Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Bellevue Group AG is a Switzerland-based, independent asset management firm founded in 1993 and headquartered in Zurich. It specializes as a pure-play asset manager with a distinctive focus on healthcare investments, including biotech, medtech, thematic strategies, and global and regional healthcare funds, which represent around 89% of its client assets. The company also offers solutions for small and mid-sized entrepreneur investments, such as listed small and mid caps and private equity strategies through its Bellevue Private Markets division, alongside multi-asset, bonds, and alternatives. Operating primarily through subsidiaries like Bellevue Asset Management and StarCapital, it serves institutional, intermediary, and private clients across Switzerland, Germany, the United Kingdom, and internationally. With approximately 90 employees and CHF 5.8 billion in assets under management as of 2024, Bellevue Group AG emphasizes innovation, such as funds targeting obesity solutions and AI in healthcare, positioning it as a key player in specialized growth sectors within the financial markets.
Operating margin is thin at 6.68%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 26.0% YoY. Margins deteriorated 10.0pp alongside, both lines moving the wrong way.
ROIC dropped from 6.88% to 1.40%, capital efficiency is deteriorating. Operating margin contracted 10.0pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
CHF 53M
▼ -26.0% YoY
Net Income (TTM)
CHF 2M
▼ -79.4% YoY
Op. Margin
6.68%
▼ -10.0pp YoY
ROIC
1.40%
▼ -5.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
CHF 19M
▲ +267.8% YoY
Op. Cash Flow (TTM)
CHF 20M
▲ +138.8% YoY
Net Debt
-CHF 48M
Net Cash Position
Cash & Equiv.
CHF 65M
3Y CAGR: -21.2%
3Y CAGR: -11.4%
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