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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%

Over the last 7 days, the market has risen 1.6%, driven by gains of 5.4% in the Industrials sector. The market is up 15% over the last 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
Wed, 15 Apr 2026CHF 2.0tCHF 778.3bCHF 109.4b21x18.1x2.5x
Fri, 13 Mar 2026CHF 1.9tCHF 778.4bCHF 109.2b20x17.6x2.5x
Sun, 08 Feb 2026CHF 2.0tCHF 789.8bCHF 117.7b20.9x17.1x2.6x
Tue, 06 Jan 2026CHF 2.0tCHF 796.7bCHF 114.8b20.6x17.4x2.5x
Thu, 04 Dec 2025CHF 1.9tCHF 805.7bCHF 115.0b19.6x16.8x2.4x
Sat, 01 Nov 2025CHF 1.9tCHF 778.5bCHF 92.1b19.2x20.3x2.4x
Mon, 29 Sep 2025CHF 1.8tCHF 774.4bCHF 90.3b19x20.1x2.3x
Wed, 27 Aug 2025CHF 1.9tCHF 776.2bCHF 90.0b20.3x20.6x2.4x
Fri, 25 Jul 2025CHF 1.8tCHF 787.9bCHF 107.6b20.4x17.2x2.3x
Sun, 22 Jun 2025CHF 1.8tCHF 782.1bCHF 106.5b20x16.8x2.3x
Tue, 20 May 2025CHF 1.8tCHF 789.0bCHF 106.8b20.2x17.2x2.3x
Thu, 17 Apr 2025CHF 1.7tCHF 831.2bCHF 156.5b18.5x10.9x2.1x
Sat, 15 Mar 2025CHF 1.9tCHF 849.9bCHF 158.9b19.8x11.9x2.2x
Mon, 10 Feb 2025CHF 1.9tCHF 822.9bCHF 116.7b21.9x16x2.3x
Wed, 08 Jan 2025CHF 1.8tCHF 817.7bCHF 117.8b20.9x15x2.2x
Fri, 06 Dec 2024CHF 1.8tCHF 808.7bCHF 116.9b21x15.1x2.2x
Sun, 03 Nov 2024CHF 1.8tCHF 810.6bCHF 117.6b20.5x15.2x2.2x
Tue, 01 Oct 2024CHF 1.8tCHF 801.1bCHF 113.9b21.7x16x2.3x
Thu, 29 Aug 2024CHF 1.8tCHF 798.8bCHF 113.6b21.9x16.2x2.3x
Sat, 27 Jul 2024CHF 1.8tCHF 795.6bCHF 124.8b21.5x14.7x2.3x
Mon, 24 Jun 2024CHF 1.8tCHF 799.8bCHF 125.5b21.7x14.4x2.3x
Wed, 22 May 2024CHF 1.8tCHF 803.3bCHF 126.5b22.2x14.3x2.3x
Fri, 19 Apr 2024CHF 1.7tCHF 767.9bCHF 96.9b20.8x17.7x2.2x
Sun, 17 Mar 2024CHF 1.8tCHF 766.4bCHF 97.8b21.1x18x2.3x
Tue, 13 Feb 2024CHF 1.7tCHF 766.8bCHF 109.2b19.5x15.5x2.2x
Thu, 11 Jan 2024CHF 1.7tCHF 761.4bCHF 109.5b18.4x15.4x2.2x
Sat, 09 Dec 2023CHF 1.7tCHF 769.9bCHF 111.1b18.5x15x2.2x
Mon, 06 Nov 2023CHF 1.6tCHF 771.2bCHF 112.8b17.8x14.1x2.1x
Wed, 04 Oct 2023CHF 1.6tCHF 751.0bCHF 100.0b18.3x16.3x2.2x
Fri, 01 Sep 2023CHF 1.7tCHF 747.4bCHF 74.8b19.1x22.5x2.2x
Sun, 30 Jul 2023CHF 1.7tCHF 740.8bCHF 77.3b18.3x22.2x2.3x
Tue, 27 Jun 2023CHF 1.7tCHF 757.4bCHF 76.9b18.8x22.1x2.2x
Thu, 25 May 2023CHF 1.7tCHF 787.7bCHF 82.7b18.8x21x2.2x
Sat, 22 Apr 2023CHF 1.8tCHF 774.3bCHF 69.1b19.4x25.8x2.3x
Price to Earnings Ratio

25.8x


Total Market Cap: CHF 1.8tTotal Earnings: CHF 69.1bTotal Revenue: CHF 774.3bTotal 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 72.2011.2%
+CHF 13.2b		72.9%PE36.8xIndustrials
CFR Compagnie Financière RichemontCHF 156.3511.3%
+CHF 9.3b		15.1%PE26.1xConsumer Discretionary
UBSG UBS GroupCHF 33.487.4%
+CHF 7.2b		44.3%PE17.1xFinancials
ROP Roche HoldingCHF 318.102.2%
+CHF 5.4b		24.5%PE19.6xHealthcare
HOLN HolcimCHF 72.5410.7%
+CHF 3.9b		-18.6%PE103.1xMaterials
See more

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HOLN
CHF 72.54
Holcim
7D
10.7%
1Y
-18.6%
UBSG
CHF 33.48
UBS Group
7D
7.4%
1Y
44.3%
NESN
CHF 79.43
Nestlé
7D
1.5%
1Y
-8.0%
SIKA
CHF 148.15
Sika
7D
15.0%
1Y
-25.4%
ROP
CHF 318.10
Roche Holding
7D
2.2%
1Y
24.5%
LISN
CHF 108,100.00
Chocoladefabriken Lindt & Sprüngli
7D
-2.1%
1Y
-5.8%
KNIN
CHF 182.20
Kuehne + Nagel International
7D
-0.5%
1Y
-1.1%

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 552.60
Zurich Insurance Group
7D
-2.5%
1Y
-0.2%

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 46.80
Amrize
7D
9.3%
1Y
n/a
SREN
CHF 129.10
Swiss Re
7D
-2.4%
1Y
-7.7%
BKW
CHF 157.80
BKW
7D
-2.0%
1Y
4.6%

BKW: Neutral Outlook Balances Earnings Reset With Modest P/E Expectations

Narrative Update The analyst price target for BKW is updated to CHF 163.64 from CHF 162.81. Analysts point to refined assumptions on long term revenue growth, slightly higher projected profit margins, and a modestly higher future P/E multiple as key drivers behind the change.
EMMN
CHF 795.00
Emmi
7D
-3.0%
1Y
2.1%
BARN
CHF 1,301.00
Barry Callebaut
7D
-1.6%
1Y
70.7%

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 72.20
ABB
7D
11.2%
1Y
72.9%

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.
CFR
CHF 156.35
Compagnie Financière Richemont
7D
11.3%
1Y
15.1%
SCMN
CHF 666.50
Swisscom
7D
-0.6%
1Y
26.4%