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Swiss (SMI) Market Analysis & Valuation

UpdatedApr 22, 2026
DataAggregated Company Financials
Companies205
  • 7D-1.0%
  • 3M-0.02%
  • 1Y13.4%
  • YTD-0.01%

In the last week, the market has stayed flat, however the Information Technology sector stood out, gaining 4.1%. As for the longer term, the market has risen 13% in the past 12 months. 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
Thu, 23 Apr 2026CHF 2.0tCHF 778.7bCHF 109.4b20.8x18.1x2.5x
Sat, 21 Mar 2026CHF 1.8tCHF 779.4bCHF 109.4b19.7x16.9x2.4x
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
Price to Earnings Ratio

21.8x


Total Market Cap: CHF 1.8tTotal Earnings: CHF 80.9bTotal Revenue: CHF 786.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Swiss Market Price to Earnings3Y Average 16.9x202420252026
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 16.9x.
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 Market-0.95%
Tech4.13%
Industrials1.63%
Financials0.93%
Consumer Discretionary-0.47%
Utilities-0.48%
Materials-0.83%
Telecom-1.07%
Real Estate-1.21%
Healthcare-1.99%
Consumer Staples-5.25%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 29.4x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 20.0% 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. Although, investor sentiment seems to have improved given that it's trading above its 3-year average of 7.3x.
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 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 76.726.0%
+CHF 7.8b		81.9%PE36.5xIndustrials
KNIN Kuehne + Nagel InternationalCHF 192.004.8%
+CHF 1.0b		2.4%PE25.9xIndustrials
PGHN Partners Group HoldingCHF 943.803.3%
+CHF 768.3m		-11.7%PE19.3xFinancials
VACN VAT GroupCHF 587.403.7%
+CHF 629.3m		106.9%PE82.1xIndustrials
HUBN Huber+SuhnerCHF 228.5010.7%
+CHF 406.1m		234.6%PE56.7xIndustrials
See more

Market Insights

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Latest News

GALD
CHF 150.75
Galderma Group
7D
-3.7%
1Y
87.0%
ABBN
CHF 76.72
ABB
7D
6.0%
1Y
81.9%
ROP
CHF 313.10
Roche Holding
7D
-1.2%
1Y
21.3%
VACN
CHF 587.40
VAT Group
7D
3.7%
1Y
106.9%

VACN: Higher 2026 Outlook And Richer P E Should Support Re Rating

VAT Group's analyst price target has shifted from CHF 570 to CHF 675 as analysts factor in updated expectations for revenue growth, profit margins and future P/E, while incorporating a broadly higher range of Street targets from banks, including recent CHF 600 to CHF 620 moves. Analyst Commentary Recent Street research on VAT Group points to a cluster of higher price targets and generally constructive views on execution and growth potential, even as individual ratings range from Buy and Overweight to Hold and Sector Perform.
ALC
CHF 60.40
Alcon
7D
-4.6%
1Y
-22.5%

ALC: Contact Lens Expansion And Patent Royalties Will Shape Measured Outlook

Analysts have trimmed their Alcon price target slightly to around CHF61 from about CHF62, reflecting updated assumptions on discount rate, revenue growth, profit margin, and future P/E that are broadly similar to prior estimates. What's in the News Alcon launched Clareon TruPlus monofocal and toric intraocular lenses in the U.S., adding an enhanced design option to the Clareon portfolio that is intended to increase depth of focus while maintaining distance image quality.
PGHN
CHF 943.80
Partners Group Holding
7D
3.3%
1Y
-11.7%

PGHN: Rebased Earnings Assumptions Will Support Future Confidence In Premium Pricing

Analysts have trimmed their price target for Partners Group Holding from about CHF1,252 to around CHF1,189, reflecting updated expectations for slightly lower revenue growth, profit margins and future P/E assumptions. Analyst Commentary Recent analyst reports offer a mix of optimism and caution on Partners Group Holding, with views split on how current fundamentals and expectations line up with the latest valuation and P/E assumptions.
HBAN
CHF 220.80
Helvetia Baloise Holding
7D
1.6%
1Y
19.6%
NESN
CHF 75.54
Nestlé
7D
-3.7%
1Y
-13.6%
HUBN
CHF 228.50
Huber+Suhner
7D
10.7%
1Y
234.6%

HUBN: Stable Outlook As Margin Guidance And DAA Rollout Will Shape Returns

Analysts have kept their CHF 206.00 price target for Huber+Suhner unchanged, pointing to only minor tweaks in assumptions such as the discount rate and future P/E that do not materially alter their view of fair value. What's in the News Huber+Suhner and Aurora Networks are working with Vodafone Germany on next generation Distributed Access Architecture and Virtual CMTS technologies to support upgrades of Vodafone's Hybrid Fiber Coax network and improve internet service quality for cable customers in Germany (Key Developments).
SDZ
CHF 63.04
Sandoz Group
7D
-7.2%
1Y
89.5%

SDZ: Elevated Expectations Will Test Execution On Biosimilar Expansion Plans

Analysts have raised the Sandoz Group price target by roughly CHF 2 per share, reflecting a higher assumed fair value. This is supported by a series of recent CHF 3 to CHF 9 target increases from major banks and generally constructive views, despite some rating downgrades.
LONN
CHF 508.20
Lonza Group
7D
-4.8%
1Y
-9.6%
NOVN
CHF 115.58
Novartis
7D
-2.3%
1Y
27.2%

NOVN: Dermatology And Immunology Pipeline Plus Dividend Will Shape Balanced Outlook

Analysts have slightly reduced their Novartis price target to CHF121.41 from CHF121.50. This change reflects updated assumptions that combine a somewhat lower revenue growth outlook with a modestly higher profit margin and a small adjustment to the future P/E multiple.
KNIN
CHF 192.00
Kuehne + Nagel International
7D
4.8%
1Y
2.4%

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 548.80
Zurich Insurance Group
7D
-1.8%
1Y
-3.0%

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.
ACLN
CHF 83.90
Accelleron Industries
7D
5.3%
1Y
102.7%

ACLN: Higher Dividend And Buybacks Will Support A More Optimistic Future P/E

Analysts have increased the fair value estimate for Accelleron Industries to CHF 86.65 from CHF 85.21, reflecting recent price target revisions to CHF 70 and CHF 74 and updated assumptions for discount rate, revenue growth, profit margin and future P/E. Analyst Commentary Recent research reports show that bullish analysts have raised their price targets on Accelleron Industries to CHF 70 and CHF 74, while maintaining Hold ratings.
EMSN
CHF 667.00
EMS-CHEMIE HOLDING
7D
2.6%
1Y
14.3%