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Swiss (SMI) Market Analysis & Valuation

UpdatedFeb 20, 2026
DataAggregated Company Financials
Companies207
  • 7D1.8%
  • 3M10.0%
  • 1Y6.7%
  • YTD4.3%

The market has climbed 1.8% in the last 7 days, lead by the Healthcare sector with a gain of 2.5%. As for the past 12 months, the market is up 6.7%. Looking forward, earnings are forecast to grow by 9.9% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 20 Feb 2026CHF 2.1tCHF 790.8bCHF 117.8b20.5x17.4x2.6x
Sun, 18 Jan 2026CHF 2.0tCHF 800.2bCHF 115.2b20.7x17.6x2.5x
Tue, 16 Dec 2025CHF 2.1tCHF 798.6bCHF 114.4b20.2x18x2.6x
Thu, 13 Nov 2025CHF 1.9tCHF 800.8bCHF 114.0b19.3x16.9x2.4x
Sat, 11 Oct 2025CHF 1.9tCHF 775.5bCHF 90.5b19.5x20.9x2.4x
Mon, 08 Sep 2025CHF 1.9tCHF 774.7bCHF 90.1b19.5x20.8x2.4x
Wed, 06 Aug 2025CHF 1.8tCHF 775.2bCHF 89.9b20.6x20.3x2.4x
Fri, 04 Jul 2025CHF 1.8tCHF 784.5bCHF 106.7b20.2x16.9x2.3x
Sun, 01 Jun 2025CHF 1.8tCHF 785.7bCHF 106.4b20.1x17.2x2.3x
Tue, 29 Apr 2025CHF 1.8tCHF 834.8bCHF 157.0b19.1x11.3x2.1x
Thu, 27 Mar 2025CHF 1.9tCHF 850.5bCHF 159.0b20.1x11.9x2.2x
Sat, 22 Feb 2025CHF 1.9tCHF 819.9bCHF 116.5b21.1x16.5x2.3x
Mon, 20 Jan 2025CHF 1.8tCHF 819.7bCHF 118.0b21.1x15.2x2.2x
Wed, 18 Dec 2024CHF 1.8tCHF 813.3bCHF 117.3b20.7x14.9x2.2x
Fri, 15 Nov 2024CHF 1.8tCHF 817.2bCHF 117.8b19.7x14.9x2.1x
Sun, 13 Oct 2024CHF 1.8tCHF 803.6bCHF 114.1b21.5x16x2.3x
Tue, 10 Sep 2024CHF 1.8tCHF 801.7bCHF 113.7b21.4x15.8x2.2x
Thu, 08 Aug 2024CHF 1.8tCHF 799.6bCHF 136.0b21.4x13.1x2.2x
Sat, 06 Jul 2024CHF 1.8tCHF 801.2bCHF 125.6b21.4x14.4x2.3x
Mon, 03 Jun 2024CHF 1.8tCHF 803.7bCHF 126.0b22x14.3x2.2x
Wed, 01 May 2024CHF 1.7tCHF 802.0bCHF 125.9b21.3x13.6x2.1x
Fri, 29 Mar 2024CHF 1.8tCHF 766.6bCHF 98.0b21.9x18.2x2.3x
Sun, 25 Feb 2024CHF 1.7tCHF 779.6bCHF 110.8b20.1x15.7x2.2x
Tue, 23 Jan 2024CHF 1.7tCHF 766.7bCHF 110.5b17.9x15.3x2.2x
Thu, 21 Dec 2023CHF 1.7tCHF 764.9bCHF 110.1b18.6x15.3x2.2x
Sat, 18 Nov 2023CHF 1.6tCHF 772.9bCHF 111.6b17.9x14.6x2.1x
Mon, 16 Oct 2023CHF 1.6tCHF 761.3bCHF 100.3b18.1x16.3x2.1x
Wed, 13 Sep 2023CHF 1.7tCHF 750.1bCHF 99.2b18.6x16.7x2.2x
Fri, 11 Aug 2023CHF 1.7tCHF 742.7bCHF 75.1b18.5x22.4x2.3x
Sun, 09 Jul 2023CHF 1.7tCHF 755.7bCHF 76.7b18.9x21.8x2.2x
Tue, 06 Jun 2023CHF 1.7tCHF 787.5bCHF 82.6b19x21.2x2.2x
Thu, 04 May 2023CHF 1.8tCHF 784.0bCHF 80.7b19.5x21.9x2.3x
Sat, 01 Apr 2023CHF 1.7tCHF 780.5bCHF 69.3b19.5x25.1x2.2x
Mon, 27 Feb 2023CHF 1.7tCHF 783.7bCHF 71.4b18.9x24.1x2.2x
Price to Earnings Ratio

