Cham Swiss Properties AG

CHAM.SW

Real Estate - Development · Real Estate

Price

CHF 24.10

+0.00 (+0.00%)

Market Cap

CHF 1.14B

Exchange

SIX Swiss Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Good

Stability

Strong

Valuation

Good

Dividends

Weak

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Share count rising — dilution

+385.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 8.9M (2021) → 43.1M (2025)

Winston Score History

The full picture

Cham Swiss Properties AG is a Swiss real estate company focused on developing and managing properties in the town of Cham, in the canton of Zug, Switzerland. The company is transforming a large former paper mill site into a mixed-use neighborhood with apartments, offices, and commercial spaces. Its main customers are residents, businesses, and tenants looking for space in one of Switzerland's wealthiest and lowest-tax regions.

The company makes money by selling developed properties and collecting rent from tenants it keeps on its balance sheet. It operates almost entirely within a single location in Zug, which gives it deep local expertise but also concentrates its risk in one place. With a market cap around $1.1 billion and a low ROIC of 2.2%, the business is still in a long development cycle, meaning growth depends heavily on successfully completing and selling phases of the Cham site — a process that could take many more years and is sensitive to Swiss real estate demand and interest rate changes.

Growth Profile

For growth stock investors

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

Revenue Growth

+114.0% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+100.6% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

CHF 0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

53.1%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

CHF 764M cash & investments at current burn rate

Strong grower

Cham Swiss Properties AG is growing revenue at 114% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

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.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

87.3%

Premium pricing power — 87.3% gross margin

Profit after running costs

Operating Margin

28.7%

Excellent — 28.7% operating margin

Return on the money invested

ROCE

2.8%

Weak — 2.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+746.9%

Fast-growing sales (+746.9% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

33%

Weak — only 33% of profit becomes cash

Spare cash per sale

FCF Margin

32.8%

Converts sales into free cash efficiently (32.8%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.53

Conservative — low debt load (0.53)

Covers its interest

Interest Cover

13.56x

Comfortably covers interest (13.6x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

6.4x

Attractive valuation — P/E 6.4

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-15.3

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

1.78%

Small dividend — 1.78% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

N/A

Data not available

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