Straumann STMN.SW
What does Straumann do?
Straumann is a Swiss medical technology group and one of the world's leading providers in dental implantology and restorative dentistry. The offering includes dental implants with instruments and prosthetic components, CAD/CAM-manufactured dental restorations, biomaterials for bone and tissue regeneration, and digital devices and software for diagnosis, planning and treatment. It also includes the orthodontics business with clear aligners.
The company generates revenue mainly from dentists, oral surgeons, orthodontists and dental laboratories, partly through distributors and partly through direct sales. Its operations are organized into regional sales units for Europe, Middle East and Africa, North America, Asia-Pacific and Latin America, as well as a unit for production and operations. In competitive terms, Straumann relies on scientifically documented products, proprietary surface technologies, a broad one-stop portfolio and intensive dentist training. Competitors include other large dental groups as well as lower-priced implant providers and aligner manufacturers.
Score profile
Rank vs. Medical Instruments & Supplies (25 companies). 10 = top of the group, 5 = middle. Calculated from the metrics below, without AI.
Metrics compared with the industry
On profitability and quality, Straumann ranks among the best in the group Medical Instruments & Supplies (8.1/10). On growth, the company ranks in the middle in the group Medical Instruments & Supplies (5.2/10). On valuation (higher = cheaper), the stock ranks below average in the group Medical Instruments & Supplies (3.2/10). On financial strength, Straumann ranks in the middle in the group Medical Instruments & Supplies (4.8/10).
| Metric | Stock | Group median | Ranking |
|---|---|---|---|
| Forward P/E | 27.6x | 18.6x | better than 26 % |
| Trailing P/E | 46.3x | 32.9x | better than 29 % |
| PEG ratio | 1.3x | 1.3x | better than 50 % |
| EV/EBITDA | 22.4x | 15.7x | better than 28 % |
| Price/sales | 6.5x | 3.0x | better than 22 % |
| Price/book | 7.5x | 2.9x | better than 10 % |
| Revenue growth | 2.3% | 4.6% | better than 38 % |
| Earnings growth | 5.8% | 0.0% | better than 66 % |
| Gross margin | 69.3% | 53.8% | better than 82 % |
| Operating margin | 25.1% | 13.9% | better than 86 % |
| Net margin | 14.0% | 8.6% | better than 74 % |
| Return on equity | 17.1% | 5.9% | better than 82 % |
| Debt/equity | 20.8% | 33.6% | better than 62 % |
| Current ratio | 2.3x | 2.3x | better than 48 % |
| Free cash flow yield | 2.3% | 3.5% | better than 34 % |
| Dividend yield | 0.9% | 1.0% | – |
| Payout ratio | 43.3% | 43.3% | – |
| Beta | 1.38 | 0.87 | – |
Valuation: what is Straumann worth?
Two valuation approaches – a discounted cash flow model and a valuation at the industry’s median multiples – give Straumann a model range of 72.10 CHF to 75.05 CHF per share.
19 analysts, average rating “Buy”, average price target 113.89 CHF (+6.6%).
The full DCF matrix, the reverse DCF (what growth the price implies) and scenarios are part of the Pro analysis.
What the business depends on
- Demand for implants and dental restorations grows with an aging population and increasing awareness of tooth preservation and aesthetics.
- The expansion of digital workflows and integrated solutions ties dentists to the product portfolio over the long term and promotes additional sales.
- Growth in emerging markets and the expansion of direct sales open up additional market share and influence the margin structure.
Risks
- Dental treatments are often paid for out of pocket, so economic weakness and declining consumer sentiment can dampen demand.
- Price pressure from value providers and government price regulation, such as volume-based procurement in individual countries, can weigh on margins.
- As a Swiss group with global operations, Straumann is exposed to currency fluctuations as well as regulatory and product liability risks.
What to look for with Straumann
Organic revenue growth, adjusted for currency and acquisition effects, shows whether Straumann is actually gaining market share and sustaining demand for implants and aligners.