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Chocoladefabriken Lindt & Sprüngli AG

LISN.SW
50
Food Confectioners · Consumer Defensive
Also trades as: LDSVF USD 9,378.30 (+7.71%) · 0QKN.L GBP 797.00 (+0.25%)
Price
CHF 79700.00
+800.00 (+1.01%)
Market Cap
CHF 17.84B
Exchange
SIX Swiss Exchange
Winston Score
50
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 8, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
12/30
Growth
Mixed
9/20
Cash Flow
Mixed
4/10
Stability
Exceptional
10/10
Valuation
Good
5/10
Ownership
Mixed
6/15
Dividends
Strong
4/5

50 of 100 counted points = Winston Score 50.

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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

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.

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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)
25.1x
Growth-priced — P/E 25.1

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

Cheaper or dearer next year
P/E vs Forward
+1.7
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
2.05%
Moderate income — 2.05% yield

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

Dividend record
Dividend Growth
+50.0%
Dividend growing fast (50.0% YoY)

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