Sonova Holding AG SONVY

Health CareHealthcare Equipment & SuppliesSwitzerland

Last close 68.74 USD on Nov 1, 2026, +36.2% year to date

Quant rating

Quant rating C Rank 124 of 211 in Health Care

Growth D 171 of 211
Valuation C 96 of 211
Quality D 170 of 211
Revisions D 155 of 211
Momentum A 11 of 211

Wall Street consensus Strong Buy (1.00)Average target 70.00 USD +1.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 20.5B
Enterprise value: 21.8B
52-week range: 42.26 – 69.19
3-year range: 42.26 – 77.48
Dividend yield: 1.69%
Beta (5 years): 1.32
Shares outstanding: 59.6M
Next earnings: Nov 12, 2026

About the company

Sonova Holding AG is a Switzerland-based company operating in the healthcare sector. The Company, along with its subsidiaries, designs, develops, manufactures, distributes and services hearing systems for adults and children with hearing impairment. The Company is active in two operating segments: the Hearing instruments segment includes the companies that are active in the design, development, manufacture, distribution and service of hearing instruments and related products, and the Cochlear implants segment includes the companies that are active in the design, development, manufacture, distribution and service of hearing implants and related products. It operates worldwide and distributes its products in over 90 countries through its own distribution network and through independent distributors. Sonova Holding AG is the holding company of the Sonova Group and operates the wholly owned subsidiaries Comfort Audio GmbH and Hansaton Akustik GmbH.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	4,512	4,087	4,023	4,087	3,646	–
Revenue growth	10.4%	1.6%	−1.6%	12.1%	32.2%	10.3%
EPS (basic, normalized)	1.84	2.18	2.22	2.39	–	–
EPS growth	−15.6%	−1.9%	−7.3%	–	–	–
Gross margin	73.7%	74.3%	72.3%	70.8%	73.2%	72.9%
Net margin	14.9%	15.5%	16.6%	17.1%	18.8%	16.6%
ROE	20.4%	21.7%	25.7%	28.9%	25.5%	24.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	4,512	+10.4%	4.8x	924	−11.2%	23.6x	1.84	−15.6%	37.4x
2027	4,749	+5.2%	4.6x	1,238	+34.1%	17.6x	2.75	+49.5%	25.0x
2028	5,107	+7.5%	4.3x	1,371	+10.7%	15.9x	3.07	+11.7%	22.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	4,749	−0.6%	+4.4%	+4.4%	2.75	−0.6%	+7.3%	+7.3%
2028	5,107	−0.6%	–	–	3.07	−0.7%	–	–
2029	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Healthcare Equipment & Supplies

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
SONVY Sonova Holding AG	20.5B	–	14.9%	6.45x	25.0x	22.4x	17.6x	15.9x
SMMNY Siemens Healthineers AG	54.0B	2.75x	9.2%	2.51x	18.0x	18.2x	13.0x	12.6x
SAUHY Straumann Holding AG	18.8B	–	13.7%	6.81x	28.7x	24.6x	18.3x	16.6x
VANI Vivani Medical Inc	98M	–	–	5.14x	−3.4x	−2.8x	–	–
BEAT HeartBeam, Inc.	31M	0.41x	–	3.79x	−1.4x	−1.9x	–	–
RDGL Vivos Inc	22M	–	−4,483.8%	8.03x	–	–	–	–
Mean		1.58x	−1,111.5%	5.46x	13.4x	12.1x	16.3x	15.0x
Median		1.58x	11.4%	5.79x	18.0x	18.2x	17.6x	15.9x

