculated?
The diluted share count reflects potential new shares that could be issued through options, convertible bonds, or other rights.
🏛️ Why is it important?
EPS is the basis for many key valuation metrics like P/E ratio, PEG ratio, or payout ratio. It enables comparisons of profitability across companies, regardless of their size.
🧮 Calculation
🎯 What does this mean for investors?
- EPS captures per-share profitability and is especially useful for comparisons over time or with analyst estimates.
- Rising EPS may signal consistent growth or share buybacks.
- Important: Always use diluted EPS for more realistic valuations – especially in companies with stock-based compensation.
📘 Free cash flow per share (FCF per share)
📈 What is it?
Free Cash Flow per Share shows how much free cash flow a company generates per outstanding share – after investments, but before dividends or debt repayments.
🧮 How is it calculated?
Free cash flow is calculated as operating cash flow minus capital expenditures (CapEx).
🏛️ Why is it important?
FCF per Share reveals how much real cash is available per share – useful for dividends, buybacks, or reducing debt. Unlike net income, free cash flow is harder to manipulate and often seen as a more reliable metric.
🧮 Calculation
🎯 What does this mean for investors?
- High FCF per share signals strong financial flexibility.
- It shows how much capital the company can effectively reinvest or return to shareholders.
- Particularly relevant for dividend payers and capital-efficient businesses.
📘 Short interest
📈 What is it?
Short interest indicates how many shares of a company are currently sold short – that is, borrowed and sold by investors who expect the price to decline.
🧮 How is it calculated?
It reflects the percentage of a company’s shares that are being shorted relative to the total shares available.
🏛️ Why is it important?
Short interest serves as a sentiment indicator: A high value may signal skepticism or bearish expectations – but also increases the potential for a short squeeze if prices rise unexpectedly.
🎯 What does this mean for investors?
- Low short interest usually indicates market confidence in the company.
- High short interest can be a warning sign – or an opportunity if sentiment shifts.
- Especially relevant in volatile markets or ahead of key earnings releases.
📘 Employees
📈 What is it?
The employee count shows how many people a company employs worldwide – offering insights into its size, structure, and business model.
🧮 How is it calculated?
🏛️ Why is it important?
It helps assess operational scale, labor intensity, and cost structure. Combined with revenue and profit, it enables key metrics like revenue per employee or productivity.
🧮 Calculation
🎯 What does this mean for investors?
- A high headcount can signal operational complexity – but also significant growth capacity.
- Revenue per employee is a key indicator of efficiency.
- Especially useful for comparing tech, industrial, or service-heavy companies.
📘 Turnover per employee
📈 What is it?
Revenue per employee indicates how much revenue a company generates on average per employee – a key measure of efficiency and productivity.
🧮 How is it calculated?
The employee count is typically taken from the most recent annual report.
🏛️ Why is it important?
This metric helps compare business models – especially between labor-intensive and technology-driven companies. A high value suggests automation, operational efficiency, or strong value creation per head.
🧮 Calculation
🎯 What does this mean for investors?
- A high revenue per employee indicates a scalable and margin-strong business model.
- A low figure may reflect labor-intensive operations or lower value-add.
- Especially helpful when comparing tech companies to industrial or service sectors.
Autoneum Stock Analysis
Analyst Opinions
11 Analysts have issued a Autoneum forecast:
Analyst Opinions
11 Analysts have issued a Autoneum forecast:
Autoneum Events
Past Events
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JUL
29
Q2 2026 Earnings Call
2 months ago
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MAR
12
Q4 2025 Earnings Call
7 months ago
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StocksGuide Free
Autoneum — Q2 2026 Earnings Call
1. Management Discussion
Ladies and gentlemen, thank you for joining us today for Autoneum's Half Year Earnings Call 2026. I'm happy to share a strong set of results for the first half of the year. Let me start with 3 key messages. The first half of 2026 confirmed that disciplined execution matters, especially in a subdued market environment.
While global vehicle production declined, Autoneum improved its financial performance, strengthened cash generation, further enhanced earnings and raised its full year guidance for both EBIT margin and free cash flow. These results demonstrate our ability to consistently translate operational improvements into stronger business performance while continuing to execute our strategic priorities.
Before we go into detail, let me briefly walk you through today's agenda. I will start with the key performance highlights of the first half of 2026. After that, our CFO, Bernhard Wiehl, will present the financial results in more detail. I will then come back to provide an update on our market outlook and our guidance for the full year. As usual, we will conclude the call with a Q&A session.
Please also note that this conference call may not be recorded for publication or broadcast. Let me start with the highlights of the first half of 2026. Autoneum performed well in a weaker automotive market. Global light vehicle production declined by 1 percentage point in the first half of 2026, while Autoneum achieved a 3% total growth in local currencies, of which organic revenue was 0.1%.
This means that we outperformed the global market. In the first half of 2026, Autoneum delivered a strong financial and operational performance. By executing our strategic priorities with discipline, we increased our EBIT margin to 6%, generated free cash flow of CHF 58.6 million, reduced net debt and further strengthened our balance sheet.
Across the regions, Europe, North America and SAMEA delivered strong contributions to profitability. At the same time, Asia showed solid top line momentum, while profitability was temporarily affected by integration efforts, new plant launches and continued price pressure.
We also advanced our innovation leadership in electric mobility and made tangible progress on operational sustainability, including, for example, energy efficiency initiatives that generate annual savings of more than 19,000 megawatt hours.
China remains the most competitive and fast-moving automotive market in the world. The market continues to be shaped by high volatility, intense price pressure, accelerating consolidation and the growing influence of local OEMs.
At the same time, these developments create opportunities for suppliers with the right skill, customer access and operational footprint.
In this environment, Autoneum continues to strengthen its position in China. While the market contracted in the first half of the year, our revenue in local currencies increased by more than 14%, driven by the contributions from our recent acquisitions of Jiangsu Huanyu Group and Chengdu Yiqi-Sihuan Group. These acquisitions have significantly expanded our footprint, customer access and local capabilities in China and strengthen our position as the #2 player in our market in China.
