Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Swiss (SMI) Market Analysis & Valuation

UpdatedDec 21, 2025
DataAggregated Company Financials
Companies208
  • 7D2.0%
  • 3M6.9%
  • 1Y13.2%
  • YTD10.4%

The Healthcare and Financials sectors drove a 2.0% in the market over the last week. The market is up 13% over the last 12 months. Looking forward, earnings are forecast to grow by 11% annually.

Market Valuation and Performance

Has the Swiss Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 22 Dec 2025CHF 2.0tCHF 797.9bCHF 114.4b20.2x17.3x2.5x
Wed, 19 Nov 2025CHF 1.9tCHF 804.4bCHF 115.0b18.9x16.3x2.3x
Fri, 17 Oct 2025CHF 1.9tCHF 772.8bCHF 90.1b19.6x21.2x2.5x
Sun, 14 Sep 2025CHF 1.9tCHF 774.2bCHF 90.0b19.4x20.7x2.4x
Tue, 12 Aug 2025CHF 1.8tCHF 778.7bCHF 90.1b20.9x20.3x2.3x
Thu, 10 Jul 2025CHF 1.8tCHF 783.9bCHF 106.6b20.4x17x2.3x
Sat, 07 Jun 2025CHF 1.8tCHF 785.0bCHF 106.4b20.3x17.4x2.4x
Mon, 05 May 2025CHF 1.8tCHF 837.1bCHF 158.2b19.6x11.5x2.2x
Wed, 02 Apr 2025CHF 1.9tCHF 850.6bCHF 159.0b19.4x11.7x2.2x
Fri, 28 Feb 2025CHF 1.9tCHF 811.8bCHF 117.2b21.2x16.3x2.4x
Sun, 26 Jan 2025CHF 1.8tCHF 818.2bCHF 117.8b21.4x15.6x2.2x
Tue, 24 Dec 2024CHF 1.7tCHF 814.9bCHF 117.5b20.7x14.6x2.1x
Thu, 21 Nov 2024CHF 1.7tCHF 810.5bCHF 117.0b19.7x14.7x2.1x
Sat, 19 Oct 2024CHF 1.8tCHF 806.2bCHF 114.4b21.3x16.1x2.3x
Mon, 16 Sep 2024CHF 1.8tCHF 802.4bCHF 113.9b21x15.8x2.2x
Wed, 14 Aug 2024CHF 1.8tCHF 802.9bCHF 136.5b21.2x13.1x2.2x
Fri, 12 Jul 2024CHF 1.8tCHF 801.6bCHF 125.7b21.5x14.6x2.3x
Sun, 09 Jun 2024CHF 1.8tCHF 801.3bCHF 125.7b22x14.6x2.3x
Tue, 07 May 2024CHF 1.7tCHF 798.3bCHF 125.3b21.3x13.7x2.2x
Thu, 04 Apr 2024CHF 1.8tCHF 767.3bCHF 97.0b21.7x18.2x2.3x
Sat, 02 Mar 2024CHF 1.7tCHF 789.7bCHF 111.3b20x15.5x2.2x
Mon, 29 Jan 2024CHF 1.7tCHF 765.2bCHF 109.7b17.9x15.6x2.2x
Wed, 27 Dec 2023CHF 1.7tCHF 763.5bCHF 109.8b18.4x15.3x2.2x
Fri, 24 Nov 2023CHF 1.6tCHF 771.9bCHF 111.4b17.9x14.7x2.1x
Sun, 22 Oct 2023CHF 1.6tCHF 759.2bCHF 100.2b17.6x15.6x2.1x
Tue, 19 Sep 2023CHF 1.7tCHF 751.7bCHF 99.5b18.7x16.8x2.2x
Thu, 17 Aug 2023CHF 1.7tCHF 746.4bCHF 75.2b18.2x22.1x2.2x
Sat, 15 Jul 2023CHF 1.7tCHF 749.5bCHF 76.2b19.4x22.4x2.3x
Mon, 12 Jun 2023CHF 1.7tCHF 787.1bCHF 82.6b19.3x20.9x2.2x
Wed, 10 May 2023CHF 1.8tCHF 785.6bCHF 81.4b19.2x21.8x2.3x
Fri, 07 Apr 2023CHF 1.7tCHF 777.4bCHF 69.1b19.3x25.3x2.2x
Sun, 05 Mar 2023CHF 1.7tCHF 783.9bCHF 70.1b19.4x24.7x2.2x
Tue, 31 Jan 2023CHF 1.8tCHF 787.4bCHF 94.4b17.8x18.9x2.3x
Thu, 29 Dec 2022CHF 1.7tCHF 786.0bCHF 93.9b17.2x17.8x2.1x
Price to Earnings Ratio

