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Swiss (SMI) Market Analysis & Valuation

UpdatedApr 11, 2026
DataAggregated Company Financials
Companies204
  • 7D1.8%
  • 3M-1.2%
  • 1Y17.5%
  • YTD0.2%

The market has climbed 1.4% in the last 7 days, lead by the Industrials sector with a gain of 4.6%. The market is up 17% over the last 12 months. Earnings are forecast to grow by 10% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 11 Apr 2026CHF 2.0tCHF 780.3bCHF 109.5b20.9x18x2.5x
Mon, 09 Mar 2026CHF 2.0tCHF 774.6bCHF 108.7b21.1x18x2.5x
Wed, 04 Feb 2026CHF 2.0tCHF 788.8bCHF 117.7b20.7x17x2.5x
Fri, 02 Jan 2026CHF 2.0tCHF 797.2bCHF 114.8b20.3x17.3x2.5x
Sun, 30 Nov 2025CHF 1.9tCHF 806.4bCHF 115.1b19.6x16.8x2.4x
Tue, 28 Oct 2025CHF 1.9tCHF 770.7bCHF 90.2b19.5x21x2.5x
Thu, 25 Sep 2025CHF 1.8tCHF 773.7bCHF 90.3b19.3x20.3x2.4x
Sat, 23 Aug 2025CHF 1.9tCHF 775.7bCHF 90.0b20.8x20.8x2.4x
Mon, 21 Jul 2025CHF 1.8tCHF 787.6bCHF 107.5b20.4x17x2.3x
Wed, 18 Jun 2025CHF 1.8tCHF 781.3bCHF 106.4b20.1x16.9x2.3x
Fri, 16 May 2025CHF 1.8tCHF 788.7bCHF 106.3b20.2x17.1x2.3x
Sun, 13 Apr 2025CHF 1.7tCHF 832.0bCHF 156.8b18.2x10.6x2x
Tue, 11 Mar 2025CHF 1.9tCHF 849.4bCHF 158.3b19.7x12.1x2.2x
Thu, 06 Feb 2025CHF 1.9tCHF 820.4bCHF 116.3b21.4x15.9x2.3x
Sat, 04 Jan 2025CHF 1.7tCHF 817.9bCHF 117.8b21x14.8x2.1x
Mon, 02 Dec 2024CHF 1.8tCHF 809.2bCHF 116.9b20.4x15x2.2x
Wed, 30 Oct 2024CHF 1.8tCHF 808.8bCHF 115.9b20.9x15.6x2.2x
Fri, 27 Sep 2024CHF 1.8tCHF 797.8bCHF 114.7b21.4x15.9x2.3x
Sun, 25 Aug 2024CHF 1.8tCHF 801.2bCHF 113.6b22.1x16.2x2.3x
Tue, 23 Jul 2024CHF 1.8tCHF 799.0bCHF 125.9b21.4x14.6x2.3x
Thu, 20 Jun 2024CHF 1.8tCHF 796.5bCHF 125.0b21.8x14.5x2.3x
Sat, 18 May 2024CHF 1.8tCHF 802.3bCHF 126.6b21.6x14.3x2.3x
Mon, 15 Apr 2024CHF 1.7tCHF 768.4bCHF 97.0b21.6x17.9x2.3x
Wed, 13 Mar 2024CHF 1.8tCHF 775.5bCHF 99.0b20.9x17.8x2.3x
Fri, 09 Feb 2024CHF 1.7tCHF 766.3bCHF 109.1b19.5x15.5x2.2x
Sun, 07 Jan 2024CHF 1.7tCHF 760.9bCHF 109.4b18.2x15.4x2.2x
Tue, 05 Dec 2023CHF 1.6tCHF 767.8bCHF 110.7b18.5x14.9x2.1x
Thu, 02 Nov 2023CHF 1.6tCHF 761.6bCHF 101.4b17.8x15.4x2.1x
Sat, 30 Sep 2023CHF 1.6tCHF 758.5bCHF 100.4b18.6x16.4x2.2x
Mon, 28 Aug 2023CHF 1.7tCHF 747.0bCHF 74.9b18.9x22.1x2.2x
Wed, 26 Jul 2023CHF 1.7tCHF 751.5bCHF 77.3b18.2x22.2x2.3x
Fri, 23 Jun 2023CHF 1.7tCHF 758.1bCHF 77.0b18.8x22.2x2.3x
Sun, 21 May 2023CHF 1.8tCHF 786.2bCHF 82.6b19.3x21.5x2.3x
Tue, 18 Apr 2023CHF 1.8tCHF 777.8bCHF 69.1b19.5x25.5x2.3x
Price to Earnings Ratio

