Forbo Holding AG

FORN.SW

Furnishings, Fixtures & Appliances · Consumer Cyclical

Also trades as: 0QKD.L

Price

CHF 967.00

+13.00 (+1.36%)

Market Cap

CHF 1.39B

Exchange

SIX Swiss Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 13, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Strong

Stability

Good

Valuation

Good

Dividends

Strong

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Share count falling — buybacks

−8.3% over 4y

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

Diluted shares outstanding: 1.5M (2021) → 1.4M (2025)

Winston Score History

The full picture

Forbo Holding AG is a Swiss company that makes flooring and adhesives. Its main products are linoleum, vinyl, and carpet tiles sold under the Marmoleum brand, plus industrial adhesives and conveyor belts used in factories and logistics. Its customers include commercial builders, architects, schools, hospitals, and manufacturing companies across Europe and beyond.

Forbo earns money by selling its products directly and through distributors, with no major subscription component. The company operates mainly in Europe but also has a presence in North America and Asia, generating roughly $1.3 billion in annual revenue. Its moat comes from the Marmoleum brand, which holds a strong reputation in sustainable flooring, and from its long-standing relationships with commercial contractors. The main risk is that construction and renovation activity is sensitive to economic slowdowns and rising interest rates, which can quickly reduce demand for flooring products.

Score breakdown

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Quality

Gross Margin

34.5%

Modest — 34.5% gross margin

Operating Margin

7.7%

Modest — 7.7% operating margin

ROCE

6.3%

Weak — 6.3% 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

-1.3%

Shrinking sales (-1.3% YoY)

EPS YoY

-17.7%

Earnings shrinking (-17.7% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

156%

Turns 156% of profit into real cash

FCF Margin

5.4%

Thin free cash flow (5.4%)

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

25.53x

Comfortably covers interest (25.5x)

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

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Valuation

P/E Ratio (TTM)

20.7x

Growth-priced — P/E 20.7

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

P/E vs Forward

+2.4

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

2.59%

Moderate income — 2.59% yield

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

Dividend Growth

+10.1%

Dividend growing fast (10.1% YoY)

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