ROP · SIX · Pharmaceuticals
Roche Holding AG is one of the world’s largest healthcare companies, with operations across pharmaceuticals and diagnostics.
Current price
CHF 378.60
▲ +CHF 10.20 (2.77%) today
ET&A View
Last reviewed 16 September 2026
ET&A likes the company but would prefer investors to build exposure gradually.
Roche Holding remains one of the highest-quality franchises in global healthcare, combining a leading pharmaceutical business with a substantial diagnostics operation and one of the industry's deepest research pipelines.
Business Health
Is the business financially healthy?
Mostly healthy
Margins, cash generation and the balance sheet stand out. Watch revenue and earnings.
Overall
Revenue
CHF 63.0bn · ↑ +2% last year
Earnings
CHF 12.3bn · ↑ +56% last year
Margins
Keeps 36% of sales as operating profit
Cash generation
CHF 13.1bn spare cash a year · 21% of sales
Balance sheet
Debt ≈ 1.0 years of earnings
Dividend
2.7% yield · Pays out 64% of earnings · covered 1.6×
Investor View
Open a section for the detail behind the quick view.
Roche Holding remains one of the highest-quality franchises in global healthcare, combining a leading pharmaceutical business with a substantial diagnostics operation and one of the industry's deepest research…
The complete ET&A view
See our full reasoning, what could drive the shares higher or go wrong, our Fair Value and Preferred Entry, and how our view has changed.
Reported annual results, newest first · Market data. “Growth” is the change in sales on the year before.
| Year | Revenue | Growth | Operating margin | Net income | EPS | Free cash flow |
|---|---|---|---|---|---|---|
| FY2025 | CHF 63.4bn | +1.5% | 29.2% | CHF 12.9bn | CHF 16.04 | CHF 13.1bn |
| FY2024 | CHF 62.4bn | +3.2% | 21.5% | CHF 8.3bn | CHF 10.31 | CHF 15.1bn |
| FY2023 | CHF 60.4bn | −8.2% | 25.5% | CHF 11.5bn | CHF 14.31 | CHF 11.4bn |
| FY2022 | CHF 65.8bn | — | 26.6% | CHF 12.4bn | CHF 15.37 | CHF 13.3bn |
Investors who want regular income
Also suits: Investors who want a mix of growth and stability
ET&A sees significant upside from the current price with an attractive risk/reward profile.
ET&A sees significant upside from the current price with an attractive risk/reward profile.
Compare Roche Holding AG with any company → The model’s own peer calculations are in the Research View.
Roche Holding AG is one of the world’s largest healthcare companies, with operations across pharmaceuticals and diagnostics. Headquartered in Switzerland, the company develops medicines and diagnostic technologies used by patients, doctors, hospitals, laboratories, and healthcare systems across global markets. Its pharmaceutical business focuses on areas such as oncology, immunology, neuroscience, ophthalmology, infectious diseases, and rare conditions, while its diagnostics business provides testing systems and tools that support disease detection, monitoring, and personalised medicine.
Roche’s strength comes from the combination of its drug development capability and its global leadership in diagnostics. This gives the company a distinctive position across both treatment and testing, allowing it to support more targeted healthcare decisions. As demand grows for cancer therapies, advanced diagnostics, genomic testing, chronic disease management, and personalised medicine, Roche remains one of the most important companies in global healthcare.
Pharmaceuticals · Switzerland
For detailed analysis. Each section opens on its own.
As of 14 October 2026
Standard ways of comparing the share price with the company’s earnings, sales and cash. Tap the “i” for what each one means.
| Measure | Today | Source |
|---|---|---|
| P/E | Members | |
| Forward P/E | Members | |
| EV/EBITDA | Members | |
| Price/Sales | Members | |
| FCF Yield | Members |
Valuation ratios are part of ET&A membership.
Other published measures
Use the 5Y and Max ranges on the price chart at the top of the page.
Forecasts are market consensus or calculated from forward EPS — not ET&A estimates, and they can be wrong.