25.5x


Total Market Cap: CHF 1.8tTotal Earnings: CHF 69.1bTotal Revenue: CHF 777.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Swiss Market Price to Earnings3Y Average 17x202420252026
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 17.0x.
Past Earnings Growth
  • The earnings for Swiss listed companies have grown 17% 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 Market1.81%
Consumer Discretionary6.98%
Industrials5.85%
Materials5.45%
Tech1.85%
Financials1.03%
Telecom1.00%
Consumer Staples0.36%
Healthcare-0.20%
Real Estate-0.71%
Utilities-1.22%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 29.5x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 21.2% which is higher than its past year's earnings decline of 30.9% per year.
  • The Financials sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 7.4x.
Forecasted Growth
  • Analysts are most optimistic on the Tech sector, expecting annual earnings growth of 21% over the next 5 years.
  • This is better than its past earnings decline of 31% per year.
  • In contrast, the Real Estate sector is expected to see its earnings decline by 6.5% 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
ABBN ABBCHF 71.849.1%
+CHF 10.9b		78.4%PE36.2xIndustrials
CFR Compagnie Financière RichemontCHF 153.357.3%
+CHF 6.1b		13.0%PE25.4xConsumer Discretionary
UBSG UBS GroupCHF 32.724.1%
+CHF 4.0b		43.5%PE16.5xFinancials
HOLN HolcimCHF 72.527.9%
+CHF 2.9b		-14.0%PE103.1xMaterials
NESN NestléCHF 79.100.9%
+CHF 1.9b		-6.9%PE22.5xConsumer Staples
See more

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Latest News

HOLN
CHF 72.52
Holcim
7D
7.9%
1Y
-14.0%
NOVN
CHF 121.76
Novartis
7D
-1.2%
1Y
41.4%
VACN
CHF 549.80
VAT Group
7D
12.3%
1Y
98.8%
LISN
CHF 109,300.00
Chocoladefabriken Lindt & Sprüngli
7D
-3.1%
1Y
-3.6%

LISN: Premium Brand Strength And Margin Gains Will Support Future Re Rating

Analysts have trimmed their price targets on Chocoladefabriken Lindt & Sprüngli, with recent cuts to around CHF 100,000 to CHF 108,500. This reflects a more cautious stance on the stock's premium valuation, despite an unchanged fundamental fair value estimate.
TEMN
CHF 68.90
Temenos
7D
-4.1%
1Y
11.9%
KNIN
CHF 181.10
Kuehne + Nagel International
7D
-3.3%
1Y
2.6%

KNIN: Execution Risks Will Challenge Elevated Multiple Despite Recent Dividend Announcement

Kuehne + Nagel International's analyst fair value estimate has been adjusted from CHF 129.72 to CHF 135.29, as analysts factor in refreshed price targets from JPMorgan, Morgan Stanley, HSBC, Citi, Barclays, Deutsche Bank and Goldman Sachs, along with updated assumptions for revenue growth, margins, discount rate and future P/E. Analyst Commentary Recent Street research around Kuehne + Nagel International sends a mixed message, with several banks lifting price targets while others flag risk around execution and valuation.
ZURN
CHF 546.80
Zurich Insurance Group
7D
-4.2%
1Y
3.3%

