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Swiss industrial group making surface coatings for tools/components and manmade-fiber manufacturing equipment.
Swiss industrial group making surface coatings for tools/components and manmade-fiber manufacturing equipment.
Coating is a service: parts come to its coating centres near customers, are coated and returned, giving repeat per-part revenue from tooling and car-component makers. Polymer equipment is sold as large capital orders, mainly to Asian textile makers, so the two divisions earn very differently. It has sold off other businesses to focus on these two.
In one line: A niche Swiss industrial coatings & fiber-machinery maker.
Moat: narrow (process know-how, IP / patents, installed base). Proprietary coating and fiber-extrusion process technology built over decades.
Headquarters: Pfaffikon, Switzerland · Founded: 1906 · Employees: 9,343
Size OC Oerlikon (OERL.SW) is a Switzerland Consumer Discretionary company (Textiles) with a market value of $1.99B, the 93rd largest of 158 Switzerland companies the cockpit tracks. Shares closed at CHF 4.99 on 6 Nov 2026.
Performance Over six months the shares gained 41.4%, against -9.6% for the median peer and +11.6% for the Switzerland market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue fell 21.1% over the last twelve months (peer median +5.4%); the operating margin is 8.5% (peer median 9.9%).
Valuation It trades at 15.8× forward earnings against a peer median of 13.3× (7th most expensive of 15).
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 +8 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 0.4 points above its cost of capital (5.0% WACC).
Credit OC Oerlikon has 4 bonds outstanding ($878M) and trading like BB+ at a weighted spread of 133 bp.
Next results Next results expected around 2 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CHF 1.57B | CHF 1.57B | CHF 1.64B | CHF 2.69B | CHF 2.91B |
| Revenue growth | — | -4% | -39% | -7% | — |
| Gross profit | CHF 485M | CHF 438M | CHF 513M | CHF 651M | CHF 731M |
| EBITDA | CHF 293M | CHF 258M | CHF 308M | CHF 363M | CHF 434M |
| Net income | CHF 337M | -CHF 19.0M | CHF 66.0M | CHF 33.0M | CHF 89.0M |
| Free cash flow | CHF 111M | CHF 104M | CHF 152M | CHF 86.0M | CHF 141M |
| Capital expenditure | CHF 94.0M | CHF 108M | CHF 123M | CHF 132M | CHF 131M |
| Total debt | n/a | CHF 1.56B | CHF 1.52B | CHF 1.69B | CHF 947M |
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 |
|---|---|---|---|---|---|---|
| OC Oerlikon OERL.SW | $1.99B | +41% | -21% | 8% | 15.8× | 1.0% |
| Sandvik SAND.ST | $45.8B | -1% | +14% | 20% | 21.0× | 13.3% |
| Rieter RIEN.SW | $371M | -31% | +20% | -4% | n/a | n/a |
| Bodycote BOY.L | $2.09B | +35% | +2% | 15% | 18.1× | 22.6% |
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 | OERL.SW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.5% | -7.0% | 6th lowest of 21 |
| 6-month return | +41.4% | -9.6% | 2nd highest of 21 |
| Distance from 52-week high | -16.7% | -23.5% | 8th highest of 21 |
| Revenue growth (TTM) | -21.1% | +5.4% | 3rd lowest of 21 |
| Operating margin | 8.5% | 9.9% | 10th lowest of 21 |
| Forward P/E | 15.8× | 13.3× | 7th most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | 1.0% | 4.5% | 9th least demanding of 18 |
| Growth delivered (Del g) | -7.0% | +4.1% | lowest of 18 |
| Hurdle (Req g minus delivered) | +8.1 pp | +2.9 pp | 5th most demanding of 18 |
| ROIC minus cost of capital | +0.4 pp | +1.2 pp | 11th highest of 21 |
| EV / EBITDA | 8.1× | 9.0× | 3rd cheapest of 7 |
| Net debt / EBITDA | 2.5× | 1.3× | 4th most indebted of 8 |
| Bond spread | 133 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| OC Oerlikon OERL.SW | Switzerland | $1.99B | +41% | -21% | 8% | 15.8× | 1.0% | -7.0% |
| Albany International AIN | United States | $1.91B | +8% | +14% | 13% | 22.5× | 8.5% | +5.6% |
| Coats COA.L | United Kingdom | $2.14B | +2% | +5% | 15% | 11.2× | 11.6% | +4.1% |
| HMT (Xiamen) New Technical Materials 603306.SS | China | $2.18B | -56% | -1% | 0% | 57.4× | 50.6% | +21.4% |
| North Chemical Industries 002246.SZ | China | $1.80B | -10% | +17% | 15% | 28.4× | 8.3% | +3.0% |
| Tangshan Sanyou Chemical Industries 600409.SS | China | $1.72B | -28% | +1% | 1% | 24.0× | 4.5% | +1.3% |
| Ruentex Industries 2915.TW | Taiwan | $1.72B | +23% | -25% | 10% | 6.9× | 48.3% | -2.4% |
| Bros Eastern 601339.SS | China | $1.72B | -16% | +11% | 11% | 11.8× | -8.3% | +5.2% |
| Luolai Lifestyle Technology 002293.SZ | China | $1.55B | +10% | +6% | 14% | 16.4× | -2.6% | -0.2% |
| Billion Industrial 2299.HK | Hong Kong | $1.48B | +136% | +13% | 6% | n/a | -8.7% | +15.6% |
| Xinxiang Chemical Fiber 000949.SZ | China | $1.46B | -27% | +19% | 8% | 12.5× | -3.3% | +12.2% |
| Nitto Boseki 3110.T | Japan | $2.85B | -58% | +12% | 20% | 19.3× | n/a | n/a |
| Sunvim 002083.SZ | China | $1.16B | -20% | +19% | 17% | 9.8× | -12.1% | +3.3% |
| Kurabo Industries 3106.T | Japan | $1.10B | +33% | -3% | 7% | n/a | 8.2% | +3.3% |
| Zhejiang Taihua New Material 603055.SS | China | $1.09B | -9% | +3% | 10% | 10.2× | -5.0% | +20.7% |
| Shanghai Haixin 600851.SS | China | $1.08B | +4% | -15% | 7% | n/a | n/a | n/a |
| Seiren 3569.T | Japan | $1.07B | -1% | +12% | 12% | 10.7× | -4.9% | +11.7% |
| Huafon Microfibre (Shanghai) 300180.SZ | China | $1.06B | -24% | -6% | -1% | n/a | 16.2% | +4.4% |
| Nanjing Chemical Fibre 600889.SS | China | $1.03B | -24% | +115% | 5% | n/a | 35.4% | -3.9% |
| Zhejiang Hangmin 600987.SS | China | $1.02B | -6% | -23% | 8% | n/a | n/a | n/a |
| Shenzhen Fuanna Bedding & Furnishing 002327.SZ | China | $951M | -26% | -5% | 12% | 14.0× | -1.3% | -2.1% |
OC Oerlikon has 4 bonds outstanding with $878M face value. Weighted yield 1.63%, a spread of 133 bp over government bonds.