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Swiss (SMI) Market Analysis & Valuation

UpdatedMay 04, 2026
DataAggregated Company Financials
Companies205
  • 7D-0.3%
  • 3M-1.8%
  • 1Y7.0%
  • YTD-0.3%

The market has been flat over the last week. More promisingly, the market is up 7.0% over the past year. Looking forward, 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
Mon, 04 May 2026CHF 2.0tCHF 772.9bCHF 103.2b20.4x19.1x2.6x
Wed, 01 Apr 2026CHF 1.9tCHF 783.5bCHF 110.0b20.1x17.4x2.4x
Fri, 27 Feb 2026CHF 2.1tCHF 789.6bCHF 116.0b20.9x17.8x2.6x
Sun, 25 Jan 2026CHF 2.0tCHF 793.2bCHF 114.3b20.6x17.5x2.5x
Tue, 23 Dec 2025CHF 2.0tCHF 797.1bCHF 114.3b20.1x17.3x2.5x
Thu, 20 Nov 2025CHF 1.9tCHF 806.5bCHF 115.2b18.9x16.4x2.3x
Sat, 18 Oct 2025CHF 1.9tCHF 773.4bCHF 90.3b19.2x21.1x2.5x
Mon, 15 Sep 2025CHF 1.9tCHF 774.2bCHF 90.0b19.4x20.7x2.4x
Wed, 13 Aug 2025CHF 1.8tCHF 776.9bCHF 90.0b21.2x20.3x2.4x
Fri, 11 Jul 2025CHF 1.8tCHF 784.5bCHF 106.7b20.4x17.2x2.3x
Sun, 08 Jun 2025CHF 1.8tCHF 785.0bCHF 106.4b20.3x17.4x2.4x
Tue, 06 May 2025CHF 1.8tCHF 835.7bCHF 158.1b19.7x11.5x2.2x
Thu, 03 Apr 2025CHF 1.8tCHF 850.5bCHF 159.0b19.5x11.6x2.2x
Sat, 01 Mar 2025CHF 1.9tCHF 812.0bCHF 117.6b21x16.2x2.4x
Mon, 27 Jan 2025CHF 1.8tCHF 818.2bCHF 117.8b21.4x15.6x2.2x
Wed, 25 Dec 2024CHF 1.7tCHF 815.2bCHF 117.5b20.7x14.6x2.1x
Fri, 22 Nov 2024CHF 1.7tCHF 810.8bCHF 117.1b19.7x14.8x2.1x
Sun, 20 Oct 2024CHF 1.8tCHF 806.2bCHF 114.4b21.3x16.1x2.3x
Tue, 17 Sep 2024CHF 1.8tCHF 801.5bCHF 113.8b20.6x15.8x2.2x
Thu, 15 Aug 2024CHF 1.8tCHF 803.3bCHF 136.5b21.4x13.3x2.3x
Sat, 13 Jul 2024CHF 1.9tCHF 801.1bCHF 125.5b21.8x14.7x2.3x
Mon, 10 Jun 2024CHF 1.8tCHF 801.4bCHF 125.7b22x14.6x2.3x
Wed, 08 May 2024CHF 1.7tCHF 802.5bCHF 126.0b21.3x13.8x2.2x
Fri, 05 Apr 2024CHF 1.8tCHF 766.6bCHF 97.0b21.6x18.3x2.3x
Sun, 03 Mar 2024CHF 1.7tCHF 785.2bCHF 111.0b20.2x15.5x2.2x
Tue, 30 Jan 2024CHF 1.7tCHF 763.8bCHF 110.0b17.9x15.6x2.2x
Thu, 28 Dec 2023CHF 1.7tCHF 759.4bCHF 109.0b18.4x15.4x2.2x
Sat, 25 Nov 2023CHF 1.6tCHF 771.4bCHF 111.2b18x14.7x2.1x
Mon, 23 Oct 2023CHF 1.6tCHF 759.2bCHF 100.2b17.6x15.6x2.1x
Wed, 20 Sep 2023CHF 1.7tCHF 751.8bCHF 99.5b18.5x16.8x2.2x
Fri, 18 Aug 2023CHF 1.6tCHF 746.4bCHF 75.2b18.1x21.9x2.2x
Sun, 16 Jul 2023CHF 1.7tCHF 749.7bCHF 76.3b19.4x22.4x2.3x
Tue, 13 Jun 2023CHF 1.7tCHF 760.6bCHF 77.3b19.3x22.4x2.3x
Thu, 11 May 2023CHF 1.8tCHF 785.6bCHF 81.4b19.2x21.6x2.2x
Price to Earnings Ratio

