Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Swiss (SMI) Market Analysis & Valuation

UpdatedApr 21, 2026
DataAggregated Company Financials
Companies205
  • 7D1.0%
  • 3M1.1%
  • 1Y14.4%
  • YTD1.0%

Over the last 7 days, the market has risen 2.0%, driven by gains of 4.6% in the Industrials sector. The market is up 16% 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
Tue, 21 Apr 2026CHF 2.0tCHF 776.1bCHF 109.2b21.2x18.3x2.6x
Thu, 19 Mar 2026CHF 1.9tCHF 780.6bCHF 109.6b20.6x17.5x2.5x
Sat, 14 Feb 2026CHF 2.0tCHF 788.5bCHF 117.6b20.6x17.3x2.6x
Mon, 12 Jan 2026CHF 2.0tCHF 799.5bCHF 115.2b20.5x17.6x2.5x
Wed, 10 Dec 2025CHF 1.9tCHF 801.6bCHF 114.8b19.5x16.9x2.4x
Fri, 07 Nov 2025CHF 1.9tCHF 803.2bCHF 114.5b19x16.2x2.3x
Sun, 05 Oct 2025CHF 1.9tCHF 774.1bCHF 90.3b19.6x20.9x2.4x
Tue, 02 Sep 2025CHF 1.9tCHF 775.6bCHF 90.1b20.2x20.6x2.4x
Thu, 31 Jul 2025CHF 1.8tCHF 797.7bCHF 108.9b20.4x16.8x2.3x
Sat, 28 Jun 2025CHF 1.8tCHF 785.8bCHF 106.8b20.3x16.9x2.3x
Mon, 26 May 2025CHF 1.8tCHF 785.0bCHF 106.4b20.1x17.1x2.3x
Wed, 23 Apr 2025CHF 1.7tCHF 833.2bCHF 156.9b18.5x10.9x2.1x
Fri, 21 Mar 2025CHF 1.9tCHF 850.1bCHF 158.7b20.2x12.1x2.3x
Sun, 16 Feb 2025CHF 1.9tCHF 820.3bCHF 116.1b22.2x16.4x2.3x
Tue, 14 Jan 2025CHF 1.8tCHF 820.8bCHF 118.1b20.8x14.8x2.1x
Thu, 12 Dec 2024CHF 1.7tCHF 809.7bCHF 117.0b20.8x15x2.2x
Sat, 09 Nov 2024CHF 1.8tCHF 812.9bCHF 117.6b19.8x15x2.2x
Mon, 07 Oct 2024CHF 1.8tCHF 804.5bCHF 114.1b21.3x15.8x2.2x
Wed, 04 Sep 2024CHF 1.8tCHF 802.1bCHF 113.9b21.8x16.2x2.3x
Fri, 02 Aug 2024CHF 1.8tCHF 793.6bCHF 125.6b22x14.7x2.3x
Sun, 30 Jun 2024CHF 1.8tCHF 801.3bCHF 125.7b21.1x14.3x2.2x
Tue, 28 May 2024CHF 1.8tCHF 808.0bCHF 126.6b22x14.3x2.2x
Thu, 25 Apr 2024CHF 1.7tCHF 771.6bCHF 97.3b21.5x17.7x2.2x
Sat, 23 Mar 2024CHF 1.8tCHF 766.4bCHF 98.2b21.2x18.1x2.3x
Mon, 19 Feb 2024CHF 1.7tCHF 769.0bCHF 109.6b19.6x15.7x2.2x
Wed, 17 Jan 2024CHF 1.7tCHF 764.2bCHF 110.0b18.1x15.3x2.2x
Fri, 15 Dec 2023CHF 1.7tCHF 766.0bCHF 110.2b18.9x15.3x2.2x
Sun, 12 Nov 2023CHF 1.6tCHF 776.5bCHF 112.2b17.5x14.2x2.1x
Tue, 10 Oct 2023CHF 1.6tCHF 762.9bCHF 100.5b18.2x16.1x2.1x
Thu, 07 Sep 2023CHF 1.7tCHF 749.5bCHF 99.3b18.3x16.7x2.2x
Sat, 05 Aug 2023CHF 1.7tCHF 741.3bCHF 76.2b18.5x22.1x2.3x
Mon, 03 Jul 2023CHF 1.7tCHF 757.2bCHF 76.9b19.5x22.4x2.3x
Wed, 31 May 2023CHF 1.7tCHF 787.2bCHF 82.7b18.8x21x2.2x
Fri, 28 Apr 2023CHF 1.7tCHF 786.6bCHF 80.9b19.4x21.6x2.2x
Price to Earnings Ratio

