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World's largest B2B chocolate and cocoa manufacturer, supplying chocolate to food companies, bakers and confectioners.
World's largest B2B chocolate and cocoa manufacturer, supplying chocolate to food companies, bakers and confectioners.
Sells chocolate and cocoa products to food companies by volume under contracts that largely pass cocoa and sugar costs on to the buyer, so earnings follow tonnes sold and processing margin rather than the cocoa price alone. Major confectioners outsource part of their chocolate making to it. Jacobs Holding, a family investment company, is the largest shareholder.
In one line: No direct US peer; the largest global cocoa/chocolate B2B supplier.
Moat: narrow (scale, process know-how, customer qualification). Largest global cocoa-processing/chocolate manufacturing scale gives cost and sourcing advantages over smaller rivals.
Headquarters: Zurich, Switzerland · Founded: 1996 · Employees: 13,138
Size Barry Callebaut (BARN.SW) is a Switzerland Consumer Staples company (Food: Specialty/Candy) with a market value of $8.33B, the 36th largest of 158 Switzerland companies the cockpit tracks. Shares closed at CHF 1,240 on 6 Nov 2026.
Performance Over six months the shares gained 4.8%, against +0.5% for the median peer and +11.6% for the Switzerland market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 9.4% over the last twelve months (peer median +6.4%); the operating margin is 4.6% (peer median 11.0%).
Valuation It trades at 23.7× forward earnings against a peer median of 16.2× (6th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is -25 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.6 points above its cost of capital (5.0% WACC).
Credit Barry Callebaut has 8 bonds outstanding ($3.20B), rated BBB- by the agencies and trading like BBB+ at a weighted spread of 107 bp.
Next results Next results expected around 15 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CHF 14.3B | CHF 14.8B | CHF 10.4B | CHF 8.47B | CHF 8.09B |
| Revenue growth | — | +42% | +23% | +5% | — |
| Gross profit | CHF 1.43B | CHF 1.42B | CHF 1.38B | CHF 1.35B | CHF 1.22B |
| EBITDA | CHF 914M | CHF 887M | CHF 908M | CHF 920M | CHF 883M |
| Net income | CHF 243M | CHF 186M | CHF 190M | CHF 444M | CHF 361M |
| Free cash flow | CHF 2.62B | -CHF 292M | -CHF 2.31B | -CHF 427M | CHF 225M |
| Capital expenditure | CHF 320M | CHF 297M | CHF 285M | CHF 242M | CHF 276M |
| Total debt | n/a | CHF 6.21B | CHF 4.80B | CHF 1.80B | CHF 2.08B |
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 |
|---|---|---|---|---|---|---|
| Barry Callebaut BARN.SW | $8.33B | +5% | +9% | 5% | 23.7× | -8.4% |
| Olam VC2.SI | $2.55B | -29% | -40% | 2% | 17.6× | -3.7% |
| Fuji Oil 2607.T | $2.46B | +36% | +10% | 5% | 15.2× | 0.9% |
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 | BARN.SW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +19.8% | +5.4% | highest of 21 |
| 6-month return | +4.8% | +0.5% | 9th highest of 21 |
| Distance from 52-week high | -19.4% | -16.5% | 10th lowest of 21 |
| Revenue growth (TTM) | +9.4% | +6.4% | 8th highest of 21 |
| Operating margin | 4.6% | 11.0% | lowest of 21 |
| Forward P/E | 23.7× | 16.2× | 6th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | -8.4% | -1.1% | least demanding of 18 |
| Growth delivered (Del g) | +16.5% | +8.7% | 2nd highest of 18 |
| Hurdle (Req g minus delivered) | -24.9 pp | -8.6 pp | least demanding of 18 |
| ROIC minus cost of capital | +3.6 pp | +3.2 pp | 10th highest of 21 |
| EV / EBITDA | 11.4× | 10.4× | 9th most expensive of 19 |
| Net debt / EBITDA | 3.9× | 0.9× | 3rd most indebted of 19 |
| Bond spread | 107 bp | 115 bp | 4th tightest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Barry Callebaut BARN.SW | Switzerland | $8.33B | +5% | +9% | 5% | 23.7× | -8.4% | +16.5% |
| Darling Ingredients DAR | United States | $7.92B | -20% | +16% | 9% | 7.3× | 9.0% | +11.4% |
| Lamb Weston LW | United States | $7.61B | +31% | +3% | 10% | 16.6× | 4.0% | +12.5% |
| Meiji 2269.T | Japan | $7.35B | +14% | +4% | 8% | 17.2× | n/a | n/a |
| Campbell's CPB | United States | $6.90B | +11% | -5% | 11% | 13.7× | -3.6% | +2.8% |
| Toyo Suisan Kaisha 2875.T | Japan | $6.74B | -4% | +7% | 17% | 14.5× | -5.0% | +9.5% |
| Orkla ORK.OL | Norway | $10.8B | -6% | 0% | 10% | 15.5× | -1.1% | +8.7% |
| Kikkoman 2801.T | Japan | $10.9B | +24% | +9% | 11% | 24.8× | 8.8% | +11.2% |
| Tata Consumer Products TATACONSUM.NS | India | $11.4B | -6% | +15% | 11% | 55.5× | 42.8% | +11.8% |
| Ingredion INGR | United States | $5.78B | -15% | -1% | 12% | 9.7× | -7.8% | +3.8% |
| Nissin Foods 2897.T | Japan | $5.73B | +9% | +5% | 6% | 17.9× | n/a | n/a |
| Britannia Industries BRITANNIA.NS | India | $12.1B | -18% | +7% | 17% | 41.7× | 28.9% | +7.8% |
| Balchem BCPC | United States | $5.54B | +8% | +9% | 22% | 30.9× | 14.5% | +8.1% |
| McCormick & MKC | United States | $13.0B | 0% | +13% | 17% | 15.9× | 3.2% | +4.1% |
| Yamazaki Baking 2212.T | Japan | $5.08B | +21% | +5% | 5% | 18.0× | -3.3% | +5.3% |
| Sensient Technologies SXT | United States | $5.07B | +1% | +10% | 15% | 25.0× | n/a | n/a |
| Angel Yeast 600298.SS | China | $4.97B | +2% | +15% | 11% | 19.1× | 4.1% | +13.4% |
| J.M. Smucker Company (The) SJM | United States | $13.9B | +33% | +5% | 19% | 12.9× | -7.1% | +2.5% |
| Aak AAK.ST | Sweden | $4.88B | -30% | -1% | 10% | 13.6× | -6.0% | +10.5% |
| Anjoy Foods 2648.HK | Hong Kong | $3.83B | -20% | +24% | 12% | 11.6× | -2.9% | +17.5% |
| Post POST | United States | $3.65B | -19% | +6% | 10% | 11.8× | -2.1% | +7.4% |
Barry Callebaut has 8 bonds outstanding with $3.20B face value. The agencies rate it BBB-; its bonds trade like BBB+. Weighted yield 3.12%, a spread of 107 bp over government bonds.