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World's largest hearing-aid maker, also selling cochlear implants (Advanced Bionics) and audiological equipment.
World's largest hearing-aid maker, also selling cochlear implants (Advanced Bionics) and audiological equipment.
Sells hearing aids both to independent audiologists and hearing-care chains and through its own retail clinics (AudioNova), which keeps more of the margin per device; hearing aids, led by the Phonak brand, carry most of the business. Cochlear implants through Advanced Bionics are a smaller business.
In one line: A much larger version of Eargo, the US hearing-aid company.
Moat: narrow (brand, distribution, switching costs). Audiologist relationships, owned retail clinics and R&D scale support share as hearing-loss diagnosis rises.
Headquarters: Stäfa, Switzerland · Founded: 1947 · Employees: 18,447
Size Sonova (SOON.SW) is a Switzerland Health Care company (Medical Specialties) with a market value of $20.3B, the 27th largest of 158 Switzerland companies the cockpit tracks. Shares closed at CHF 288.00 on 6 Nov 2026.
Performance Over six months the shares gained 61.6%, against +28.7% for the median peer and +11.6% for the Switzerland market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue fell 6.7% over the last twelve months (peer median +7.7%); the operating margin is 20.6% (peer median 17.0%).
Valuation It trades at 25.6× forward earnings against a peer median of 27.0× (9th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is +0 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 10.5 points above its cost of capital (5.8% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CHF 3.61B | CHF 3.61B | CHF 3.61B | CHF 3.63B | CHF 3.74B |
| Revenue growth | — | 0% | 0% | -3% | — |
| Gross profit | CHF 2.60B | CHF 2.60B | CHF 2.63B | CHF 2.56B | CHF 2.59B |
| EBITDA | CHF 1.00B | CHF 968M | CHF 1.03B | CHF 940M | CHF 1.00B |
| Net income | CHF 431M | CHF 431M | CHF 540M | CHF 601M | CHF 648M |
| Free cash flow | CHF 603M | CHF 603M | CHF 688M | CHF 646M | CHF 666M |
| Capital expenditure | CHF 103M | CHF 103M | CHF 132M | CHF 129M | CHF 154M |
| Total debt | n/a | CHF 1.71B | CHF 1.76B | CHF 1.79B | CHF 1.81B |
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 |
|---|---|---|---|---|---|---|
| Sonova SOON.SW | $20.3B | +62% | -7% | 21% | 25.6× | 7.1% |
| Demant A/S DEMANT.CO | $11.6B | +62% | +10% | 18% | 25.7× | 6.8% |
| GN Store Nord A/S GN.CO | $2.70B | +30% | -26% | 3% | n/a | 18.5% |
| Cochlear COH.AX | $7.05B | +55% | -1% | 13% | 29.4× | 24.1% |
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 | SOON.SW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.8% | +9.3% | 9th highest of 21 |
| 6-month return | +61.6% | +28.7% | 2nd highest of 21 |
| Distance from 52-week high | -2.0% | -12.0% | 2nd highest of 21 |
| Revenue growth (TTM) | -6.7% | +7.7% | lowest of 21 |
| Operating margin | 20.6% | 17.0% | 7th highest of 21 |
| Forward P/E | 25.6× | 27.0× | 9th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 7.1% | 15.2% | 4th least demanding of 18 |
| Growth delivered (Del g) | +6.7% | +8.7% | 7th lowest of 18 |
| Hurdle (Req g minus delivered) | +0.4 pp | +5.5 pp | 7th least demanding of 18 |
| ROIC minus cost of capital | +10.5 pp | +2.0 pp | 6th highest of 21 |
| EV / EBITDA | 17.5× | 19.5× | 9th cheapest of 18 |
| Net debt / EBITDA | 1.0× | 0.8× | 8th most indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sonova SOON.SW | Switzerland | $20.3B | +62% | -7% | 21% | 25.6× | 7.1% | +6.7% |
| Guardant Health GH | United States | $20.2B | +58% | +43% | -40% | n/a | n/a | n/a |
| Straumann STMN.SW | Switzerland | $20.4B | +25% | +2% | 21% | 31.9× | 15.2% | +12.8% |
| Zimmer Biomet ZBH | United States | $20.1B | +29% | +7% | 16% | 12.0× | -1.4% | +3.2% |
| Sartorius SRT.DE | Germany | $20.0B | +34% | +4% | 18% | 42.6× | 24.9% | +8.7% |
| Coloplast A/S COLO-B.CO | Denmark | $17.7B | +26% | +4% | 25% | 19.9× | -1.8% | +8.3% |
| Terumo 4543.T | Japan | $23.4B | +25% | +14% | 17% | 24.6× | 8.7% | +13.0% |
| Revvity RVTY | United States | $17.3B | +54% | +5% | 15% | 26.7× | 27.3% | -5.5% |
| Steris STE | United States | $24.6B | +22% | +8% | 20% | 21.4× | 13.7% | +13.8% |
| Sartorius Stedim Biotech DIM.PA | France | $24.7B | +38% | +4% | 19% | 45.5× | 33.1% | +9.2% |
| Shanghai United Imaging Healthcare 688271.SS | China | $14.8B | +9% | +27% | 9% | 46.9× | n/a | n/a |
| West Pharmaceutical Services WST | United States | $27.9B | +23% | +13% | 23% | 39.8× | 25.2% | +7.5% |
| Dexcom DXCM | United States | $29.6B | +31% | +13% | 24% | 27.0× | 18.5% | +19.3% |
| Lenskart Solutions LENSKART.NS | India | $13.4B | +49% | +35% | 10% | 137.4× | 52.8% | +33.5% |
| Baxter International BAX | United States | $13.3B | +43% | +5% | 6% | 12.6× | 12.7% | -0.7% |
| Glaukos GKOS | United States | $13.3B | +68% | +47% | -9% | 155.4× | n/a | n/a |
| Smith & Nephew SN..L | United Kingdom | $13.1B | +5% | +2% | 17% | 14.4× | 11.1% | +5.6% |
| Illumina ILMN | United States | $32.2B | +50% | +6% | 21% | 35.7× | 27.1% | +6.0% |
| Penumbra PEN | United States | $12.6B | -1% | +17% | 12% | 54.9× | 30.1% | +20.2% |
| ResMed RMD | United States | $33.1B | +14% | +9% | 34% | 19.1× | 4.9% | +12.1% |
| bioMerieux BIM.PA | France | $12.4B | +29% | -3% | 15% | 20.9× | 8.9% | +5.5% |