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.
Leclanché SA is a Swiss manufacturer of lithium-ion cells and a leading provider of high-quality energy storage solutions, founded in 1909 in Yverdon-les-Bains. With over 110 years of experience, the company combines German engineering precision with Swiss quality to deliver fully vertically integrated battery systems for transportation, utilities, and industrial applications. Its primary function centers on accelerating the transition to a cleaner energy future through advanced lithium-ion technologies, including proprietary large-format cells like lithium-titanate and high-energy pouch cells optimized for fast charging and long cycle life. Leclanché SA serves key sectors such as e-mobility with battery packs for electric vehicles, buses, trucks, ferries, and rail; stationary energy storage for grid integration of renewables like solar and wind; and specialty systems for automated guided vehicles and defense. Notable achievements include powering the world’s first fully electric autonomous container ship Yara Birkeland, equipping the largest electric ferry in Denmark, and deploying over 100 MWh of stationary projects globally. As the only listed pure-play energy storage company, it plays a pivotal role in electrifying transport, stabilizing grids, and powering industrial machines.
The business is unprofitable at the operating level (-319.46% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue growth slowed to 0.9%, essentially flat. Margins also contracted 16.3pp. This is a business that needs a catalyst.
ROIC dropped from -61.54% to -81.39%, capital efficiency is deteriorating. Negative free cash flow of -CHF 49M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
CHF 17M
▲ +0.9% YoY
Net Income (TTM)
-CHF 68M
▲ +4.0% YoY
Op. Margin
-319.46%
▼ -16.3pp YoY
ROIC
-81.39%
▼ -19.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-CHF 49M
▲ +21.0% YoY
Op. Cash Flow (TTM)
-CHF 46M
▲ +9.8% YoY
Net Debt
CHF 45M
Cash & Equiv.
CHF 5M
3Y CAGR: -2.8%
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