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Swiss (SMI) Market Analysis & Valuation

UpdatedDec 25, 2025
DataAggregated Company Financials
Companies208
  • 7D0.7%
  • 3M9.8%
  • 1Y12.8%
  • YTD11.0%

The market has stayed flat over the 7 days. As for the longer term, the market has risen 13% in the past 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
Thu, 25 Dec 2025CHF 2.0tCHF 795.5bCHF 114.1b20.2x17.4x2.5x
Sat, 22 Nov 2025CHF 1.9tCHF 807.9bCHF 115.3b19x16.5x2.4x
Mon, 20 Oct 2025CHF 1.9tCHF 773.4bCHF 90.3b19.2x21.1x2.5x
Wed, 17 Sep 2025CHF 1.8tCHF 771.0bCHF 89.6b19.7x20.5x2.4x
Fri, 15 Aug 2025CHF 1.8tCHF 777.3bCHF 90.3b21.1x20.4x2.4x
Sun, 13 Jul 2025CHF 1.8tCHF 784.6bCHF 106.7b20.4x17x2.3x
Tue, 10 Jun 2025CHF 1.8tCHF 785.0bCHF 106.4b20.3x17.4x2.4x
Thu, 08 May 2025CHF 1.8tCHF 783.9bCHF 106.0b19.7x16.9x2.3x
Sat, 05 Apr 2025CHF 1.7tCHF 843.7bCHF 158.3b17.9x10.8x2x
Mon, 03 Mar 2025CHF 1.9tCHF 811.3bCHF 117.6b20.8x16.3x2.4x
Wed, 29 Jan 2025CHF 1.8tCHF 817.4bCHF 117.8b21.5x15.7x2.3x
Fri, 27 Dec 2024CHF 1.7tCHF 815.4bCHF 117.5b20.7x14.6x2.1x
Sun, 24 Nov 2024CHF 1.7tCHF 813.1bCHF 117.3b19.9x14.9x2.1x
Tue, 22 Oct 2024CHF 1.8tCHF 806.2bCHF 114.4b21.5x16x2.3x
Thu, 19 Sep 2024CHF 1.8tCHF 801.0bCHF 113.9b21.1x15.7x2.2x
Sat, 17 Aug 2024CHF 1.8tCHF 805.9bCHF 114.1b21.7x16x2.3x
Mon, 15 Jul 2024CHF 1.9tCHF 801.1bCHF 125.5b21.8x14.7x2.3x
Wed, 12 Jun 2024CHF 1.8tCHF 801.3bCHF 125.7b21.9x14.4x2.3x
Fri, 10 May 2024CHF 1.8tCHF 802.5bCHF 126.1b21.2x13.9x2.2x
Sun, 07 Apr 2024CHF 1.8tCHF 766.9bCHF 97.0b21.3x18.1x2.3x
Tue, 05 Mar 2024CHF 1.7tCHF 785.7bCHF 111.1b20.6x15.5x2.2x
Thu, 01 Feb 2024CHF 1.7tCHF 764.4bCHF 109.6b18x15.5x2.2x
Sat, 30 Dec 2023CHF 1.7tCHF 758.7bCHF 108.9b18.4x15.4x2.2x
Mon, 27 Nov 2023CHF 1.6tCHF 771.5bCHF 111.2b18x14.7x2.1x
Wed, 25 Oct 2023CHF 1.6tCHF 760.1bCHF 100.4b17.6x15.5x2.1x
Fri, 22 Sep 2023CHF 1.7tCHF 753.7bCHF 99.9b18.4x16.7x2.2x
Sun, 20 Aug 2023CHF 1.6tCHF 747.6bCHF 75.3b17.6x21.8x2.2x
Tue, 18 Jul 2023CHF 1.7tCHF 749.1bCHF 76.2b19.2x22.2x2.3x
Thu, 15 Jun 2023CHF 1.7tCHF 757.5bCHF 77.0b19.3x22.5x2.3x
Sat, 13 May 2023CHF 1.8tCHF 786.5bCHF 81.4b19.2x21.8x2.3x
Mon, 10 Apr 2023CHF 1.7tCHF 778.6bCHF 69.2b19x25.2x2.2x
Wed, 08 Mar 2023CHF 1.7tCHF 785.0bCHF 70.3b19.4x24.3x2.2x
Fri, 03 Feb 2023CHF 1.8tCHF 783.1bCHF 80.7b18.3x21.9x2.3x
Sun, 01 Jan 2023CHF 1.7tCHF 785.3bCHF 93.7b17.4x17.8x2.1x
Price to Earnings Ratio