We are progressing per our plan with the integration of our recent acquisitions and realizing first synergies. This strengthens our growth platform in the world's largest automotive market, together with the recently announced 2 new plants in Wuhu and Anqing and continued business wins, including additional awards from Chery.
While continued price pressure, integration efforts and launch costs temporarily affected profitability, the strategic rationale remains fully intact. We have built a strong platform for future growth, synergies and deepened customer relationships in what has become the world's most important automotive market.
Building on our deep technology know-how and process expertise, we continue to expand our portfolio of innovative solutions for battery electric vehicles, addressing OEM requirements for safety, lightweight construction and performance. This expertise enables us to develop highly engineered solutions that combine material innovation and advanced manufacturing processes.
A strong example is our Spray Transfer Molding technology or STM. During the first half of the year, a European car manufacturer selected an Autoneum STM-based underbody shield for a new vehicle platform. This award validates STM as a next-generation lightweight composite solution for structural underbody applications and demonstrates its ability to replace conventional materials while meeting demanding performance requirements.
We are also seeing growing customer interest in our impact protection plate, which protects battery systems against impact, fire and corrosion. In the first half of 2026, we secured the first series production award for this technology from a major Japanese vehicle manufacturer in China.
This nomination represents an important milestone and further confirms the attractiveness of our shielding technologies. Together, these wins illustrate a broader trend. Customers are increasingly seeking integrated solutions that combine safety, lightweight design and performance.
With our expanding product portfolio of shielding technologies, Autoneum is well positioned to benefit from this growing demand and to further strengthen its role as a technology partner for the next generation of mobility. The second innovation example around electric mobility is our next-generation battery lid technology, which we unveiled last month at the Battery Show Europe 2026 in Stuttgart.
With this prototype, we further expanded our portfolio for electric mobility. The innovative composite design combines safety, lightweight construction and functional integration in a single component. It addresses OEMs growing demand for efficient and scalable battery housing solutions for future BEV and HEV platforms.
From a technology perspective, the battery lid enhances thermal and acoustic performance while improving the overall system efficiency of the powertrain. These innovations demonstrate how Autoneum combines its core expertise in acoustic and thermal management with the requirements of next-generation electric vehicles. And the numbers speak for themselves.
In the past 12 months, we have advanced 10 innovation projects to important development milestones and filed 12 patent family applications, of which 7 of them were in China. And last but not least, I would like to mention a recent milestone that makes us particularly proud.
Our Flexi-Light PET technology has been nominated for a 2026 PACE Pilot Award, widely regarded as one of the automotive industry's highest honors for innovation. The nomination recognizes a product that perfectly reflects Autoneum's approach to innovation. Combining outstanding performance, lightweight design and sustainability in a single solution.
Made entirely from polyester with a high share of recycled content, Flexi-Light PET delivers excellent acoustic performance while supporting circularity and end-of-life recyclability. We see this nomination as a strong validation of our innovation capabilities and are very much looking forward to the award ceremony on November 17.
Naturally, we hope to bring the trophy home to Autoneum. Our improved profitability in the first half of 2026 was supported by strong regional execution. In Europe, we continue to benefit from a strong market position, operational excellence and a loyal customer base. The region remains a key contributor to the group's profitability and demonstrates the benefits of our focus on efficiency and execution.
In North America, we maintained our disciplined approach to commercial and operational management. We continue to optimize our manufacturing footprint, including the consolidation of operations in Canada through the closure of our London plant.
At the same time, we navigated the evolving tariff environment effectively. Thanks to our local-for-local production strategy, our direct exposure remains limited, enabling the region to continue demonstrating resilience and a strong focus on value creation. In Asia, we continue to execute our growth strategy with a strong focus on integrating recent acquisitions, consolidating our footprint and realizing additional synergies.
At the same time, we further strengthened our position with Chinese OEMs and expanded our manufacturing footprint to support future growth. In SAMEA, we once again demonstrated the strength of our market position and our customer relationships. Despite operating in a highly inflationary environment, we continue to manage cost pressures proactively and effectively.
The region is also benefiting from a number of program launches secured in recent years, particularly in Turkey and South Africa, which are now ramping up production. As our most profitable region, SAMEA remains an important contributor to the group's performance, and we see significant opportunities to further expand our presence and grow the business. Across all regions, our focus remains unchanged: disciplined execution, operational excellence, customer proximity and the ability to adapt quickly to changing market conditions. These capabilities continue to support profitable growth and strengthen Autoneum's competitive position worldwide.
Our sustainability efforts continue to gain external recognition with the gold rating from EcoVadis and further progress in the CDP assessment. We are seeing tangible validation of the actions we are taking across our operations. In the first half of 2026, we continue to implement measures that improve resource efficiency and generate tangible savings.
In Scope 1, targeted efficiency measures resulted in annual fossil fuel savings of more than 11,000 megawatt hours. In Scope 2, operational excellence and technology upgrades generated around 8,000 megawatt hours of annual electricity savings. We reduced hazardous waste by more than 3,000 tons through material efficiency and waste reduction activities. Dedicated water reuse and leak detection projects are generating annual water savings of around 2,000 cubic meters across our operations. At the same time, we are advancing our decarbonization road map. Autoneum remains committed to increasing the share of renewable energy across its global operations to 25% by 2027.
As part of this road map, for instance, our Volduchy plant in Czechia recently launched a solar panel project with production scheduled to start in 2027. These initiatives demonstrate that sustainability and operational excellence go hand-in-hand. They reduce environmental impact, improve efficiency and support our long-term competitiveness.
Let me also highlight an achievement that is important for the long-term success of Autoneum. Our Swiss headquarters has once again been certified as a top employer in Switzerland in 2026. This renewed certification reflects the continued development of our people policies and our focus on creating a high-performance and inclusive work environment.