24.1x


Total Market Cap: CHF 1.7tTotal Earnings: CHF 71.4bTotal Revenue: CHF 783.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Swiss Market Price to Earnings3Y Average 17.3x202420252026
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 17.3x.
Past Earnings Growth
  • The earnings for Swiss listed companies have grown 18% 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 Market1.80%
Telecom3.18%
Consumer Staples2.61%
Healthcare2.48%
Industrials1.80%
Materials1.60%
Financials0.92%
Tech0.018%
Real Estate-0.28%
Consumer Discretionary-0.37%
Utilities-0.79%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 30.1x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 18.8%, which is higher than its past year's earnings growth of 5.9% per year.
  • The Financials sector is the least preferred by investors for future growth, which is trading below its 3-year average of 8.1x.
Forecasted Growth
  • Analysts are most optimistic on the Tech sector, expecting annual earnings growth of 19% over the next 5 years.
  • This is better than its past earnings growth rate of 5.9% per year.
  • In contrast, the Real Estate sector is expected to see its earnings decline by 11% 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
ROG Roche HoldingCHF 368.202.4%
+CHF 6.8b		24.7%PE22.7xHealthcare
NESN NestléCHF 81.432.6%
+CHF 5.3b		-1.1%PE20.3xConsumer Staples
NOVN NovartisCHF 126.482.2%
+CHF 5.1b		30.9%PE22.2xHealthcare
LONN Lonza GroupCHF 538.208.1%
+CHF 2.8b		-7.9%PE41.6xHealthcare
AMRZ AmrizeCHF 49.1510.2%
+CHF 2.5b		n/aPE29.6xMaterials
See more

Market Insights

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NOVN
CHF 126.48
Novartis
7D
2.2%
1Y
30.9%
ALSN
CHF 150.40
ALSO Holding
7D
-24.3%
1Y
-43.5%
AMRZ
CHF 49.15
Amrize
7D
10.2%
1Y
n/a
NESN
CHF 81.43
Nestlé
7D
2.6%
1Y
-1.1%
STMN
CHF 94.88
Straumann Holding
7D
-3.7%
1Y
-28.4%
SREN
CHF 127.80
Swiss Re
7D
-1.2%
1Y
-7.6%

SREN: Shares Will Balance Cautious Cycle With AI Partnership And Earnings Targets

Analysts have reduced their Swiss Re price targets, with one firm lowering its target from CHF 130 to CHF 120. The change reflects updated assumptions on fair value, discount rate, revenue growth, profit margin and future P/E.
ROG
CHF 368.20
Roche Holding
7D
2.4%
1Y
24.7%
ALC
CHF 63.92
Alcon
7D
5.5%
1Y
-20.7%
UBSG
CHF 32.71
UBS Group
7D
1.6%
1Y
8.8%

UBSG: Higher P/E Expectations Will Drive Future Repricing Versus Political Breakup Risk

Analysts have revised their CHF based price target for UBS Group upward to reflect a higher estimated fair value of about CHF 50.79, with recent Street research pointing to adjusted views on revenue growth, profit margins and future P/E assumptions following mixed target moves at Citi, JPMorgan and Morgan Stanley, as well as a fresh downgrade at Goldman Sachs. Analyst Commentary Recent Street research on UBS Group reflects a mix of optimism and caution, with several price target revisions and one high profile downgrade shaping how investors are thinking about the shares.
SIKA
CHF 152.75
Sika
7D
-2.5%
1Y
-35.2%
EMSN
CHF 625.00
EMS-CHEMIE HOLDING
7D
-2.3%
1Y
-2.0%
HOLN
CHF 73.22
Holcim
7D
4.1%
1Y
-22.8%

HOLN: Circular Expansion And Mixed Street Views Will Shape Future Risk Balance

Narrative Update The updated analyst price target for Holcim edges up to about CHF 79 from roughly CHF 78.80, as analysts factor in mixed recent research that includes a CHF 5 target increase at Citi, a higher implied future P/E and adjustments to revenue growth and profit margin assumptions, alongside a modest trim from RBC Capital and a downgrade elsewhere on the Street. Analyst Commentary Recent research on Holcim reflects a split view, with some analysts lifting price targets while others trim expectations or move to a more cautious stance.
LONN
CHF 538.20
Lonza Group
7D
8.1%
1Y
-7.9%
GIVN
CHF 2,990.00
Givaudan
7D
-1.9%
1Y
-23.1%

GIVN: Chinese Pricing Pressure Will Support Future Margin Resilience And Re Rating Potential

Analysts have reduced their fair value estimate for Givaudan from CHF 3,946.93 to CHF 3,747.83. This change reflects a series of lower Street price targets and incorporates assumptions for steady revenue growth, slightly higher profit margins and a lower future P/E multiple.
PGHN
CHF 910.80
Partners Group Holding
7D
-3.0%
1Y
-34.6%

PGHN: Hospitality And Private Markets Expansion Will Support Future Upside Potential

Analysts have lifted their price target on Partners Group Holding by CHF 80, reflecting updated assumptions for slightly higher revenue growth, a modestly lower discount rate, and a somewhat reduced future P/E multiple, while keeping fair value broadly unchanged at CHF 1,400. Analyst Commentary Recent research points to a constructive tone around Partners Group Holding, with price target adjustments framed around refined assumptions on revenue, discount rates, and future valuation multiples, rather than a shift in the CHF 1,400 fair value anchor.
CFR
CHF 158.70
Compagnie Financière Richemont
7D
-0.8%
1Y
-11.9%