Switzerland (SIX) · Food & beverage · World's #1 staple
Nestlé S.A.
Nestlé is the world's largest food and beverage company, selling coffee (Nescafe, Nespresso, licensed Starbucks), pet care (Purina), dairy, confectionery, water and nutrition worldwide. Its 2024 sales were CHF 91.4 billion with organic growth of 2.2%. A defensive dividend stock that has maintained or raised its dividend in Swiss francs for 65 years, it has essentially no AI exposure and moves only on the clock of consumer demand, commodities (coffee, cocoa) and foreign exchange (CHF).
Business categories Food & Beverage Brands · Consumer Brands & Commerce · primary Branded Consumer Goods · Consumer Brands & Commerce
NESN.SW Updated Sep 24, 2026 5 AI consumers· 5 recurring
Per the valuechain.wiki graph, Nestlé S.A. is directly linked to 6 companies (3 supply, 3 revenue relationships) and reaches 9 companies within two hops; the links are backed by 12 dated sources, 3 of them primary filings (as of 2026-09-24).
Financials & Segments
- Total revenue · 2025 net sales CHF 89.5B (organic +3.5%, pricing +2.8%, RIG +0.8%). UTOP margin 16.1%; gross margin -110bps to 45.6% on coffee/cocoa costs
- Customer concentration · A brand-driven defensive dividend stock with essentially no AI exposure. It has maintained or raised its dividend in Swiss francs for 65 consecutive years (2025 proposal CHF 3.05 per share). Revenue moves on consumer and pricing, commodities (coffee, cocoa) and FX (CHF) cycles.
- Segments · Powdered & Liquid Beverages · Purina PetCare · Confectionery, dairy and culinary · Water, nutrition and Health Science
Revenue from
- 소비자·유통 (펫케어: 퓨리나) High confidence· Amount 18.9 CHF · FY2024 · PetCare sales (CHF B)
Purina PetCare is a core growth engine, generating about CHF 18.9B of 2024 sales with premium brands like Pro Plan, ONE and Friskies. - 소비자·유통 (커피: 네스카페·네스프레소·스타벅스) High confidence· Amount 6.481 CHF · FY2025 · Nespresso sales (CHF B)
Coffee is Nestlé's largest growth contributor, selling Nescafe, Nespresso (CHF 6.4B) and licensed Starbucks to consumers through retail and distribution.Mentions EN Analyst consensus (via MarketScreener) Published Feb 19, 2026: Nestlé analyst consensus: pricing power vs cocoa/coffee cost, margin recoveryConfirms EN Comunicaffe Published Feb 13, 2025: Nestlé reports FY2024 sales of CHF91.4B, Nespresso CHF6.4B, coffee the largest growth contributor - The Hershey Company High confidence
Nestlé licenses Hershey through a Nestlé entity to manufacture and sell Kit Kat and Rolo in the United States, and Hershey exceeded the minimum unit-volume requirement in 2025 but does not disclose payments. - 소비자·유통 (제과·유제품·생수·영양) Medium confidence
Confectionery (KitKat), dairy, water and nutrition/Health Science are also sold to consumers via retail; in 2024 confectionery was solid while dairy and culinary were weak. - Walmart Inc Medium confidence
Walmart is Nestle's largest retail distribution customer, a long-standing global account. Nestle sells food, beverage and petfood to consumers through Walmart and other large retailers. The precise current revenue share is not disclosed. - E-mart Inc. Low confidence
E-mart buys and sells Nestlé products. For Nestlé, E-mart is a Korean retail revenue source.
