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Swiss (SMI) Market Analysis & Valuation

UpdatedFeb 16, 2026
DataAggregated Company Financials
Companies207
  • 7D0.3%
  • 3M9.7%
  • 1Y5.0%
  • YTD2.9%

Over the last 7 days, the market has remained flat, although notably the Communication Services sector gained 4.9% in that time. As for the longer term, the market has risen 5.0% in the past 12 months. Earnings are forecast to grow by 10.0% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 16 Feb 2026CHF 2.0tCHF 788.3bCHF 117.5b20.6x17.3x2.6x
Wed, 14 Jan 2026CHF 2.0tCHF 799.4bCHF 115.1b20.2x17.5x2.5x
Fri, 12 Dec 2025CHF 1.9tCHF 797.3bCHF 114.3b19.5x16.9x2.4x
Sun, 09 Nov 2025CHF 1.9tCHF 803.6bCHF 114.4b19.1x16.3x2.3x
Tue, 07 Oct 2025CHF 1.9tCHF 773.8bCHF 90.2b19.6x21x2.5x
Thu, 04 Sep 2025CHF 1.9tCHF 776.6bCHF 90.3b20x20.5x2.4x
Sat, 02 Aug 2025CHF 1.8tCHF 775.1bCHF 89.8b20.5x20.3x2.4x
Mon, 30 Jun 2025CHF 1.8tCHF 785.8bCHF 106.8b20.3x16.9x2.3x
Wed, 28 May 2025CHF 1.8tCHF 787.2bCHF 106.6b20.2x17.3x2.3x
Fri, 25 Apr 2025CHF 1.7tCHF 836.3bCHF 157.2b19x11.1x2.1x
Sun, 23 Mar 2025CHF 1.9tCHF 850.3bCHF 158.9b20x12.1x2.3x
Tue, 18 Feb 2025CHF 1.9tCHF 820.6bCHF 116.2b21.9x16.4x2.3x
Thu, 16 Jan 2025CHF 1.8tCHF 819.0bCHF 117.9b20.8x15x2.2x
Sat, 14 Dec 2024CHF 1.7tCHF 813.2bCHF 117.3b20.7x14.9x2.1x
Mon, 11 Nov 2024CHF 1.8tCHF 812.7bCHF 117.3b20.1x15x2.2x
Wed, 09 Oct 2024CHF 1.8tCHF 804.1bCHF 114.1b21.2x15.8x2.2x
Fri, 06 Sep 2024CHF 1.8tCHF 800.6bCHF 113.7b21.2x15.8x2.2x
Sun, 04 Aug 2024CHF 1.8tCHF 799.0bCHF 135.9b21.7x13.1x2.2x
Tue, 02 Jul 2024CHF 1.8tCHF 803.2bCHF 126.0b21.2x14.3x2.2x
Thu, 30 May 2024CHF 1.8tCHF 804.5bCHF 126.9b21.8x14x2.2x
Sat, 27 Apr 2024CHF 1.7tCHF 771.5bCHF 97.3b21.3x17.6x2.2x
Mon, 25 Mar 2024CHF 1.8tCHF 765.8bCHF 98.1b21.2x18.1x2.3x
Wed, 21 Feb 2024CHF 1.7tCHF 769.3bCHF 109.6b19.7x15.8x2.3x
Fri, 19 Jan 2024CHF 1.7tCHF 766.4bCHF 110.4b18.2x15.2x2.2x
Sun, 17 Dec 2023CHF 1.7tCHF 767.5bCHF 110.6b18.7x15.3x2.2x
Tue, 14 Nov 2023CHF 1.6tCHF 776.3bCHF 112.2b17.6x14.2x2.1x
Thu, 12 Oct 2023CHF 1.7tCHF 762.3bCHF 100.4b18.1x16.5x2.2x
Sat, 09 Sep 2023CHF 1.7tCHF 749.8bCHF 99.4b18.8x16.7x2.2x
Mon, 07 Aug 2023CHF 1.7tCHF 742.1bCHF 75.3b18.5x22.4x2.3x
Wed, 05 Jul 2023CHF 1.7tCHF 757.7bCHF 77.0b19.4x22.3x2.3x
Fri, 02 Jun 2023CHF 1.7tCHF 788.3bCHF 82.8b18.9x20.9x2.2x
Sun, 30 Apr 2023CHF 1.8tCHF 786.0bCHF 80.9b19.1x21.8x2.2x
Tue, 28 Mar 2023CHF 1.7tCHF 780.0bCHF 69.0b19.5x24.5x2.2x
Thu, 23 Feb 2023CHF 1.7tCHF 780.6bCHF 70.5b18.9x24.7x2.2x
Price to Earnings Ratio

