Mikron — Strong profit growth in FY25

Mikron (SIX: MIKN)

Last close As at 23/01/2026

CHF17.36

−2.58 (−12.94%)

Market capitalisation

CHF291m

More on this equity

Research: Industrials

Mikron — Strong profit growth in FY25

Mikron’s preliminary results for FY25 confirmed strong financial performance. Revenue was slightly ahead of our forecast and operating profit was c 3% ahead, with the operating margin expanding 1.9pp y-o-y to 10.4%. Order intake declined 14% y-o-y with book-to-bill below 1x for both divisions, as the uncertain European economic environment delayed customer investment decisions. We maintain our forecasts pending full FY25 results on 6 March, when we expect management to provide guidance for FY26.

Katherine Thompson

Written by

Katherine Thompson

Director

six logo

General industrials

FY25 trading update

26 January 2026

Price CHF17.36
Market cap CHF333m

Net cash/(debt) at end H125

CHF103.0m

Shares in issue

16.7m
Free float 45.0%
Code MIKN
Primary exchange SWX
Secondary exchange N/A
Price Performance

Business description

Mikron Holding (Mikron) develops, produces and markets highly precise, productive and adaptable automation solutions and machining solutions.

Analyst

Katherine Thompson
+44 (0)20 3077 5700

Mikron Holding is a research client of Edison Investment Research Limited

Note: PBT and diluted EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

Year end Revenue (CHFm) PBT (CHFm) EPS (CHF) DPS (CHF) P/E (x) Yield (%)
12/23 370.2 32.1 1.64 0.50 10.6 2.9
12/24 374.1 31.7 1.72 0.50 10.1 2.9
12/25e 380.5 38.6 1.97 0.65 8.8 3.8
12/26e 373.6 28.3 1.44 0.48 12.0 2.8

FY25 revenue +2.1%, operating margin 10.4%

Mikron reported group revenue of CHF381.9m, up 2.1% y-o-y or 4.1% on a constant currency (cc) basis. Automation revenue was up 7.2% (our forecast 7.0%), with strong growth in Europe partially offset by a further decline in North America. Machining Solutions declined 6.2% (our forecast -7.0%), conversely seeing solid growth from North America and weaker demand from Europe. The company expects to report an operating margin of 10.4% for FY25, which implies operating profit 3.5% ahead of our forecast.

Weaker order intake

Order intake totalled CHF332.7m, down 14.4% y-o-y. Automation orders declined 12.4% and Machining Solutions orders declined 18.6%. This implies H225 year-on-year order declines of 41% and 19%, respectively. Book-to-bill for the year was 0.87x (Automation 0.93x, Machining Solutions 0.76x). Order backlog declined 14.8% y-o-y to CHF276.1m (Automation -8.6%, Machining Solutions -30.6%).

Valuation: Modest growth presents upside

The stock has declined 12% since the trading update, we believe in reaction to the lower order intake. On a P/E basis, the stock trades at a significant discount to Swiss industrial machinery companies and its main US peer, partly due to lower than average revenue growth and margins. Our discounted cash flow analysis (WACC 7.5%, long-term growth 2%, from FY27–34 revenue growth of 3% per year and average operating margins of 8.1%) calculates a value of CHF25.2/share, 45% above the current share price. If we factor in the target growth rate of 5% per year and average margins of 8.5%, the valuation increases to CHF29.2/share.

FY25 trading update

The table below summarises Mikron’s divisional performance in FY25.

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