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Roche Holding

SWX:ROG
Snowflake Description

Solid track record with excellent balance sheet and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ROG
SWX
CHF230B
Market Cap
  1. Home
  2. CH
  3. Pharmaceuticals & Biotech
Company description

Roche Holding AG engages in the diagnostics and prescription pharmaceuticals businesses in Switzerland, Germany, and internationally. The last earnings update was 52 days ago. More info.


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ROG Share Price and Events
7 Day Returns
-0.8%
SWX:ROG
-0.9%
CH Pharmaceuticals
-1.5%
CH Market
1 Year Returns
24.7%
SWX:ROG
23%
CH Pharmaceuticals
4.8%
CH Market
ROG Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Roche Holding (ROG) -0.8% -2.8% 10.7% 24.7% 14.5% 1.4%
CH Pharmaceuticals -0.9% -0.1% 11.2% 23% 20.4% 13.3%
CH Market -1.5% 0.1% 11.2% 4.8% 15.5% 11.1%
1 Year Return vs Industry and Market
  • ROG outperformed the Pharmaceuticals industry which returned 23% over the past year.
  • ROG outperformed the Market in Switzerland which returned 4.8% over the past year.
Price Volatility
ROG
Industry
5yr Volatility vs Market

ROG Value

 Is Roche Holding undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Roche Holding to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Roche Holding.

SWX:ROG Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 20 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.4%
Perpetual Growth Rate 10-Year CH Government Bond Rate 3.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SWX:ROG
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CH Govt Bond Rate 3.3%
Equity Risk Premium S&P Global 6%
Pharmaceuticals Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.73 (1 + (1- 18%) (8.18%))
0.852
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.85
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 3.28% + (0.852 * 5.96%)
8.35%

Discounted Cash Flow Calculation for SWX:ROG using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Roche Holding is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

SWX:ROG DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CHF, Millions) Source Present Value
Discounted (@ 8.35%)
2019 14,268.56 Analyst x11 13,168.53
2020 15,001.94 Analyst x13 12,777.95
2021 15,722.62 Analyst x9 12,359.35
2022 17,706.33 Analyst x3 12,845.66
2023 22,117.50 Analyst x2 14,808.83
2024 24,384.16 Est @ 10.25% 15,067.78
2025 26,373.00 Est @ 8.16% 15,040.35
2026 28,137.86 Est @ 6.69% 14,809.70
2027 29,732.38 Est @ 5.67% 14,442.49
2028 31,203.92 Est @ 4.95% 13,988.73
Present value of next 10 years cash flows CHF139,309.36
SWX:ROG DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CHF31,203.92 × (1 + 3.28%) ÷ (8.35% – 3.28%)
CHF634,550.11
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CHF634,550.11 ÷ (1 + 8.35%)10
CHF284,469.09
SWX:ROG Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CHF139,309.36 + CHF284,469.09
CHF423,778.45
Equity Value per Share
(CHF)
= Total value / Shares Outstanding
= CHF423,778.45 / 854.46
CHF495.96
SWX:ROG Discount to Share Price
Calculation Result
Value per share (CHF) From above. CHF495.96
Current discount Discount to share price of CHF269.40
= -1 x (CHF269.40 - CHF495.96) / CHF495.96
45.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Roche Holding is available for.
Intrinsic value
46%
Share price is CHF269.4 vs Future cash flow value of CHF495.96
Current Discount Checks
For Roche Holding to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Roche Holding's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Roche Holding's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Roche Holding's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Roche Holding's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SWX:ROG PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in CHF CHF12.30
SWX:ROG Share Price ** SWX (2019-03-22) in CHF CHF269.4
Europe Pharmaceuticals Industry PE Ratio Median Figure of 44 Publicly-Listed Pharmaceuticals Companies 22.28x
Switzerland Market PE Ratio Median Figure of 177 Publicly-Listed Companies 17.9x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Roche Holding.