ZURN: Future Returns Will Depend On Beazley Integration And Neutral Rating Backdrop

Analysts have nudged the fair value estimate for Zurich Insurance Group slightly higher to about CHF 565 from roughly CHF 563, as they factor in updated assumptions on growth, profitability and future P/E multiples, alongside a generally neutral set of broker ratings and price targets centered around CHF 540 to CHF 656. Analyst Commentary Recent research on Zurich Insurance Group clusters around neutral ratings, with several firms either resuming coverage at mid range recommendations or moving up to Hold.
SDZ
CHF 66.62
Sandoz Group
7D
4.1%
1Y
110.2%
SIKA
CHF 138.50
Sika
7D
5.4%
1Y
-28.3%

SIKA: Mixed Research Views And AI Execution Will Shape Future P/E

Analysts have reset the consolidated price target for Sika to CHF 140, reflecting a series of recent target trims and modest revisions to growth, margin and discount rate assumptions, while Street views remain mixed across firms cutting targets and others edging them higher. Analyst Commentary Street research around Sika has turned more cautious, with several bearish analysts trimming price targets and flagging a less generous setup for valuation and execution than previously assumed.
PGHN
CHF 859.60
Partners Group Holding
7D
-0.7%
1Y
-15.8%

PGHN: Dividend And Private Markets Execution Will Support Future Upside Potential

Analysts have raised their CHF price target on Partners Group by CHF 80, citing slightly adjusted assumptions for the discount rate, revenue growth, profit margin and future P/E. These changes leave their fair value view broadly unchanged at CHF 1,400.
ROP
CHF 315.60
Roche Holding
7D
-0.8%
1Y
29.5%

Late Stage Pipeline And Diagnostics Expansion Will Reshape Long Term Prospects

Catalysts About Roche Holding Roche Holding is a global healthcare company with large pharmaceutical and diagnostics businesses focused on prescription medicines, biologics and lab testing solutions. What are the underlying business or industry changes driving this perspective?
BARN
CHF 1,329.00
Barry Callebaut
7D
-3.2%
1Y
75.6%

BARN: Falling Cocoa Costs And New Leadership Will Shape Future Upside

Analysts kept the fair value estimate for Barry Callebaut steady at CHF 1,930.00. Recent price target changes between roughly CHF 1,000 and CHF 1,600 highlight differing views on the impact of softer end markets, mixed volume trends and lower cocoa prices.
ABBN
CHF 71.84
ABB
7D
9.1%
1Y
78.4%

ABBN: Data Center Hopes Will Struggle To Support Elevated Future P/E

ABB's updated fair value estimate has moved to CHF 52.89 from CHF 51.51 as analysts lift price targets by CHF 5 to CHF 7 and point to improving earnings expectations, particularly around data center related demand and a more supportive valuation backdrop. Analyst Commentary Recent Street research on ABB highlights a generally constructive tone around the shares, with several banks lifting price targets in CHF terms and pointing to an improved earnings outlook tied to data center related demand and a more supportive valuation backdrop.
NESN
CHF 79.10
Nestlé
7D
0.9%
1Y
-6.9%
UBSG
CHF 32.72
UBS Group
7D
4.1%
1Y
43.5%

UBSG: Capital Flexibility And Buybacks Will Drive Future Repricing Potential

UBS Group's updated analyst price target edges higher to CHF 51.07 from CHF 50.79, as analysts factor in slightly lower assumed revenue growth, a modestly higher profit margin, and a small adjustment to the forward P/E multiple. Analyst Commentary Recent Street research on UBS Group shows a mix of views, with some analysts trimming price targets and others setting higher levels.
CFR
CHF 153.35
Compagnie Financière Richemont
7D
7.3%
1Y
13.0%