WinstonWınston
Stock

Swiss Prime Site AG

SPSN.SW
50
Real Estate - Diversified · Real Estate
Also trades as: 0QOG.L GBP 1.19 (+0.00%)
Price
CHF 119.60
+0.50 (+0.42%)
Market Cap
CHF 9.60B
Exchange
SIX Swiss Exchange
Winston Score
50
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 5, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
21/30
Growth
Mixed
8/20
Cash Flow
Strong
7/10
Stability
Good
6/10
Valuation
Mixed
3/10
Ownership
Weak
1/15
Dividends
Strong
4/5

50 of 100 counted points = Winston Score 50.

Share count falling — buybacks

−1.9% over 4y

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

Diluted shares outstanding: 81.3M (2021) → 79.8M (2025)

§Winston Score History

The full picture

Swiss Prime Site is one of Switzerland's largest publicly listed real estate companies. It owns and manages a large portfolio of commercial properties — mainly office buildings, retail spaces, and mixed-use developments — located primarily in Swiss cities like Zurich, Geneva, and Basel. Its tenants are mostly businesses, retailers, and other organizations that lease space for their daily operations.

The company makes money by collecting rent from tenants under long-term lease agreements, which provides relatively steady income. It also operates a real estate services division that offers property management and development services to outside clients, adding a fee-based revenue stream on top of rental income. Swiss Prime Site benefits from a strong position in a market with limited new supply and strict building regulations, which helps protect occupancy rates. The main risk is rising interest rates, which increase borrowing costs and can reduce the value of its property portfolio over time.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
88.5%
Premium pricing power — 88.5% gross margin
Profit after running costs
Operating Margin
76.3%
Excellent — 76.3% operating margin
Return on the money invested
ROCE
3.2%
Weak — 3.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
-11.9%
Shrinking sales (-11.9% YoY)
Profit growth
EPS YoY
+11.3%
Earnings growing (+11.3% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
80%
Modest — 80% of profit becomes cash
Spare cash per sale
FCF Margin
59.6%
Converts sales into free cash efficiently (59.6%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.84
Moderate — manageable debt (0.84)
Covers its interest
Interest Cover
5.51x
Adequate interest coverage (5.5x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
23.4x
Growth-priced — P/E 23.4

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

Cheaper or dearer next year
P/E vs Forward
-2.9
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
2.94%
Moderate income — 2.94% yield

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

Dividend record
Dividend Growth
+25.2%
Dividend growing fast (25.2% YoY)

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