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Swiss maker of laboratory automation systems and liquid-handling robots for life-science and diagnostics labs.
Swiss maker of laboratory automation systems and liquid-handling robots for life-science and diagnostics labs.
Sells its own-brand lab instruments, followed by a recurring stream of consumables such as disposable pipette tips, service and software. A second business builds instruments and modules that diagnostics makers sell under their own names, so a few partners carry large volumes.
In one line: A smaller Swiss Agilent for lab automation.
Moat: narrow (installed base, switching costs, IP / patents). Deep integration into lab workflows and OEM contracts create switching costs.
Headquarters: Mannedorf, Switzerland · Founded: 1980 · Employees: 3,244
Size Tecan (TECN.SW) is a Switzerland Health Care company (Medical Specialties) with a market value of $4.05B, the 63rd largest of 158 Switzerland companies the cockpit tracks. Shares closed at CHF 257.60 on 6 Nov 2026.
Performance Over six months the shares gained 90.5%, against +6.2% for the median peer and +11.6% for the Switzerland market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue fell 4.0% over the last twelve months (peer median +4.0%); the operating margin is 1.4% (peer median 12.6%).
Valuation It trades at 40.1× forward earnings against a peer median of 20.4× (2nd most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 47% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is +43 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 4.7 points below its cost of capital (5.6% WACC).
Next results Next results expected around 16 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CHF 871M | CHF 882M | CHF 934M | CHF 1.07B | CHF 1.14B |
| Revenue growth | — | -6% | -13% | -6% | — |
| Gross profit | CHF 297M | CHF 280M | CHF 282M | CHF 359M | CHF 405M |
| EBITDA | CHF 69.9M | CHF 86.2M | CHF 141M | CHF 202M | CHF 213M |
| Net income | -CHF 116M | -CHF 111M | CHF 67.7M | CHF 132M | CHF 121M |
| Free cash flow | CHF 79.4M | CHF 124M | CHF 136M | CHF 145M | CHF 104M |
| Capital expenditure | CHF 53.6M | CHF 35.3M | CHF 30.7M | CHF 34.9M | CHF 36.2M |
| Total debt | n/a | CHF 219M | CHF 322M | CHF 317M | CHF 308M |
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 |
|---|---|---|---|---|---|---|
| Tecan TECN.SW | $4.05B | +91% | -4% | 1% | 40.1× | 46.9% |
| Agilent Technologies A | $49.3B | +51% | +9% | 24% | 26.6× | 22.6% |
| Thermo Fisher Scientific TMO | $257B | +50% | +8% | 19% | 25.8× | 20.9% |
| Sartorius SRT.DE | $20.0B | +34% | +4% | 18% | 42.6× | 24.9% |
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 | TECN.SW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.3% | +8.1% | 7th highest of 21 |
| 6-month return | +90.5% | +6.2% | 3rd highest of 21 |
| Distance from 52-week high | -7.3% | -22.1% | 3rd highest of 21 |
| Revenue growth (TTM) | -4.0% | +4.0% | 3rd lowest of 20 |
| Operating margin | 1.4% | 12.6% | 5th lowest of 20 |
| Forward P/E | 40.1× | 20.4× | 2nd most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 46.9% | 10.1% | most demanding of 17 |
| Growth delivered (Del g) | +3.8% | +7.7% | 6th lowest of 17 |
| Hurdle (Req g minus delivered) | +43.1 pp | +1.6 pp | 2nd most demanding of 17 |
| ROIC minus cost of capital | -4.7 pp | -0.3 pp | 6th lowest of 19 |
| EV / EBITDA | 47.1× | 11.3× | most expensive of 11 |
| Net debt / EBITDA | -0.1× | 1.1× | 3rd least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tecan TECN.SW | Switzerland | $4.05B | +91% | -4% | 1% | 40.1× | 46.9% | +3.8% |
| Envista NVST | United States | $4.04B | +4% | +12% | 11% | 15.6× | 6.8% | +7.1% |
| Fielmann FIE.DE | Germany | $4.12B | +3% | +3% | 14% | 17.8× | -5.3% | +11.3% |
| CareDx CDNA | United States | $4.13B | +260% | +39% | 1% | 53.2× | n/a | n/a |
| Pulse Biosciences PLSE | United States | $3.87B | +179% | n/a | -7,008% | n/a | n/a | n/a |
| Jiangsu Yuyue Medical Equipment & Supply 002223.SZ | China | $4.26B | -1% | -1% | 13% | 20.4× | 5.1% | +3.4% |
| Integer ITGR | United States | $4.30B | +44% | 0% | 9% | 18.8× | 19.6% | +11.5% |
| ICU Medical ICUI | United States | $4.30B | +36% | -9% | 7% | 19.5× | 22.1% | +11.9% |
| Intco Medical Technology 300677.SZ | China | $4.40B | -20% | +33% | 20% | 14.7× | -4.7% | -6.4% |
| Stevanato STVN | United States | $3.70B | -26% | +12% | 18% | 19.3× | 10.6% | +12.1% |
| SCHOTT Pharma AG & Co. KGaA 1SXP.DE | Germany | $3.67B | +31% | +4% | 15% | 22.1× | 11.7% | +11.0% |
| Shandong Weigao Blood Purification Products 603014.SS | China | $3.63B | -3% | +4% | n/a | 20.4× | -1.2% | +8.1% |
| Andon Health 002432.SZ | China | $3.60B | -29% | -30% | -26% | 15.0× | -7.7% | -7.4% |
| Sotera Health SHC | United States | $4.57B | +1% | +7% | 37% | 15.4× | 13.7% | +7.3% |
| iRay Technology 688301.SS | China | $3.54B | -8% | +58% | 24% | 27.5× | n/a | n/a |
| Carl Zeiss Meditec AFX.DE | Germany | $3.51B | +40% | 0% | 8% | 26.8× | 13.7% | +10.8% |
| MiniMed MMED | United States | $4.70B | +44% | +14% | 14% | 25.5× | n/a | n/a |
| Ambu A/S AMBU-B.CO | Denmark | $3.42B | +40% | +5% | 11% | 28.1× | 12.6% | +11.1% |
| Lepu Medical Technology (Beijing) 300003.SZ | China | $3.42B | -12% | -1% | 13% | 26.3× | 9.6% | -4.2% |
| MGI Tech 688114.SS | China | $3.42B | +9% | +2% | -7% | n/a | 46.5% | -0.1% |
| Autobio Diagnostics 603658.SS | China | $3.41B | +19% | +3% | 25% | 20.6× | -0.3% | +7.2% |