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Swiss specialty chemicals company manufacturing complex, hazardous chemical processes for pharma customers and safety-critical intermediates.
Swiss specialty chemicals company manufacturing complex, hazardous chemical processes for pharma customers and safety-critical intermediates.
Paid by pharmaceutical customers under development and supply contracts for custom chemical intermediates, the building blocks of drug ingredients; early projects bring development fees, and a successful drug turns into large, repeating volume. It is controlled by Markus Blocher and has repeatedly expanded production capacity at its Dottikon site.
In one line: A specialty pharma-chemical CDMO like a smaller Lonza (chemical side).
Moat: narrow (process know-how, regulatory licence). Rare expertise in safely running highly exothermic/hazardous chemical reactions at scale is difficult to replicate.
Headquarters: Dottikon, Switzerland · Founded: 1913
Size Dottikon ES (DESN.SW) is a Switzerland Materials company (Chemicals: Specialty) with a market value of $4.72B, the 59th largest of 158 Switzerland companies the cockpit tracks. Shares closed at CHF 278.50 on 6 Nov 2026.
Performance Over six months the shares fell 23.9%, against -13.9% for the median peer and +11.6% for the Switzerland market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 11.2% over the last twelve months (peer median +12.0%); the operating margin is 27.2% (peer median 10.2%).
Valuation It trades at 37.6× forward earnings against a peer median of 15.9× (8th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 13% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.7 points above its cost of capital (5.4% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CHF 428M | CHF 428M | CHF 385M | CHF 326M | CHF 319M |
| Revenue growth | — | +11% | +18% | +2% | — |
| Gross profit | CHF 138M | CHF 141M | CHF 141M | CHF 110M | CHF 125M |
| EBITDA | CHF 148M | CHF 147M | CHF 139M | CHF 110M | CHF 121M |
| Net income | CHF 104M | CHF 104M | CHF 106M | CHF 80.6M | CHF 87.7M |
| Free cash flow | CHF 29.3M | CHF 29.3M | -CHF 31.8M | -CHF 57.2M | -CHF 47.0M |
| Capital expenditure | CHF 85.3M | CHF 85.3M | CHF 127M | CHF 160M | CHF 136M |
| Total debt | n/a | CHF 130M | CHF 130M | CHF 100M | CHF 60.0M |
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 |
|---|---|---|---|---|---|---|
| Dottikon ES DESN.SW | $4.72B | -24% | +11% | 27% | 37.6× | 12.6% |
| Lonza LONN.SW | $55.4B | +39% | -11% | 25% | 36.1× | 15.0% |
| Siegfried SFZN.SW | $3.98B | -10% | +4% | 16% | 17.8× | n/a |
| Divi's Laboratories DIVISLAB.NS | $29.0B | +54% | +16% | 31% | 82.0× | 50.9% |
| WuXi AppTec 603259.SS | $67.0B | +34% | +32% | 43% | 18.1× | 7.8% |
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 | DESN.SW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.6% | -2.1% | 2nd highest of 21 |
| 6-month return | -23.9% | -13.9% | 6th lowest of 21 |
| Distance from 52-week high | -29.7% | -36.9% | 9th highest of 21 |
| Revenue growth (TTM) | +11.2% | +12.0% | 11th highest of 21 |
| Operating margin | 27.2% | 10.2% | 4th highest of 21 |
| Forward P/E | 37.6× | 15.9× | 8th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 12.6% | 5.3% | 5th most demanding of 17 |
| Growth delivered (Del g) | +14.4% | +12.0% | 8th highest of 17 |
| Hurdle (Req g minus delivered) | -1.7 pp | -4.7 pp | 8th most demanding of 17 |
| ROIC minus cost of capital | +3.7 pp | -1.0 pp | 6th highest of 21 |
| EV / EBITDA | 25.5× | 9.3× | 3rd most expensive of 10 |
| Net debt / EBITDA | -0.5× | 2.4× | least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Dottikon ES DESN.SW | Switzerland | $4.72B | -24% | +11% | 27% | 37.6× | 12.6% | +14.4% |
| Red Avenue New Materials 603650.SS | China | $4.70B | -12% | +24% | 9% | 40.7× | n/a | n/a |
| Tosoh 4042.T | Japan | $4.69B | -4% | -1% | 11% | 11.4× | -1.5% | +6.8% |
| Zhejiang Sanmei Chemical Industry 603379.SS | China | $4.64B | -22% | +24% | 41% | 13.5× | 5.4% | +16.5% |
| Navin Fluorine International NAVINFLUOR.NS | India | $4.89B | +27% | +46% | 30% | 45.6× | 34.0% | +22.7% |
| Sumitomo Chemical 4005.T | Japan | $4.93B | -7% | -2% | 5% | 6.9× | 1.1% | +0.4% |
| Far Eastern New Century 1402.TW | Taiwan | $4.49B | +8% | 0% | 6% | 11.8× | 5.3% | +4.2% |
| GEM 002340.SZ | China | $4.43B | -36% | +2% | 7% | 15.7× | 4.2% | +24.4% |
| Celanese CE | United States | $5.10B | -19% | +1% | 9% | 7.6× | 5.3% | +11.0% |
| Guangxi Huaxi Nonferrous Metal 600301.SS | China | $4.33B | -15% | +24% | 32% | 22.9× | 9.2% | +44.9% |
| Clariant CLN.SW | Switzerland | $4.32B | +46% | -7% | 10% | 16.0× | -3.4% | +0.3% |
| Methanex MX.TO | Canada | $5.18B | +12% | +31% | 23% | 6.9× | -9.4% | +7.1% |
| Jiangsu Nata Opto-electronic Material 300346.SZ | China | $4.29B | -22% | +15% | 16% | 62.1× | 35.6% | +34.2% |
| Cathay Biotech 688065.SS | China | $4.22B | -19% | +9% | 18% | 38.8× | n/a | n/a |
| Hoshine Silicon Industry 603260.SS | China | $5.32B | -33% | -7% | -6% | 41.7× | 22.5% | +18.5% |
| Gujarat Fluorochemicals FLUOROCHEM.NS | India | $5.42B | +23% | +20% | 17% | 53.0× | n/a | n/a |
| Do-Fluoride New Materials 002407.SZ | China | $4.06B | -36% | +69% | 7% | 38.0× | 19.2% | +17.5% |
| LB Group Co., Ltd. Class A 002601.SZ | China | $5.58B | -8% | +7% | 7% | 22.4× | 5.0% | +12.9% |
| Bluestar Adisseo 600299.SS | China | $3.97B | -35% | +15% | 13% | 11.8× | -8.6% | +7.7% |
| Canmax Technologies 300390.SZ | China | $5.62B | -64% | +98% | 27% | 7.3× | n/a | n/a |
| Air Water 4088.T | Japan | $3.93B | +23% | +7% | 4% | 14.3× | 7.1% | +6.8% |