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.
Implenia AG is a leading Swiss multinational construction and real estate service provider. Formed in 2006 from the merger of Batigroup and Zschokke Holding, it draws on around 150 years of construction tradition to develop, build, and manage homes, workplaces, and infrastructure for future generations, primarily in Switzerland and Germany. The company operates through four key divisions: Real Estate, which focuses on sustainable developments and portfolio management; Buildings, handling complex new constructions and modernizations; Civil Engineering, specializing in tunnelling, roads, bridges, and rail; and Specialties, offering niche solutions like timber construction, facades, and logistics. With headquarters in Opfikon near Zurich, Implenia employs over 8,500 people across Europe and generated revenue of CHF 3.6 billion in 2024. Renowned for major projects such as the Gotthard Base Tunnel and Semmering Base Tunnel, it emphasizes an integrated business model, innovation, and a balance between profitability, social responsibility, and environmental sustainability, supporting urbanization and mobility infrastructure megatrends.
Operating margin is thin at 2.05%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 2.4% YoY. The question is whether this is cyclical or a structural shift.
ROIC dropped from 11.84% to 7.83%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
CHF 3.47B
▼ -2.4% YoY
Net Income (TTM)
CHF 85M
▼ -9.3% YoY
Op. Margin
2.05%
▼ -0.3pp YoY
ROIC
7.83%
▼ -4.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
CHF 81M
▲ +315.3% YoY
Op. Cash Flow (TTM)
CHF 152M
▲ +943.1% YoY
Net Debt
-CHF 658M
Net Cash Position
Cash & Equiv.
CHF 658M
3Y CAGR: -0.6%
3Y CAGR: -3.3%
Continue Research