Powered by the ET&A Valuation FrameworkHow Fair Value & Preferred Entry work →
Read the full ET&A methodology →The ET&A View combines our assessment of the business with where today’s price sits against our Preferred Entry and Fair Value. It is a considered judgement, not a mechanical score.
ET&A Score: ET&A's overall assessment of business quality, valuation, growth and risk, out of 10. It weighs business quality, financial strength, growth, valuation, risk, future prospects.
Powered by the ET&A Company Assessment FrameworkSee the full framework →
The automatic, rules-based scores that feed our research. The ET&A Score blends these with our own analysis of the business and its value. How the framework works →
Highly profitable · Sound · Strong
Context — not part of the score
Valuation and share-price swings describe the shares, not the company, so they are judged in the ET&A Score and View instead.
Based on the factors that could be measured (45% of the model).
Each area is scored from 0 to 10 on ET&A’s methodology scales — the same ones our research uses — then given a word: Excellent from 8.5, Strong from 7, Good from 5.5, Average from 4.5, Below Average from 3, Weak below 3. The overall answer is the average of the areas we could rate (at least three); the dividend isn’t part of it.
| Area | Based on | Score | Rating |
|---|---|---|---|
| Revenue |
Rated on 3-year average revenue growth, on ET&A's growth scale. | 3.5 / 10 | Below Average |
| Earnings |
Rated on 3-year average earnings growth, on ET&A's growth scale. | 4.4 / 10 | Below Average |
| Margins |
The average of operating and net margin, each scored on ET&A's margin scales. A negative margin scores 1 (Weak). | 8.7 / 10 | Excellent |
| Cash generation |
Free cash flow as a share of sales, on ET&A's cash-generation scale. | 9.5 / 10 | Excellent |
| Balance sheet |
Net debt ÷ EBITDA — roughly how many years of operating earnings would repay the debt — on ET&A's leverage scale. | 7.5 / 10 | Strong |
| Dividend |
Dividend yield on ET&A's income scale. Not part of the overall health rating. | 5.7 / 10 | Good |
| Overall | Average of the 5 rated areas | 6.7 / 10 | Good |
Where each band starts on the scales above. They are fixed and identical for every company we cover; they come straight from ET&A’s methodology, so a company is judged the same way here as in our research.
| Measure | Excellent | Strong | Good | Average | Below Average | Weak |
|---|---|---|---|---|---|---|
| GrowthStructural Growth (Fundamental Conviction) | 18%+ | 10%+ | 5.0%+ | 1.7%+ | −2.5%+ | below −2.5% |
| Operating marginCompetitive Position (Fundamental Conviction) | 29%+ | 20%+ | 13%+ | 7.5%+ | 0%+ | below 0% (loss) |
| Net marginEarnings Durability (Fundamental Conviction) | 23%+ | 15%+ | 9.8%+ | 6.0%+ | 0%+ | below 0% (loss) |
| Free-cash-flow marginCapital Allocation (Fundamental Conviction) | 15%+ | 8.5%+ | 3.8%+ | 1.3%+ | −2.5%+ | below −2.5% |
| Net debt ÷ EBITDAStructural Risk (Fundamental Conviction) | net cash | ≤ 1.5× | ≤ 2.8× | ≤ 3.6× | ≤ 5.0× | above 5.0× |
| Return on equity (banks & insurers)Bank and insurer quality | 16%+ | 12%+ | 9.0%+ | 6.7%+ | 2.7%+ | below 2.7% |
| Equity ÷ assetsBank capital | 7.5%+ | 6.0%+ | 4.7%+ | 4.0%+ | any | — |
| Dividend yieldIncome factor (ET&A Quant Score) | 5.8%+ | 4.0%+ | 2.5%+ | 1.8%+ | 1.0%+ | below 1.0% |
Band floors: Excellent 8.5 · Strong 7 · Good 5.5 · Average 4.5 · Below Average 3 (scores out of 10). Utilities and property companies’ structural debt is scored 6.5, as in ET&A’s risk model.
No research notes have been published for Roche Holding AG yet.
Need deeper analysis on Roche Holding AG? ET&A Professional includes full company notes, valuations and models — or commission bespoke research.
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