It confirms our progress in areas such as employee engagement, leadership development and organizational effectiveness. For Autoneum, a people-centric culture is not separate from business performance. It is an important enabler of execution, innovation and long-term success. By strengthening employee engagement and employer attractiveness, we also strengthen the foundations for sustainable performance across the group. And with that, I will now hand over to Bernhard, who will take you through the financial results in more detail.
Thank you, Eelco, and good morning, everyone. I'm pleased to walk you through Autoneum's financial performance for the first half of 2026. Starting with the key figures for the first half of the year. Reported revenue was broadly stable with CHF 1.15 billion compared with CHF 1.17 billion in the prior year period.
This slight decline of CHF 17 million was due to negative currency translation effects, mainly reflecting the continued appreciation of the Swiss franc. In local currencies, revenue increased both organically 0.1% and inorganically 2.9%, supported by the contribution from our 2 acquisitions in China and resilient underlying demand in Europe.
EBIT increased to CHF 69.8 million compared with CHF 61.9 million in the prior year period. The EBIT margin rose from 5.3% to 6%, which is at the upper end of the full year guidance we issued in March. The net result increased by CHF 5.6 million to CHF 46.3 million. Basic earnings per share rose to CHF 5.42 compared with CHF 5.16 in the first half of 2025.
Free cash flow amounted to CHF 59 million compared with CHF 48 million, excluding M&A effects in the prior year period. The key message is that Autoneum delivered on profitability and strong cash generation despite a subdued automotive market. This performance was supported by execution lever which are in our control, operational improvement, effective cost management and working capital discipline rather than by market tailwinds.
Let me now turn on our revenue development. Organically, revenue increased by 0.1% in the first half, outperforming the global automotive market, which declined by 1%. In local currencies, revenue increased by CHF 35 million or 3%.
Organic growth contributed CHF 0.8 million, while inorganic growth accounted for CHF 34.3 million, stemming from last year's acquisition of Jiangsu Huanyu Group and Chengdu Yiqi-Sihuan Group in China.
This positive development was more than offset by CHF 51.6 million of negative currency translation effects. As a result, reported revenue in Swiss franc declined slightly by CHF 16.6 million year-on-year. In Business Group Europe, revenue in local currencies increased by 2.1% with a positive impact from volumes and sales price changes.
This was better result than the overall market, which increased only slightly by 0.3%. Revenue in Swiss franc for the region rose to CHF 562 million in the first half from CHF 560 million in the year earlier period. In Business Group North America, revenue in local currencies declined by 3.5%, negatively impacted by lower volumes and transactional FX, among other effects. Volume were in line with the overall North American market, which fell by 0.7% in the first half due to softer demand and higher trade-related uncertainty. In Swiss franc, Business Group North America's revenue fell to CHF 377 million in the first half from CHF 421 million in the prior year period, additionally reflecting adverse currency translation effects.
Turning to Business Group Asia. Revenue in local currencies increased by 14%, driven by the acquisition in China. In contrast, the overall market fell by 0.8% due to weak domestic vehicle demand for light vehicles produced both Chinese and Western OEMs.
Consolidated revenue in Swiss franc rose to CHF 156 million in the first half from CHF 143 million a year earlier. In Business Group SAMEA, revenue in local currencies increased by 32.5%, driven by the inflation-related price adjustments and higher volumes. In contrast, the overall market in the Business Groups SAMEA fell by 6.1% in the first half due to inflation and economic uncertainty in the Middle East.
Business Group SAMEA's consolidated revenue in Swiss francs rose to CHF 68 million in the first half from CHF 55 million a year earlier. Moving on to the operating result. This bridge illustrates the improvement in Autoneum's earnings. 3 out of 4 regions contributed to the group EBIT increase. Asia was the main offset, reflecting recent integration costs and ongoing price pressure in a highly competitive market.
Group EBIT increased by nearly CHF 8 million to CHF 70 million in the first half and the EBIT margin improved to 6%. The margin improvement was driven by 3 main factors: better operational performance, disciplined price and cost management and structural measures to align capacity with demand.
These positive effects more than offset volume pressures, currency headwinds and temporary integration costs in Asia. In Business Group Europe, EBIT increased to CHF 33 million from CHF 24 million a year earlier, with the EBIT margin improving to 5.9% from 4.3%.
The improvement reflects the cumulative effect of structural measures already implemented following the consolidation of our footprint in Czech Republic, France, Germany and U.K. and tighter cost alignment. These measures are part of our broader effort to adapt capacity and cost structures to both current and expected demand levels.
In Business Group North America, EBIT rose to CHF 24 million in the first half from CHF 21.5 million a year earlier. EBIT margin increased to 6.5% from 5.1% as operational improvements and disciplined price management enabled us to offset lower volumes due to adverse market conditions.
In Business Group Asia, EBIT fell to CHF 7.9 million in the first half compared with CHF 11 million a year earlier, while the EBIT margin declined to 5.1% coming from 7.7%. Profitability was impacted by integration costs from the recent acquisitions, ongoing price pressure in the market and launch costs for the 2 new plants in Wuhu and Anqing in China.
Turning to Business Group SAMEA. Profitability remained strong in the first half. EBIT increased to CHF 9.8 million from CHF 8 million in the prior year period, with the EBIT margin remaining at a high 14.4%. This result reflects a strong operational performance and a successful price management in a region that continues to be affected by high inflation and market volatility.
Finally, EBIT fell by CHF 2.9 million for corporate and eliminations as we invested into our IT infrastructure by moving to S/4HANA, amongst other expenses. Overall, execution quality in Europe, North America and SAMEA drove the improvements in profitability.
Asia represents the main medium-term improvement lever. All 4 business groups delivered EBIT margin of more than 5% in the first half, confirming the progress we have made in strengthening our profitability in the recent years. Turning to the lower section of the income statement. The financial result amounted to minus CHF 7.1 million in the first half compared to minus CHF 7 million in the prior year period.