17.8x


Total Market Cap: CHF 1.7tTotal Earnings: CHF 93.7bTotal Revenue: CHF 785.3bTotal 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 Market0.73%
Healthcare2.03%
Telecom1.05%
Financials1.03%
Industrials0.82%
Utilities0.71%
Real Estate0.48%
Consumer Discretionary0.03%
Materials-0.012%
Tech-0.65%
Consumer Staples-2.47%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 28.1x.
    • 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 9.0x.
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 9.3% 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 329.603.2%
+CHF 8.6b		31.3%PE29.7xHealthcare
NOVN NovartisCHF 110.102.2%
+CHF 4.5b		25.6%PE18.6xHealthcare
ABBN ABBCHF 59.141.8%
+CHF 1.9b		20.2%PE30.7xIndustrials
ZURN Zurich Insurance GroupCHF 601.201.5%
+CHF 1.3b		11.5%PE18.5xFinancials
UBSG UBS GroupCHF 36.940.7%
+CHF 760.6m		36.5%PE20.2xFinancials
See more

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Latest News

NESN
CHF 77.83
Nestlé
7D
-2.6%
1Y
5.1%
LOGN
CHF 82.28
Logitech International
7D
-2.8%
1Y
10.7%

LOGN: Higher Margins And Buybacks Will Eventually Prove Unsustainably Priced

Analysts have raised their price target for Logitech International to approximately $73 per share from about $61, citing expectations for faster revenue growth, higher profit margins, a slightly lower discount rate, and a modestly richer future P/E multiple. What's in the News CEO Johanna Faber reiterated that Logitech will prioritize organic growth and dividends while pursuing only disciplined, tuck in M&A deals that accelerate existing work and play segments and complement its $2 billion, three year share buyback program (Key Developments).
ZURN
CHF 601.20
Zurich Insurance Group
7D
1.5%
1Y
11.5%

ZURN: Slightly Stronger Margins Will Support A Steady Risk Reward Profile

Analysts have nudged their price target on Zurich Insurance Group slightly higher to CHF 558.40 from CHF 557.23, citing modestly improved long term profit margin expectations and a marginally richer justified earnings multiple, despite still subdued revenue growth assumptions. Valuation Changes Fair Value: Increased slightly from CHF 557.23 to CHF 558.40, implying a marginally higher intrinsic valuation per share.
UBSG
CHF 36.94
UBS Group
7D
0.7%
1Y
36.5%

UBSG: Rising Profit Margins Will Strain Sustainability At Current Share Price

The analyst price target for UBS Group has been raised by roughly CHF 5 to CHF 28. Analysts are factoring in stronger profit margins and a modestly higher future earnings multiple, despite slightly softer revenue growth assumptions.
GEBN
CHF 616.00
Geberit
7D
-0.8%
1Y
20.3%

GEBN: Raised Guidance And Resilient Margins Will Support Stronger Share Performance

Analysts have raised their fair value estimate for Geberit from CHF 696 to CHF 732, supported by recent Street research that nudged price targets higher, even as they maintain a cautious stance on the shares. Analyst Commentary Bullish analysts note that recent price target increases, even from houses that remain cautious on the stock, signal growing confidence that Geberit can execute against its strategic priorities and justify a higher valuation multiple over time.
SREN
CHF 132.70
Swiss Re
7D
2.0%
1Y
1.8%

SREN: Shares Will Track Softer Reinsurance Cycle And Narrowing Peer Premium

Analysts have trimmed their price target on Swiss Re by about CHF 9 to reflect slightly lower long term revenue growth, a modestly reduced profit margin outlook, and a lower assumed future P E multiple, as the reinsurance market is expected to soften into 2026. Analyst Commentary Recent Street research on Swiss Re reflects a more balanced and selective stance, with enthusiasm around the group s execution giving way to greater scrutiny of valuation and cycle risk.
ABBN
CHF 59.14
ABB
7D
1.8%
1Y
20.2%
ROG
CHF 329.60
Roche Holding
7D
3.2%
1Y
31.3%

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.
SIKA
CHF 161.70
Sika
7D
-1.2%
1Y
-25.0%
HOLN
CHF 77.56
Holcim
7D
1.4%
1Y
-11.2%
SLHN
CHF 920.00
Swiss Life Holding
7D
1.4%
1Y
32.1%
STMN
CHF 92.86
Straumann Holding
7D
-1.7%
1Y
-18.7%

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.
LISN
CHF 116,600.00
Chocoladefabriken Lindt & Sprüngli
7D
-2.2%
1Y
18.7%
KNIN
CHF 171.55
Kuehne + Nagel International
7D
-1.2%
1Y
-16.3%

KNIN: Cost Discipline And Softer Outlook Will Shape Earnings Expectations

Analysts have nudged their average price target for Kuehne + Nagel International slightly lower to about CHF 158 from roughly CHF 159, citing softer expectations for revenue growth and margins despite cost cutting efforts that are seen as limiting further downside. Analyst Commentary Recent Street research presents a mixed picture for Kuehne + Nagel International, with several firms trimming price targets while rebalancing ratings around more neutral stances.
NOVN
CHF 110.10
Novartis
7D
2.2%
1Y
25.6%

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.
EMSN
CHF 545.50
EMS-CHEMIE HOLDING
7D
-1.9%
1Y
-10.4%

Investors Met With Slowing Returns on Capital At EMS-CHEMIE HOLDING (VTX:EMSN)

Nov 12
Investors Met With Slowing Returns on Capital At EMS-CHEMIE HOLDING (VTX:EMSN)