21.6x


Total Market Cap: CHF 1.7tTotal Earnings: CHF 80.9bTotal Revenue: CHF 786.6bTotal 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 10% 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 Market0.98%
Tech8.05%
Industrials2.81%
Consumer Discretionary2.71%
Materials2.42%
Financials1.73%
Healthcare0.066%
Telecom-0.26%
Real Estate-0.29%
Utilities-0.56%
Consumer Staples-1.92%
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 6.6% 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 74.263.7%
+CHF 4.8b		76.0%PE37.8xIndustrials
UBSG UBS GroupCHF 34.103.2%
+CHF 3.2b		48.3%PE17.4xFinancials
ROP Roche HoldingCHF 320.901.2%
+CHF 2.9b		25.5%PE19.8xHealthcare
CFR Compagnie Financière RichemontCHF 157.703.1%
+CHF 2.8b		15.2%PE26.4xConsumer Discretionary
SIKA SikaCHF 152.1510.9%
+CHF 2.4b		-22.2%PE23.4xMaterials
See more

Market Insights

Header cover image
A (virtual) reality check for VR, Web3 and Metaverse
Richard Bowman avatar
Richard Bowman
The Metaverse, NFTs, and Web3 all burst into the spotlight in 2021 and then faded away just as quickly. Welcome to part 3 of the three-part “What’s happening with…” series.
Continue reading
Is it time to revisit Cybersecurity and Cloud?

Latest News

SIKA
CHF 152.15
Sika
7D
10.9%
1Y
-22.2%

SIKA: Future Execution And AI Concrete Partnership Will Support Share Repricing

The updated analyst price target for Sika reflects a reduction of about CHF 13, as analysts factor in slightly lower assumed profit margins and P/E multiples, partly offset by adjustments to revenue growth and discount rate inputs. Analyst Commentary Recent price target changes for Sika show a mix of optimism and caution, with several adjustments clustered in a relatively short period.
ROP
CHF 320.90
Roche Holding
7D
1.2%
1Y
25.5%

Late Stage Pipeline And Diagnostics Expansion Will Transform Long Term Healthcare Leadership

Catalysts About Roche Holding Roche is a global healthcare company focused on pharmaceuticals and diagnostics across oncology, neurology, immunology, ophthalmology and cardiometabolic diseases. What are the underlying business or industry changes driving this perspective?
PGHN
CHF 940.00
Partners Group Holding
7D
8.4%
1Y
-11.2%

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.
SUN
CHF 157.00
Sulzer
7D
-6.5%
1Y
17.9%

SUN: Future Upside Will Stem From Dividend Support And Higher Earnings Multiple

Analysts now set their Sulzer price target at CHF 187.40, compared with the prior CHF 171.67. They cite updated assumptions for modestly lower revenue growth, slightly higher profit margins and a higher future P/E multiple.
ABBN
CHF 74.26
ABB
7D
3.7%
1Y
76.0%

ABBN: Elevated Future P/E Will Struggle Against Mixed Execution And Margin Risks

ABB's analyst price target has been revised higher to roughly CHF 55, up about CHF 2, as analysts factor in recent target hikes from UBS, RBC Capital and JPMorgan, along with updates to long term growth and P/E assumptions, partly offset by a fresh downgrade and a slightly lower profit margin outlook. Analyst Commentary Recent Street research on ABB presents a mixed picture, with several firms lifting price targets while at least one bearish analyst has moved to a more cautious stance.
BARN
CHF 1,100.00
Barry Callebaut
7D
-14.7%
1Y
45.1%

BARN: Future Multiple Expansion Will Rely On Volume Recovery Under New CEO Appointment

Analyst price targets for Barry Callebaut have been revised lower in recent research, with cuts of up to CHF 300 as analysts factor in softer volume trends, pressure on profit margins and a higher assumed P/E multiple in their updated models. Analyst Commentary Recent research on Barry Callebaut points to a more cautious tone, with several firms cutting price targets and shifting ratings lower as they reassess the company’s risk reward.
NESN
CHF 76.80
Nestlé
7D
-1.7%
1Y
-12.7%
GALD
CHF 155.05
Galderma Group
7D
-2.4%
1Y
97.4%
UBSG
CHF 34.10
UBS Group
7D
3.2%
1Y
48.3%

UBSG: Legal And Execution Risks Will Constrain Future Re Rating Potential

UBS Group's analyst price target has shifted slightly, with CHF level adjustments reflecting updated views on more modest revenue growth, a higher profit margin outlook, and recalibrated P/E expectations following recent target cuts and downgrades by several firms. Analyst Commentary Recent Street research on UBS Group points to a more cautious undertone, with several bearish analysts trimming price targets and, in one case, moving to a less favorable rating.
LISN
CHF 106,300.00
Chocoladefabriken Lindt & Sprüngli
7D
-1.8%
1Y
-8.8%
NOVN
CHF 118.22
Novartis
7D
-2.0%
1Y
30.4%

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 187.35
Kuehne + Nagel International
7D
4.6%
1Y
2.9%

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 565.20
Zurich Insurance Group
7D
2.8%
1Y
1.0%

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.
AMRZ
CHF 44.75
Amrize
7D
-1.8%
1Y
n/a
BCVN
CHF 122.10
Banque Cantonale Vaudoise
7D
-9.2%
1Y
23.5%
CFR
CHF 157.70
Compagnie Financière Richemont
7D
3.1%
1Y
15.2%