Pays to
- Starbucks High confidence· Amount 7.15 USD10억 · 2018 선급 · Starbucks CPG rights acquisition (perpetual license)
Under the 2018 Global Coffee Alliance, Nestle paid $7.15bn upfront for perpetual rights to market and sell Starbucks packaged coffee and tea (CPG) in retail and foodservice outside Starbucks stores, and pays Starbucks ongoing royalties; Starbucks is licensor and roast-and-ground supplier (the licensed business was about $2bn in annual sales). - 커피·코코아 원두 원자재 High confidence
Coffee and cocoa are Nestlé's key cost pressure. Cocoa and coffee cost inflation persisted through 2024-2025, pushing the 2025 gross margin down 110bps to 45.6%, which Nestlé partly offset with +2.8% pricing (high-single-digit in coffee and confectionery). Coffee elasticity stayed limited, keeping RIG slightly positive — evidence that brand pricing power is the buffer against cost spikes.Confirms KO Food & Beverage News Published Jun 21, 2024: Chocolate industry on alert as cocoa surges, cuts usage and turns to substitutes - International Flavors & Fragrances High confidence
Nestlé S.A. names IFF as a direct supplier and lists Biovanilla and Planifolia as the associated curing sites in Madagascar in its 2018 vanilla supply-chain disclosure, while IFF's customer-specific revenue and the current contract status are undisclosed. - 유가공(원유)·포장재 Medium confidence
Milk for dairy plus bottles and packaging are also major costs; Nestlé delivered over CHF 1.2 billion of efficiencies in 2024 through recipe reformulation and logistics redesign. - Mettler-Toledo International Inc. Medium confidence
Nestlé used Mettler-Toledo titrators, moisture analyzers, balances, and quality-control systems at Nestlé Suisse's Basel plant and purchased a DL22 food analyzer, and because Mettler-Toledo disclosed that no end customer exceeded 1% of FY2025 sales, this is treated as a verifiable representative deployment rather than a customer concentration.Confirms EN Mettler-Toledo Published Apr 1, 2006: SnackNews 2: High Quality Standards at Nestlé Suisse
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| UnitedHealth Group Incorporated | lead2 | +45.2 | +6.9 | +0.8 | -2.4 | -33.1 | +21.9 |
| Walmart Inc | lead1 | +2 | -0.5 | +12.9 | +74 | +24.5 | +0.6 |
| The Hershey Company | lead1 | +29.6 | +21.9 | -17.9 | -6.5 | +11 | -2.7 |
| E-mart Inc. | lead1 | -18.4 | -19.5 | -25.3 | -14.6 | +44.7 | -21.1 |
| Nestlé S.A. | node | +22.1 | -4.2 | -9.3 | -18.8 | -1.8 | +11 |
| International Flavors & Fragrances | benef1 | +41.5 | -28.3 | -19.5 | +6.3 | -18.4 | +27.5 |
| Starbucks Corp | benef1 | +11.1 | -13.2 | -1.2 | -2.5 | -5.3 | +26.3 |
| Mettler-Toledo International Inc. | benef1 | +48.9 | -14.8 | -16.1 | +0.9 | +13.9 | -3.5 |
| DuPont | benef2 | +15.4 | -13.4 | +14.4 | +1 | +28.7 | +10.5 |
| Microsoft | benef2 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | +4 |
YTD as of 2026-09-04 · source: Yahoo Finance
Nestlé S.A. operates across Switzerland (SIX), Food & beverage, World's #1 staple. It is +11% in 2026. Demand side (avg -10.1%), the stock (+11%) and supply side (avg +26.3%) are moving in step. Propagation has completed a lap, so the next leg depends on individual results more than chain direction. Among connected nodes the furthest ahead is Starbucks Corp (+26.3%) and the furthest behind is E-mart Inc. (-17.1%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. A defensive dividend stock that has maintained or raised its dividend in Swiss francs for 65 years, it has essentially no AI exposure and moves only on the clock of consumer demand, commodities (coffee, cocoa) and foreign exchange (CHF).
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 0 · Hold 2 · Sell 1 · Avg. target CHF 83 · Price CHF 78.31 (09-04) · Upside +6%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Deutsche Bank | Hold | CHF 84 | May 27, 2025 | Report ↗ |
| BNP Paribas Exane · Jeff Stent | Neutral | CHF 90 | Apr 15, 2025 | Report ↗ |
| Jefferies | Underperform | CHF 75 | Mar 27, 2025 | Report ↗ |
Deutsche Bank cut its target to CHF84 from CHF85 and kept Hold, lowering 2025 and 2026 EPS estimates by 4.3% and 5.6% on FX headwinds and flagging valuation (about 20x forward P/E).
Analyses covering this node
- Consumption does not run on one clock: staples, discretionary, luxury diverge Jul 5, 2026
- AI money stays inside the chain: consumption and capital run on other clocks Jul 5, 2026
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