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Stock

Ems-Chemie Holding AG

EMSN.SW
67
Chemicals - Specialty · Basic Materials
Also trades as: 0QM9.L GBP 8.34 (+1.40%)
Price
CHF 834.00
+1.00 (+0.12%)
Market Cap
CHF 19.51B
Exchange
SIX Swiss Exchange
Winston Score
67
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 5, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
24/30
Growth
Weak
4/20
Cash Flow
Exceptional
10/10
Stability
Exceptional
10/10
Valuation
Good
6/10
Ownership
Good
10/15
Dividends
Good
3/5

67 of 100 counted points = Winston Score 67.

§Winston Score History

The full picture

Ems-Chemie Holding AG is a Swiss company that makes specialty plastics and chemicals used in everyday products. Its main business is high-performance polyamide materials — tough, lightweight plastics sold to manufacturers in the automotive, electronics, and consumer goods industries. The company is one of Europe's leading producers of specialty polymers and is headquartered in Domat/Ems, Switzerland.

Ems-Chemie earns money by selling its specialty materials directly to industrial customers, primarily on long-term supply relationships rather than subscriptions. It operates mainly in Europe and Asia, with the automotive sector being its largest end market — automakers use its plastics to replace heavier metal parts. The company's strong margins and high returns on capital reflect a durable competitive position built on technical expertise and switching costs, since customers must re-engineer parts to change suppliers. The main risk is that a slowdown in global auto production, particularly the uncertain pace of the electric vehicle transition, could reduce demand for its materials.

Share count broadly stable

−0.0% over 4y

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

Diluted shares outstanding: 23.4M (2021) → 23.4M (2025)

Score breakdown

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Quality

Profit per sale
Gross Margin
33.2%
Modest — 33.2% gross margin
Profit after running costs
Operating Margin
30.6%
Excellent — 30.6% operating margin
Return on the money invested
ROCE
26.7%
Exceptional — 26.7% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
-3.2%
Shrinking sales (-3.2% YoY)
Profit growth
EPS YoY
+2.8%
Flat earnings

Single-digit earnings growth — steady but not exciting.

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
123%
Turns 123% of profit into real cash
Spare cash per sale
FCF Margin
28.6%
Converts sales into free cash efficiently (28.6%)

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
0.01
Conservative — low debt load (0.01)
Covers its interest
Interest Cover
500.24x
Comfortably covers interest (500.2x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
41.1x
Pricey — P/E 41.1

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+6.1
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (41.1 → 35.0)

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Dividends

Dividend
Dividend Yield
0.53%
Small dividend — 0.53% yield

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

Dividend record
Dividend Growth
+15.1%
Dividend growing fast (15.1% YoY)

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