A higher net foreign exchange loss of CHF 1.6 million was mainly driven by less favorable valuation of lease liabilities in foreign currency. Interest expenses came in at CHF 2.2 million, lower than last year due to the decline in debt combined with the lower interest rates driven by the lower SARON and margin.
Income taxes increased by CHF 2.3 million, while the effective income tax rate was 26.2%, which is broadly comparable with the prior year period. Consequently, the net result increased by 13.7% to CHF 46 million. The portion attributable to Autoneum shareholders increased to CHF 31 million, and the basic earnings per share rose to CHF 5.42.
The main takeaways from the income statement is that the operational improvements are translating into sustainable earnings growth. Let's now focus on our cash flow. Cash flow from operating activities increased to CHF 85 million, supported by the improved net result and a favorable working capital development compared to the prior year period.
Cash used in investing activities fell to CHF 27 million in the first half because of the prior year period included a net cash outflow for the acquisition of Borgers. At the same time, capital expenditure was higher year-on-year, mainly due to the investments related into recovery at our A Rua plant in Spain following a wildfire last August that led to extensive property damage.
Free cash flow increased to CHF 59 million from CHF 16 million in the prior year period, which included M&A-related net cash outflow in the amount of CHF 32 million. Excluding M&A effects, free cash flow rose by more than 21%. The underlying free cash flow development demonstrates that the stronger earnings are not just a P&L improvement.
We have again converted this into cash. I will continue -- conclude the financial review on -- with the balance sheet. Total assets increased by CHF 43 million to [ CHF 1.81 million ] at the end of June, mainly due to FX translation effects of CHF 28.5 million. As usual, net working capital was seasonably higher in the H1 compared with the year-end '25, increasing by nearly CHF 14 million. Net debt declined by CHF 23 million to CHF 390 million, supported by our strong cash flow generation. Shareholders' equity increased to CHF 656 million, while the equity ratio edged up to 36.3%. This improvement was achieved in addition to the CHF 32 million in dividend payments to Autoneum and minority shareholders.
This stronger financial position gives us the flexibility to continue investing into our business while maintaining a disciplined capital allocation. Our priorities remain clear: improving operational performance across our global footprint, advancing innovation in acoustic, thermal and shielding technologies and generating synergies from our acquired business in the strategically important Chinese market.
With that, I will hand back to Eelco, who will take you through the market outlook and the guidance.
Thank you, Bernhard. So the financial results you have just presented provide a strong foundation for the next phase of our strategic journey. We improved our profitability, strengthened cash generation and further enhanced our financial resilience. I will now turn to the market outlook and our guidance for 2026.
Looking at the market environment, global light vehicle production is expected to remain under pressure in 2026. According to the latest July 2026 forecast from Mobility Global, global vehicle production is expected to reach approximately 91 million units, representing a decline of just above 2% compared to 2025.
The first half of the year remains soft with production of 44.8 million vehicles. Looking ahead, production is expected to improve to more than 46 million vehicles in the second half, an increase of 3.6% compared to the first 6 months of 2026. However, this does not mean that the market environment will become easy. The oil price remains an unpredictable external factor.
Regional developments will be uneven. Europe and North America are expected to remain broadly stable, while China and other regions continue to face a more challenging environment. For Autoneum, this means that we will continue to focus on what we can control, disciplined cost management, operational excellence, pricing discipline and the realization of synergies from our expanded footprint in China.
Based on our strong first half performance and the expected market development for the remainder of the year, we are improving our guidance for 2026. We reaffirm our full year revenue guidance of CHF 2.2 billion to CHF 2.4 billion. We are increasing our EBIT margin guidance to a range of 5.7% to 6.2%, and we are increasing our free cash flow guidance to more than CHF 110 million.
This improved guidance reflects the progress we have made through disciplined execution, operational excellence and stronger profitability across the whole group. In the first half of 2026, we increased our EBIT margin to 6% compared with 5.3% in the prior year period, while maintaining strong cash generation.
At the same time, we remain mindful of market uncertainty, regional volatility and continued price pressure, particularly in relation to the oil price, raw materials and the competitive environment in China. We will, therefore, continue to manage the business with discipline and agility.
This brings me to the end of our presentation. To summarize, Autoneum delivered a strong first half of 2026. We outperformed global market development organically, increased our EBIT margin to 6%, generated a free cash flow of more than CHF 58 million and further reduced net debt.
We made further progress in China, advanced our innovation portfolio for electric mobility, implemented tangible sustainability measures and strengthened our position as an attractive employer.
Looking ahead, we remain cautious and focused on our execution. With our improved guidance, we confirm our confidence in Autoneum's ability to deliver resilient performance in a demanding environment. Thank you for your attention.
Autoneum — Q4 2025 Earnings Call
1. Management Discussion
Ladies and gentlemen, welcome to Autoneum's 2025 Earnings Call. Thank you for joining us today. I will begin with a brief review of our business performance in 2025, highlight our key achievements and then hand it over to our CFO, Bernhard Wiehl, who will walk you through the financial results in more detail. After that, I will return to outline our outlook for 2026 before we open the floor for Q&A. Please note that this conference will be recorded. We therefore, ask you not to make any recordings.
2025 was another demanding year for the global automotive industry. Market developments diverged strongly by region, volatility remained high and structural change continued to shape our customers' priorities. Against this backdrop, Autoneum delivered a resilient and high-quality performance. We achieved our full year guidance, strengthened profitability year-on-year and once again generated solid free cash flow, exceeding expectations.
Let me go briefly into detail about our overall performance indicators. Despite diverging global market developments, Autoneum delivered resilient revenue growth in 2025. Revenue in local currencies increased to CHF 2.39 billion, supported by 6.4% of inorganic growth. At the same time, we achieved a strong order intake for the second year in a row, underlining the sustainability of our growth momentum.
