Schindler Holding AG

SCHN.SW

Industrial - Machinery · Industrials

Also trades as: 0QO1.L · 0QOT.L

Price

CHF 253.50

-0.50 (-0.20%)

Market Cap

CHF 27.84B

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 Jun 30, 2026

Schindler is a Swiss company that makes elevators, escalators, and moving walkways. It sells these products to building owners, construction companies, hotels, airports, shopping malls, and transit systems around the world. Founded in 1874, Schindler is one of the two or three largest elevator and escalator manufacturers on the planet, competing mainly with Otis and Kone.

Schindler makes money in two ways: selling new equipment and, more importantly, servicing and maintaining the equipment it has already installed. This maintenance business is highly recurring and hard to replace, since building owners tend to stick with the original manufacturer for safety and convenience reasons. The company operates globally, with strong positions in Europe, Asia, and the Americas, and generates roughly $11–12 billion in annual revenue. The key growth driver is urbanization in emerging markets, particularly India and Southeast Asia, where demand for new buildings and infrastructure continues to rise.

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

-0.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-48.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

69.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$3.7B cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Revenue declining

Schindler 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

−0.4% over 4y

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

Diluted shares outstanding: 107.7M (2021) → 107.3M (2025)

Score breakdown

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Quality

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Operating Margin

13.5%

Healthy — 13.5% operating margin

ROCE

7.7%

Weak — 7.7% 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

+46.1%

Fast-growing sales (+46.1% YoY)

EPS YoY

-21.4%

Earnings shrinking (-21.4% YoY)

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

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

146%

Turns 146% of profit into real cash

FCF Margin

16.9%

Converts sales into free cash efficiently (16.9%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.04

Conservative — low debt load (0.04)

Interest Cover

61.17x

Comfortably covers interest (61.2x)

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

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Valuation

P/E Ratio (TTM)

35.1x

Pricey — P/E 35.1

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

P/E vs Forward

+13.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (35.1 → 21.6)

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Dividends

Dividend Yield

2.52%

Moderate income — 2.52% yield

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

Dividend Growth

+36.3%

Dividend growing fast (36.3% YoY)

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