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Compagnie Financière Richemont SA CFR

SIX SwissLuxury and apparel brandsFinancials to Jun 30, 2026 · Updated Oct 6, 2026

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CFR financials
Moat score
88
ROIC
23.6%
P/E
32.0
EV/EBIT
22.8
FCF yield
3.4%
Dividend yield
1.7%
Market cap
€110.9B

Moat ranks

Score rankTied #57 of 396
Durabilitydurable
Market structureOligopoly
Pricing powerstrong

Balance sheet

3/31/26
€BMar '25Mar '26
Cash7.68.5
Securities9.28.7
Debt8.58.7
Net cash8.38.5
Equity22.124.1
Leverage
Debt / EBITDA
1.43×
Debt / equity
0.36×
Leases (3/31/26)
€4.7B
Capital
Diluted shares
590M
Book value / share
€40.83
Price / book
4.6×
Net cash / share
€14.41
Market cap
€110.9B
Enterprise value
€102.4B

Per-share record

Fiscal years and TTM
Scale
€0€10€20€30€40'17'18'19'20'21'22'23'24'2538.03'26
Revenue per shareCash flow per share

Key indicators

Latest: H2 '26
IndicatorLatestVs year agoLast 8 halves
Revenue growth4.2%-4.7 pts
Operating margin18.1%-1.9 pts
FCF margin19.9%-1.3 pts
Capex / revenue5.7%-1.3 pts
Jewellery Maisons sales€16.5B+8%
Jewellery Maisons operating result€5.0B+3%
Jewellery Maisons operating margin30.5%-1.4 pts
Specialist Watchmakers sales€3.1B-4%
Specialist Watchmakers operating result€107M-39%

Margins and growth from reported quarters; company KPIs as reported in results releases.

About CFR

Richemont sells premium jewellery, watches, fashion and accessories through its Maisons and retail network. Jewellery Maisons generated 73.8% of FY2026 revenue, Specialist Watchmakers 14.0% and Other 12.2%.

Revenue mix
Jewellery Maisons 73.8%Specialist Watchmakers 14.0%Other (Fashion & Accessories, Watchfinder, ancillary) 12.2%
  • Brand Trust

    Cartier, Van Cleef & Arpels, Buccellati and Vhernier use established collections and trusted craftsmanship to command premium prices.

  • Distribution Control

    Owned boutiques and online channels let the Maisons control service, product presentation and customer relationships.

  • Brand Trust

    Vacheron Constantin, A.

  • Distribution Control

    Direct-to-client sales were 60% in both FY2025 and FY2026.

Timeline
  1. Sep 28, 2026

    Delvaux appointed Cartier executive Yanina Novitskaya as CEO from 1 December 2026, bringing experienced brand leadership after FY2026 asset impairments.

  2. Sep 9, 2026

    Shareholders approved CHF3.30 ordinary and CHF1.00 special dividends per A share, returning additional cash after a strong FY2026 cash balance.

  3. Sep 8, 2026

    Richemont appointed Anton Rupert as co-deputy chairman for Maison product and communication matters, extending family succession while Bram Schot retains board-governance oversight.

  4. Jul 2, 2026

    Edelson Lechtzin announced potential tariff-refund claims involving Richemont retail prices, adding an unquantified consumer-dispute risk; no court finding or liability is established.

  5. Jul 1, 2026

    Richemont completed the sale of Baume & Mercier to Damiani, removing a wholesale-led watch house and changing the watch sales comparison after June.

Ownership

To 10/6/26
51%votes
CEO
Nicolas Bos
Since 2024 · 2 yrs
Professional CEODual-class
Insider votes50.6%
Insider trades0
Planned sales0

