Sonova Holding AG

SOON.SW

Medical - Devices · Healthcare

Also trades as: SONVY · 0QPY.L

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 Mar 31, 2026

How the score breaks down

Quality

Strong

Growth

Weak

Cash Flow

Exceptional

Stability

Strong

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

Sonova is a Swiss company that makes hearing aids and related products for people with hearing loss. Its main brands include Phonak, Unitron, and Hansaton, and it also owns AudioNova, a chain of hearing care clinics. Sonova sells to audiologists, hearing care professionals, and directly to consumers, making it one of the largest hearing health companies in the world.

The company earns money by selling hearing aid devices, accessories, and cochlear implants, as well as through its retail hearing clinic network. Sonova operates globally, with strong presence in Europe, North America, and Asia, and generates roughly $2 billion in annual revenue. Its competitive edge comes from heavy investment in research and development, strong brand recognition, and proprietary wireless audio technology. The key growth driver is an aging global population, which is expected to increase demand for hearing solutions over the coming decades, though currency fluctuations and pricing pressure from lower-cost competitors remain ongoing risks.

Score breakdown

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Quality

Profit per sale

Gross Margin

78.7%

Premium pricing power — 78.7% gross margin

Profit after running costs

Operating Margin

21.6%

Excellent — 21.6% operating margin

Return on the money invested

ROCE

16.5%

Strong — 16.5% 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

-6.7%

Shrinking sales (-6.7% YoY)

Profit growth

EPS YoY

-20.3%

Earnings shrinking (-20.3% YoY)

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

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

127%

Turns 127% of profit into real cash

Spare cash per sale

FCF Margin

16.7%

Converts sales into free cash efficiently (16.7%)

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

0.56

Conservative — low debt load (0.56)

Covers its interest

Interest Cover

7.72x

Adequate interest coverage (7.7x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

33.6x

no trend

Pricey — P/E 33.6

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+15.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (33.6 → 17.8)

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Dividends

Dividend

Dividend Yield

1.99%

no trend

Small dividend — 1.99% yield

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

Dividend record

Dividend Growth

+37.6%

no trend

Dividend growing fast (37.6% YoY)

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