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Swiss (SMI) Market Analysis & Valuation

UpdatedApr 03, 2026
DataAggregated Company Financials
Companies203
  • 7D2.3%
  • 3M-1.3%
  • 1Y6.5%
  • YTD-1.6%

The market is up 2.3% in the last 7 days, led by the Healthcare and Financials sectors. As for the past 12 months, the market is up 6.5%. As for the next few years, earnings are expected to grow by 10% per annum.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 03 Apr 2026CHF 1.9tCHF 783.2bCHF 109.9b20.4x17.6x2.5x
Sun, 01 Mar 2026CHF 2.1tCHF 788.0bCHF 116.2b20.9x17.8x2.6x
Tue, 27 Jan 2026CHF 2.0tCHF 791.1bCHF 114.1b20.8x17.5x2.5x
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
Price to Earnings Ratio

25.2x


Total Market Cap: CHF 1.7tTotal Earnings: CHF 69.2bTotal Revenue: CHF 778.6bTotal 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 Market2.34%
Utilities5.20%
Financials4.05%
Consumer Staples2.52%
Healthcare2.50%
Consumer Discretionary2.46%
Real Estate2.30%
Industrials1.04%
Materials1.03%
Tech-0.34%
Telecom-2.27%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 29.6x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 21.0% 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 7.5x.
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 6.1% 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 123.203.1%
+CHF 7.0b		26.6%PE21xHealthcare
UBSG UBS GroupCHF 31.436.4%
+CHF 5.8b		28.0%PE15.7xFinancials
NESN NestléCHF 78.372.8%
+CHF 5.6b		-13.6%PE22.3xConsumer Staples
ROP Roche HoldingCHF 318.001.7%
+CHF 4.1b		14.2%PE19.6xHealthcare
ZURN Zurich Insurance GroupCHF 570.804.2%
+CHF 3.4b		-6.1%PE15.7xFinancials
See more

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Latest News

VACN
CHF 489.40
VAT Group
7D
-4.5%
1Y
73.9%
ZURN
CHF 570.80
Zurich Insurance Group
7D
4.2%
1Y
-6.1%
ABBN
CHF 65.84
ABB
7D
1.9%
1Y
53.5%

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.
SDZ
CHF 64.00
Sandoz Group
7D
5.5%
1Y
80.1%

SDZ: Future P/E Repricing And Biosimilar Expansion May Drive Re Rating

Analysts have lifted the price target for Sandoz Group from CHF 60.37 to CHF 81.99, citing recent initiations, upgrades and target increases that highlight a higher assumed future P/E multiple and slightly improved profit margin expectations, despite more measured revenue growth assumptions. Analyst Commentary Recent Street research on Sandoz Group presents a mixed picture, but there is a clear strand of optimism around execution, earnings quality and the scope for the shares to support higher valuation multiples.
ROP
CHF 318.00
Roche Holding
7D
1.7%
1Y
14.2%
AERO
CHF 24.70
Montana Aerospace
7D
-8.0%
1Y
53.4%
AMRZ
CHF 43.64
Amrize
7D
-0.8%
1Y
n/a
NESN
CHF 78.37
Nestlé
7D
2.8%
1Y
-13.6%
UBSG
CHF 31.43
UBS Group
7D
6.4%
1Y
28.0%

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.
GEBN
CHF 530.20
Geberit
7D
-1.4%
1Y
-3.2%

GEBN: Future Margins And P/E Will Likely Support Balanced Return Potential

The updated analyst price target for Geberit narrows to CHF 575 from CHF 588. This reflects a cluster of recent target trims by banks and slightly softer assumptions for revenue growth, profit margins and future P/E multiples in current models.
BLKB
CHF 1,110.00
Basellandschaftliche Kantonalbank
7D
-5.9%
1Y
22.8%
SGSN
CHF 84.08
SGS
7D
-1.1%
1Y
1.3%

SGSN: Higher 2026 P E Assumptions Will Support CHF 112 Upside

Analyst price targets for SGS have shifted higher, with recent updates moving from CHF 100 to a range of CHF 102 to CHF 112. Analysts are factoring in revised assumptions around discount rates, future P/E levels and the sector outlook through 2026.
NOVN
CHF 123.20
Novartis
7D
3.1%
1Y
26.6%

NOVN: Dermatology Pipeline, RLT Expansion And Dividend Will Shape Balanced Returns

Analysts have modestly raised their Novartis price target from CHF 117.49 to CHF 121.50, citing updated assumptions for revenue growth, profit margins and future P/E as key drivers of the revision. What's in the News Cosentyx received US FDA approval for treating pediatric patients 12 years and older with moderate to severe hidradenitis suppurativa, making it the only IL-17A inhibitor available for this group and expanding Novartis' dermatology footprint in a chronic inflammatory skin disease that often begins around puberty.
CFR
CHF 142.90
Compagnie Financière Richemont
7D
2.4%
1Y
-1.1%
LOGN
CHF 73.32
Logitech International
7D
-1.7%
1Y
16.4%

LOGN: New Buybacks And AI Cameras Will Support Future Upside

Analysts have nudged their price target for Logitech International slightly higher to CHF 113.17 from CHF 111.08, citing small adjustments to fair value estimates, discount rate, revenue growth expectations, profit margin assumptions and future P/E inputs. What's in the News The Board of Directors authorized a new share repurchase plan for up to US$1,400m of shares to be bought back over three years, subject to Swiss Takeover Board approval (Buyback Transaction Announcements).
SCMN
CHF 671.50
Swisscom
7D
-3.4%
1Y
26.1%