SHR Balance Sheet - Schindler Holding AG

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Price: 189.2 EUR 0.75% Market Closed

Market Cap: €20.4B

	Schindler Holding AG F:SHR	CH
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Financial profile · FY2025

A low-capital industrial platform with recovering margins and substantial cash generation

Schindler has historically combined modest revenue growth with cyclical sensitivity, while operating margins have recovered materially from their recent trough. Its modest capital requirements support recurring conversion of earnings into cash and preserve balance-sheet flexibility for distributions and reinvestment.

What is developing

The 2025 results confirmed the operational recovery, with the reported EBIT margin reaching 12.6% as pricing, efficiency, and product mix offset reported-currency revenue pressure. Cash generation remained positive, but operating cash flow softened as working capital became a larger cash use, so profitability improved faster than cash conversion.

What matters next

Whether working capital returns toward neutral while the improved operating margin is maintained.

Metric	FY2016 Dec 2016	FY2017 Dec 2017	FY2018 Dec 2018	FY2019 Dec 2019	FY2020 Dec 2020	FY2021 Dec 2021	FY2022 Dec 2022	FY2023 Dec 2023	FY2024 Dec 2024	FY2025 Dec 2025
Cash & Cash Equivalents	2B	1.7B	2.2B	2.4B	2.5B	2.8B	2.2B	2.3B	2.6B	—
Cash Equivalents	2B	1.7B	2.2B	2.4B	2.5B	2.8B	2.2B	2.3B	2.6B	—
Short-Term Investments	338m	191m	224m	473m	908m	976m	1.3B	1.2B	1.5B	2B
Total Receivables	1.9B	2.2B	2.9B	3B	2.9B	3.2B	3.1B	2.9B	2.9B	2.8B
Accounts Receivables	1.6B	1.9B	2.6B	2.7B	2.6B	2.9B	2.8B	2.6B	2.6B	2.5B
Other Receivables	269m	359m	323m	312m	270m	241m	311m	254m	312m	286m
Inventory	438m	517m	1B	1B	996m	1.2B	1.4B	1.3B	1.2B	1B
Other Current Assets	744m	848m	98m	100m	92m	106m	105m	116m	103m	126m
Total Current Assets	5.4B	5.5B	6.5B	7B	7.4B	8.3B	8.1B	7.8B	8.3B	8.3B
PP&E Net	924m	1B	1.1B	1.5B	1.5B	1.5B	1.4B	1.3B	1.4B	1.3B
PP&E Gross	924m	1B	1.1B	1.5B	1.5B	1.5B	1.4B	1.3B	1.4B	1.3B
Accumulated Depreciation	(983m)	(1.1B)	(1.1B)	(1.2B)	(1.3B)	(1.5B)	(1.5B)	(1.6B)	(1.7B)	(1.7B)
Intangible Assets	239m	304m	357m	346m	362m	403m	401m	362m	352m	340m
Goodwill	716m	819m	834m	833m	916m	986m	1.1B	1B	1.1B	1.1B
Note Receivable	23m	5m	5m	40m	94m	73m	107m	102m	7m	—
Long-Term Investments	657m	714m	910m	593m	359m	457m	405m	376m	377m	279m
Other Long-Term Assets	324m	263m	284m	283m	299m	313m	327m	386m	548m	449m
Other Assets	716m	819m	834m	833m	916m	986m	1.1B	1B	1.1B	1.1B
Total Assets	8.3B	8.6B	10B	10.6B	10.9B	12B	11.8B	11.3B	12B	11.7B
Accounts Payable	612m	658m	678m	733m	783m	928m	957m	928m	1.1B	1B
Accrued Liabilities	1.9B	2B	1.4B	1.4B	1.5B	1.5B	1.4B	1.3B	1.3B	1.4B
Short-Term Debt	120m	43m	63m	46m	45m	36m	22m	17m	8m	3m
Current Portion of Long-Term Debt	15m	24m	26m	234m	143m	145m	541m	303m	325m	186m
Other Current Liabilities	1.6B	1.7B	2.6B	2.8B	2.9B	3.3B	3.3B	3B	3.1B	2.9B
Deferred Revenue	—	—	2.2B	2.3B	2.4B	2.8B	2.8B	2.5B	2.6B	2.3B
Total Current Liabilities	4.3B	4.4B	4.7B	5.2B	5.4B	6B	6.3B	5.6B	5.8B	5.5B
Long-Term Debt	55m	20m	531m	760m	743m	897m	473m	374m	451m	482m
Deferred Income Tax	115m	116m	131m	111m	130m	142m	143m	141m	165m	136m
Minority Interest	92m	107m	103m	107m	116m	127m	114m	104m	95m	91m
Other Liabilities	996m	843m	827m	660m	633m	550m	495m	491m	508m	470m
Total Liabilities	5.5B	5.5B	6.3B	6.8B	7B	7.7B	7.5B	6.7B	7B	6.7B
Common Stock	11m	11m	11m	11m	11m	11m	11m	11m	11m	11m
Retained Earnings	3.2B	3.6B	4.2B	4.4B	4.7B	5B	5.2B	5.6B	5.9B	6.4B
Additional Paid In Capital	311m	311m	311m	311m	311m	311m	311m	311m	311m	311m
Unrealized Security Profit/Loss	114m	110m	0	—	—	—	—	—	—	—
Treasury Stock	(114m)	(107m)	(85m)	(70m)	(54m)	(29m)	(54m)	(39m)	(88m)	(281m)
Other Equity	(765m)	(756m)	(836m)	(898m)	(1B)	(1B)	(1.1B)	(1.3B)	(1.2B)	(1.4B)
Total Equity	2.8B	3.2B	3.6B	3.8B	3.9B	4.3B	4.3B	4.6B	5B	5.1B
Total Liabilities & Equity	8.3B	8.6B	10B	10.6B	10.9B	12B	11.8B	11.3B	12B	11.7B
Common Shares Outstanding	106.9m	107.1m	107.3m	107.4m	107.5m	107.6m	107.5m	107.6m	107.4m	106.8m