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Swiss (SMI) Market Analysis & Valuation

UpdatedJul 04, 2026
DataAggregated Company Financials
Companies204
  • 7D1.8%
  • 3M9.9%
  • 1Y18.1%
  • YTD8.2%

In the last week, the market is up 1.8% led by Healthcare sector. The market is up 18% over the last 12 months. 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
Sun, 05 Jul 2026CHF 2.1tCHF 779.4bCHF 104.9b20.7x20.3x2.7x
Tue, 02 Jun 2026CHF 2.0tCHF 771.4bCHF 103.5b20.5x19.5x2.6x
Thu, 30 Apr 2026CHF 2.0tCHF 774.9bCHF 102.5b20.1x19.1x2.5x
Sat, 28 Mar 2026CHF 1.9tCHF 782.7bCHF 109.9b19.7x17.1x2.4x
Mon, 23 Feb 2026CHF 2.1tCHF 794.3bCHF 117.0b20.8x17.6x2.6x
Wed, 21 Jan 2026CHF 2.0tCHF 795.6bCHF 114.6b20.3x17.4x2.5x
Fri, 19 Dec 2025CHF 2.0tCHF 797.6bCHF 114.3b20.1x17.2x2.5x
Sun, 16 Nov 2025CHF 1.9tCHF 799.4bCHF 113.8b19.5x16.7x2.4x
Tue, 14 Oct 2025CHF 1.9tCHF 776.0bCHF 90.4b19.5x20.9x2.4x
Thu, 11 Sep 2025CHF 1.9tCHF 775.0bCHF 90.1b19.5x20.7x2.4x
Sat, 09 Aug 2025CHF 1.8tCHF 776.2bCHF 89.9b20.7x20.3x2.4x
Mon, 07 Jul 2025CHF 1.8tCHF 784.4bCHF 106.7b20.2x16.9x2.3x
Wed, 04 Jun 2025CHF 1.8tCHF 786.3bCHF 106.5b20.2x17.2x2.3x
Fri, 02 May 2025CHF 1.8tCHF 838.2bCHF 157.9b19.4x11.3x2.1x
Sun, 30 Mar 2025CHF 1.9tCHF 849.8bCHF 158.9b20x11.8x2.2x
Tue, 25 Feb 2025CHF 1.9tCHF 811.8bCHF 117.3b21.2x16.3x2.4x
Thu, 23 Jan 2025CHF 1.8tCHF 817.8bCHF 117.8b21.3x15.4x2.2x
Sat, 21 Dec 2024CHF 1.7tCHF 812.7bCHF 117.3b20.6x14.6x2.1x
Mon, 18 Nov 2024CHF 1.7tCHF 811.6bCHF 117.2b19.8x14.8x2.1x
Wed, 16 Oct 2024CHF 1.8tCHF 805.2bCHF 114.2b21.1x16x2.3x
Fri, 13 Sep 2024CHF 1.8tCHF 803.3bCHF 114.0b20.9x15.7x2.2x
Sun, 11 Aug 2024CHF 1.8tCHF 802.5bCHF 136.5b20.9x13.1x2.2x
Tue, 09 Jul 2024CHF 1.8tCHF 801.6bCHF 126.0b21.4x14.4x2.3x
Thu, 06 Jun 2024CHF 1.8tCHF 800.5bCHF 125.5b22.1x14.5x2.3x
Sat, 04 May 2024CHF 1.7tCHF 797.7bCHF 125.2b21.4x13.7x2.1x
Mon, 01 Apr 2024CHF 1.8tCHF 766.5bCHF 96.9b21.9x18.4x2.3x
Wed, 28 Feb 2024CHF 1.7tCHF 789.2bCHF 110.7b19.9x15.6x2.2x
Fri, 26 Jan 2024CHF 1.7tCHF 765.8bCHF 110.4b17.7x15.2x2.2x
Sun, 24 Dec 2023CHF 1.7tCHF 763.3bCHF 109.8b18.4x15.3x2.2x
Tue, 21 Nov 2023CHF 1.6tCHF 772.3bCHF 111.4b18x14.6x2.1x
Thu, 19 Oct 2023CHF 1.6tCHF 760.9bCHF 100.6b17.9x15.9x2.1x
Sat, 16 Sep 2023CHF 1.7tCHF 750.8bCHF 99.4b18.8x16.8x2.2x
Mon, 14 Aug 2023CHF 1.7tCHF 745.8bCHF 75.2b18.2x22.3x2.3x
Wed, 12 Jul 2023CHF 1.7tCHF 753.3bCHF 76.5b18.8x22x2.2x
Price to Earnings Ratio

