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Swiss-Irish company that bakes and supplies frozen bakery products (breads, pastries) to retailers and food-service customers.
Swiss-Irish company that bakes and supplies frozen bakery products (breads, pastries) to retailers and food-service customers.
Bakes in bulk for businesses, not shoppers: restaurant chains, cafes and grocers buy frozen or part-baked bread and pastry that they finish and sell in their own stores. After years of heavy debt it sold off non-core units and now concentrates on frozen bakery, a volume business where plant utilisation and ingredient costs decide results.
In one line: A B2B frozen-bakery supplier like a smaller Flowers Foods.
Moat: none (scale, distribution). Scaled frozen-bakery manufacturing footprint, but the category is low-margin and the company has a history of financial distress.
Headquarters: Zurich, Switzerland · Founded: 1969
Size Aryzta (ARYN.SW) is a Switzerland Consumer Staples company (Food Retail) with a market value of $1.28B, the 114th largest of 158 Switzerland companies the cockpit tracks. Shares closed at CHF 42.15 on 6 Nov 2026.
Performance Over six months the shares fell 26.1%, against -5.0% for the median peer and +11.6% for the Switzerland market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue fell 2.9% over the last twelve months (peer median +2.8%); the operating margin is 7.4% (peer median 3.1%).
Valuation It trades at 13.0× forward earnings against a peer median of 15.5× (7th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about -7% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.6 points above its cost of capital (5.0% WACC).
Next results Next results expected around 1 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CHF 2.04B | CHF 2.08B | CHF 2.09B | CHF 2.09B | CHF 1.83B |
| Revenue growth | — | 0% | 0% | +14% | — |
| Gross profit | CHF 648M | CHF 659M | CHF 689M | CHF 670M | CHF 559M |
| EBITDA | CHF 274M | CHF 287M | CHF 305M | CHF 275M | CHF 179M |
| Net income | CHF 97.3M | CHF 98.9M | CHF 95.4M | CHF 65.9M | -CHF 45.1M |
| Free cash flow | CHF 157M | CHF 161M | CHF 206M | CHF 254M | CHF 122M |
| Capital expenditure | CHF 89.9M | CHF 91.9M | CHF 89.8M | CHF 89.2M | CHF 93.1M |
| Total debt | n/a | CHF 665M | CHF 877M | CHF 904M | CHF 1.17B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Aryzta ARYN.SW | $1.28B | -26% | -3% | 7% | 13.0× | -6.6% |
| Flowers Foods FLO | $1.42B | -20% | +2% | 6% | 8.8× | -7.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ARYN.SW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.9% | +2.7% | 5th highest of 21 |
| 6-month return | -26.1% | -5.0% | 2nd lowest of 21 |
| Distance from 52-week high | -34.9% | -14.9% | 5th lowest of 21 |
| Revenue growth (TTM) | -2.9% | +2.8% | 3rd lowest of 20 |
| Operating margin | 7.4% | 3.1% | 3rd highest of 20 |
| Forward P/E | 13.0× | 15.5× | 7th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -6.6% | -2.6% | 9th least demanding of 19 |
| Growth delivered (Del g) | +3.0% | +3.5% | 9th lowest of 19 |
| Hurdle (Req g minus delivered) | -9.6 pp | -7.6 pp | 9th least demanding of 19 |
| ROIC minus cost of capital | +5.6 pp | +2.0 pp | 7th highest of 21 |
| EV / EBITDA | 6.5× | 5.9× | 3rd most expensive of 8 |
| Net debt / EBITDA | 2.7× | 0.8× | 3rd most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Aryzta ARYN.SW | Switzerland | $1.28B | -26% | -3% | 7% | 13.0× | -6.6% | +3.0% |
| Arcs 9948.T | Japan | $1.27B | +5% | +2% | 3% | 15.9× | -10.6% | +2.4% |
| Grocery Outlet GO | United States | $1.29B | +59% | +5% | 4% | 21.6× | 4.4% | +8.4% |
| Chongqing Chongbai Technology 600729.SS | China | $1.26B | -9% | -11% | 4% | 11.3× | -10.4% | -6.9% |
| Valor 9956.T | Japan | $1.25B | -6% | +9% | 3% | 8.8× | -2.7% | +4.8% |
| Taiwan FamilyMart 5903.TWO | Taiwan | $1.23B | -4% | +7% | 2% | 23.4× | -2.4% | +5.2% |
| San-a 2659.T | Japan | $1.22B | -2% | +6% | 7% | 16.4× | -12.3% | +3.9% |
| Better Life Commercial Chain Share 002251.SZ | China | $1.34B | -19% | +11% | 5% | 42.1× | 10.8% | -23.1% |
| Life 8194.T | Japan | $1.43B | +1% | +3% | 3% | 12.1× | -11.0% | +3.0% |
| Fuji 8278.T | Japan | $1.11B | -1% | -1% | 1% | n/a | 2.6% | +20.9% |
| Ingles Markets IMKTA | United States | $1.53B | -5% | +1% | 3% | n/a | -1.4% | +3.0% |
| Yesway YSWY | United States | $1.56B | -4% | n/a | n/a | 21.2× | n/a | n/a |
| Toly Bread 603866.SS | China | $1.01B | -15% | -2% | 8% | 24.1× | 0.5% | -1.8% |
| Chengdu Hongqi Chain 002697.SZ | China | $1.01B | -5% | -1% | 5% | 14.3× | -17.5% | +1.1% |
| United Super Markets 3222.T | Japan | $999M | -7% | +11% | 0% | n/a | 31.5% | +5.6% |
| Jiangxi Guoguang Commercial Chains 605188.SS | China | $908M | -26% | +3% | 1% | n/a | 27.5% | +4.6% |
| BGF Retail 282330.KS | South Korea | $1.82B | +9% | +5% | 3% | 10.8× | -18.3% | +7.9% |
| Jiajiayue 603708.SS | China | $874M | -12% | 0% | 2% | 25.6× | -12.7% | +1.5% |
| Axial Retailing 8255.T | Japan | $865M | +30% | +3% | 4% | 15.1× | -10.9% | +2.9% |
| BELC 9974.T | Japan | $852M | -8% | +5% | 4% | 10.7× | n/a | n/a |
| WH Smith SMWH.L | United Kingdom | $851M | -10% | -31% | 8% | 11.0× | 9.1% | +8.8% |