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Swiss construction and infrastructure company building and maintaining buildings, tunnels, roads and rail projects.
Swiss construction and infrastructure company building and maintaining buildings, tunnels, roads and rail projects.
Wins building and civil-engineering projects by tender, many at fixed prices, so what it keeps depends on estimating costs well and avoiding overruns on large jobs such as tunnels. It also develops buildings and sells them to investors. Based in Dietlikon near Zurich, with operations in Switzerland, Germany and Scandinavia.
In one line: A Swiss general contractor like a smaller Skanska.
Moat: none (scale, installed base). Largest Swiss construction group by scale, but the industry has thin margins and intense project-bidding competition.
Headquarters: Dietlikon, Switzerland · Founded: 1941 · Employees: 9,193
Size Implenia (IMPN.SW) is a Switzerland Industrials company (Engineering & Construction) with a market value of $1.61B, the 105th largest of 158 Switzerland companies the cockpit tracks. Shares closed at CHF 71.40 on 6 Nov 2026.
Performance Over six months the shares gained 12.3%, against -4.3% for the median peer and +11.6% for the Switzerland market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue fell 7.8% over the last twelve months (peer median +1.6%); the operating margin is 1.8% (peer median 6.1%).
Valuation It trades at 15.0× forward earnings against a peer median of 21.5× (7th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is -3%, 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 0.9 points below 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 3.39B | CHF 3.47B | CHF 3.56B | CHF 3.60B | CHF 3.54B |
| Revenue growth | — | -2% | -1% | +2% | — |
| Gross profit | CHF 320M | CHF 322M | CHF 376M | CHF 366M | CHF 357M |
| EBITDA | CHF 171M | CHF 203M | CHF 201M | CHF 209M | CHF 195M |
| Net income | CHF 84.0M | CHF 83.6M | CHF 92.4M | CHF 141M | CHF 105M |
| Free cash flow | CHF 131M | CHF 95.0M | -CHF 25.9M | -CHF 82.0M | CHF 91.0M |
| Capital expenditure | CHF 47.6M | CHF 56.5M | CHF 80.7M | CHF 59.8M | CHF 38.7M |
| Total debt | n/a | CHF 879M | CHF 675M | CHF 635M | CHF 646M |
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 |
|---|---|---|---|---|---|---|
| Implenia IMPN.SW | $1.61B | +12% | -8% | 2% | 15.0× | 6.0% |
| Skanska SKA-B.ST | $12.1B | +16% | -6% | 4% | 17.1× | 8.3% |
| Vinci DG.PA | $69.8B | -12% | +4% | 12% | 12.2× | -1.5% |
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 | IMPN.SW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.7% | -2.2% | highest of 21 |
| 6-month return | +12.3% | -4.3% | 5th highest of 21 |
| Distance from 52-week high | -14.3% | -26.8% | 4th highest of 21 |
| Revenue growth (TTM) | -7.8% | +1.6% | 9th lowest of 21 |
| Operating margin | 1.8% | 6.1% | 2nd lowest of 21 |
| Forward P/E | 15.0× | 21.5× | 7th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 6.0% | -1.3% | 5th most demanding of 16 |
| Growth delivered (Del g) | -2.7% | +4.6% | 4th lowest of 16 |
| Hurdle (Req g minus delivered) | +8.7 pp | -9.7 pp | 5th most demanding of 16 |
| ROIC minus cost of capital | -0.9 pp | +2.6 pp | 5th lowest of 21 |
| EV / EBITDA | 10.1× | 12.0× | 4th cheapest of 11 |
| Net debt / EBITDA | 2.4× | 0.1× | most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Implenia IMPN.SW | Switzerland | $1.61B | +12% | -8% | 2% | 15.0× | 6.0% | -2.7% |
| MIRAIT ONE 1417.T | Japan | $1.60B | -24% | +5% | 6% | 10.4× | -5.7% | +5.4% |
| Shandong Hi-speed Road&bridge 000498.SZ | China | $1.65B | +20% | -9% | 7% | 4.9× | n/a | n/a |
| China CAMC Engineering 002051.SZ | China | $1.58B | -15% | +14% | 5% | 40.3× | n/a | n/a |
| Japan Elevator Service 6544.T | Japan | $1.65B | -9% | +17% | 19% | 29.3× | 4.0% | +18.6% |
| Zhejiang Youpon Integrated Ceiling 002718.SZ | China | $1.58B | +12% | -18% | -5% | n/a | n/a | n/a |
| China Aluminum International Engineering 601068.SS | China | $1.68B | -34% | -10% | 4% | 41.2× | 10.9% | +0.1% |
| Envision Greenwise 1783.HK | Hong Kong | $1.68B | +38% | +183% | 3% | n/a | n/a | n/a |
| NCC NCC-A.ST | Sweden | $1.69B | -3% | -17% | 3% | 22.2× | -1.6% | +0.7% |
| Dl E&c 375500.KS | South Korea | $1.53B | -48% | -17% | 4% | 5.2× | -8.3% | -5.3% |
| Chudenko 1941.T | Japan | $1.71B | +3% | +9% | 12% | 11.0× | -8.6% | +4.3% |
| Burkhalter BRKN.SW | Switzerland | $1.71B | -27% | -2% | 6% | 21.5× | -1.3% | +19.0% |
| SHO BOND 1414.T | Japan | $1.71B | -6% | -2% | 23% | 16.3× | -7.5% | +2.2% |
| Tasmea TEA.AX | Australia | $1.73B | +49% | +136% | 8% | 18.9× | 4.6% | +59.3% |
| Ruentex Engineering & Construction 2597.TW | Taiwan | $1.50B | +5% | +20% | 14% | n/a | -5.0% | +16.8% |
| Suzhou Gold Mantis Construction and Decoration 002081.SZ | China | $1.74B | -25% | -8% | 3% | 29.6× | 12.2% | -11.1% |
| Engineers India ENGINERSIN.NS | India | $1.74B | +12% | +6% | 20% | 25.2× | 29.6% | +4.6% |
| Kier KIE.L | United Kingdom | $1.75B | +53% | +7% | 3% | 12.7× | -6.3% | +5.9% |
| SRG Global SRG.AX | Australia | $1.46B | +7% | +27% | 7% | 22.1× | 16.4% | +24.1% |
| Guangdong Construction Engineering 002060.SZ | China | $1.79B | -15% | -11% | 3% | 8.0× | n/a | n/a |
| Hongrun Construction 002062.SZ | China | $1.45B | -11% | -12% | 7% | 31.6× | 5.6% | -12.6% |