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Financial record

Fiscal year2017201820192020202120222023202420252026TrendChange 2017–26
Per share (€)
Revenue18.8419.4624.7525.1223.2029.1634.6035.5836.3438.03+8.1%/yr
Cash flow2.864.213.594.185.688.077.798.107.548.28+12.5%/yr
Earnings2.142.164.931.652.304.246.786.596.395.88+11.9%/yr
Free cash flow1.802.982.012.874.776.556.086.345.226.45+15.2%/yr
Capex1.061.241.571.310.911.521.711.762.321.83+6.3%/yr
Dividends1.551.621.641.790.931.813.213.582.903.20+8.4%/yr
Book value27.4825.8630.0030.2331.3734.5032.8735.4237.5340.83+4.5%/yr
Diluted shares (M)565566565567567574577579589590+0.5%/yr
Totals (€B)
Revenue10.611.014.014.213.116.720.020.621.422.4+8.6%/yr
Operating income1.81.81.91.51.53.85.04.84.54.5+10.9%/yr
Net income1.21.22.80.91.32.43.93.83.83.5+12.4%/yr
Free cash flow1.01.71.11.62.73.83.53.73.13.8+15.7%/yr
Buybacks0.10.10.20.00.00.00.00.10.10.2+7.8%/yr
Dividends0.90.90.91.00.51.01.92.11.71.9+8.9%/yr
Net cash5.85.32.52.43.45.36.57.58.38.5+€2.7B
Margins & returns (%)
Gross margin63.965.261.860.559.866.768.768.166.964.4+0.5 pts
Operating margin16.616.713.910.711.222.425.223.320.920.0+3.5 pts
Net margin11.411.119.96.69.914.519.618.517.615.5+4.1 pts
FCF margin9.615.38.111.420.622.517.617.814.416.9+7.4 pts
ROIC14.816.111.08.48.421.133.230.026.423.6+8.8 pts
Return on equity7.88.316.45.47.312.320.618.617.014.4+6.6 pts
R&D % of revenue0.80.80.60.60.50.50.50.40.40.5-0.3 pts
Stock pay % of revenue0.30.20.20.20.30.40.50.50.50.5+0.2 pts
Capex % of revenue5.66.46.45.23.95.24.95.06.44.8-0.8 pts

Change uses 2017 and 2026 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2017 base. Trend shows the fiscal years.

Per-share values use diluted weighted shares.ROIC = operating income × (1 − 18.2% tax rate, the company's own over three fiscal years excluding one-offs) ÷ (equity + debt − cash and current securities). Returns show a dash when their base is negative or under 10% of revenue. Free cash flow = operating cash flow − capex. Debt is all borrowings; net cash counts long-term securities and excludes leases. No trailing-twelve-month column: no complete four quarters end after the last fiscal year.

Moat

Moat scorecard

Moat score88
Strength
Confidence
Structure
Oligopoly
Durability
durable
Trajectory
stable
Pricing power
strong
Segments
  • Jewellery Maisons73.8%
    2 claims
  • Specialist Watchmakers14.0%
    2 claims
  • Other (Fashion & Accessories, Watchfinder, ancillary)12.2%
    1 claim

Moat claims

Applies to
Jewellery Maisons
Confidence
Durability
durable
Trajectory
stableas of Jun 30, 2026
Why it holds

Cartier, Van Cleef & Arpels, Buccellati and Vhernier use established collections and trusted craftsmanship to command premium prices. All four grew in FY2027 Q1; seven successive quarters of double-digit growth support durable demand, while falling margin shows that brand strength does not absorb every cost increase.

Why stable

FY2027 Q1 sales grew 24% at constant currency, extending seven quarters of double-digit demand, but FY2026 operating margin declined to 30.5%; the evidence supports durable appeal with continuing cost pressure.

Indicators
  • Jewellery Maisons sales€16.5B+8%
  • Jewellery Maisons operating result€5.0B+3%
  • Jewellery Maisons operating margin30.5%-1.4 pts
  • Jewellery Maisons constant-currency sales growth+24%
Risks
  • Gold and stone costs can outrun price increases.
  • Lower Chinese wealth, travel disruption or a recession can defer purchases.
  • Tiffany, Bvlgari and other houses can win spending through new designs and stronger stores.
  • Counterfeits and excessive expansion can weaken trust and scarcity.

Profile change log

  1. Oct 6, 2026 · business change

    Edelson Lechtzin announced potential tariff-refund claims involving Richemont retail prices, adding an unquantified consumer-dispute risk; no court finding or liability is established.

  2. Oct 6, 2026 · analyst revision

    Dated primary reports now support a full investment debate, Nicolas Bos management profile and the founder-chairman controlled partnership’s 50.60% voting power, with linked jewellery, watch and mixed Other end markets.

  3. Oct 6, 2026 · analyst revision

    FY2026 annual revenue weights replace the seasonal Q1 mix. Five existing claims retain their strength, durability and confidence; new trajectories distinguish jewellery demand, watch profit pressure and limited Watchfinder economics.