17.8x


Total Market Cap: CHF 1.7tTotal Earnings: CHF 93.9bTotal Revenue: CHF 786.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Swiss Market Price to Earnings3Y Average 17.4x202320242025
Current Market PE
  • Investors are relatively neutral on the Swiss market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 17.4x.
Past Earnings Growth
  • The earnings for Swiss listed companies have grown 6.8% per year over the last three years, while revenues have remained steady.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Sector Trends

Which sectors have driven the changes within the Swiss Market?

CH Market1.95%
Financials3.72%
Healthcare2.39%
Real Estate2.35%
Utilities1.83%
Telecom1.66%
Consumer Staples1.34%
Consumer Discretionary1.28%
Materials1.03%
Industrials0.32%
Tech-2.34%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 27.2x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 19.8% which is higher than its past year's earnings decline of 1.2% per year.
  • The Financials sector is the least preferred by investors for future growth, which is trading below its 3-year average of 9.1x.
Forecasted Growth
  • Analysts are most optimistic on the Tech sector, expecting annual earnings growth of 20% over the next 5 years.
  • This is better than its past earnings decline of 1.2% per year.
  • In contrast, the Real Estate sector is expected to see its earnings decline by 9.4% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
UBSG UBS GroupCHF 36.817.2%
+CHF 7.9b		37.8%PE20xFinancials
ROG Roche HoldingCHF 325.502.7%
+CHF 7.4b		31.6%PE29.4xHealthcare
NOVN NovartisCHF 108.522.9%
+CHF 5.8b		25.1%PE18.2xHealthcare
NESN NestléCHF 78.791.1%
+CHF 2.2b		6.5%PE19.7xConsumer Staples
ZURN Zurich Insurance GroupCHF 597.402.3%
+CHF 1.9b		12.1%PE18.3xFinancials
See more

Market Insights

Header cover image
Three Sectors Expected to Rally in 2026 📈
With the backdrop of consistently strong broad market returns over the last few years, analysts are now looking at sector-specific plays that could outperform in 2026.
Continue reading
🤖 AI Companies Hit The Bond Market
Last Week

🤖 AI Companies Hit The Bond Market

Latest News

HUBN
CHF 139.60
Huber+Suhner
7D
-9.4%
1Y
89.7%

Is Huber+Suhner AG (VTX:HUBN) Worth CHF140 Based On Its Intrinsic Value?

Dec 21
Is Huber+Suhner AG (VTX:HUBN) Worth CHF140 Based On Its Intrinsic Value?
CLN
CHF 7.12
Clariant
7D
-3.7%
1Y
-27.9%
AMRZ
CHF 43.00
Amrize
7D
-3.0%
1Y
n/a

Amrize AG (VTX:AMRZ) Shares Could Be 48% Below Their Intrinsic Value Estimate

Dec 20
Amrize AG (VTX:AMRZ) Shares Could Be 48% Below Their Intrinsic Value Estimate
VACN
CHF 380.90
VAT Group
7D
-2.6%
1Y
11.4%

VACN: Share Price Will Track Semiconductor Cycle Recovery Into 2026 Upswing

The analyst price target for VAT Group has increased to about CHF 379 from roughly CHF 368, as analysts highlight improving medium term growth prospects and a slightly higher future valuation multiple, despite only modest tweaks to revenue growth and discount rate assumptions. Analyst Commentary Recent research updates present a mixed but gradually improving outlook for VAT Group, with bullish analysts highlighting upside into the 2026 to 2027 cycle and more cautious voices focused on valuation discipline and execution risk in the nearer term.
LOGN
CHF 83.00
Logitech International
7D
-6.8%
1Y
13.4%
GALD
CHF 162.80
Galderma Group
7D
-0.5%
1Y
67.8%
ROG
CHF 325.50
Roche Holding
7D
2.7%
1Y
31.6%

