Holcim AG

SWX:HOLN Stock Report

Market Cap: CHF 41.0b

Holcim Future Growth

Future criteria checks 4/6

Holcim is forecast to grow earnings and revenue by 25.4% and 6% per annum respectively. EPS is expected to grow by 25.7% per annum. Return on equity is forecast to be 13.9% in 3 years.

Key information

25.4%

Earnings growth rate

25.68%

EPS growth rate

Basic Materials earnings growth17.2%
Revenue growth rate6.0%
Future return on equity13.91%
Analyst coverage

Good

Last updated02 May 2026

Recent future growth updates

Recent updates

Narrative Update • May 04

HOLN: Cement Pricing And Electrification Projects Will Shape Fairly Balanced Upside

The analyst price target for Holcim has been adjusted slightly higher to reflect a fair value of about CHF 78.70, with analysts pointing to recent upgrades and target raises, supported by steady assumptions for revenue growth, margins and future P/E multiples. Analyst Commentary Bullish Takeaways Bullish analysts are citing recent upgrades and resumed coverage with positive ratings as support for the idea that Holcim's execution on its strategy is being recognized in current valuation assumptions.
Narrative Update • Apr 20

HOLN: Cement Pricing Resilience And Margin Execution Will Shape Future Upside Balance

Holcim's analyst price target is updated to CHF 78.03, a small move supported by recent upgrades and resumed coverage from several banks. Analysts point to steadier profit margins and only modest adjustments to growth and discount rate assumptions.
Narrative Update • Apr 05

HOLN: European Cement Pricing Resilience Will Shape Upside Risk Balance

Analysts have trimmed the implied fair value for Holcim from CHF 78.71 to CHF 77.76. This reflects slightly higher discount rate and P/E assumptions, even as they reference recent Street research that includes both higher and lower price targets between CHF 69 and CHF 80 and differing views on cement pricing resilience in Europe.
Narrative Update • Mar 22

HOLN: Circular Expansion And Cement Pricing Support Will Shape Upside Risk Balance

Holcim's updated analyst price target edges slightly lower to CHF 78 from CHF 80, as analysts factor in a reduced future P/E assumption to 21.24x, along with adjusted expectations for revenue growth, profit margins and discount rates. Recent Street research reflects a mix of target hikes and trims clustered around the CHF 72 to CHF 80 range.
Narrative Update • Mar 08

HOLN: Cement Pricing Resilience In Europe Will Drive Rebound Potential

Our revised fair value estimate for Holcim has risen from CHF 70 to CHF 93. This reflects analysts' updated price targets in the CHF 72 to CHF 80 range and their view that recent share weakness has been overdone, while near term cement pricing in Europe is expected to hold.
Narrative Update • Feb 22

HOLN: Rich P/E And Downgrade Will Likely Limit Further Upside

Holcim's analyst price target has shifted to CHF 80, up CHF 5, as analysts weigh mixed revisions that balance slightly softer revenue and margin assumptions with a higher assumed future P/E multiple and recent price target changes at Citi and RBC Capital. Analyst Commentary Recent research on Holcim sends a mixed signal, with some bearish analysts trimming expectations while others adjust targets higher.
Narrative Update • Feb 07

HOLN: Circular Expansion And Mixed Street Views Will Shape Future Risk Balance

Narrative Update The updated analyst price target for Holcim edges up to about CHF 79 from roughly CHF 78.80, as analysts factor in mixed recent research that includes a CHF 5 target increase at Citi, a higher implied future P/E and adjustments to revenue growth and profit margin assumptions, alongside a modest trim from RBC Capital and a downgrade elsewhere on the Street. Analyst Commentary Recent research on Holcim reflects a split view, with some analysts lifting price targets while others trim expectations or move to a more cautious stance.
Narrative Update • Jan 23

HOLN: Circular Expansion And Mixed Ratings Will Shape Future Risk Balance

The analyst price target for Holcim has increased by about CHF 4 to roughly CHF 79, with analysts citing updated assumptions on fair value, discount rate, revenue trends, profit margin and future P/E, in light of recent mixed target changes across major banks. Analyst Commentary Recent research on Holcim reflects a mix of optimism and caution, with several large banks adjusting their price targets and ratings in different directions.
Narrative Update • Jan 09