Profitability further improved year-on-year. Our EBIT margin increased to 5.5%, and the net result rose by more than 14%, reflecting continued operational and financial improvements across the group. Based on this performance, the Board of Directors proposes a distribution to shareholders of CHF 3.20 per share compared to CHF 2.80 in the prior year.
We also made clear progress toward our sustainability benchmarks. In 2025, we reduced Scope 1 and 2 emissions by 5.3%, lowered water withdrawal by 8.7% and generated 1,743 tons less waste year-on-year. These efforts were once again recognized externally with EcoVadis Gold status and the CDP A rating.
Growth in Asia accelerated significantly. Revenue in local currencies increased by more than 73%, driven by the 2 major acquisitions in China that expanded our access to leading local OEMs and accelerated regional development. As a result, 20% of our 2025 group order intake now comes from the Chinese OEMs, confirming the strategic relevance of this customer group for Autoneum.
Finally, we continue to advance sustainable innovations across our portfolio. In 2025, we expanded sustainable products groups with new innovations such as NJOINT1, Flexi-Light PET and BEV-focused E-Fiber technologies, including flame shields and impact protection plates. At the same time, we strengthened our innovation capabilities through the Shanghai R&D center, reinforcing our ability to develop customer-relevant solutions close to key growth markets.
This performance was not driven by short-term measures. It reflects strategic decisions taken early and executed consistently. Three factors made the difference in 2025. First, we continue to optimize our footprint and cost structure, aligning capacity with market demand.
Second, we maintained firm but fair price management across all regions. And third, we consistently translated operational improvements into margin expansion. The implementation of our company strategy Level Up is on track and moving full speed forward.
Order intake. Order intake was one of the key highlights for 2025 and remains our most forward-looking performance indicator. In 2025 alone, new business awards amounted to CHF 536 million in annual sales. This corresponds to approximately CHF 3.1 billion in lifetime revenue, including the new business awards coming from our new companies in China.
As mentioned earlier, almost 20% of the group's order intake in 2025 came from our Chinese OEMs. This strong order intake underlines how well Autoneum is positioned with its customers as a market and technology leader and represents a decisive step towards our long-term sales ambition. Order intake was well balanced across all regions and all product families as well as continued strong momentum in commercial vehicles, underlining the strategic importance of this segment.
Sustainability is a core pillar of our Level Up strategy and an area where we clearly aim to set the benchmark in our industry. In 2025, we made measurable progress across all key dimensions. We reduced water withdrawal by more than 8% year-on-year and implemented 140 eco-efficiency projects across our global footprint, targeting energy consumption, waste reduction and water efficiency.
At the same time, we continue to scale circular materials in our products. In 2025, Autoneum used more than 25,000 metric tons of recycled PET, reinforcing our leadership in monomaterial and recyclable solutions for vehicle interiors and exteriors. Our progress is also reflected in external recognition. As mentioned before, we achieved again an EcoVadis Gold status and received a CDP A rating, confirming our strong performance in environmental management and transparency compared to our peers.
Sustainability at Autoneum goes beyond environmental metrics. We were once again recognized as a top employer 2025, highlighting our commitment to a people-centric culture and responsible leadership in our key markets. For us, sustainability is not a compliance exercise and not a trade-off against profitability. It is a real competitive advantage that increasingly influences customer decisions, strengthens long-term partnerships with our OEMs and supports resilient value creation.
Let me now briefly look at our regional performance. 2025 was characterized by diverging regional market dynamics. What clearly made the difference for Autoneum was disciplined execution and region-specific steering. In Europe, markets stabilized after several years of decline, creating a more predictable environment. Through strict cost control and continued footprint optimization, we improved our EBIT margin to 5.3% and laid the groundwork for future recovery while continuing to position the region for BEV-driven opportunities, leveraging our lightweight and sustainable technologies.
We are confident and see further continuous improvement potential for the region of Europe. In North America, early demand strength was followed by a softer second half year, influenced by trade uncertainties like tariffs and decreasing volumes. Despite this, we increased our EBIT margin to 5%, driven by operational improvements and in strengthened cost base. This confirms the resilience of our turnaround and our ability to protect margins even in a less supportive market environment.
Asia was our strongest growth region in 2025. Revenue increased by more than 73% in local currencies, reflecting the impact of our China acquisitions, which significantly expanded our access to local OEMs and strengthened our regional development capabilities. Asia is now a key driver of above-market growth and an integral part of our global strategy.
In SAMEA, we delivered a stable and highly profitable performance despite a challenging inflationary environment. With an EBIT margin of 12.8%, the region once again demonstrated the strength of disciplined cost management and operational stability and local execution excellence.
Across all regions, we continued to advance our Level Up strategy consistently. This regional execution capability is a key reason why Autoneum can deliver resilient performance in diverging markets.
With that, I would now like to hand over to Bernhard Wiehl, our Chief Financial Officer, who will guide you through Autoneum's financial results for the year 2025 in more detail. Bernhard, please go ahead.
Thank you, Eelco, and good morning, everyone. I'm very pleased to walk you through Autoneum's financial performance for the year 2025. While market conditions remained challenging in several regions, we could once again deliver a solid profitability, cash flow and order intake.
I will now provide more details on Autoneum's key figures in 2025. Let me start with our revenue development. In local currencies, revenue increased by CHF 55 million to almost CHF 2.4 billion, right in the middle of our 2025 guidance. The main driver was 2 acquisitions in China. They contributed inorganic growth of 6.4%. In Swiss francs, revenue decreased by 2.1% to close to CHF 2.3 billion, driven by the strong Swiss franc, which led to a negative currency translation effect of CHF 103 million.
Note that the biggest impact came from the U.S. dollar, the Mexican peso and the Chinese renminbi. On an organic basis, which excludes currency translation and fluctuations, the M&A impacts, group revenue declined by 4.1%. This reflects weaker production volumes in several key regions and ongoing structural market shifts in China from Western and Japanese OEMs towards Chinese car manufacturers.
