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Ascom Holding AG

ASCN.SW
60
Communication Equipment · Technology
Also trades as: 0QON.L GBP 0.06 (+0.92%)
Price
CHF 6.03
+0.06 (+1.01%)
Market Cap
CHF 206.0M
Exchange
SIX Swiss Exchange
Winston Score
60
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 8, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
18/30
Growth
Mixed
9/20
Cash Flow
Strong
8/10
Stability
Exceptional
10/10
Valuation
Good
5/10
Ownership
Good
8/15
Dividends
Mixed
2/5

60 of 100 counted points = Winston Score 60.

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§Winston Score History

The full picture

Ascom Holding AG is a Swiss technology company that makes wireless communication systems for hospitals and other large facilities. Its main products include nurse call systems, messaging software, and handheld devices that help doctors, nurses, and staff stay connected inside buildings. The company focuses almost entirely on the healthcare industry, where reliable internal communication can directly affect patient safety.

Ascom earns money by selling hardware devices, software licenses, and ongoing service and maintenance contracts, with that recurring service revenue providing some stability. It operates primarily in Europe and North America, with Switzerland as its home base, and generates roughly $300 million in annual revenue. Its deep integration into hospital workflows and the high cost of switching systems give it a degree of customer stickiness, but the company faces ongoing pressure from larger technology players entering the healthcare communications space, which remains its key competitive risk.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-0.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+150.0% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

CHF 31M/ year

↑ Rising (+9% vs prior year)

10.6% of revenue

Below sector average (15%)

Investing heavily in future products and technology

Insider Activity

6.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

CHF 25M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Ascom Holding AG's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.9% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 36.2M (2021) → 35.9M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
47.2%
Healthy — 47.2% gross margin
Profit after running costs
Operating Margin
5.2%
Thin — 5.2% operating margin
Return on the money invested
ROCE
32.0%
Exceptional — 32.0% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
+2.6%
Nearly flat sales (+2.6% YoY)
Profit growth
EPS YoY
+549.2%
Earnings growing fast (+549.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
139%
Turns 139% of profit into real cash
Spare cash per sale
FCF Margin
8.4%
Modest free cash flow (8.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.07
Conservative — low debt load (0.07)
Covers its interest
Interest Cover
44.80x
Comfortably covers interest (44.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
11.6x
Attractive valuation — P/E 11.6

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
-0.6
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
3.81%
Moderate income — 3.81% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
-57.9%
Dividend cut (-57.9% YoY) — warning sign

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