SWX:ROG PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SWX:ROG Share Price ÷ EPS (both in CHF)

= 269.4 ÷ 12.30

21.91x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Roche Holding is good value based on earnings compared to the Europe Pharmaceuticals industry average.
  • Roche Holding is overvalued based on earnings compared to the Switzerland market.
Price based on expected Growth
Does Roche Holding's expected growth come at a high price?
Raw Data
SWX:ROG PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 21.91x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 20 Analysts
8.8%per year
Europe Pharmaceuticals Industry PEG Ratio Median Figure of 36 Publicly-Listed Pharmaceuticals Companies 1.83x
Switzerland Market PEG Ratio Median Figure of 123 Publicly-Listed Companies 2.25x

*Line of best fit is calculated by linear regression .

SWX:ROG PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 21.91x ÷ 8.8%

2.48x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Roche Holding is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Roche Holding's assets?
Raw Data
SWX:ROG PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in CHF CHF32.33
SWX:ROG Share Price * SWX (2019-03-22) in CHF CHF269.4
Switzerland Pharmaceuticals Industry PB Ratio Median Figure of 6 Publicly-Listed Pharmaceuticals Companies 2.79x
Switzerland Market PB Ratio Median Figure of 208 Publicly-Listed Companies 1.6x
SWX:ROG PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SWX:ROG Share Price ÷ Book Value per Share (both in CHF)

= 269.4 ÷ 32.33

8.33x

* Primary Listing of Roche Holding.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Roche Holding is overvalued based on assets compared to the CH Pharmaceuticals industry average.
X
Value checks
We assess Roche Holding's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Pharmaceuticals industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Pharmaceuticals industry average (and greater than 0)? (1 check)
  5. Roche Holding has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

ROG Future Performance

 How is Roche Holding expected to perform in the next 1 to 3 years based on estimates from 20 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
8.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Roche Holding expected to grow at an attractive rate?
  • Roche Holding's earnings growth is expected to exceed the low risk savings rate of 3.3%.
Growth vs Market Checks
  • Roche Holding's earnings growth is positive but not above the Switzerland market average.
  • Roche Holding's revenue growth is positive but not above the Switzerland market average.
Annual Growth Rates Comparison
Raw Data
SWX:ROG Future Growth Rates Data Sources
Data Point Source Value (per year)
SWX:ROG Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 20 Analysts 8.8%
SWX:ROG Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 20 Analysts 1.3%
Switzerland Pharmaceuticals Industry Earnings Growth Rate Market Cap Weighted Average 5.5%
Switzerland Pharmaceuticals Industry Revenue Growth Rate Market Cap Weighted Average 2.4%
Switzerland Market Earnings Growth Rate Market Cap Weighted Average 8.9%
Switzerland Market Revenue Growth Rate Market Cap Weighted Average 3.5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SWX:ROG Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 20 Analyst Estimates (S&P Global) See Below
All numbers in CHF Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SWX:ROG Future Estimates Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 63,775 21,696 17,250 5
2022-12-31 61,746 19,706 16,238 5
2021-12-31 61,314 19,218 14,880 12
2020-12-31 60,331 19,000 13,975 19
2019-12-31 59,135 19,317 13,967 20
SWX:ROG Past Financials Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income *
2018-12-31 59,497 19,979 10,500
2018-09-30 58,611 19,131 10,483
2018-06-30 57,725 18,283 10,465
2018-03-31 56,736 18,154 9,549
2017-12-31 55,746 18,024 8,633
2017-09-30 54,961 17,578 9,154
2017-06-30 54,176 17,132 9,675
2017-03-31 53,406 16,067 9,626
2016-12-31 52,636 15,001 9,576
2016-09-30 52,109 14,678 9,332
2016-06-30 51,581 14,354 9,087
2016-03-31 50,992 14,803 8,975

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Roche Holding's earnings are expected to grow by 8.8% yearly, however this is not considered high growth (20% yearly).
  • Roche Holding's revenue is expected to grow by 1.3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SWX:ROG Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 20 Analyst Estimates (S&P Global) See Below

All data from Roche Holding Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SWX:ROG Future Estimates Data
Date (Data in CHF Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 19.91 23.20 15.95 4.00
2022-12-31 18.73 20.93 16.25 4.00
2021-12-31 17.18 20.28 12.16 8.00
2020-12-31 16.11 18.42 12.18 13.00
2019-12-31 16.08 17.66 12.89 11.00
SWX:ROG Past Financials Data
Date (Data in CHF Millions) EPS *
2018-12-31 12.30
2018-09-30 12.28
2018-06-30 12.26
2018-03-31 11.19
2017-12-31 10.12
2017-09-30 10.73
2017-06-30 11.35
2017-03-31 11.29
2016-12-31 11.24
2016-09-30 10.95
2016-06-30 10.67
2016-03-31 10.54

