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Sonova Holding AG

SOON.SW
66
Medical - Devices · Healthcare
Also trades as: SONVY USD 61.81 (+2.14%) · 0QPY.L GBP 2.56 (+1.35%)
Price
CHF 255.40
+3.00 (+1.19%)
Market Cap
CHF 15.17B
Exchange
SIX Swiss Exchange
Winston Score
66
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 9, 2026 · filings through Mar 31, 2026

§How the score breaks down

Quality
Strong
25/30
Growth
Mixed
7/20
Cash Flow
Exceptional
9/10
Stability
Good
6/10
Valuation
Good
6/10
Ownership
Good
10/15
Dividends
Good
3/5

66 of 100 counted points = Winston Score 66.

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Share count falling — buybacks

−3.5% over 4y

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

Diluted shares outstanding: 62.7M (2022) → 60.5M (2026)

§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.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+76.2% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-27.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

CHF 235M/ year

→ Flat (+1% vs prior year)

6.5% of revenue

Below sector average (18%)

Steady R&D investment year-over-year

Insider Activity

17.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

CHF 841M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue accelerating

Sonova Holding AG grew revenue 76% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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
77.2%
Premium pricing power — 77.2% gross margin
Profit after running costs
Operating Margin
23.2%
Excellent — 23.2% operating margin
Return on the money invested
ROCE
15.6%
Strong — 15.6% 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
+26.6%
Fast-growing sales (+26.6% 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
159%
Turns 159% 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
0.65
Moderate — manageable debt (0.65)
Covers its interest
Interest Cover
7.71x
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)
35.3x
Pricey — P/E 35.3

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

Cheaper or dearer next year
P/E vs Forward
+17.0
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (35.3 → 18.4)

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Dividends

Dividend
Dividend Yield
1.84%
Small dividend — 1.84% yield

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

Dividend record
Dividend Growth
+37.6%
Dividend growing fast (37.6% YoY)

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