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Swiss "market expansion services" group distributing consumer, healthcare, materials and tech products across Asia.
Swiss "market expansion services" group distributing consumer, healthcare, materials and tech products across Asia.
Acts as the local sales arm for foreign brands in Asia: it handles registration, warehousing, sales and collection, and earns a margin on goods it buys and resells or a fee for the service. Healthcare and consumer goods bring the bulk of volume. It was formed in 2000 from the merger of two Swiss trading houses.
In one line: Asia's outsourced-distribution partner, like a McKesson serving many industries at once.
Moat: narrow (distribution, scale, installed base). Deep local distribution networks and regulatory know-how across Asia are hard for a single brand to replicate alone.
Headquarters: Zurich, Switzerland · Founded: 1865 · Employees: 24,799
Size DKSH (DKSH.SW) is a Switzerland Health Care company (Medical Distributors) with a market value of $6.10B, the 53rd largest of 158 Switzerland companies the cockpit tracks. Shares closed at CHF 76.70 on 6 Nov 2026.
Performance Over six months the shares gained 29.3%, against +4.9% for the median peer and +11.6% for the Switzerland market (cap-weighted) — 3rd highest of 14 in its peer set.
Growth Revenue fell 1.4% over the last twelve months (peer median +6.2%); the operating margin is 2.9% (peer median 2.9%).
Valuation It trades at 21.5× forward earnings against a peer median of 15.7× (4th most expensive of 12).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 7.3 points above its cost of capital (5.0% WACC).
Next results Next results expected around 16 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CHF 11.0B | CHF 11.1B | CHF 11.1B | CHF 11.1B | CHF 11.3B |
| Revenue growth | — | 0% | 0% | -2% | — |
| Gross profit | CHF 732M | CHF 747M | CHF 772M | CHF 760M | CHF 793M |
| EBITDA | CHF 438M | CHF 438M | CHF 443M | CHF 421M | CHF 414M |
| Net income | CHF 212M | CHF 203M | CHF 215M | CHF 182M | CHF 201M |
| Free cash flow | CHF 309M | CHF 285M | CHF 329M | CHF 362M | CHF 285M |
| Capital expenditure | CHF 33.2M | CHF 38.2M | CHF 41.6M | CHF 52.3M | CHF 84.9M |
| Total debt | n/a | CHF 753M | CHF 840M | CHF 958M | CHF 1.01B |
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 |
|---|---|---|---|---|---|---|
| DKSH DKSH.SW | $6.10B | +29% | -1% | 3% | 21.5× | -1.4% |
| Brenntag BNR.DE | $10.0B | 0% | -5% | 5% | 14.5× | 1.9% |
| Bunzl BNZL.L | $12.0B | +22% | +2% | 7% | 15.3× | 2.3% |
| Imcd IMCD.AS | $6.80B | +7% | +3% | 8% | 18.2× | 10.9% |
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 | DKSH.SW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.3% | +3.6% | 3rd highest of 14 |
| 6-month return | +29.3% | +4.9% | 3rd highest of 14 |
| Distance from 52-week high | -1.7% | -14.9% | highest of 14 |
| Revenue growth (TTM) | -1.4% | +6.2% | lowest of 14 |
| Operating margin | 2.9% | 2.9% | 7th highest of 14 |
| Forward P/E | 21.5× | 15.7× | 4th most expensive of 12 |
| Growth the price implies (Req g, 7 yrs) | -1.4% | 0.1% | 6th least demanding of 12 |
| Growth delivered (Del g) | +0.6% | +5.1% | lowest of 12 |
| Hurdle (Req g minus delivered) | -2.0 pp | -11.0 pp | 5th most demanding of 12 |
| ROIC minus cost of capital | +7.3 pp | +0.3 pp | 2nd highest of 14 |
| Net debt / EBITDA | 0.6× | 1.6× | 6th least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| DKSH DKSH.SW | Switzerland | $6.10B | +29% | -1% | 3% | 21.5× | -1.4% | +0.6% |
| Galenica GALE.SW | Switzerland | $5.46B | +8% | +6% | 5% | 23.4× | 6.9% | +3.5% |
| Sinopharm 1099.HK | Hong Kong | $6.83B | -4% | +3% | 3% | 6.3× | -8.1% | +4.0% |
| Jointown Pharmaceutical 600998.SS | China | $3.96B | +1% | +9% | 2% | 11.7× | 0.1% | +7.8% |
| Henry Schein HSIC | United States | $9.51B | +22% | +6% | 6% | 14.8× | 9.8% | +5.4% |
| Amplifon AMP.MI | Italy | $3.72B | +13% | 0% | 9% | 18.1× | 9.5% | +9.8% |
| MEDIPAL 7459.T | Japan | $3.67B | +14% | +4% | 1% | 12.6× | -7.4% | +3.5% |
| COSMOS Pharmaceutical 3349.T | Japan | $3.20B | +5% | +9% | 4% | 15.7× | n/a | n/a |
| Asker Healthcare ASKER.ST | Sweden | $2.98B | -5% | +12% | 7% | 26.6× | 1.2% | +12.7% |
| Alfresa 2784.T | Japan | $2.79B | -3% | +5% | 1% | 17.4× | -9.1% | +3.5% |
| Hanmi Science 008930.KS | South Korea | $2.71B | +44% | +6% | 5% | n/a | 24.2% | +9.6% |
| Suzuken 9987.T | Japan | $2.29B | -9% | +5% | 1% | 15.0× | -11.9% | +3.2% |
| Redcare Pharmacy RDC.DE | Germany | $1.63B | +52% | +19% | 0% | n/a | n/a | n/a |
| Toho 8129.T | Japan | $1.60B | -14% | +4% | 1% | 21.6× | -7.4% | +5.1% |