Ascom Holding AG

ASCN.SW

Communication Equipment · Technology

Also trades as: 0QON.L

Price

CHF 5.60

-0.02 (-0.36%)

Market Cap

CHF 191.3M

Exchange

SIX Swiss Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 10, 2026 · filings through Jun 30, 2026

Ascom Holding AG is a Swiss technology company that makes wireless communication systems for hospitals and other large facilities. Its main products include nurse call systems, messaging software, and handheld devices that help doctors, nurses, and staff stay connected inside buildings. The company focuses almost entirely on the healthcare industry, where reliable internal communication can directly affect patient safety.

Ascom earns money by selling hardware devices, software licenses, and ongoing service and maintenance contracts, with that recurring service revenue providing some stability. It operates primarily in Europe and North America, with Switzerland as its home base, and generates roughly $300 million in annual revenue. Its deep integration into hospital workflows and the high cost of switching systems give it a degree of customer stickiness, but the company faces ongoing pressure from larger technology players entering the healthcare communications space, which remains its key competitive risk.

Winston Score History

Growth Profile

For growth stock investors

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

Revenue Growth

-0.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+150.0% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$31M/ year

↑ Rising (+9% vs prior year)

10.6% of revenue

Below sector average (15%)

Investing heavily in future products and technology

Insider Activity

6.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$25M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

Ascom Holding 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

−0.9% over 4y

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

Diluted shares outstanding: 36.2M (2021) → 35.9M (2025)

Score breakdown

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Quality

Gross Margin

47.2%

Healthy — 47.2% gross margin

Operating Margin

5.2%

Thin — 5.2% operating margin

ROCE

10.3%

Below par — 10.3% 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 YoY

+2.6%

Nearly flat sales (+2.6% YoY)

EPS YoY

+549.2%

Earnings growing fast (+549.2% YoY)

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

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

139%

Turns 139% of profit into real cash

FCF Margin

8.4%

Modest free cash flow (8.4%)

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

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

44.80x

Comfortably covers interest (44.8x)

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

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Valuation

P/E Ratio (TTM)

10.8x

Attractive valuation — P/E 10.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

-2.8

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

3.57%

Moderate income — 3.57% yield

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

Dividend Growth

-57.9%

Dividend cut (-57.9% YoY) — warning sign

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