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.
Emmi AG is a leading Swiss dairy products manufacturer and the largest milk processor in Switzerland, with roots tracing back to 1907 through its predecessor, the Central Switzerland Milk Association. The company develops, produces, and markets a diverse range of dairy and fresh products, including cow, goat, and sheep milk; mozzarella and fresh cheeses; yogurt; drinking milk; butter; fondue; energy milk; cafe latte; ice cream; whey powder; protein products; and milk powders or concentrates. It also offers non-dairy alternatives from soy, almonds, oats, and others, alongside organic options. Headquartered in Lucerne, Emmi AG operates 25 production sites in Switzerland and maintains a strong presence in 15 countries across Europe, the Americas, and through global trade, exporting to approximately 60 nations. As a subsidiary of ZMP Invest AG, founded in 1993, it processes around 1.6 billion kilograms of milk annually worldwide, with half in Switzerland. Emmi AG's strategy emphasizes a solid Swiss domestic market, international growth via acquisitions and organic expansion, cost management, and sustainability initiatives like processing 93% sustainable milk in Switzerland and setting science-based climate targets.
Operating margin is thin at 7.06%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 9.1%, steady but not accelerating. Free cash flow declined 17% despite revenue growth, conversion is weakening.
Free cash flow declined 17% versus the prior year, cash generation momentum has weakened.
Profitability & Returns
Revenue (TTM)
CHF 4.75B
▲ +9.1% YoY
Net Income (TTM)
CHF 248M
▲ +3.9% YoY
Op. Margin
7.06%
ROIC
11.22%
Cash Flow & Balance Sheet
FCF (TTM)
CHF 234M
▼ -17.1% YoY
Op. Cash Flow (TTM)
CHF 385M
▼ -2.7% YoY
Net Debt
CHF 902M
Cash & Equiv.
CHF 406M
3Y CAGR: +3.9%
3Y CAGR: +296.0%
Continue Research