Stock

HBM Healthcare Investments AG

HBMN.SW
45
Asset Management · Financial Services
Also trades as: 0QOC.L GBP 2.29 (-1.08%)
Price
CHF 231.00
-1.00 (-0.43%)
Market Cap
CHF 1.52B
Exchange
SIX Swiss Exchange
Winston Score
45
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 12, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
7/30
Growth
Mixed
7/20
Cash Flow
Mixed
3/10
Stability
Exceptional
10/10
Valuation
Good
6/10
Ownership
Good
10/15
Dividends
Mixed
2/5

45 of 100 counted points = Winston Score 45.

Share count falling — buybacks

−4.1% over 4y

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

Diluted shares outstanding: 7.0M (2022) → 6.7M (2026)

§Winston Score History

The full picture

HBM Healthcare Investments AG is a Swiss investment company that puts money into healthcare and biotech businesses around the world. It buys stakes in private and publicly traded companies working on drugs, medical devices, and other health-related products. Think of it like a fund that specializes entirely in the healthcare industry, giving investors a way to own a slice of many healthcare companies at once.

The company makes money when the value of its investments rises and when it sells stakes at a profit — not from selling products or charging fees to customers. It is based in Zug, Switzerland, and invests mainly in companies across the US, Europe, and Asia, with a portfolio worth roughly $1.5 billion. Its focus on a single sector gives it deep expertise, but that same concentration is also its biggest risk — a broad downturn in biotech valuations or a string of failed drug trials across its portfolio could significantly hurt returns.

Score breakdown

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Quality

Profit per sale
Gross Margin
N/A
Data not available
Profit after running costs
Operating Margin
N/A
Data not available
Return on the money invested
ROCE
19.5%
Strong — 19.5% 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
N/A
Data not available
Profit growth
EPS YoY
N/A
Data not available
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
12%
Weak — only 12% of profit becomes cash
Spare cash per sale
FCF Margin
17.8%
Converts sales into free cash efficiently (17.8%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.08
Conservative — low debt load (0.08)
Covers its interest
Interest Cover
421.70x
Comfortably covers interest (421.7x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
2.4x
Attractive valuation — P/E 2.4

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
-12.4
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
3.85%
Moderate income — 3.85% yield

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

Dividend record
Dividend Growth
-15.8%
Dividend cut (-15.8% YoY) — warning sign
Payout Ratio
14%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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