In Business Group Europe, revenue declined by 8.3% to just under CHF 1.1 billion. In local currencies, revenue fell by 7.6% or CHF 87 million. This result was mainly driven by 3 factors. First, production volumes in the region declined by 1.1% in 2025. Second, we are still experiencing some late impact from the Borgers acquisition. In the period before Borgers' insolvency in late 2022, Borgers was awarded only on limited amount of new business. This is reflected in our lower revenue from the former Borgers business in 2025. This impact will disappear over time as we pursue and secure new awards for the attractive Borgers product portfolio.
The third and final factor is our focus on profitable growth. It means we carefully choose which business awards to pursue and avoid projects that don't meet our profitability or return standards, even if they could boost short-term volume. These 3 factors also weighed on the performance of Business Group North America where revenue declined by 8.9% to CHF 806 million, a CHF 27 million or 3% organic decline in revenue. This was slightly more than the overall market, which declined by 1.2% aimed trade policy uncertainty.
Turning to Business Group Asia. Revenue rose strongly to 74% in local currencies, reaching CHF 326 million, fueled by 2 acquisitions in China. Organically, revenue fell by CHF 4.1 million or 2.1%, mainly because our largest customers in China, Western and Japanese OEMs continued to lose market share to their Chinese rivals. Going forward, we expect to reduce our exposure to OEM mix changes in the China market, thanks to our 2 strategic acquisitions that have significantly improved our access to Chinese OEMs.
In Business Group SAMEA, we once again delivered a strong revenue growth in local currencies of 17.7% or CHF 21.5 million. This was preliminarily driven by the significant price increase agreed with customers to compensate for very high inflation on several countries. From a volume perspective, this business group developed broadly in line with the steady market.
Let me now turn on our operating results. The group's EBIT margin increased further in 2025, reaching a 5.5% compared to 5.3% the year before. In line with our Level Up strategy to enhance cost competitiveness with a dynamic global market environment, we made structural adjustments in our European footprint and implemented reductions in head count across all regions. These measures, combined with the disciplined cost management, enable us to achieve an improved EBIT margin.
We view this outcome as a noteworthy success, especially given the performance of our peers and the challenging market conditions. Despite lower revenue in Business Group Europe was almost able to maintain its EBIT, which fell by just CHF 1.8 million in 2025. The region's EBIT margin rose by 0.3 percentage points to 5.3%, reflecting ongoing resilience.
This progress resulted from our commitment to operational excellence and the ongoing optimization of our regional footprint to better align our cost base and manufacturing setup with current and expected regional demand, while strengthening efficiency competitiveness and long-term sustainability. In the U.K., for example, the plant in Halesowen was closed and its activities relocated.
While the Heckmondwike site was also shut down to better align capacity with the market demand. Additionally, we reduced our head count in France, Germany, the Czech Republic and in Spain. While we incurred one-off charges in 2025, these actions are expected to deliver recurring savings, strong operational leverage and a sustainable uplift to EBIT from 2026 onwards.
Additionally, the sale of real estate in France generated a book gain in 2025. In Business Group North America, we made further strong progress. Our EBIT grew by CHF 8.2 million with the EBIT margin reaching 5%, now at the lower end of our target range for the business group. Relatively stable production volumes, efficiency gains such as lower scrap and higher labor efficiency as well as improved supply chain management all contributed to this encouraging development.
In Business Group Asia, EBIT increased by CHF 7.6 million, mainly due to the 2 acquisitions in China. The EBIT margin declined to 7.6% from 8.6% in the prior year. As we explained last year, the acquired business in China are dilutive to the Business Group Asia's EBIT margin, largely due to the additional amortization charges on assets capitalized as part of the PPA.
However, the acquisitions are still accretive to the group's EBIT margin. After an exceptionally strong year in 2024, Business Group SAMEA's EBIT fell by CHF 2.2 million. While the EBIT margin declined to 12.8%, it remains remarkably robust given the challenging economic conditions in the countries in which we operate. thanks to our disciplined cost management and effective inflation mitigation.
For Corporate & eliminations, EBIT fell by CHF 10 million, mainly due to 2 factors. First, lower revenue in Europe and North America affected the level of earnings from the group charges. Second, we had expenses related to the acquisitions in China. Overall, we achieved an increase in our group EBIT and EBIT margin, thereby successfully delivered on our full year guidance.
Now I would like to turn our income statement. We have already discussed revenue and EBIT, so we can start right away with the group's financial result of minus CHF 17.9 million, a significant improvement over the prior year. Interest expenses were reduced by CHF 3.2 million, benefiting from lower money market rates and reduced credit margins.
The largest positive impact, however, came from the less negative foreign currency loss, mainly driven by valuation gains in 2025 on lease liabilities denominated in foreign currencies, particularly in Mexico and in Czech Republic. Overall, net foreign exchange losses were almost CHF 8 million less than in the prior year, falling to CHF 2.4 million.
Additionally, the net loss on the net monetary position from hyperinflation accounting decreased to CHF 2.2 million compared to CHF 4.9 million in the previous year. Income tax expenses increased by around CHF 4 million in absolute terms, while the tax rate of 26.5% remains on a level comparable to the prior year. Consequently, the group's net result improved once again year-on-year by 14.6% to CHF 80.2 million. Basic earnings per share rose by 15.2% to CHF 10.34.
Now we come to my favorite. As you can see on the -- we achieved another year of strong cash generation in 2025. Our group's free cash flow, excluding M&A effects, increased to CHF 121 million, an improvement of CHF 11 million. This is particularly noteworthy given we have implemented structural adjustments that impacted our cash flow. It confirms our resilience of our operating model and our ability to generate strong and sustainable cash flows over time.
The higher net result and slightly lower investments in tangible assets in certain regions positively contributed to this result. However, net working capital was somewhat above previous year's level. This is mainly due to the strong order intake, which led to higher tooling inventories as well as the accrual for the unpaid insurance recoveries from the wildfire incident in Spain in August of last year.