HOLN: Cement Demand And Rich Multiple Will Likely Cap Further Upside

Analysts have raised their price expectations for Holcim by CHF 6 to CHF 78, citing improved profit margin assumptions and lower P/E expectations as the main factors behind the updated targets. Analyst Commentary Recent research on Holcim shows a mix of optimism and caution, with several large banks adjusting their views and price targets in quick succession.
Narrative Update • Dec 25

HOLN: Future Multiple Expansion Will Likely Disappoint Amid Softening Cement Demand

Analysts have lifted their price target on Holcim to CHF 78 from CHF 72, citing a higher fair value estimate of approximately CHF 58 per share and greater confidence in the stock's future earnings multiple, despite slightly softer growth and margin assumptions. Analyst Commentary Recent Street research on Holcim has been broadly constructive, with several major houses lifting their price targets into the high CHF 70s and reiterating positive recommendations.
Narrative Update • Dec 11

HOLN: European Cement Regime Will Offset Demand Risks And Circular Expansion Challenges

The analyst fair value estimate for Holcim has been raised to approximately CHF 74.90 from CHF 73.20. This reflects analysts' more constructive view on the company's positioning in a stronger European cement regime and recent upward revisions to Street price targets, despite some concerns about near term sales trends.
Narrative Update • Nov 27

HOLN: Outlook Will Balance European Demand Recovery With Margin Uncertainties

Holcim's fair value price target has increased modestly from CHF 72.05 to CHF 73.20. Analysts highlight renewed optimism, driven by upward revisions from major institutions and confidence in earnings resilience, despite cautious outlooks on revenue growth and profit margins.
Analysis Article • Nov 16

Holcim AG's (VTX:HOLN) Earnings Are Not Doing Enough For Some Investors

When close to half the companies in Switzerland have price-to-earnings ratios (or "P/E's") above 20x, you may consider...
Narrative Update • Nov 13

HOLN: Future Performance Will Reflect European Demand Trends and Sector Headwinds

Holcim's analyst price target has increased modestly, rising from CHF 71.35 to CHF 72.05. Analysts cite recent upgrades, strengthened ratings, and a more favorable outlook for the building materials sector as factors driving the revision.
Narrative Update • Oct 29

Recent Profit Margin Improvements Will Balance Softer Trends In Key Regions

Holcim's analyst fair value estimate has been raised from CHF 69.28 to CHF 71.35. Analysts point to improved profit margins and expectations for continued resilience in the building materials sector.
Analysis Article • Oct 29

Holcim (VTX:HOLN) Could Easily Take On More Debt

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...
Narrative Update • Oct 15

Aggressive Projections Will Falter Amid Regulatory And Market Risks

Holcim's analyst fair value target has ticked up modestly from CHF 68.35 to CHF 69.28. This reflects analysts' balanced outlook on earnings growth potential and sector resilience amid recent upgrades and more positive sentiment toward the European cement industry.
Analysis Article • Oct 13

Should You Investigate Holcim AG (VTX:HOLN) At CHF65.70?

Let's talk about the popular Holcim AG ( VTX:HOLN ). The company's shares saw a decent share price growth of 11% on the...
Narrative Update • Sep 18

Aggressive Projections Will Falter Amid Regulatory And Market Risks

Analysts increased Holcim’s target price to CHF68.35, citing resilient earnings, long-term growth from decarbonization, and value realization post-North America spin-off, despite concerns over full near-term valuation and earnings risks. Analyst Commentary Bullish analysts cited Holcim's resilient heavy side business performance and stable earnings outlook, even amid soft U.S. construction trends.
Narrative Update • Sep 03

Aggressive Projections Will Falter Amid Regulatory And Market Risks

Holcim’s modestly higher price target reflects mixed analyst views on the Amrize spin-off, with bullish arguments centered on exposure to European recovery, structural decarbonization growth, and valuation appeal, while concerns over fair value and post-spin dynamics temper optimism—leading to a revised consensus price target of CHF66.96. Analyst Commentary Diverging analyst reactions to the spin-out of Holcim's North American operations into Amrize, with some seeing reduced value and others focusing on stronger balance sheet and potential margin improvement.
Narrative Update • Aug 07

