Chocoladefabriken Lindt & Sprüngli AG

LISN.SW

Food Confectioners · Consumer Defensive

Also trades as: LDSVF · 0QKN.L

Price

CHF 93500.00

+500.00 (+0.54%)

Market Cap

CHF 20.93B

Exchange

SIX Swiss Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Mixed

Stability

Exceptional

Valuation

Good

Dividends

Good

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Share count falling — buybacks

−4.6% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 243K (2021) → 232K (2025)

Winston Score History

The full picture

Lindt & Sprüngli is a Swiss company that makes chocolate. It owns well-known brands including Lindt, Ghirardelli, and Russell Stover, and sells boxed chocolates, truffles, and chocolate bars to everyday consumers around the world. Founded in 1845, it is one of the oldest and most recognized premium chocolate makers globally.

The company makes money by selling its products through grocery stores, its own retail shops, and online channels. It operates primarily in Europe and North America, with over 500 Lindt chocolate shops worldwide, and generates roughly $5 billion in annual revenue. Its main competitive advantages are strong brand recognition and pricing power in the premium chocolate segment, which helps explain its 50% gross margin. The biggest risk the business faces is rising cocoa prices, which have surged in recent years and put pressure on production costs across the entire chocolate industry.

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

-1.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-89.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

CHF 21M/ year

↑ Rising (+10% vs prior year)

0.4% of revenue

Below sector average (2%)

R&D investment increasing — building for the future

Insider Activity

2.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

CHF 669M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue declining

Chocoladefabriken Lindt & Sprüngli 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.

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

0.0%

Thin — 0.0% gross margin

Profit after running costs

Operating Margin

11.2%

Modest — 11.2% operating margin

Return on the money invested

ROCE

15.5%

Strong — 15.5% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+3.8%

Slow sales growth (+3.8% YoY)

Profit growth

EPS YoY

-68.7%

Earnings shrinking (-68.7% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

71%

Modest — 71% of profit becomes cash

Spare cash per sale

FCF Margin

4.2%

Thin free cash flow (4.2%)

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

0.27

Conservative — low debt load (0.27)

Covers its interest

Interest Cover

29.37x

Comfortably covers interest (29.4x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

29.4x

Growth-priced — P/E 29.4

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

Cheaper or dearer next year

P/E vs Forward

+4.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (29.4 → 25.3)

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Dividends

Dividend

Dividend Yield

1.90%

Small dividend — 1.90% yield

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

Dividend record

Dividend Growth

+50.0%

Dividend growing fast (50.0% YoY)

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