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Barry Callebaut AG

BARN.SW
48
Food Confectioners · Consumer Defensive
Also trades as: 0QO7.L GBP 10.37 (-2.22%)
Price
CHF 1036.00
-24.00 (-2.26%)
Market Cap
CHF 5.68B
Exchange
SIX Swiss Exchange
Winston Score
48
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 12, 2026 · filings through Feb 28, 2026

§How the score breaks down

Quality
Weak
6/30
Growth
Good
11/20
Cash Flow
Exceptional
9/10
Stability
Weak
2/10
Valuation
Good
6/10
Ownership
Good
10/15
Dividends
Strong
4/5

48 of 100 counted points = Winston Score 48.

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§Winston Score History

The full picture

Barry Callebaut is a Swiss company that makes chocolate and cocoa products. It does not sell chocolate bars in stores — instead, it supplies chocolate ingredients to food companies, bakeries, and restaurants that use them to make their own products. It is one of the largest chocolate manufacturers in the world by volume, producing roughly one in four chocolate products sold globally.

The company earns revenue by selling bulk chocolate, cocoa powder, and related ingredients to industrial customers under long-term supply contracts. It operates factories across Europe, the Americas, Asia, and Africa, generating around $8–9 billion in annual sales. Its main competitive advantage is its scale and deep integration into the cocoa supply chain, from sourcing raw beans to delivering finished chocolate. The key risk is cocoa bean price volatility — when cocoa prices spike sharply, as they did in 2023–2024, margins can compress and customers may delay orders or reduce volumes.

Growth Profile

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

Revenue Growth

-7.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+178.6% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

CHF 0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (2%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

35.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

CHF 1.6B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

Barry Callebaut 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

−0.1% over 4y

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

Diluted shares outstanding: 5.5M (2021) → 5.5M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
9.9%
Thin — 9.9% gross margin
Profit after running costs
Operating Margin
4.4%
Thin — 4.4% operating margin
Return on the money invested
ROCE
8.5%
Below par — 8.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+9.4%
Steady sales growth (+9.4% YoY)
Profit growth
EPS YoY
+68.9%
Earnings growing fast (+68.9% 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
1196%
Turns 1196% of profit into real cash
Spare cash per sale
FCF Margin
18.4%
Converts sales into free cash efficiently (18.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
2.08
Heavy debt load (2.08)
Covers its interest
Interest Cover
1.71x
Dangerous — barely covers interest (1.7x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
23.4x
Growth-priced — P/E 23.4

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+3.0
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (23.4 → 20.3)

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Dividends

Dividend
Dividend Yield
2.73%
Moderate income — 2.73% yield

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

Dividend record
Dividend Growth
+15.0%
Dividend growing fast (15.0% YoY)
Payout Ratio
65%
no trend
Most of the profit goes out as dividends. Little left to reinvest, and less cushion if earnings dip.

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