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Swiss (SMI) Market Analysis & Valuation

UpdatedApr 14, 2026
DataAggregated Company Financials
Companies204
  • 7D1.6%
  • 3M-0.9%
  • 1Y14.7%
  • YTD-0.01%

The market has climbed 1.6% in the last 7 days, lead by the Industrials sector with a gain of 5.4%. In the last year, the market has climbed 15%. 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
Tue, 14 Apr 2026CHF 2.0tCHF 778.3bCHF 109.4b21x18.1x2.5x
Thu, 12 Mar 2026CHF 1.9tCHF 776.0bCHF 108.9b19.9x17.8x2.5x
Sat, 07 Feb 2026CHF 2.0tCHF 790.0bCHF 117.7b20.9x17.1x2.6x
Mon, 05 Jan 2026CHF 2.0tCHF 796.7bCHF 114.8b20.3x17.3x2.5x
Wed, 03 Dec 2025CHF 1.9tCHF 806.9bCHF 115.2b19.4x16.9x2.4x
Fri, 31 Oct 2025CHF 1.9tCHF 777.8bCHF 92.0b19.4x20.4x2.4x
Sun, 28 Sep 2025CHF 1.8tCHF 774.4bCHF 90.3b19x20.1x2.3x
Tue, 26 Aug 2025CHF 1.9tCHF 777.3bCHF 90.2b21x20.7x2.4x
Thu, 24 Jul 2025CHF 1.8tCHF 784.8bCHF 107.0b20.3x17.1x2.3x
Sat, 21 Jun 2025CHF 1.8tCHF 782.1bCHF 106.5b20x16.8x2.3x
Mon, 19 May 2025CHF 1.8tCHF 790.2bCHF 107.0b20.2x17.2x2.3x
Wed, 16 Apr 2025CHF 1.7tCHF 834.2bCHF 156.9b18.5x10.9x2x
Fri, 14 Mar 2025CHF 1.9tCHF 850.6bCHF 158.5b19.8x11.9x2.2x
Sun, 09 Feb 2025CHF 1.9tCHF 822.9bCHF 116.7b21.9x16x2.3x
Tue, 07 Jan 2025CHF 1.8tCHF 816.7bCHF 117.7b21x14.9x2.1x
Thu, 05 Dec 2024CHF 1.8tCHF 809.9bCHF 117.0b20.8x15x2.2x
Sat, 02 Nov 2024CHF 1.8tCHF 810.7bCHF 117.9b20.5x15.1x2.2x
Mon, 30 Sep 2024CHF 1.8tCHF 795.9bCHF 114.6b22x16x2.3x
Wed, 28 Aug 2024CHF 1.8tCHF 798.9bCHF 113.5b22.1x16.1x2.3x
Fri, 26 Jul 2024CHF 1.8tCHF 796.2bCHF 125.5b21.2x14.4x2.3x
Sun, 23 Jun 2024CHF 1.8tCHF 799.8bCHF 125.5b21.7x14.4x2.3x
Tue, 21 May 2024CHF 1.8tCHF 802.7bCHF 126.5b21.9x14.3x2.3x
Thu, 18 Apr 2024CHF 1.7tCHF 767.4bCHF 96.9b21x17.7x2.2x
Sat, 16 Mar 2024CHF 1.8tCHF 766.8bCHF 98.0b20.8x17.9x2.3x
Mon, 12 Feb 2024CHF 1.7tCHF 766.6bCHF 109.2b19.3x15.4x2.2x
Wed, 10 Jan 2024CHF 1.7tCHF 761.3bCHF 109.5b18.3x15.4x2.2x
Fri, 08 Dec 2023CHF 1.6tCHF 768.5bCHF 110.8b18.3x14.9x2.1x
Sun, 05 Nov 2023CHF 1.6tCHF 771.2bCHF 112.8b17.8x14.1x2.1x
Tue, 03 Oct 2023CHF 1.6tCHF 751.1bCHF 100.0b18.3x16.4x2.2x
Thu, 31 Aug 2023CHF 1.7tCHF 746.0bCHF 74.7b19.1x22.4x2.2x
Sat, 29 Jul 2023CHF 1.7tCHF 740.8bCHF 77.2b18.3x22.2x2.3x
Mon, 26 Jun 2023CHF 1.7tCHF 757.7bCHF 77.0b18.9x22.3x2.3x
Wed, 24 May 2023CHF 1.8tCHF 786.5bCHF 82.6b19.1x21.3x2.2x
Fri, 21 Apr 2023CHF 1.8tCHF 774.9bCHF 69.1b19.6x25.7x2.3x
Price to Earnings Ratio