  4. Oct 6, 2026 · business change

    Delvaux appointed Cartier executive Yanina Novitskaya as CEO from 1 December 2026, bringing experienced brand leadership after FY2026 asset impairments.

  5. Oct 6, 2026 · business change

    Shareholders approved CHF3.30 ordinary and CHF1.00 special dividends per A share, returning additional cash after a strong FY2026 cash balance.

  6. Oct 6, 2026 · business change

    Richemont appointed Anton Rupert as co-deputy chairman for Maison product and communication matters, extending family succession while Bram Schot retains board-governance oversight.

  7. Oct 6, 2026 · business change

    Richemont completed the sale of Baume & Mercier to Damiani, removing a wholesale-led watch house and changing the watch sales comparison after June.

  8. Oct 6, 2026 · business change

    Scott Ruerup became G/FORE CEO, extending Peter Millar management into the golf and lifestyle brand; Richemont announced the appointment on 24 September.

  9. Oct 6, 2026 · business change

    Richemont sold YNAP to Mytheresa in exchange for a 33% stake in the combined LuxExperience group, ending direct ownership of a loss-making retailer while retaining investment exposure.

Industry & peers

Peer map

0%10%20%30%40%50%60708090100Moat scoreIndustry medianCFR
No peer numbers yet

Peers appear on the map as their numbers are collected.

Branded luxury jewellery

As of Oct 6, 2026
CompetitiveHigh cyclicality

Branded fine and high jewellery sold globally through Maison boutiques, authorised retailers and online. Excludes unbranded mass-market jewellery, watches, home objects and resale turnover; segment revenue from a Maison that also sells watches is not this market’s denominator.

  1. Cartier and Van Cleef & Arpels (Richemont)
  2. Tiffany and Bvlgari (LVMH)
  3. Boucheron and Pomellato (Kering)
  4. Chopard
  5. Graff
2019 leaders, no comparable shares · European Commission M.9695 LVMH/Tiffany, branded luxury jewellery competitors and 2019 retail-market evidence; no current shares
StocksMoatGross m.Op. m.
CFR8864.4%20.0%
Industry median67564.4%20.0%
Sector median857455.5%16.9%
All stocks median3987652.9%19.6%

Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.

Drivers & risks

Demand drivers
  • Established designs, craftsmanship and trusted authenticity support premiums, while new collections help reach younger customers.
  • Household wealth and confidence strongly affect discretionary jewellery demand; interest rates work indirectly through asset values and spending confidence.
  • Gold, stones and labour costs strongly affect profit unless brands can raise prices without losing purchases. Richemont cites gold as a FY2026 cost pressure.
  • Tourist flows and exchange rates strongly affect where clients buy and the euros reported from local-currency sales.
  • Owned boutiques provide service and pricing control, but improvements must appear in demand and store economics rather than store counts alone.
Risks
  • Clients can rotate to Tiffany, Bvlgari, local jewellers or experiences; established heritage does not create customer lock-in.
  • Gold-price increases, duties and a strong production currency can compress profit before price rises reach consumers.
  • Weak Chinese wealth, lower tourism or regional conflict can affect several shopping hubs at once.
  • Counterfeits, provenance failures and responsible-sourcing problems can damage the trust behind a premium price.
  • More stores raise rent, labour and inventory commitments; weaker demand can reduce cash generation even when reported sales grow.

Bulls & bears

Key question · as of Oct 6, 2026

Can jewellery demand keep producing cash profit after gold, currency and store costs, while the watch and fashion businesses stop diluting returns?

Arguments

4 forFaded: weakening or settled6 against

What to watch

  1. 1Jewellery Maisons constant-currency sales, operating result and reported margin
  2. 2Watchmaker profit and channel mix after the Baume & Mercier sale
  3. 3Operating cash flow, inventory and Watchfinder impairment

Next check: FY2027 first-half results on 13 November 2026; compare Jewellery Maisons profit with gold and currency pressure and assess post-disposal watch sales.

Sources: company filings and dated sources collected for Find My Moat; market cap as of Oct 5, 2026. Not investment advice.

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Moat Score 88/100 by <a href="https://www.findmymoat.com/stocks/XSWX:CFR">Find My Moat</a> (as of September 2026)

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