IVF Hartmann Holding AG

VBSN.SW

Medical - Specialties · Healthcare

Also trades as: 0QQM.L

Price

CHF 136.00

+0.00 (+0.00%)

Market Cap

CHF 323.9M

Exchange

SIX Swiss Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Mixed

Dividends

Strong

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Share count rising — dilution

+1.1% over 4y

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

Diluted shares outstanding: 2.4M (2021) → 2.4M (2025)

Winston Score History

The full picture

IVF Hartmann Holding AG is a Swiss healthcare company that makes medical supplies used in hospitals, clinics, and care homes. Its core products include wound care dressings, disinfectants, hygiene products, and incontinence supplies. The company sells mainly to healthcare professionals and institutions across Europe, with a strong heritage in the Swiss and German-speaking markets.

The company earns revenue by selling consumable medical products, meaning customers need to reorder regularly, which creates a steady and predictable income stream. IVF Hartmann operates primarily in Central Europe and generates roughly $300 million in market value, competing in a fragmented but stable industry where brand trust and distribution relationships act as its main competitive advantages. The key risk is pricing pressure from lower-cost generic suppliers and larger global competitors, which could squeeze the company's already modest gross margins over time.

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

+11.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+24.9% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

CHF 0/ year

0.0% of revenue

Below sector average (18%)

Research and development spending

Insider Activity

76.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

CHF 109M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

IVF Hartmann Holding AG is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

32.2%

Modest — 32.2% gross margin

Profit after running costs

Operating Margin

14.0%

Healthy — 14.0% operating margin

Return on the money invested

ROCE

12.3%

Good — 12.3% 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

+6.9%

Slow sales growth (+6.9% YoY)

Profit growth

EPS YoY

+6.5%

Modest earnings growth (+6.5% YoY)

Single-digit earnings growth — steady but not exciting.

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

130%

Turns 130% of profit into real cash

Spare cash per sale

FCF Margin

13.7%

Converts sales into free cash efficiently (13.7%)

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

0.02

Conservative — low debt load (0.02)

Covers its interest

Interest Cover

100.00x

Comfortably covers interest (100.0x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

16.0x

Fair value — P/E 16.0

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

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

3.04%

Moderate income — 3.04% yield

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

Dividend record

Dividend Growth

+70.7%

Dividend growing fast (70.7% YoY)

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