Stock

Ypsomed Holding AG

YPSN.SW
72
Medical - Specialties · Healthcare
Also trades as: 0QLQ.L GBP 3.59 (-2.02%)
Price
CHF 358.20
-4.00 (-1.10%)
Market Cap
CHF 4.71B
Exchange
SIX Swiss Exchange
Winston Score
72
Winston is happy
A high-quality business with solid fundamentals.
Data as of Oct 12, 2026 · filings through Mar 31, 2026

§How the score breaks down

Quality
Strong
21/30
Growth
Exceptional
17/20
Cash Flow
Strong
7/10
Stability
Exceptional
9/10
Valuation
Good
5/10
Ownership
Good
10/15
Dividends
Good
3/5

72 of 100 counted points = Winston Score 72.

Share count rising — dilution

+7.3% over 4y

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

Diluted shares outstanding: 12.7M (2022) → 13.6M (2026)

§Winston Score History

The full picture

Ypsomed is a Swiss company that makes drug delivery devices — the pens, auto-injectors, and wearable pumps that patients use to inject medications like insulin or GLP-1 drugs at home. Its main customers are large pharmaceutical companies, which hire Ypsomed to design and manufacture the physical devices that come bundled with their drugs. The company also sells its own branded insulin pumps directly to people with diabetes under the mylife brand.

Ypsomed earns money by selling devices and components to pharma partners under long-term supply contracts, and by selling its own diabetes products directly to patients and clinics. It operates primarily in Europe, with growing reach in the US and Asia, and generates roughly $700–800 million in annual revenue. Its competitive edge comes from deep engineering expertise and the high switching costs pharma companies face once a device is approved alongside a specific drug. The biggest growth driver is rising demand for GLP-1 injection devices, though heavy reliance on a small number of large pharma customers remains a key concentration risk.

Growth Profile

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

Revenue Growth

YoY Growth Rate

Revenue data limited

EPS Growth

YoY Growth Rate

EPS data limited

R&D Spend

CHF 40M/ year

↑ Rising (+19% vs prior year)

5.5% of revenue

Below sector average (18%)

R&D investment increasing — building for the future

Insider Activity

73.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

CHF 80M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

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

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Quality

Profit per sale
Gross Margin
44.6%
Healthy — 44.6% gross margin
Profit after running costs
Operating Margin
29.8%
Excellent — 29.8% operating margin
Return on the money invested
ROCE
18.3%
Strong — 18.3% 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
+95.2%
Fast-growing sales (+95.2% YoY)
Profit growth
EPS YoY
+270.7%
Earnings growing fast (+270.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

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
138%
Turns 138% of profit into real cash
Spare cash per sale
FCF Margin
1.5%
Thin free cash flow (1.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.35
Conservative — low debt load (0.35)
Covers its interest
Interest Cover
51.50x
Comfortably covers interest (51.5x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
22.0x
Growth-priced — P/E 22.0

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

Cheaper or dearer next year
P/E vs Forward
+1.2
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
1.23%
Small dividend — 1.23% yield

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

Dividend record
Dividend Growth
+294.4%
Dividend growing fast (294.4% YoY)
Payout Ratio
14%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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