Cash flows used in investing activities includes a CHF 54 million net cash outflow related to the acquisition of Jiangsu Huanyu Group and Chengdu Yiqi-Sihuan in China. Even including all these items, free cash flow came still in at a solid CHF 67 million.
Our strong profitability and cash generation also had a positive impact on the balance sheet, with the group's total assets reaching almost CHF 1.8 billion at the end of December. As a reminder, with 76 of 77 production activities located outside Switzerland, most of our assets are held in subsidiaries, denominated in currencies other than Swiss francs. This exposes our balance sheet to currency fluctuation, which are clearly visible as of December 31, 2025. For example, our total assets lost CHF 108 million in value due to the strong Swiss franc and shareholders' equity dropped by close to CHF 48 million for the same reason.
It's also important to note that the acquisition in China impacted almost all balance sheet items as shown in the table's M&A column. Nevertheless, the shareholders' equity ratio still exceeded 45%, considering the negative currency effect and the acquisition in China, this represents a moderate decline of 1.9 percentage points compared to the prior year-end 2024.
Turning to net debt. It remained almost stable year-on-year despite a significant impact from our 2 acquisitions in China and the dividend paid during the period. As we already discussed, free cash flow amounted to CHF 121 million and provided a strong underlying offset of these cash outflows. M&A consideration paid totaled to CHF 65 million and relates to the acquisition of the 70% majority stake of Huanyu Group and the full ownership of Yiqi-Sihuan. In addition to the purchase consideration, we assumed approximately CHF 36 million of net debt from the acquired Chinese legal entities.
Dividends paid in 2025 amount to CHF 31.4 million in total, including distributions to Autoneum shareholders and to minority shareholders in our joint ventures. Finally, with the strengthening Swiss franc had a negative impact on our P&L, it helped to reduce net debt with a positive impact of CHF 14 million. This is mainly driven by the lease liabilities denominated in U.S. dollar and in euro as well as some smaller bank debts denominated in Chinese renminbi.
Let me conclude with a look on our leverage, one of our key financial KPIs for the medium term. As a reminder, we are targeting net debt to EBITDA of less than 1.5x. As you can see on this slide, we have continuously improved the net debt-to-EBITDA ratio since 2022 through disciplined cash flow management and sustained profitability improvements. Despite the acquisitions in China, we increased our debt levels, we maintained the ratio at 1.6x in 2025, which is already very close to our midterm target.
In conclusion, this financial strength, our technological expertise and our reputation as a reliable supplier form a solid foundation for Autoneum's future. It supports both our organic growth ambitions and leaves some room for selective strategic transactions should attractive opportunities arise.
Thank you, and I will hand now back to Eelco.
Thank you, Bernhard, for the detailed overview. As you have seen, our financial results clearly reflect the progress we have made over the past year in terms of profitability, cash generation and balance sheet strength despite a challenging and volatile market environment.
Let me now turn to our outlook for 2026 and outline how we plan to build on this solid foundation as we move forward. Our focus in 2026 will remain firmly on execution of our Level Up strategy with clear priorities. Our growth ambition remains selective and profitable. We will continue to focus on high-quality order intake, prioritizing programs that meet our margin and cash flow requirements.
A key growth lever will be the global expansion with Chinese OEMs, building on the strong momentum we achieved in 2025. At the same time, we will further strengthen our position in commercial vehicles, where demand dynamics and content per vehicle offer attractive growth opportunities. We will continue to integrate our recent acquisitions and actively evaluate additional M&A opportunities where they create strategic value.
Growth for Autoneum is not about volume alone. It is about value-accretive growth. In a volatile and structurally changing market environment, cost discipline remains a decisive success factor. In 2026, we will continue to actively manage our footprint, adjust capacity where needed and ensure that our cost base remains fully aligned with market conditions.
We will further optimize SG&A structures, leverage scale effects and continue to improve productivity across our operations. At the same time, we will increasingly use digitalization and AI-based solutions to streamline processes and enhance operational efficiency.
Our objective is clear: to drive margins and cash generation even in a softer market environment while actively preparing for profitable growth. We also continue to actively shape our product portfolio toward long-term structural trends such as electrification, lightweight construction, recyclability and thermal efficiency.
In 2026, we will further expand our offerings for battery electric vehicles and trucks and accelerate the industrialization of cost efficient and sustainable solutions. Innovation remains a key value driver, supported by our global research and technology footprint, including the R&D center in Shanghai, which enhances customer proximity and speeds up development.
Sustainability is another core differentiator with continued scaling of recyclable and low-emission solutions alongside progress on our zero waste and zero CO2 road maps as detailed in our 2025 corporate responsibility report, which was also published today.
Finally, execution excellence is underpinned by engaged teams with continued investments in leadership and a strong culture of accountability and collaboration. Looking ahead to 2026, our focus is very clear. We will continue to execute profitable growth and efficiency actions across all regions, fully aligned with our Level Up strategy. In Europe, our priorities are continuously centered on operational discipline, improvement of plant utilization and cost measures.
We will carry on pursuing for truck and BEV-driven opportunities as well as leveraging our lightweight and sustainable technologies while ensuring that the cost base remains fully aligned with market conditions. In North America, our improved cost base provides margin resilience. In 2026, we will further strengthen operational stability and focus on continued footprint optimization and structural adjustments.
The focus remains firmly on execution and margin protection. Asia will continue to be a key growth driver. In 2026, we will fully leverage our 2025 acquisitions further strengthening customer access and launch local innovations to enable above-market growth.
At the same time, we will continue to integrate our businesses in a disciplined manner, ensuring that growth is profitable and sustainable. In SAMEA, our priority remains managing highly inflationary markets to secure our strong margin profile. Disciplined cost management and operational stability will continue to be the foundation for resilient performance in this region. Taken together, this action plan reflects our commitment to disciplined performance, regional accountability and consistent execution, the key levers for delivering sustainable value creation in 2026 and beyond.
