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OC Oerlikon Corporation AG/Fr. OERL

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About OC Oerlikon Corporation AG

OC Oerlikon Corporation AG is a Swiss technology group specializing in surface solutions, manmade fibers, and drive systems. The company operates through two main segments: Surface Solutions, which provides advanced coating technologies and services, and Manmade Fibers, focused on supplying equipment and services for the production of synthetic fibers. Founded in 1906, Oerlikon is headquartered in Pfäffikon, Switzerland. The company has a global presence, with operations in over 35 countries. Its competitive strength lies in its technological expertise and innovation in providing tailored industrial solutions that enhance the performance and efficiency of its customers' products.
Ticker
Fr. OERL
Primary listing
XSWX
Employees
9,290
Headquarters
Pfäffikon, Switzerland

OERL Metrics

BasicAdvanced
CHF 1.9B
5.40
CHF 1.04
1.02
CHF 0.85
3.55%

Bulls say / Bears say

Oerlikon’s first-half momentum was strong: order intake rose 19% organically and operational EBITDA margin expanded to 19.7%. Management responded by raising 2026 guidance to mid-single-digit sales growth and an 18.5%–19.5% margin. (Oerlikon)
The balance sheet is improving after the Barmag disposal. Net debt to operational EBITDA fell to 2.5x, the company reached its year-end deleveraging target six months early, and refinancing actions are lowering annual interest costs. (Oerlikon, EarningsCalls)
The new, more focused surface-solutions group has set a credible long-term growth framework. Mission 2030 targets more than CHF2 billion of sales, an operational EBITDA margin above 20% and ROCE above 10%, supported by aerospace, semiconductors, power generation, defence and electrification. (Oerlikon)
The recovery is uneven across Oerlikon’s portfolio. Automotive remains weak, with fewer new vehicle launches hurting HRSflow, while tooling and luxury also face headwinds; some other markets are still flat. (Oerlikon, Oerlikon)
The raised margin guidance assumes tungsten and yttrium prices remain broadly stable. First-half profitability also benefited from higher materials prices and inventory revaluation, so a reversal could weaken earnings quality and make the target harder to deliver. (Oerlikon, EQS News)
Cash conversion remains a concern despite the deleveraging progress. H1 operating cash flow was reported at roughly CHF32 million against CHF156 million of operational EBITDA, while leverage still stood at 2.5x, leaving limited room if orders or margins weaken. (Simply Wall St, EarningsCalls)
Data summarised monthly by Lightyear AI. Last updated on 22 Sept 2026.

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