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Forbo Holding AG

FORN.SW
47
Furnishings, Fixtures & Appliances · Consumer Cyclical
Also trades as: 0QKD.L
Exchange
SIX Swiss Exchange
Winston Score
47
Winston is serious
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
Weak
Cash Flow
Strong
Stability
Good
Valuation
Good
Dividends
Strong
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Winston Score History

The full picture

Forbo Holding AG is a Swiss company that makes flooring and adhesives. Its main products are linoleum, vinyl, and carpet tiles sold under the Marmoleum brand, plus industrial adhesives and conveyor belts used in factories and logistics. Its customers include commercial builders, architects, schools, hospitals, and manufacturing companies across Europe and beyond.

Forbo earns money by selling its products directly and through distributors, with no major subscription component. The company operates mainly in Europe but also has a presence in North America and Asia, generating roughly $1.3 billion in annual revenue. Its moat comes from the Marmoleum brand, which holds a strong reputation in sustainable flooring, and from its long-standing relationships with commercial contractors. The main risk is that construction and renovation activity is sensitive to economic slowdowns and rising interest rates, which can quickly reduce demand for flooring products.

Score breakdown

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Quality

Profit per sale
Gross Margin
34.5%
Modest — 34.5% gross margin
Profit after running costs
Operating Margin
7.7%
Modest — 7.7% operating margin
Return on the money invested
ROCE
13.1%
Good — 13.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
-1.3%
Shrinking sales (-1.3% YoY)
Profit growth
EPS YoY
-17.7%
Earnings shrinking (-17.7% YoY)

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

How steady the profit is
EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
156%
Turns 156% of profit into real cash
Spare cash per sale
FCF Margin
5.4%
Thin free cash flow (5.4%)

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
N/A
Data not available
Covers its interest
Interest Cover
25.53x
Comfortably covers interest (25.5x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
19.5x
no trend
Fair value — P/E 19.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+1.2
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
2.59%
no trend
Moderate income — 2.59% yield

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

Dividend record
Dividend Growth
+10.1%
no trend
Dividend growing fast (10.1% YoY)

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