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Roche Holding is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Roche Holding's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Switzerland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Switzerland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Roche Holding has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

ROG Past Performance

  How has Roche Holding performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Roche Holding's growth in the last year to its industry (Pharmaceuticals).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Roche Holding's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Roche Holding's 1-year earnings growth exceeds its 5-year average (21.6% vs -0.8%)
  • Roche Holding's earnings growth has exceeded the Europe Pharmaceuticals industry average in the past year (21.6% vs 13.5%).
Earnings and Revenue History
Roche Holding's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Roche Holding Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SWX:ROG Past Revenue, Cash Flow and Net Income Data
Date (Data in CHF Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 59,497.00 10,500.00 12,885.00 11,194.00
2018-09-30 58,611.00 10,482.50 12,795.50 11,004.50
2018-06-30 57,725.00 10,465.00 12,044.00 10,815.00
2018-03-31 56,735.50 9,549.00 11,705.50 10,672.00
2017-12-31 55,746.00 8,633.00 12,029.00 10,529.00
2017-09-30 54,961.00 9,154.00 10,714.50 10,411.00
2017-06-30 54,176.00 9,675.00 10,258.00 10,293.00
2017-03-31 53,406.00 9,625.50 10,300.50 10,171.50
2016-12-31 52,636.00 9,576.00 10,343.00 10,050.00
2016-09-30 52,108.50 9,331.50 10,649.50 9,975.00
2016-06-30 51,581.00 9,087.00 10,966.00 9,900.00
2016-03-31 50,992.00 8,975.00 10,953.00 9,677.50
2015-12-31 50,403.00 8,863.00 10,940.00 9,455.00
2015-09-30 50,363.50 8,908.00 10,978.00 9,305.00
2015-06-30 50,324.00 8,953.00 11,004.00 9,155.00
2015-03-31 50,095.00 9,142.50 10,924.00 9,067.50
2014-12-31 49,866.00 9,332.00 10,844.00 8,980.00
2014-09-30 49,299.50 10,044.00 10,699.00 8,898.50
2014-06-30 48,733.00 10,756.00 10,551.00 8,817.00
2014-03-31 48,672.50 10,960.00 10,569.00 8,786.50
2013-12-31 48,612.00 11,164.00 10,587.00 8,756.00
2013-09-30 48,502.00 11,166.50 10,787.50 8,865.00
2013-06-30 48,392.00 11,169.00 10,570.00 8,624.00
2013-03-31 47,918.00 10,298.00 10,640.00 8,568.00
2012-12-31 47,444.00 9,427.00 10,710.00 8,512.00
2012-09-30 46,196.50 8,937.00 11,510.50 8,389.00
2012-06-30 44,949.00 8,391.00 11,327.00 8,266.00
2012-03-31 44,531.00 8,867.00 11,105.50 8,178.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Roche Holding has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Roche Holding used its assets more efficiently than the Europe Pharmaceuticals industry average last year based on Return on Assets.
  • Roche Holding has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Roche Holding's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Pharmaceuticals industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Roche Holding has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

ROG Health

 How is Roche Holding's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Roche Holding's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Roche Holding is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Roche Holding's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Roche Holding's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1.7x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Roche Holding Company Filings, last reported 2 months ago.