Let me address our medium-term outlook. We have adjusted our revenue ambition to reflect currency effects, most notably the continued strength of the Swiss franc. Compared to our original 2024 assumptions, currency translation reduces our midterm revenue outlook by around CHF 300 million, resulting in an updated revenue target of CHF 2.7 billion at the current February 2026 exchange rates.
In addition, we factor in a reduction of around CHF 100 million due to weaker underlying market development. This impact is, however, fully offset by approximately CHF 100 million of outperformance versus the market, driven by our organic and inorganic growth.
As a result, our updated revenue ambition reflects both a more cautious market view and our ability to outperform on our growth ambition. Importantly, our fundamentals remain very strong. Supported by both organic and inorganic growth, we expect to outperform the market while our medium-term targets remain fully intact, an EBIT margin of 6% to 8%, free cash flow of at least 5% of revenue and a net debt-to-EBITDA below 1.5x. In addition, we remain firmly on track to deliver on our 2027 sustainability commitments, including a 20% reduction in Scope 1 and Scope 2 CO2 emissions and a 40% reduction in nonhazardous waste compared to the 2019 baseline.
Before turning to our outlook and our guidance, let me briefly address the market environment for 2026. According to the latest industry forecast, the global automotive market is expected to stay flat in 2026. Production volumes are anticipated to decline in the first half of the year, followed by a recovery in the second half, resulting in a small overall decrease on a global level.
The picture remains regionally diverse. In Europe and North America, we continue to see ongoing differences driven by ongoing trade uncertainties, cost inflation and a more cautious consumer environment. In China, domestic production is expected to moderate, while Chinese OEMs continue to expand their international footprint, particularly across Asia and other global markets.
Looking ahead, the outlook for 2027 appears more constructive, supported by stabilizing macroeconomic conditions and a gradual recovery in vehicle production. Autoneum enters this environment with a more competitive cost base, a clear strategic focus and a resilient business model.
As our products are not tied to a specific powertrain or drivetrain technology, we are well positioned to manage volatility across different market scenarios. Our strong regional execution, diversified product portfolio, continued emphasis on operational excellence, improvement of plant utilization, footprint and headcount optimization position us well to navigate this volatile market while continuing to deliver profitability and free cash flow.
Let me now turn to our outlook for 2026. As mentioned, according to the latest market forecast, global light vehicle production is expected to basically remain flat in 2026 with continued pressure in Western markets. Against this backdrop, we expect group revenue of CHF 2.2 billion to CHF 2.4 billion in 2026. Based on this revenue range, we anticipate an EBIT margin of 5.5% to 6.1% and a free cash flow of more than CHF 100 million. Thank you very much. Goodbye.
Thanks a lot.
Financial data from Autoneum
Revenue
Revenue is the sum of all sales generated by a company, e.g. for its products or services.
Revenue (TTM) metric explainedDirect Costs
Direct costs are the costs incurred directly in connection with the manufacture of the product or service.
Gross Profit
Gross Profit indicates how much of the revenue remains in the company after deducting direct production costs. If the percentage share of sales is calculated, this is referred to as the gross margin.
Gross Profit metric explainedSelling and Administrative Expenses
Selling, general and administrative expenses (SG&A) include all expenses for marketing and sales as well as the general administration of the company.
Research and Development Expense
Research and development costs (R&D) provide information on how much the company invests in the research and development of its products. The costs are particularly interesting as a percentage of revenue and in comparison to direct competitors.
EBITDA
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is the company's earnings before interest, taxes, depreciation and amortization. The EBITDA margin is calculated as a percentage of sales.
Depreciation and Amortization
Depreciation represents reductions in the value of the company's assets (e.g. due to wear and tear on machinery).
EBIT (Operating Income)
EBIT (Earnings Before Interest and Taxes) is the company's profit before interest and taxes, also known as the operating income. The EBIT Margin is calculated as a percentage of sales at
.
Net Profit
Net Profit represents the profit or loss after deduction of all costs.
Net Profit metric explainedStocksGuide Premium
| Jun '26 |
+/-
%
|
||
| Revenue | 2,274 2,274 |
1%
1%
100%
|
|
| - Direct Costs | 979 979 |
0%
0%
43%
|
|
| Gross Profit | 1,295 1,295 |
2%
2%
57%
|
|
| - Selling and Administrative Expenses | 691 691 |
2%
2%
30%
|
|
| - Research and Development Expense | - - |
-
-
|
|
| EBITDA | 265 265 |
8%
8%
12%
|
|
| - Depreciation and Amortization | 130 130 |
5%
5%
6%
|
|
| EBIT (Operating Income) EBIT | 135 135 |
11%
11%
6%
|
|
| Net Profit | 62 62 |
14%
14%
3%
|
|
In millions CHF.
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Autoneum Stock News
Company Profile
Autoneum Holding AG engages in the provision of acoustic and thermal management solutions for vehicles. The company is headquartered in Winterthur, Zuerich and currently employs 15,349 full-time employees. The company went IPO on 2011-05-13. The company provides solutions for noise reduction and heat management for light vehicle and heavy truck manufacturers. In addition, the Company offers measurement systems for automotive acoustics. The company supplies solutions, systems and products for the entire vehicle: engine bay, passenger compartment, trunk, body-in-white and exterior of motor vehicles. Its products include interior trims, interior floors, trunk flooring, spacers, under engine shields, heat shields, dampers and stiffeners, among others. The firm is present in Europe and North America, South America and Asia, excluding Japan. The company operates through its own non-listed affiliated companies or represented by its joint ventures and licensees. In July 2013, it has divested its subsidiary Autoneum Italy SpA. In September 2013, together with Auto Interior Products, the Company founded Summit & Autoneum Ltd in Thailand.
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| Head office | Switzerland |
| CEO | Mr. Spoelder |
| Employees | 16,407 |
| Website | www.autoneum.com |