24.7x


Total Market Cap: CHF 1.7tTotal Earnings: CHF 70.5bTotal Revenue: CHF 780.6bTotal 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 19% 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 Market0.27%
Telecom4.88%
Healthcare2.14%
Consumer Staples1.51%
Consumer Discretionary1.00%
Real Estate0.68%
Utilities-0.005%
Industrials-0.35%
Tech-1.86%
Materials-2.80%
Financials-2.96%
Sector PE
  • Investors favour the Telecom sector the most for future growth, which is trading above its 3-year average PE ratio of 20.5x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 16.6%, which is higher than its past year's earnings growth of 8.6% per year.
  • The Financials sector is the least preferred by investors for future growth, which is trading below its 3-year average of 8.2x.
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 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
NOVN NovartisCHF 125.144.1%
+CHF 9.4b		30.7%PE22.2xHealthcare
ROG Roche HoldingCHF 360.001.8%
+CHF 4.9b		22.3%PE22.2xHealthcare
NESN NestléCHF 79.581.5%
+CHF 3.1b		-3.4%PE19.9xConsumer Staples
ABBN ABBCHF 69.982.4%
+CHF 3.0b		34.9%PE36.3xIndustrials
SCMN SwisscomCHF 702.506.9%
+CHF 2.4b		41.7%PE28.6xTelecom
See more

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Latest News

SCMN
CHF 702.50
Swisscom
7D
6.9%
1Y
41.7%

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Feb 15
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ABBN
CHF 69.98
ABB
7D
2.4%
1Y
34.9%
SCHN
CHF 278.50
Schindler Holding
7D
-5.9%
1Y
6.1%
SGSN
CHF 94.30
SGS
7D
-2.1%
1Y
-2.5%
NOVN
CHF 125.14
Novartis
7D
4.1%
1Y
30.7%
KNIN
CHF 169.30
Kuehne + Nagel International
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1Y
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UBSG
CHF 32.10
UBS Group
7D
-5.6%
1Y
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LISN
CHF 122,800.00
Chocoladefabriken Lindt & Sprüngli
7D
3.0%
1Y
17.9%

LISN: Premium Brand Strength Will Support Margin Expansion Guidance Ahead

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HOLN
CHF 69.92
Holcim
7D
-11.0%
1Y
-29.6%

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.
ZURN
CHF 552.00
Zurich Insurance Group
7D
-3.2%
1Y
-2.8%

ZURN: Future Returns Will Depend On Slightly Firmer Margins And P/E Assumptions

Analysts have trimmed their fair value estimate for Zurich Insurance Group to CHF 563.37 from about CHF 566.42, citing updated assumptions on revenue growth, profit margins and future P/E expectations. Valuation Changes Fair value estimate reduced slightly to CHF 563.37 from CHF 566.42.
ROG
CHF 360.00
Roche Holding
7D
1.8%
1Y
22.3%

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BAER
CHF 63.94
Julius Bär Gruppe
7D
-5.7%
1Y
7.5%

BAER: Future Returns Will Depend On Steady Execution And Abu Dhabi Expansion

Analysts have inched their average price target for Julius Bär Gruppe higher by roughly CHF 2 as they factor in updated assumptions for fair value, discount rate, revenue growth, profit margin and future P/E, following a series of recent target tweaks from major banks. Analyst Commentary Recent target moves for Julius Bär Gruppe show a cluster of upward revisions, with only one modest reduction in the period.
PGHN
CHF 948.00
Partners Group Holding
7D
-3.1%
1Y
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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.
SDZ
CHF 65.64
Sandoz Group
7D
4.0%
1Y
52.9%

SDZ: Elevated Expectations Will Confront Ongoing Execution And Manufacturing Setbacks

Analysts have raised their average price target on Sandoz Group by CHF 3 to CHF 60, citing updated assumptions for revenue growth, profit margins and future P/E, in line with recent target increases from several major banks. Analyst Commentary Recent Street research on Sandoz Group has largely focused on recalibrating price targets to reflect updated views on revenue growth, profitability and valuation multiples.
CFR
CHF 158.65
Compagnie Financière Richemont
7D
1.2%
1Y
-13.3%
NESN
CHF 79.58
Nestlé
7D
1.5%
1Y
-3.4%

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