The company has reduced its share count over this period, returning value to shareholders through buybacks.
Diluted shares outstanding: 313.6M (2022) → 302.7M (2026)
Sonova Holding AG is a prominent developer, manufacturer, and global distributor of hearing health solutions for all age groups. The company's operations are divided into two core areas: Hearing Instruments and Cochlear Implants. Its product range includes sophisticated wireless communication devices, innovative rechargeable hearing aids, and a comprehensive selection of consumer audio electronics such as wireless headsets, hearables designed for speech enhancement, high-fidelity headphones, microphones, and wireless transmission systems. Furthermore, Sonova offers extensive audiological care services. Key brands under its umbrella include Phonak, Unitron, and Hansaton for hearing instruments; Advanced Bionics for cochlear implants; and Sennheiser for consumer audio. Its audiological care services are delivered through a vast network of approximately 3,600 retail locations and clinics, known by various regional names including AudioNova, Audium, and Connect Hearing. Sonova distributes its products through independent partners and provides services via its direct network. The company maintains a significant international presence, operating in the United States, Europe, the Middle East, Africa, and the Asia Pacific region. Established in Stäfa, Switzerland, in 1947, the firm was formerly known as Phonak Holding AG before adopting its current name, Sonova Holding AG, in August 2007.
When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.
-10.8% YoY
YoY Growth Rate
Revenue declining
+7.2% YoY
YoY Growth Rate
Slow EPS growth
$218M/ year
↓ Declining (-7% vs prior year)
6.0% of revenue
Below sector average (18%)
R&D spend declining — could signal cost-cutting or efficiency
Cash flow positive
$783M cash & investments
Quarterly Free Cash Flow
↓ Burn rate worsening
Company generates more cash than it spends — no dilution risk from fundraising
Sonova 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.
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ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.
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Earnings per share down more than 10%. Either a bad year, or a real decline.
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FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.
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Interest coverage above 8. Profits cover interest many times over.
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P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.
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Standard yield zone for stable dividend payers. A meaningful piece of total return.
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