22x


Total Market Cap: CHF 1.7tTotal Earnings: CHF 76.5bTotal Revenue: CHF 753.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Swiss Market Price to Earnings3Y Average 16.7x202420252026
Current Market PE
  • Investors are optimistic on the Swiss market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 20.3x which is higher than its 3-year average PE of 16.7x.
Past Earnings Growth
  • The earnings for Swiss listed companies have grown 11% 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 Market1.79%
Industrials3.22%
Financials2.61%
Tech2.35%
Materials1.94%
Healthcare1.67%
Consumer Staples1.43%
Real Estate-0.54%
Consumer Discretionary-1.27%
Utilities-1.42%
Telecom-2.76%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 25.3x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 15.7% which is higher than its past year's earnings decline of 6.1% per year.
  • The Financials sector is the least preferred by investors for future growth. Although, investor sentiment seems to have improved given that it's trading above its 3-year average of 7.1x.
Forecasted Growth
  • Analysts are most optimistic on the Tech sector, expecting annual earnings growth of 22% over the next 5 years.
  • This is better than its past earnings decline of 14% per year.
  • In contrast, the Real Estate sector is expected to see its earnings decline by 7.2% 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 87.383.4%
+CHF 5.2b		86.8%PE40.5xIndustrials
UBSG UBS GroupCHF 41.193.1%
+CHF 3.7b		50.5%PE17.1xFinancials
ROP Roche HoldingCHF 340.601.4%
+CHF 3.7b		31.0%PE21xHealthcare
NESN NestléCHF 84.551.5%
+CHF 3.2b		6.7%PE24.1xConsumer Staples
NOVN NovartisCHF 127.921.3%
+CHF 3.0b		30.4%PE21.5xHealthcare
See more

Market Insights

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Markets are supposed to reprice risk when it changes. This time they've repriced the promise, but left the threat largely untouched. Whether that's an oversight or a fair call is worth thinking through.
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Latest News

NOVN
CHF 127.92
Novartis
7D
1.3%
1Y
30.4%
ABBN
CHF 87.38
ABB
7D
3.4%
1Y
86.8%
LONN
CHF 574.20
Lonza Group
7D
7.4%
1Y
2.5%
ROP
CHF 340.60
Roche Holding
7D
1.4%
1Y
31.0%
LOGN
CHF 77.38
Logitech International
7D
-1.8%
1Y
5.6%
Narrative Update • Jul 02

LOGN: Future Returns Will Rely On Gaming Partnerships Despite Near Term Demand Fears

Analysts have lifted their fair value estimate for Logitech International to CHF 91.83 from CHF 89.92, citing updated assumptions around revenue growth, profit margins, a slightly higher discount rate, and a modestly lower future P/E multiple. What’s in the News for Logitech International Bank of America downgraded Logitech stock to Underperform from Neutral and cut its price objective by 18%, citing concerns that hardware price increases across PCs, tablets, smartphones, and gaming systems could weaken demand for Logitech gaming peripherals, pointing devices, webcams, and headsets over the next 12 to 18 months.
UBSG
CHF 41.19
UBS Group
7D
3.1%
1Y
50.5%
Narrative Update • Jul 01

UBSG: Future Returns Will Rely On Capital Actions And Ethereum Compliance Progress