ROG: Pipeline Data And Digital Execution Will Shape Balanced Risk Reward Ahead

Analysts have nudged their fair value estimate for Roche Holding higher, lifting the target by about CHF 11.50 to reflect slightly stronger long term revenue growth and margin assumptions supported by recent positive readthroughs from partners, incremental pipeline visibility, and a modest firming in Street price targets. Analyst Commentary Bullish analysts emphasize that recent partner updates and pipeline milestones are incrementally improving sentiment on Roche, supporting the view that medium term growth and margin visibility are strengthening despite a still mixed backdrop.
SLHN
CHF 910.80
Swiss Life Holding
7D
4.5%
1Y
32.3%
STMN
CHF 94.28
Straumann Holding
7D
-1.0%
1Y
-17.2%

STMN: Improving U.S. Momentum Will Likely Drive Renewed Optimism And Upside

The analyst price target for Straumann Holding has been modestly increased to CHF 112.24 from CHF 112.43, as analysts factor in improving investor sentiment, gradually better operational momentum in the U.S., and a slightly higher future earnings multiple despite trimmed growth and margin expectations. Analyst Commentary Recent research updates on Straumann Holding present a mixed but gradually improving picture, with several bullish analysts highlighting better sentiment and operational progress, while more cautious voices point to lingering earnings and valuation risks.
UBSG
CHF 36.81
UBS Group
7D
7.2%
1Y
37.8%
NESN
CHF 78.79
Nestlé
7D
1.1%
1Y
6.5%

NESN: Execution Improvements Are Expected To Drive Medium Term Rerating Into 2026

Nestlé's analyst price target edges up by CHF 0.10 as analysts factor in modestly stronger revenue growth and margins, supported by recent target raises and an improving medium term performance outlook. Analyst Commentary Analyst views on Nestlé remain mixed, with a modest upward drift in price targets reflecting slightly improved confidence in execution and medium term growth, but also ongoing concerns around valuation and relative underperformance risks.
NOVN
CHF 108.52
Novartis
7D
2.9%
1Y
25.1%

NOVN: Future Returns Will Reflect Pipeline Progress And Expanding US Manufacturing

Analysts have modestly raised their price target on Novartis to approximately $109 from about $105. This change reflects a higher expected future valuation multiple, which more than offsets slightly lower long term revenue growth and profit margin assumptions.
ACLN
CHF 62.40
Accelleron Industries
7D
-2.0%
1Y
35.7%

ACLN: Shares Will Signal Steady Outlook As Pricing Assumptions Edge Higher

Analysts have modestly increased their price target for Accelleron Industries to CHF 68.66, citing a slightly higher assumed discount rate and a marginally richer future earnings multiple, while maintaining essentially unchanged long term growth and margin expectations. Valuation Changes The fair value estimate remains unchanged at approximately CHF 68.66 per share.
ZURN
CHF 597.40
Zurich Insurance Group
7D
2.3%
1Y
12.1%

ZURN: Modest Profitability Gains Will Support Balanced Risk Reward Profile Ahead

Analysts have nudged their price target on Zurich Insurance Group slightly higher to roughly CHF 557 from about CHF 555, reflecting modestly improved expectations for future profitability and valuation multiples, despite slightly softer top line growth assumptions. Valuation Changes The fair value estimate has risen slightly, moving from approximately CHF 554.90 to CHF 557.23, implying a modest uplift in intrinsic valuation.
LONN
CHF 532.80
Lonza Group
7D
3.5%
1Y
0.3%

We Think Lonza Group (VTX:LONN) Is Taking Some Risk With Its Debt

Dec 01
We Think Lonza Group (VTX:LONN) Is Taking Some Risk With Its Debt
CFR
CHF 168.30
Compagnie Financière Richemont
7D
1.2%
1Y
24.9%