SWX:ROG Past Debt and Equity Data
Date (Data in CHF Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 30,366.00 18,792.00 13,125.00
2018-09-30 30,366.00 18,792.00 13,125.00
2018-06-30 30,155.00 20,719.00 8,983.00
2018-03-31 30,155.00 20,719.00 8,983.00
2017-12-31 29,007.00 18,978.00 12,002.00
2017-09-30 29,007.00 18,978.00 12,002.00
2017-06-30 25,279.00 21,115.00 6,935.00
2017-03-31 25,279.00 21,115.00 6,935.00
2016-12-31 26,402.00 22,363.00 9,130.00
2016-09-30 26,402.00 22,363.00 9,130.00
2016-06-30 21,081.00 24,814.00 6,541.00
2016-03-31 21,081.00 24,814.00 6,541.00
2015-12-31 23,300.00 23,258.00 9,206.00
2015-09-30 23,300.00 23,258.00 9,206.00
2015-06-30 19,218.00 24,103.00 6,800.00
2015-03-31 19,218.00 24,103.00 6,800.00
2014-12-31 21,558.00 25,748.00 11,722.00
2014-09-30 21,558.00 25,748.00 11,722.00
2014-06-30 19,484.00 19,064.00 10,279.00
2014-03-31 19,484.00 19,064.00 10,279.00
2013-12-31 21,241.00 18,702.00 11,937.00
2013-09-30 21,241.00 18,702.00 11,937.00
2013-06-30 16,074.00 21,381.00 7,761.00
2013-03-31 16,074.00 21,381.00 7,761.00
2012-12-31 16,750.00 24,590.00 13,996.00
2012-09-30 16,728.00 24,590.00 13,996.00
2012-06-30 12,076.00 26,553.00 9,220.00
2012-03-31 12,076.00 26,553.00 9,220.00
  • Roche Holding's level of debt (61.9%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (88.1% vs 61.9% today).
  • Debt is well covered by operating cash flow (106.3%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 32.9x coverage).
X
Financial health checks
We assess Roche Holding's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Roche Holding has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

ROG Dividends

 What is Roche Holding's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.23%
Current annual income from Roche Holding dividends. Estimated to be 3.5% next year.
If you bought CHF2,000 of Roche Holding shares you are expected to receive CHF65 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Roche Holding's pays a higher dividend yield than the bottom 25% of dividend payers in Switzerland (1.99%).
  • Roche Holding's dividend is below the markets top 25% of dividend payers in Switzerland (3.74%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SWX:ROG Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 20 Analyst Estimates (S&P Global) See Below
Europe Pharmaceuticals Industry Average Dividend Yield Market Cap Weighted Average of 31 Stocks 3.2%
Switzerland Market Average Dividend Yield Market Cap Weighted Average of 166 Stocks 3.1%
Switzerland Minimum Threshold Dividend Yield 10th Percentile 1.3%
Switzerland Bottom 25% Dividend Yield 25th Percentile 2%
Switzerland Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SWX:ROG Future Dividends Estimate Data
Date (Data in CHF) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 10.66 4.00
2022-12-31 10.23 5.00
2021-12-31 9.61 14.00
2020-12-31 9.25 20.00
2019-12-31 8.94 17.00
SWX:ROG Past Annualized Dividends Data
Date (Data in CHF) Dividend per share (annual) Avg. Yield (%)
2019-03-05 8.700 3.195
2018-02-01 8.300 3.524
2017-03-15 8.200 3.324
2016-01-28 8.100 3.341
2015-01-28 8.000 3.008
2014-01-30 7.800 2.913
2013-01-30 7.350 3.138
2013-01-28 7.350 3.661
2012-07-24 6.800 3.757
2012-07-16 6.800 4.012
2012-03-06 6.800 4.272
2011-03-01 6.600 4.607
2010-03-02 6.000 4.053
2009-09-22 5.000 2.918
2009-03-25 4.600 3.113

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Roche Holding's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.1x coverage).
X
Income/ dividend checks
We assess Roche Holding's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.3%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Roche Holding afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Roche Holding has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

ROG Management

 What is the CEO of Roche Holding's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Severin Schwan
COMPENSATION CHF12,189,402
AGE 51
TENURE AS CEO 11 years
CEO Bio