The analyst price target for UBS Group has been revised higher to CHF 45 from CHF 40, reflecting updated expectations around a fair value of CHF 40.57, a slightly adjusted discount rate of 9.02%, modestly lower revenue growth assumptions of 2.43%, a small increase in projected profit margin to 25.66%, and a higher future P/E of 13.40% as analysts factor in recent sector research and sentiment shifts. Analyst Commentary Recent research on UBS Group shows a mix of optimism and caution, with several banks revising price targets and ratings as they reassess valuation, execution risks, and growth expectations around the current set of forecasts.
PSPN
CHF 143.50
PSP Swiss Property
7D
-2.3%
1Y
-0.3%
ZURN
CHF 607.60
Zurich Insurance Group
7D
3.2%
1Y
10.2%
New Narrative • Jun 30

Middle Market Expansion And Construction Exposure Will Strain Future Profitability

Catalysts About Zurich Insurance Group Zurich Insurance Group is a global insurer offering property and casualty, life protection and related services across commercial, retail and Farmers-branded insurance businesses. What are the underlying business or industry changes driving this perspective?
KNIN
CHF 209.00
Kuehne + Nagel International
7D
7.9%
1Y
22.0%
Narrative Update • Jun 29

KNIN: Elevated Multiple Will Face Pressure From Tempered Street Ratings

The analyst price target for Kuehne + Nagel International has been raised from CHF 135.29 to CHF 154.00, reflecting updated assumptions around revenue growth, profitability and future P/E multiples that are consistent with a series of recent target increases from major banks' research teams. Analyst Commentary Recent Street research around Kuehne + Nagel International points to a more cautious tone, even as headline price targets move higher.
AMRZ
CHF 43.17
Amrize
7D
-3.5%
1Y
8.5%
UHR
CHF 197.00
Swatch Group
7D
-2.8%
1Y
51.7%
SCMN
CHF 613.00
Swisscom
7D
-4.0%
1Y
8.0%
Narrative Update • Jun 26

SCMN: Italian And Swiss Market Pressures Will Constrain Upside Potential

Analysts have trimmed their Swisscom price expectations to CHF 600, with mixed views on Swiss and Italian market challenges reflected in a lower Street target alongside a higher internal fair value estimate of CHF 562.82. Analyst Commentary Recent commentary on Swisscom shows a clear split, with some bearish analysts arguing that current pricing already reflects the company’s execution and market position, while others still see room for the valuation to support a higher fair value.
CFR
CHF 184.20
Compagnie Financière Richemont
7D
-1.4%
1Y
23.5%
Analysis Article • Jun 25

Is Now The Time To Look At Buying Compagnie Financière Richemont SA (VTX:CFR)?

Compagnie Financière Richemont SA ( VTX:CFR ) led the SWX gainers with a relatively large price hike in the past couple...
NESN
CHF 84.55
Nestlé
7D
1.5%
1Y
6.7%
Narrative Update • Jun 24

NESN: Gradual Restructuring And Automation Efforts Will Shape 2026 Execution

Analysts have raised their price target on Nestlé by CHF 2 to reflect updated views on the company, citing recent research that points to supportive fundamentals and valuation assumptions that remain broadly unchanged. Analyst Commentary Recent Street research on Nestlé points to a cluster of price target adjustments and a fresh rating, giving investors more context on how experts are thinking about valuation, execution and growth potential for the company.
BKW
CHF 133.70
BKW
7D
-2.8%
1Y
-23.3%
Narrative Update • Jun 16

BKW: Dividend And Margin Outlook Will Support Bullish Stock Repricing

Analysts have reiterated their CHF price target for BKW at CHF164.48, with rationale pointing to relatively stable assumptions on discount rate and revenue growth, alongside a slightly higher profit margin outlook and a modestly lower future P/E multiple. What’s in the News for BKW BKW AG announced an annual dividend of CHF 3.80 per share.
LUKN
CHF 108.20
Luzerner Kantonalbank
7D
-3.0%
1Y
52.2%