Loading…
World's largest testing, inspection and certification company, verifying quality, safety and compliance of goods and supply chains.
World's largest testing, inspection and certification company, verifying quality, safety and compliance of goods and supply chains.
Is paid per job: a fee for each inspection of a shipment, laboratory test or certificate, plus recurring audit fees that clients renew because regulators or buyers require independent proof. It began in 1878 inspecting grain cargoes and now sells across many industries.
In one line: Switzerland's version of Underwriters Laboratories, but publicly traded and global.
Moat: narrow (scale, brand, regulatory licence). Accreditations and a global lab/inspector network are costly to replicate, though several peers match its scale.
Headquarters: Geneva, Switzerland · Founded: 1878 · Employees: 102,804
Size Sgs (SGSN.SW) is a Switzerland Industrials company (Miscellaneous Commercial Services) with a market value of $24.8B, the 21st largest of 158 Switzerland companies the cockpit tracks. Shares closed at CHF 101.95 on 6 Nov 2026.
Performance Over six months the shares gained 20.6%, against +4.4% for the median peer and +11.6% for the Switzerland market (cap-weighted) — 5th highest of 20 in its peer set.
Growth Revenue grew 4.7% over the last twelve months (peer median +4.0%); the operating margin is 15.0% (peer median 15.6%).
Valuation It trades at 24.5× forward earnings against a peer median of 22.5× (7th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 11.8 points above its cost of capital (5.0% WACC).
Credit Sgs has 5 bonds outstanding ($2.92B) and trading like A at a weighted spread of 90 bp.
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CHF 7.21B | CHF 6.95B | CHF 6.79B | CHF 6.62B | CHF 6.64B |
| Revenue growth | — | +2% | +3% | 0% | — |
| Gross profit | CHF 2.68B | CHF 2.61B | CHF 2.48B | CHF 2.42B | CHF 2.41B |
| EBITDA | CHF 1.58B | CHF 1.52B | CHF 1.47B | CHF 1.42B | CHF 1.47B |
| Net income | CHF 663M | CHF 668M | CHF 581M | CHF 553M | CHF 588M |
| Free cash flow | CHF 995M | CHF 948M | CHF 933M | CHF 805M | CHF 694M |
| Capital expenditure | CHF 281M | CHF 259M | CHF 254M | CHF 299M | CHF 332M |
| Total debt | n/a | CHF 4.90B | CHF 3.88B | CHF 4.41B | CHF 4.45B |
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 |
|---|---|---|---|---|---|---|
| Sgs SGSN.SW | $24.8B | +21% | +5% | 15% | 24.5× | 3.1% |
| Bureau Veritas BVI.PA | $14.9B | +13% | +2% | 15% | 20.2× | 7.9% |
| Intertek ITRK.L | $12.3B | +12% | +4% | 18% | 22.3× | 14.8% |
| Eurofins Scientific ERF.PA | $17.5B | +49% | +3% | 12% | 23.0× | 13.3% |
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 | SGSN.SW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.3% | +12.9% | 9th lowest of 21 |
| 6-month return | +20.6% | +4.4% | 5th highest of 20 |
| Distance from 52-week high | -2.7% | -15.4% | 5th highest of 21 |
| Revenue growth (TTM) | +4.7% | +4.0% | 10th highest of 21 |
| Operating margin | 15.0% | 15.6% | 10th lowest of 21 |
| Forward P/E | 24.5× | 22.5× | 7th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 3.1% | 8.6% | 6th least demanding of 20 |
| Growth delivered (Del g) | +4.4% | +7.5% | 4th lowest of 20 |
| Hurdle (Req g minus delivered) | -1.3 pp | -0.5 pp | 9th least demanding of 20 |
| ROIC minus cost of capital | +11.8 pp | +5.4 pp | 6th highest of 20 |
| EV / EBITDA | 15.4× | 13.0× | 5th most expensive of 20 |
| Net debt / EBITDA | 2.5× | 1.8× | 4th most indebted of 20 |
| Bond spread | 90 bp | 99 bp | 5th tightest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sgs SGSN.SW | Switzerland | $24.8B | +21% | +5% | 15% | 24.5× | 3.1% | +4.4% |
| Adyen ADYEN.AS | Netherlands | $32.0B | 0% | +17% | 42% | 23.7× | 18.9% | -6.0% |
| Secom 9735.T | Japan | $18.8B | +16% | +4% | 13% | 22.7× | -0.3% | +3.9% |
| Rollins ROL | United States | $18.1B | -29% | +8% | 19% | 31.4× | 11.2% | +11.7% |
| Eurofins Scientific ERF.PA | France | $17.5B | +49% | +3% | 12% | 23.0× | 13.3% | +6.1% |
| Universal Music UMG.AS | Netherlands | $35.3B | -15% | +5% | 16% | 16.9× | 7.1% | +11.0% |
| Computershare CPU.AX | Australia | $17.2B | +44% | 0% | 30% | 19.1× | -2.6% | +9.2% |
| Experian EXPN.L | United Kingdom | $36.1B | +16% | +7% | 25% | 20.5× | 14.6% | +8.9% |
| UL Solutions ULS | United States | $15.9B | -22% | +6% | 19% | 31.2× | 9.1% | +5.8% |
| Bureau Veritas BVI.PA | France | $14.9B | +13% | +2% | 15% | 20.2× | 7.9% | +7.0% |
| Vylor VYLR | United States | $46.8B | n/a | +3% | 15% | 25.6× | 26.2% | +2.9% |
| Intertek ITRK.L | United Kingdom | $12.3B | +12% | +4% | 18% | 22.3× | 14.8% | +4.6% |
| CETC Lantian Technology 688818.SS | China | $12.1B | -33% | +5% | 9% | 214.2× | n/a | n/a |
| Rentokil Initial RTO.L | United Kingdom | $11.9B | -26% | 0% | 14% | 16.9× | 8.2% | +13.4% |
| Baycurrent 6532.T | Japan | $11.2B | +132% | +32% | 33% | 35.6× | 6.4% | +28.2% |
| Booz Allen Hamilton BAH | United States | $10.1B | +11% | -6% | 9% | 13.3× | -7.0% | +7.4% |
| Securitas SECU-B.ST | Sweden | $9.22B | +4% | -5% | 7% | 12.3× | -4.9% | +7.5% |
| Relx REL.L | United Kingdom | $70.4B | +23% | +2% | 32% | 21.3× | 1.8% | +6.2% |
| CAE CAE.TO | Canada | $8.67B | +3% | +5% | 13% | 29.5× | 13.2% | +10.5% |
| Spie SPIE.PA | France | $8.64B | -8% | +3% | 6% | 14.5× | 8.6% | +9.3% |
| ALS ALQ.AX | Australia | $7.40B | -3% | +11% | 17% | 23.6× | 23.0% | +13.5% |
Sgs has 5 bonds outstanding with $2.92B face value. Weighted yield 3.74%, a spread of 90 bp over government bonds.