Aggressive Projections Will Falter Amid Regulatory And Market Risks

Given the absence of new analyst reasoning, both Holcim’s consensus price target and key valuation metrics such as Future P/E and discount rate have remained essentially unchanged, with the fair value holding steady at CHF65.77. What's in the News Holcim AG expects full-year 2025 post spin-off recurring EBIT growth of 6% to 10% in local currency.
Analysis Article • May 08

Holcim (VTX:HOLN) Will Pay A Larger Dividend Than Last Year At CHF3.10

Holcim AG's ( VTX:HOLN ) dividend will be increasing from last year's payment of the same period to CHF3.10 on 22nd of...
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New Narrative • Mar 02

Amrize's NYSE Listing Will Unlock New Value And Access To US Capital Markets

Holcim's strategy of unlocking value through Amrize's NYSE listing and margin expansion via branded solutions predicts strengthened revenue and operational focus.

Earnings and Revenue Growth Forecasts

SWX:HOLN - Analysts future estimates and past financials data (CHF Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/202818,8182,5832,6684,40213
12/31/202717,9062,3032,5894,23616
12/31/202616,3941,9941,9583,37915
12/31/202515,7243891,7272,788N/A
9/30/202515,8731,0422,8363,902N/A
6/30/202526,2273,1633,3805,015N/A
3/31/202526,3173,0433,6995,341N/A
12/31/202416,2011,4534,5825,667N/A
9/30/202419,0971,9564,4195,605N/A
6/30/202421,9932,4594,2565,543N/A
3/31/202424,5012,7514,1115,507N/A
12/31/202327,0093,0433,9655,470N/A
9/30/202327,2923,2193,3854,906N/A
6/30/202327,5753,3952,8054,341N/A
3/31/202328,3823,3432,9094,452N/A
12/31/202229,1893,2913,0134,562N/A
9/30/202229,0742,9452,9984,651N/A
6/30/202228,9592,5982,9834,739N/A
3/31/202227,8972,4393,2484,892N/A
12/31/202126,8342,2803,5135,045N/A
9/30/202125,9202,2263,5344,895N/A
6/30/202125,0052,1713,5544,745N/A
3/31/202124,0741,9253,5294,682N/A
12/31/202023,1421,6793,5044,618N/A
9/30/202023,7491,6223,6324,853N/A
6/30/202024,3561,5653,7595,088N/A
3/31/202025,5391,8983,5254,957N/A
12/31/201926,7222,2303,2914,825N/A
9/30/201926,9882,209N/A4,414N/A
6/30/201927,2532,187N/A4,002N/A
3/31/201927,3601,845N/A3,495N/A
12/31/201827,4661,502N/A2,988N/A
9/30/201827,528-2,211N/A3,559N/A
6/30/201827,375-2,370N/A3,231N/A
3/31/201828,027-1,742N/A3,585N/A
12/31/201727,021-1,675N/A3,040N/A
9/30/201726,3881,899N/A2,781N/A
6/30/201726,4802,500N/A2,896N/A
3/31/201726,4722,098N/A3,041N/A
12/31/201626,9041,748N/A3,295N/A
9/30/201627,776-1,501N/A3,050N/A
6/30/201628,280-1,884N/A2,506N/A
3/31/201625,731-2,006N/A2,415N/A
12/31/201523,584-1,572N/A2,465N/A
9/30/201520,9801,578N/A2,377N/A
6/30/201518,5451,375N/A2,510N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: HOLN's forecast earnings growth (25.4% per year) is above the savings rate (0.6%).

Earnings vs Market: HOLN's earnings (25.4% per year) are forecast to grow faster than the Swiss market (10.5% per year).

High Growth Earnings: HOLN's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: HOLN's revenue (6% per year) is forecast to grow faster than the Swiss market (4.8% per year).

High Growth Revenue: HOLN's revenue (6% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: HOLN's Return on Equity is forecast to be low in 3 years time (13.9%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/06 05:28
End of Day Share Price 2026/05/06 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Holcim AG is covered by 39 analysts. 16 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Gerhard SchwarzBaader Helvea Equity Research
Patrick AppenzellerBaader Helvea Equity Research
Pierre Sylvain RousseauBarclays