Dr. Severin Schwan, Ph.D., has been Chief Executive Officer of Roche Holding AG and Roche Holdings, Inc. and Roche Molecular Systems Inc.since March 2008. Dr. Schwan has been Group Chief Executive Officer of Roche Diagnostics Corporation since January 1, 2008. He served as the Chief Executive Officer of Roche Diagnostics Corporation from January 1, 2006 to 2008. He served as Chief Executive Officer of Diagnostics Division at Roche Holding AG since January 2006. He served as Trainee of Corporate Finance at Roche Basel from 1993 to 1995, Head Finance & Administration at Roche Brussels from 1995 to 1998, Head Finance & Informatics of Roche Grenzach and Member of the Executive Board of Roche Deutschland Holding GmbH from 1998 to 2000. Dr. Schwan served as the Head, Global Finance & Services of Roche Diagnostics from 2000 to 2004. He was Member of the board of Credit Suisse (Schweiz) AG (Swiss subsidiary) from 2015 to 2017. He served as the Head of Diagnostics Asia-Pacific of Roche Holding AG from 2004 to January 1, 2006. He served as the Head of Global Finance & Services for the Diagnostics Division from 2000 to 2004. He serves as a Director of Tusk Therapeutics Ltd. He serves as the Chairman of the Board at Roche Holdings, Inc., since April 29, 2008. He has been Vice-Chair and Lead Independent Director of Credit Suisse Group AG since April 28, 2017. He has been an Independent Director of Credit Suisse AG since July 22, 2014 and also its Vice-Chair and Lead Independent Director since 2017. He has been a Director of Roche Holdings, Inc. since April 29, 2008 and Roche Holding AG since March 5, 2013. He served various management and other positions with Roche Germany from 1993 to 2000 at Roche Group. He has been an Independent Director of Credit Suisse Group AG since May 9, 2014. He served as Independent Director at Credit Suisse (USA), Inc. He serves as the Chairman at Genentech, Inc. He served as a Member of Scientific Resource Board at Genentech, Inc. He served as Director of Chugai Pharmaceutical Co. Ltd. He is member of International Business Leaders Advisory Council for the Mayor of Shanghai and Vice-President of International Federation of Pharmaceutical Manufacturers & Associations (IFPMA). Dr. Schwan holds a degree in Economics from University of Innsbruck, University of York and University of Oxford Mag. rer.soc.oec. (Innsbruck, 1991) and Law from University of Innsbruck Mag. iur. (Innsbruck, 1991) and Doctorate in Law from University of Innsbruck Research studies at University Louvain, Belgium Dr. iur. (Innsbruck, 1993).

CEO Compensation
  • Severin's compensation has been consistent with company performance over the past year.
  • Severin's remuneration is higher than average for companies of similar size in Switzerland.
Management Team Tenure

Average tenure and age of the Roche Holding management team in years:

7.9
Average Tenure
58
Average Age
  • The average tenure for the Roche Holding management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Severin Schwan

TITLE
CEO & Executive Director
COMPENSATION
CHF12M
AGE
51
TENURE
11 yrs

Alan Hippe

TITLE
Chief Financial & Information Officer
COMPENSATION
CHF6M
AGE
51
TENURE
7.9 yrs

Gottlieb Keller

TITLE
General Counsel & Corporate Secretary
COMPENSATION
CHF5M
AGE
64
TENURE
11.2 yrs

Cristina Wilbur

TITLE
Head of Group Human Resources
COMPENSATION
CHF4M
AGE
51
TENURE
3 yrs

Karl Mahler

TITLE
Head of Investor Relations

Urs Jaisli

TITLE
Chief Compliance Officer
AGE
62

Stephan Feldhaus

TITLE
Head of Group Communications
AGE
56
TENURE
9.2 yrs

Sandra Horning

TITLE
Chief Medical Officer & Head of Global Product Development
AGE
69
TENURE
5.2 yrs

Mike Varney

TITLE
Head of Genentech Research & Early Development
AGE
60
TENURE
4.2 yrs

Nicolas Dunant

TITLE
Head of Group Media Relations
Board of Directors Tenure

Average tenure and age of the Roche Holding board of directors in years:

8
Average Tenure
62
Average Age
  • The tenure for the Roche Holding board of directors is about average.
Board of Directors

