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Swiss dairy company producing cheese, yogurt and fresh dairy products, with an international specialty-cheese export business.
Swiss dairy company producing cheese, yogurt and fresh dairy products, with an international specialty-cheese export business.
Buys milk from Swiss farmers, mostly through its main shareholder, a central Swiss farmers' cooperative, and processes it into cheese, yogurt and chilled drinks sold to supermarkets and foodservice. Swiss farm policy shields the home milk price, so home-market margins differ from export markets. It also owns dairies abroad, including the cheesemaker Roth in the US.
In one line: A Swiss Dean Foods/Lactalis-style dairy processor.
Moat: narrow (brand, distribution). Strong Swiss dairy heritage brand and export niche in specialty cheese, in a low-differentiation dairy market.
Headquarters: Lucerne, Switzerland · Founded: 1907 · Employees: 12,778
Size Emmi (EMMN.SW) is a Switzerland Consumer Staples company (Food: Meat/Fish/Dairy) with a market value of $6.32B, the 50th largest of 158 Switzerland companies the cockpit tracks. Shares closed at CHF 964.00 on 6 Nov 2026.
Performance Over six months the shares gained 16.0%, against -2.0% for the median peer and +11.6% for the Switzerland market (cap-weighted) — 3rd highest of 20 in its peer set.
Growth Revenue grew 4.2% over the last twelve months (peer median +4.5%); the operating margin is 7.2% (peer median 7.8%).
Valuation It trades at 21.8× forward earnings against a peer median of 15.8× (4th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 7.0 points above its cost of capital (5.0% WACC).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CHF 4.80B | CHF 4.75B | CHF 4.35B | CHF 4.24B | CHF 4.23B |
| Revenue growth | — | +9% | +3% | 0% | — |
| Gross profit | CHF 1.01B | CHF 979M | CHF 914M | CHF 874M | CHF 815M |
| EBITDA | CHF 500M | CHF 492M | CHF 423M | CHF 424M | CHF 388M |
| Net income | CHF 231M | CHF 227M | CHF 220M | CHF 186M | CHF 183M |
| Free cash flow | CHF 273M | CHF 244M | CHF 298M | CHF 226M | CHF 11.0M |
| Capital expenditure | CHF 170M | CHF 163M | CHF 124M | CHF 149M | CHF 205M |
| Total debt | n/a | CHF 1.31B | CHF 1.33B | CHF 682M | CHF 694M |
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 |
|---|---|---|---|---|---|---|
| Emmi EMMN.SW | $6.32B | +16% | +4% | 7% | 21.8× | 0.3% |
| Nestle NESN.SW | $266B | +11% | -2% | 16% | 19.0× | 1.3% |
| Danone BN.PA | $48.3B | +8% | 0% | 15% | 17.0× | -0.8% |
| Savencia SAVE.PA | $871M | -11% | -2% | 3% | 5.4× | -3.8% |
| Bell Food BELL.SW | $1.98B | +42% | +2% | 3% | 10.9× | 2.9% |
| Saputo SAP.TO | $12.4B | +7% | -5% | 6% | 21.2× | -1.9% |
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 | EMMN.SW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.0% | +3.3% | 6th highest of 21 |
| 6-month return | +16.0% | -2.0% | 3rd highest of 20 |
| Distance from 52-week high | -1.9% | -17.4% | 2nd highest of 21 |
| Revenue growth (TTM) | +4.2% | +4.5% | 11th highest of 21 |
| Operating margin | 7.2% | 7.8% | 8th lowest of 21 |
| Forward P/E | 21.8× | 15.8× | 4th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 0.3% | 1.9% | 7th least demanding of 16 |
| Growth delivered (Del g) | +5.1% | +4.5% | 7th highest of 15 |
| Hurdle (Req g minus delivered) | -4.7 pp | -3.8 pp | 6th least demanding of 15 |
| ROIC minus cost of capital | +7.0 pp | +2.2 pp | 5th highest of 21 |
| EV / EBITDA | 12.4× | 9.9× | 4th most expensive of 19 |
| Net debt / EBITDA | 1.8× | 1.5× | 7th most indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Emmi EMMN.SW | Switzerland | $6.32B | +16% | +4% | 7% | 21.8× | 0.3% | +5.1% |
| Smithfield Foods SFD | United States | $7.60B | -26% | -2% | 7% | 13.0× | -11.5% | +1.9% |
| Yakult Honsha 2267.T | Japan | $5.15B | +3% | -1% | 9% | 17.0× | n/a | n/a |
| Want Want China 0151.HK | Hong Kong | $4.43B | -32% | +6% | 18% | 9.7× | n/a | n/a |
| Cranswick CWK.L | United Kingdom | $3.94B | +7% | +10% | 8% | 17.2× | 5.7% | +9.5% |
| Mengniu Dairy 2319.HK | Hong Kong | $10.5B | +28% | +3% | 5% | 14.7× | 6.7% | +0.9% |
| Wh Group 0288.HK | Hong Kong | $10.8B | -31% | +6% | 9% | 8.4× | -16.4% | +1.9% |
| Nh Foods 2282.T | Japan | $3.40B | -10% | +7% | 3% | 14.0× | n/a | n/a |
| Hormel Foods HRL | United States | $12.1B | +7% | +1% | 7% | 14.4× | 0.9% | +4.7% |
| Magnum Ice Cream MICC.AS | Netherlands | $12.1B | +35% | +1% | 8% | 17.9× | 10.9% | +1.8% |
| Saputo SAP.TO | Canada | $12.4B | +7% | -5% | 6% | 21.2× | -1.9% | +4.2% |
| Mowi MOWI.OL | Norway | $12.4B | +12% | +10% | 13% | 17.8× | 7.5% | +10.7% |
| China Feihe 6186.HK | Hong Kong | $3.16B | -20% | -4% | 15% | 11.8× | -14.7% | -1.2% |
| Henan Shuanghui Investment & Development 000895.SZ | China | $12.7B | -12% | -4% | 11% | 17.3× | -4.6% | -4.3% |
| JBS JBS | United States | $13.4B | -23% | +334% | 4% | 11.8× | -6.5% | n/a |
| Bakkafrost P/F BAKKA.OL | Norway | $2.77B | +4% | +7% | 14% | 23.1× | 9.5% | +10.1% |
| Leroy Seafood LSG.OL | Norway | $2.74B | -2% | +1% | 6% | 14.6× | 7.7% | +11.5% |
| Hatsun Agro Product HATSUN.NS | India | $2.52B | +8% | +18% | 5% | 49.8× | 25.4% | +12.4% |
| Milky Mist Dairy Food MILKYMIST.NS | India | $2.42B | n/a | +34% | 8% | 79.2× | n/a | n/a |
| New Hope Dairy 002946.SZ | China | $2.22B | -13% | +7% | 9% | 17.6× | 1.9% | +10.7% |
| Morinaga Milk Industry 2264.T | Japan | $2.21B | -9% | +2% | 6% | 14.4× | n/a | n/a |