Technical analysis

1M+13.8%
3M+26.3%
1Y+25.1%
3Y+57.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Sonova Holding AG, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	4,512	4,087	4,023	4,087	3,646	2,758
Cost of revenue	1,186	1,050	1,115	1,195	976	765
Gross profit	3,327	3,036	2,907	2,892	2,670	1,993
Selling, general & administrative expenses	2,084	1,910	1,797	1,710	1,515	1,167
Research & development	272	242	262	265	249	215
Depreciation/amortization	60.4	54.9	63.3	60.0	46.6	46.4
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	36.2	15.6	41.5	40.6	23.2	−90.7
Other operating expenses	27.4	−0.2	0.7	−0.5	12.6	−1.4
Operating income	846	814	743	816	824	657
Net interest income (expense)	−40.2	−37.8	−24.7	−0.7	−18.0	−14.2
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−2.5	−2.5	−0.3	−33.3	−16.5	−6.0
Net income before taxes	803	774	718	782	789	636
Provision for taxes	120	135	41.9	72.8	88.9	45.8
Minority interest	−11.1	−7.2	−9.4	−11.7	−15.9	−4.6
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	672	632	667	698	684	586
Extraordinary items	−133	−20.2	–	10.1	19.0	29.7
Net income	539	611	667	708	703	616
EBIT, normalized	946	830	784	857	862	607
EBITDA, normalized	1,231	1,111	1,057	1,119	1,091	815
Basic EPS, normalized	1.84	2.18	2.22	2.39	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Sonova Holding AG, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	904	777	570	453	461	1,879
Receivables	846	792	732	689	725	549
Total inventory	477	530	483	458	454	320
Prepaid expenses	51.7	60.9	47.0	53.0	–	30.2
Other current assets	329	1.8	0.6	0.9	0.1	0.3
Total current assets	2,607	2,162	1,833	1,654	1,640	2,779
Property, plant & equipment	741	699	721	721	715	633
Goodwill	2,858	2,723	2,684	2,625	–	2,118
Intangibles	421	653	687	718	3,314	449
Long-term investments	75.6	24.2	25.6	26.6	71.1	34.4
Note receivable	71.5	73.3	67.1	51.4	–	34.2
Other long-term assets	268	367	407	274	278	234
Total assets	7,044	6,701	6,424	6,070	6,018	6,281
Liabilities
Accounts payable	222	304	224	211	209	109
Payable/accrued	–	–	–	–	–	–
Accrued expenses	366	337	311	306	–	299
Short-term debt	143	0.2	0.2	0.4	0	0.1
Current portion of long-term debt	90.4	489	87.7	85.5	79.6	449
Other current liabilities	667	567	638	604	908	471
Total current liabilities	1,487	1,697	1,262	1,207	1,197	1,329
Long-term debt	1,909	1,502	1,903	1,898	1,967	1,495
Minority interest	27.5	22.6	23.2	20.7	20.5	26.0
Other liabilities	349	465	496	525	436	518
Total liabilities	3,773	3,687	3,684	3,651	3,620	3,368
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	3.8	3.4	3.3	3.4	3.4	3.4
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	4,407	3,795	3,419	3,472	3,443	3,572
Treasury stock	−57.1	−6.3	−4.2	−469	−465	−325
Other equity	−1,082	−778	−678	−588	−583	−338
Total equity	3,271	3,014	2,740	2,419	2,398	2,913
Total liabilities & shareholders' equity	7,044	6,701	6,424	6,070	6,018	6,281

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Sonova Holding AG, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	803	774	718	782	789	636
Depreciation, depletion & amortization	326	263	273	262	229	236
Deferred taxes	–	–	–	–	–	–
Non-cash items	12.4	43.7	−10.5	−12.0	73.2	62.4
Changes in working capital	−256	−183	−145	−175	−71.2	−125
Cash from operations	885	898	836	857	1,020	810
Investing activities
Capital expenditures	−129	−149	−143	−169	−116	−94.6
Other investing cash flows	−112	−91.6	−117	−300	−650	−34.6
Cash from investing	−241	−241	−260	−468	−765	−129
Financing activities
Financing cash flow items	−43.2	−39.2	−38.5	−37.6	−38.2	−12.2
Cash dividends paid	−328	−290	−304	−293	−219	−0.2
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−195	−125	−118	−266	−1,253	729
Cash from financing	−567	−454	−461	−596	−1,509	717
Foreign exchange effects	−13.3	−6.7	−4.8	−7.7	−4.9	3.5
Net change in cash	64.8	196	111	−215	−1,259	1,401
Free cash flow	757	749	693	688	905	716

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.