Ems-Chemie Holding AG

EMSN.SW

Chemicals - Specialty · Basic Materials

Also trades as: 0QM9.L

Price

CHF 797.00

-6.50 (-0.81%)

Market Cap

CHF 18.64B

Exchange

SIX Swiss Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 12, 2026 · filings through Dec 31, 2025

Ems-Chemie Holding AG is a Swiss company that makes specialty plastics and chemicals used in everyday products. Its main business is high-performance polyamide materials — tough, lightweight plastics sold to manufacturers in the automotive, electronics, and consumer goods industries. The company is one of Europe's leading producers of specialty polymers and is headquartered in Domat/Ems, Switzerland.

Ems-Chemie earns money by selling its specialty materials directly to industrial customers, primarily on long-term supply relationships rather than subscriptions. It operates mainly in Europe and Asia, with the automotive sector being its largest end market — automakers use its plastics to replace heavier metal parts. The company's strong margins and high returns on capital reflect a durable competitive position built on technical expertise and switching costs, since customers must re-engineer parts to change suppliers. The main risk is that a slowdown in global auto production, particularly the uncertain pace of the electric vehicle transition, could reduce demand for its materials.

Winston Score History

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: 23.4M (2021) → 23.4M (2025)

Score breakdown

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Quality

Gross Margin

36.8%

Modest — 36.8% gross margin

Operating Margin

27.6%

Excellent — 27.6% operating margin

ROCE

13.7%

Good — 13.7% 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

-5.8%

Shrinking sales (-5.8% YoY)

EPS YoY

+1.4%

Flat earnings

Single-digit earnings growth — steady but not exciting.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

115%

Turns 115% of profit into real cash

FCF Margin

26.0%

Converts sales into free cash efficiently (26.0%)

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

Debt / Equity

0.01

Conservative — low debt load (0.01)

Interest Cover

374.92x

Comfortably covers interest (374.9x)

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

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Valuation

P/E Ratio (TTM)

39.9x

Pricey — P/E 39.9

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

P/E vs Forward

+4.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (39.9 → 35.1)

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Dividends

Dividend Yield

2.31%

Moderate income — 2.31% yield

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

Dividend Growth

+15.1%

Dividend growing fast (15.1% YoY)

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