Christoph Franz

TITLE
Chairman
COMPENSATION
CHF6M
AGE
58
TENURE
5.2 yrs

Severin Schwan

TITLE
CEO & Executive Director
COMPENSATION
CHF12M
AGE
51
TENURE
6 yrs

André Hoffmann

TITLE
Vice Chairman
COMPENSATION
CHF439K
AGE
60
TENURE
13.2 yrs

Fritz Gerber

TITLE
Honorary Chairman
AGE
89

Andreas Oeri

TITLE
Non-Executive Director
COMPENSATION
CHF360K
AGE
69
TENURE
23.2 yrs

Julie Brown

TITLE
Director
COMPENSATION
CHF360K
AGE
56
TENURE
3 yrs

John Bell

TITLE
Non-Executive Director
COMPENSATION
CHF330K
AGE
66
TENURE
18.2 yrs

Peter Voser

TITLE
Non-Executive Director
COMPENSATION
CHF330K
AGE
60
TENURE
8 yrs

Paul Bulcke

TITLE
Non-Executive Director
COMPENSATION
CHF330K
AGE
64
TENURE
8 yrs

Bernard Poussot

TITLE
Non-Executive Director
COMPENSATION
CHF330K
AGE
66
TENURE
4.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CHF) Value (CHF)
X
Management checks
We assess Roche Holding's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Roche Holding has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

ROG News

Simply Wall St News

How Should Investors Feel About Roche Holding AG's (VTX:ROG) CEO Pay?

This report will, first, examine the CEO compensation levels in comparison to CEO compensation at other big companies. … Check out our latest analysis for Roche Holding … How Does Severin Schwan's Compensation Compare With Similar Sized Companies?

Simply Wall St -

How Does Roche Holding AG (VTX:ROG) Fare As A Dividend Stock?

Roche Holding AG (VTX:ROG) has pleased shareholders over the past 10 years, by paying out dividends. … Let's take a look at Roche Holding in more detail. … Take the survey and be part of one of the most advanced studies of stock market investors to date

Simply Wall St -

Does Roche Holding AG's (VTX:ROG) P/E Ratio Signal A Buying Opportunity?

We'll look at Roche Holding AG's (VTX:ROG) P/E ratio and reflect on what it tells us about the company's share price. … Roche Holding has a P/E ratio of 20.59, based on the last twelve months. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St -

Boasting A 36% Return On Equity, Is Roche Holding AG (VTX:ROG) A Top Quality Stock?

Our data shows Roche Holding has a return on equity of 36% for the last year. … One way to conceptualize this, is that for each CHF1 of shareholders' equity it has, the company made CHF0.36 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

A Look At The Intrinsic Value Of Roche Holding AG (VTX:ROG)

Does the December share price for Roche Holding AG (VTX:ROG) reflect it's really worth? … by projecting its future cash flows and then discounting them to today's value. … discounted cash flows (DCF).

Simply Wall St -

Can We See Significant Insider Ownership On The Roche Holding AG (VTX:ROG) Share Register?

A look at the shareholders of Roche Holding AG (VTX:ROG) can tell us which group is most powerful. … Roche Holding is a pretty big company. … View our latest analysis for Roche Holding

Simply Wall St -

Is Roche Holding AG (VTX:ROG) A Financially Sound Company?

Investors pursuing a solid, dependable stock investment can often be led to Roche Holding AG (VTX:ROG), a large-cap worth CHF212.9b. … This article will examine Roche Holding’s financial liquidity and debt levels to get an idea of whether the company can deal with cyclical downturns and maintain funds to accommodate strategic spending for future growth. … Note that this information is centred entirely on financial health and is a high-level overview, so I encourage you to look further

Simply Wall St -

Should You Worry About Roche Holding AG's (VTX:ROG) CEO Pay Check?

This analysis aims first to contrast CEO compensation with other large companies. … Check out our latest analysis for Roche Holding? … Our data indicates that Roche Holding AG is worth CHF199.6b, and total annual CEO compensation is CHF12m.

Simply Wall St -

Should Roche Holding AG (VTX:ROG) Be Your Next Stock Pick?

Roche Holding AG (VTX:ROG) is a company with exceptional fundamental characteristics. … Upon building up an investment case for a stock, we should look at various aspects. … , dividend-paying company with a

Simply Wall St -

Roche Holding AG (VTX:ROG): What Does The Future Look Like?

