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Swiss maker of cement, aggregates, ready-mix concrete and building products across Europe, Latin America, Asia, Middle East and Africa.
Swiss maker of cement, aggregates, ready-mix concrete and building products across Europe, Latin America, Asia, Middle East and Africa.
Sells cement, aggregates and concrete that are costly to ship, so each plant serves a local market and prices differ widely between regions. In 2025 it spun off its North American business as Amrize, leaving Holcim with Europe, Latin America and Asia, the Middle East and Africa.
In one line: A Swiss CRH/Martin Marietta Materials.
Moat: narrow (scale, installed base, regulatory licence). Quarry/cement plant licenses and logistics networks are capital-intensive and geographically constrained to replicate.
Headquarters: Zug, Switzerland · Founded: 1912 · Employees: 45,536
Size Holcim (HOLN.SW) is a Switzerland Materials company (Construction Materials) with a market value of $48.4B, the 11th largest of 158 Switzerland companies the cockpit tracks. Shares closed at CHF 73.26 on 6 Nov 2026.
Performance Over six months the shares fell 2.8%, against -12.2% for the median peer and +11.6% for the Switzerland market (cap-weighted) — 3rd highest of 9 in its peer set.
Growth Revenue fell 26.5% over the last twelve months (peer median +4.7%); the operating margin is 16.2% (peer median 14.4%).
Valuation It trades at 19.5× forward earnings against a peer median of 18.3× (4th most expensive of 9).
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 -7%, so the hurdle is +9 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.2 points above its cost of capital (5.0% WACC).
Credit Holcim has 13 bonds outstanding ($8.18B), rated NR by the agencies and trading like A at a weighted spread of 83 bp.
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CHF 15.8B | CHF 15.7B | CHF 16.2B | CHF 27.0B | CHF 29.2B |
| Revenue growth | — | -3% | -40% | -7% | — |
| Gross profit | CHF 6.63B | CHF 6.66B | CHF 7.07B | CHF 11.2B | CHF 11.2B |
| EBITDA | CHF 3.67B | CHF 3.68B | CHF 3.71B | CHF 7.21B | CHF 7.37B |
| Net income | CHF 393M | CHF 842M | CHF 2.92B | CHF 3.04B | CHF 3.29B |
| Free cash flow | CHF 1.87B | CHF 1.73B | CHF 4.58B | CHF 3.96B | CHF 3.01B |
| Capital expenditure | CHF 1.25B | CHF 1.29B | CHF 1.31B | CHF 1.76B | CHF 1.80B |
| Total debt | n/a | CHF 8.72B | CHF 12.9B | CHF 13.1B | CHF 14.9B |
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 |
|---|---|---|---|---|---|---|
| Holcim HOLN.SW | $48.4B | -3% | -26% | 16% | 19.5× | 1.4% |
| CRH CRH | $63.1B | -16% | +6% | 14% | 16.0× | 11.0% |
| Heidelberg Materials HEI.DE | $34.3B | -5% | 0% | 15% | 13.5× | 4.9% |
| Cemex SAB de CV Sponsored ADR CX | $16.6B | -18% | +10% | 13% | 11.2× | 4.4% |
| Vicat VCT.PA | $3.29B | +6% | +5% | 11% | 10.2× | 0.2% |
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 | HOLN.SW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.6% | +13.4% | 2nd highest of 9 |
| 6-month return | -2.8% | -12.2% | 3rd highest of 9 |
| Distance from 52-week high | -11.2% | -27.2% | highest of 9 |
| Revenue growth (TTM) | -26.5% | +4.7% | lowest of 9 |
| Operating margin | 16.2% | 14.4% | 3rd highest of 9 |
| Forward P/E | 19.5× | 18.3× | 4th most expensive of 9 |
| Growth the price implies (Req g, 7 yrs) | 1.4% | 7.9% | 3rd least demanding of 9 |
| Growth delivered (Del g) | -7.4% | +5.1% | 2nd lowest of 9 |
| Hurdle (Req g minus delivered) | +8.9 pp | +5.5 pp | 3rd most demanding of 9 |
| ROIC minus cost of capital | +3.2 pp | -0.7 pp | highest of 9 |
| EV / EBITDA | 13.0× | 10.5× | 4th most expensive of 8 |
| Net debt / EBITDA | 2.0× | 2.1× | 4th least indebted of 9 |
| Bond spread | 83 bp | 85 bp | 4th tightest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Holcim HOLN.SW | Switzerland | $48.4B | -3% | -26% | 16% | 19.5× | 1.4% | -7.4% |
| CRH CRH | United States | $63.1B | -16% | +6% | 14% | 16.0× | 11.0% | +6.3% |
| Martin Marietta Materials MLM | United States | $36.8B | -12% | +9% | 20% | 28.8× | 23.2% | +5.4% |
| Vulcan Materials VMC | United States | $36.3B | 0% | +2% | 21% | 29.5× | 18.7% | +10.3% |
| Heidelberg Materials HEI.DE | Germany | $34.3B | -5% | 0% | 15% | 13.5× | 4.9% | +4.0% |
| Amrize AMRZ | United States | $22.9B | -21% | +4% | 16% | 17.2× | -0.1% | +3.3% |
| Cemex SAB de CV Sponsored ADR CX | United States | $16.6B | -18% | +10% | 13% | 11.2× | 4.4% | +4.7% |
| James Hardie Industries JHX | United States | $16.2B | +33% | +43% | 14% | 21.0× | 26.1% | +10.7% |
| Anhui Conch Cement 600585.SS | China | $13.9B | -12% | -8% | 4% | 19.4× | -7.7% | -14.1% |
Holcim has 13 bonds outstanding with $8.18B face value. The agencies rate it NR; its bonds trade like A. Weighted yield 3.89%, a spread of 83 bp over government bonds.