DocMorris AG

DOCM.SW

Medical - Distribution · Healthcare

Also trades as: 0RRB.L

Price

CHF 9.96

-0.36 (-3.54%)

Market Cap

CHF 486.7M

Exchange

SIX Swiss Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

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

How the score breaks down

Quality

Weak

Growth

Good

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

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Share count rising — dilution

+163.5% over 4y

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

Diluted shares outstanding: 19.6M (2021) → 51.6M (2025)

Winston Score History

The full picture

DocMorris is an online pharmacy based in Switzerland that sells prescription and over-the-counter medicines, health products, and wellness items directly to customers through its website and app. It serves everyday consumers across Europe who want to order medications from home instead of visiting a physical pharmacy. The company is one of the larger digital pharmacy platforms in the German-speaking market.

DocMorris makes money by selling products directly to customers, earning a small margin on each sale — its roughly 9% gross margin reflects the thin-margin nature of drug distribution. It operates primarily in Germany and Switzerland, competing against traditional brick-and-mortar pharmacies as well as other online players like Shop Apotheke. A key growth driver is the rollout of electronic prescriptions in Germany, which would allow DocMorris to fill more prescription orders digitally, but the company currently loses money at the operating level, and delays in e-prescription adoption remain a significant risk to its path toward profitability.

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

+10.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+48.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

CHF 0/ year

0.0% of revenue

Below sector average (18%)

Research and development spending

Insider Activity

27.7%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Runway

~13 months

CHF 95M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Adequate runway but may need to raise capital within 2 years

Growth context

DocMorris AG is growing revenue at 11% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

9.2%

Thin — 9.2% gross margin

Profit after running costs

Operating Margin

-6.8%

Losing money on operations — -6.8%

Return on the money invested

ROCE

-32.4%

Weak — -32.4% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+11.3%

Steady sales growth (+11.3% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

2.8%

Thin free cash flow (2.8%)

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

0.69

Moderate — manageable debt (0.69)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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