Based on Roche Holding AG's (VTX:ROG) earnings update in June 2018,. … with earnings expected to grow by 19.05% in the upcoming year … the past 5-year average growth rate of -0.32%

Simply Wall St -

ROG Company Info

Description

Roche Holding AG engages in the diagnostics and prescription pharmaceuticals businesses in Switzerland, Germany, and internationally. It offers pharmaceutical products for treating anaemia, anticoagulation therapy, bone, cardiovascular, central nervous system, chlamydia, coagulation, dermatology, diabetes, gonorrhea, gout, hemostasis disorders, hepatitis B and C, HIV/AIDS, HPV, inflammatory and autoimmune, intensive care medicine, kidney and urogenital tract, leukemia, lipid and liver disorders, lymphoma, metabolic disorders, obesity, occult blood testing, ophthalmology, osteoporosis, pancreatitis, respiratory disorders, rheumatoid arthritis, sepsis, sexually transmitted infections, skin cancer, transplantation, tuberculosis, urinary tract infections, and West Nile virus and infectious diseases. The company’s diagnostic solutions include blood gas analysis; blood screening; cancer screening/monitoring; cardiac markers; cardiovascular testing; cholesterol and coagulation monitoring; coagulation routine and specialty testing; data management; diabetes monitoring and therapy; electrolytes analysis; emergency medicine; hemostasis, heterogeneous immunochemistry, homogeneous immuno assay, immunology, and infectious disease solutions; intensive care testing; monitoring anti platelet therapy; neonatal intensive care units; nucleic acid purification; PCR clinical diagnostics; physical fitness testing; platelet function testing; quality control services; real-time PCR diagnostic systems; urinalysis; and serum work area and workflow solutions. In addition, it offers gene expression, gene sequencing, and real time PCR systems for researchers. The company licenses its products or technologies to third parties. Roche Holding AG has a collaboration agreement with San Francisco-based Syapse to develop software that integrates fragmented clinical, molecular, and data on treatment plans and health outcomes. The company was founded in 1896 and is headquartered in Basel, Switzerland.

Details
Name: Roche Holding AG
ROG
Exchange: SWX
Founded: 1896
CHF229,840,251,380
854,462,700
Website: http://www.roche.com
Address: Roche Holding AG
Konzern-Hauptsitz,
Grenzacherstrasse124,
Basel,
Basel-Stadt, 4070,
Switzerland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SWX ROG Non-Voting Equity Securities SIX Swiss Exchange CH CHF 02. Jan 1992
OTCPK RHHV.F Non-Voting Equity Securities Pink Sheets LLC US USD 02. Jan 1992
DB RHO5 Non-Voting Equity Securities Deutsche Boerse AG DE EUR 02. Jan 1992
XTRA RHO5 Non-Voting Equity Securities XETRA Trading Platform DE EUR 02. Jan 1992
LSE 0QOK Non-Voting Equity Securities London Stock Exchange GB CHF 02. Jan 1992
BIT ROG Non-Voting Equity Securities Borsa Italiana IT EUR 02. Jan 1992
BMV ROG N Non-Voting Equity Securities Bolsa Mexicana de Valores MX MXN 02. Jan 1992
BATS-CHIXE ROGZ Non-Voting Equity Securities BATS 'Chi-X Europe' GB CHF 02. Jan 1992
OTCPK RHHB.Y SPONSORED ADR Pink Sheets LLC US USD 07. Aug 1992
SWX RO Bearer Shares SIX Swiss Exchange CH CHF 02. Jan 1992
OTCPK RHHB.F Bearer Shares Pink Sheets LLC US USD 02. Jan 1992
DB RHO Bearer Shares Deutsche Boerse AG DE EUR 02. Jan 1992
DB RHO6 SPONSORED ADR Deutsche Boerse AG DE EUR 07. Aug 1992
XTRA RHO Bearer Shares XETRA Trading Platform DE EUR 02. Jan 1992
LSE 0QQ6 Bearer Shares London Stock Exchange GB CHF 02. Jan 1992
LSE 0TDF SPONSORED ADR London Stock Exchange GB USD 07. Aug 1992
BATS-CHIXE ROZ Bearer Shares BATS 'Chi-X Europe' GB CHF 02. Jan 1992
Number of employees
Current staff
Staff numbers
82,089
Roche Holding employees.
Industry
Pharmaceuticals
Pharmaceuticals & Biotech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/24 20:50
End of day share price update: 2019/03/22 00:00
Last estimates confirmation: 2019/03/20
Last earnings filing: 2019/01/31
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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 here.