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Swisscom AG

SCMN.SW
53
Telecommunications Services · Communication Services
Also trades as: 0QKI.L GBP 6.28 (+0.77%)
Price
CHF 627.50
-1.50 (-0.24%)
Market Cap
CHF 32.51B
Exchange
SIX Swiss Exchange
Winston Score
53
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 12, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
13/30
Growth
Mixed
6/20
Cash Flow
Exceptional
10/10
Stability
Good
5/10
Valuation
Good
6/10
Ownership
Good
10/15
Dividends
Good
3/5

53 of 100 counted points = Winston Score 53.

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§Winston Score History

The full picture

Swisscom AG is Switzerland's largest telecommunications company, providing mobile phone service, home internet, and television to millions of households and businesses across the country. The Swiss government owns about 51% of Swisscom, making it a state-controlled company. It also operates a major telecom business in Italy called Fastweb, which serves residential and business customers there.

Swisscom earns money by charging monthly fees for mobile plans, broadband internet subscriptions, and TV packages, along with selling services to corporate clients. It operates primarily in Switzerland and Italy, generating roughly $12 billion in annual revenue. Its main competitive advantage in Switzerland is its dominant market position and the high cost of building a rival network from scratch, which limits competition. The key risk is that Swiss telecom is a mature, slow-growing market, meaning Swisscom depends heavily on Fastweb's expansion in Italy and cost discipline at home to grow earnings over time.

Growth Profile

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

Revenue Growth

-2.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+30.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

CHF 0/ year

0.0% of revenue

Below sector average (12%)

Research and development spending

Insider Activity

51.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

CHF 845M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

Swisscom AG's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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.

Share count broadly stable

+0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 51.8M (2021) → 51.8M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
28.0%
Modest — 28.0% gross margin
Profit after running costs
Operating Margin
15.7%
Healthy — 15.7% operating margin
Return on the money invested
ROCE
8.4%
Below par — 8.4% 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
+13.8%
Fast-growing sales (+13.8% YoY)
Profit growth
EPS YoY
-1.3%
Earnings shrinking (-1.3% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is
EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
465%
Turns 465% of profit into real cash
Spare cash per sale
FCF Margin
21.7%
Converts sales into free cash efficiently (21.7%)

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
1.22
Elevated debt (1.22)
Covers its interest
Interest Cover
6.13x
Adequate interest coverage (6.1x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
24.7x
Growth-priced — P/E 24.7

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

Cheaper or dearer next year
P/E vs Forward
+4.8
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (24.7 → 20.0)

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Dividends

Dividend
Dividend Yield
3.99%
Moderate income — 3.99% yield

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

Dividend record
Dividend Growth
+4.5%
Dividend growing modestly (4.5% YoY)
Payout Ratio
103%
no trend
Paying out more than the last 12 months of profit. The dividend is being funded from cash or borrowing, not this year’s earnings.

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