25.7x


Total Market Cap: CHF 1.8tTotal Earnings: CHF 69.1bTotal Revenue: CHF 774.9bTotal 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 Market1.56%
Consumer Discretionary6.45%
Industrials5.45%
Materials4.75%
Tech2.68%
Financials1.59%
Healthcare-0.28%
Real Estate-0.61%
Telecom-0.91%
Consumer Staples-0.97%
Utilities-1.71%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 29.5x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 19.9% 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 7.4x.
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 71.588.7%
+CHF 10.4b		73.0%PE36.3xIndustrials
CFR Compagnie Financière RichemontCHF 152.907.0%
+CHF 5.9b		11.6%PE25.5xConsumer Discretionary
UBSG UBS GroupCHF 33.055.2%
+CHF 5.0b		40.9%PE16.8xFinancials
HOLN HolcimCHF 72.047.2%
+CHF 2.7b		-16.7%PE102.4xMaterials
VACN VAT GroupCHF 548.0012.0%
+CHF 1.8b		91.6%PE76.6xIndustrials
See more

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Latest News

HOLN
CHF 72.04
Holcim
7D
7.2%
1Y
-16.7%
NESN
CHF 78.09
Nestlé
7D
-0.4%
1Y
-9.3%
ROP
CHF 317.20
Roche Holding
7D
-0.3%
1Y
26.0%
LISN
CHF 108,200.00
Chocoladefabriken Lindt & Sprüngli
7D
-4.1%
1Y
-5.7%
NOVN
CHF 120.62
Novartis
7D
-2.1%
1Y
35.9%

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.
VACN
CHF 548.00
VAT Group
7D
12.0%
1Y
91.6%
KNIN
CHF 179.05
Kuehne + Nagel International
7D
-4.4%
1Y
-1.0%

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.
BEAN
CHF 724.50
BELIMO Holding
7D
11.9%
1Y
38.7%
ZURN
CHF 549.80
Zurich Insurance Group
7D
-3.7%
1Y
1.8%

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.
SCHN
CHF 261.00
Schindler Holding
7D
4.2%
1Y
-0.6%

SCHN: Slower Cost Savings Will Still Support Bullish Repricing Over Time

Analysts have nudged their fair value estimate for Schindler Holding slightly lower to about CHF 300 per share, reflecting a small cut to the average price target. Recent research points to slower cost savings and a more cautious stance, with several new and revised Neutral ratings around CHF 318 to CHF 326.
AMRZ
CHF 45.58
Amrize
7D
4.4%
1Y
n/a
BARN
CHF 1,290.00
Barry Callebaut
7D
-6.0%
1Y
67.2%

BARN: Falling Cocoa Costs And New Leadership Will Shape Future Upside

Analysts kept the fair value estimate for Barry Callebaut steady at CHF 1,930.00. Recent price target changes between roughly CHF 1,000 and CHF 1,600 highlight differing views on the impact of softer end markets, mixed volume trends and lower cocoa prices.
ABBN
CHF 71.58
ABB
7D
8.7%
1Y
73.0%

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.
UBSG
CHF 33.05
UBS Group
7D
5.2%
1Y
40.9%

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.
CFR
CHF 152.90
Compagnie Financière Richemont
7D
7.0%
1Y
11.6%
SCMN
CHF 661.00
Swisscom
7D
-1.6%
1Y
26.6%