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Switzerland's largest telecom operator, offering fixed, mobile, broadband/TV and IT services, plus Fastweb+Vodafone Italy.
Switzerland's largest telecom operator, offering fixed, mobile, broadband/TV and IT services, plus Fastweb+Vodafone Italy.
Earns monthly fees from mobile, broadband and TV subscribers in Switzerland, and from IT and network services to businesses. The Swiss federal government by law holds the majority of the shares. Buying Vodafone Italia in 2024 and combining it with Fastweb added a large Italian operation.
In one line: Switzerland's version of AT&T, the incumbent national telecom.
Moat: narrow (scale, installed base, regulatory licence). Incumbent fibre/copper network and largest mobile network give a durable, utility-like position.
Headquarters: Bern, Switzerland · Founded: 1998 · Employees: 23,266
Size Swisscom (SCMN.SW) is a Switzerland Communication Services company (Major Telecommunications) with a market value of $45.7B, the 13th largest of 158 Switzerland companies the cockpit tracks. Shares closed at CHF 720.00 on 6 Nov 2026.
Performance Over six months the shares gained 6.9%, against -6.9% for the median peer and +11.6% for the Switzerland market (cap-weighted) — 3rd highest of 12 in its peer set.
Growth Revenue grew 13.8% over the last twelve months (peer median +1.6%); the operating margin is 15.5% (peer median 21.6%).
Valuation It trades at 26.1× forward earnings against a peer median of 16.8× (2nd most expensive of 12).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is -3 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.7 points above its cost of capital (5.0% WACC).
Credit Swisscom has 13 bonds outstanding ($8.62B), rated A- by the agencies and trading like AA at a weighted spread of 79 bp.
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CHF 14.8B | CHF 15.0B | CHF 11.0B | CHF 11.1B | CHF 11.1B |
| Revenue growth | — | +37% | 0% | 0% | — |
| Gross profit | CHF 4.10B | CHF 4.15B | CHF 3.58B | CHF 3.92B | CHF 3.92B |
| EBITDA | CHF 7.00B | CHF 7.01B | CHF 5.03B | CHF 5.06B | CHF 5.00B |
| Net income | CHF 1.31B | CHF 1.27B | CHF 1.54B | CHF 1.71B | CHF 1.60B |
| Free cash flow | CHF 3.22B | CHF 3.00B | CHF 2.10B | CHF 1.76B | CHF 2.23B |
| Capital expenditure | CHF 2.89B | CHF 3.01B | CHF 2.29B | CHF 2.27B | CHF 2.29B |
| Total debt | CHF 16.5B | CHF 16.6B | CHF 17.9B | CHF 7.58B | CHF 7.91B |
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 |
|---|---|---|---|---|---|---|
| Swisscom SCMN.SW | $45.7B | +7% | +14% | 16% | 26.1× | 3.7% |
| Sunrise 002752.SZ | $766M | -29% | +8% | 6% | 11.1× | -5.7% |
| Telecom Italia TIT.MI | $13.6B | -20% | 0% | 11% | 31.8× | 5.3% |
| Deutsche Telekom DTE.DE | $139B | -7% | +2% | 22% | 11.4× | -7.7% |
| Orange ORA.PA | $45.0B | -19% | +3% | 12% | 9.9× | 4.9% |
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 | SCMN.SW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.9% | +6.7% | 3rd highest of 12 |
| 6-month return | +6.9% | -6.9% | 3rd highest of 12 |
| Distance from 52-week high | -2.0% | -15.7% | 3rd highest of 12 |
| Revenue growth (TTM) | +13.8% | +1.6% | highest of 12 |
| Operating margin | 15.5% | 21.6% | 4th lowest of 12 |
| Forward P/E | 26.1× | 16.8× | 2nd most expensive of 12 |
| Growth the price implies (Req g, 7 yrs) | 3.7% | -2.5% | 4th most demanding of 12 |
| Growth delivered (Del g) | +6.3% | +2.4% | highest of 12 |
| Hurdle (Req g minus delivered) | -2.6 pp | -4.4 pp | 6th most demanding of 12 |
| ROIC minus cost of capital | +1.7 pp | +3.1 pp | 5th lowest of 12 |
| EV / EBITDA | 7.7× | 6.8× | 5th most expensive of 10 |
| Net debt / EBITDA | 2.3× | 2.7× | 3rd least indebted of 10 |
| Bond spread | 79 bp | 80 bp | 3rd tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Swisscom SCMN.SW | Switzerland | $45.7B | +7% | +14% | 16% | 26.1× | 3.7% | +6.3% |
| Singapore Telecommunications Z74.SI | Singapore | $52.2B | -14% | +1% | 8% | 21.7× | 21.5% | -1.8% |
| Chunghwa Telecom 2412.TW | Taiwan | $38.4B | +20% | -10% | 20% | 30.1× | 7.4% | +2.6% |
| BT Group plc BT.A.L | United Kingdom | $28.8B | -8% | -4% | 17% | 12.2× | 4.3% | -1.7% |
| China Unicom 0762.HK | Hong Kong | $21.3B | -26% | +4% | 2% | 8.2× | -8.3% | +4.5% |
| China United Network Communications 600050.SS | China | $20.4B | -1% | 0% | 2% | 17.9× | -14.9% | +5.2% |
| BCE BCE.TO | Canada | $20.3B | -9% | +2% | 22% | 12.3× | -0.9% | +1.3% |
| Telenor TEL.OL | Norway | $19.8B | -14% | -7% | 24% | 13.5× | -7.7% | -8.0% |
| Royal KPN KPN.AS | Netherlands | $18.6B | -4% | +2% | 24% | 18.2× | -2.5% | +1.9% |
| Deutsche Telekom DTE.DE | Germany | $139B | -7% | +2% | 22% | 11.4× | -7.7% | +3.3% |
| Quebecor QBR-B.TO | Canada | $12.3B | +36% | +3% | 27% | 16.8× | 0.4% | +5.6% |
| HKT Trust and HKT 6823.HK | Hong Kong | $11.9B | -2% | +7% | 22% | 16.8× | -3.1% | +2.4% |
Swisscom has 13 bonds outstanding with $8.62B face value. The agencies rate it A-; its bonds trade like AA. Weighted yield 3.95%, a spread of 79 bp over government bonds.