Company Valuation: Roche Holding AG

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 306,810 239,812 197,073 205,191 262,098 265,464 - -
Change - -21.84% -17.82% 4.12% 27.73% 1.28% - -
Enterprise Value (EV) 1 324,977 255,396 215,772 222,528 278,258 275,921 269,247 261,573
Change - -21.41% -15.51% 3.13% 25.04% -0.84% -2.42% -2.85%
P/E 23.4x 18.9x 17.1x 24.8x 20.5x 17.7x 16.6x 15.3x
PBR 13.2x 8.29x 5.91x 5.67x 7.8x 6.59x 5.56x 4.73x
PEG - -3.69x -2.48x -0.9x 0.4x 1x 2.4x 1.81x
Capitalization / Revenue 4.89x 3.79x 3.36x 3.39x 4.26x 4.24x 4.08x 3.89x
EV / Revenue 5.17x 4.04x 3.67x 3.68x 4.52x 4.41x 4.13x 3.84x
EV / EBITDA 13.2x 10.2x 9.82x 9.45x 11.3x 10.8x 9.91x 9.09x
EV / EBIT 14.8x 11.5x 11.2x 10.7x 12.7x 12.2x 11.1x 10.2x
EV / FCF 20.7x 19.6x 19.1x 14.5x 23.6x 17.8x 16.5x 14.8x
FCF Yield 4.83% 5.11% 5.23% 6.89% 4.24% 5.63% 6.07% 6.75%
Dividend per Share 2 9.3 9.5 9.6 9.7 9.8 10.01 10.25 10.52
Rate of return 2.45% 3.27% 3.93% 3.8% 2.99% 3.01% 3.08% 3.16%
EPS 2 16.2 15.37 14.31 10.31 16.04 18.77 20.06 21.76
Distribution rate 57.4% 61.8% 67.1% 94.1% 61.1% 53.4% 51.1% 48.4%
Net sales 1 62,801 63,281 58,716 60,495 61,516 62,543 65,120 68,207
EBITDA 1 24,692 25,015 21,976 23,538 24,608 25,445 27,156 28,777
EBIT 1 21,897 22,173 19,240 20,823 21,833 22,564 24,162 25,698
Net income 1 13,930 12,421 11,498 8,277 12,880 15,213 16,260 17,443
Net Debt 1 18,167 15,584 18,699 17,337 16,160 10,457 3,783 -3,891
Reference price 2 379.10 290.50 244.50 255.50 328.20 332.80 332.80 332.80
Nbr of stocks (in thousands) 800,952 800,579 798,652 796,789 796,317 795,618 - -
Announcement Date 2/3/22 A 2/2/23 A 2/1/24 A 1/30/25 A 1/29/26 A - - -
1CHF in Million2CHF
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
35.95x13.06x26.6x0.55% 1,097B
27.63x6.35x17.27x2.06% 622B
31.37x7.5x15.34x2.72% 449B
23.74x4.94x14.01x1.76% 294B
21.75x5.59x13.5x2.83% 286B
13.9x5.17x10.63x3.6% 213B
23.5x6.26x11.01x2.8% 195B
-45.11x5.46x30.35x2.57% 157B
11.4x3.03x7.39x7.19% 139B
Average 16.01x 6.37x 16.23x 2.9% 383.49B
Weighted average by Cap. 24.90x 8.20x 18.83x 2.07%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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  5. Valuation Roche Holding AG