21.6x


Total Market Cap: CHF 1.8tTotal Earnings: CHF 81.4bTotal Revenue: CHF 785.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Swiss Market Price to Earnings3Y Average 16.9x202420252026
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 19.1x which is higher than its 3-year average PE of 16.9x.
Past Earnings Growth
  • The earnings for Swiss listed companies have grown 8.2% 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-0.28%
Tech1.44%
Financials0.85%
Healthcare0.056%
Industrials-0.29%
Telecom-0.63%
Materials-0.82%
Utilities-1.14%
Real Estate-1.22%
Consumer Discretionary-1.45%
Consumer Staples-2.14%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 29.3x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 20.3% 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 7.2x.
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
UBSG UBS GroupCHF 34.504.1%
+CHF 4.6b		35.6%PE15xFinancials
NOVN NovartisCHF 115.901.6%
+CHF 3.5b		24.7%PE20.9xHealthcare
ABBN ABBCHF 78.441.1%
+CHF 1.5b		72.8%PE37.5xIndustrials
SIGN SIG GroupCHF 12.6715.2%
+CHF 638.1m		-21.2%PS1.6xMaterials
BAER Julius Bär GruppeCHF 64.104.1%
+CHF 520.7m		16.2%PE17.2xFinancials
See more

Market Insights

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Latest News

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Partners Group Holding
7D
-6.0%
1Y
-22.9%

PGHN: Rebased P/E Assumptions Will Support Future Confidence In Premium Pricing

Analysts have trimmed their price target for Partners Group Holding slightly, from CHF 1,189.33 to CHF 1,178.50. They cited a modestly lower fair value and P/E assumption following recent research updates and a downgrade at Citi.
UBSG
CHF 34.50
UBS Group
7D
4.1%
1Y
35.6%
ABBN
CHF 78.44
ABB
7D
1.1%
1Y
72.8%

ABBN: Elevated P/E Will Face Test From Mixed Execution Versus Lofty Expectations

Analysts have nudged the average price target on ABB higher by roughly CHF 1, reflecting recent target raises at several banks, along with mixed rating changes and updated assumptions on growth, margins and future P/E levels. Analyst Commentary Recent Street research on ABB reflects a split view, with several banks lifting price targets in both CHF and €, while others have taken the opportunity to downgrade the stock or outline more cautious assumptions on growth and valuation.
ROP
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Roche Holding
7D
-0.9%
1Y
17.1%
ALC
CHF 58.22
Alcon
7D
-2.7%
1Y
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BARN
CHF 1,169.00
Barry Callebaut
7D
5.3%
1Y
59.5%

BARN: Future Multiple Expansion Will Depend On Challenged Volume Recovery Outlook

The analyst price target for Barry Callebaut has been reduced by CHF 219, with analysts citing softer end markets, slower volume improvement and adjusted earnings expectations, while some also highlight potential benefits from cocoa price trends. Analyst Commentary Recent research updates show a clear split in opinion on Barry Callebaut, with some larger firms maintaining or lifting price targets while several bearish analysts are cutting estimates and turning more cautious on the shares.
AMRZ
CHF 42.76
Amrize
7D
-5.4%
1Y
n/a
KNIN
CHF 182.70
Kuehne + Nagel International
7D
-2.0%
1Y
-4.8%
SIGN
CHF 12.67
SIG Group
7D
15.2%
1Y
-21.2%

SIGN: Execution On Cost Cuts And Capex Discipline Will Support Re Rating

Narrative update on SIG Group The updated analyst price target on SIG Group moves to CHF 18.33 from CHF 17.28. Analysts point to slightly higher assumed profit margins, a modestly adjusted discount rate, and a refined future P/E assumption that reflects the latest mix of Street views, including recent target changes and rating shifts.
NOVN
CHF 115.90
Novartis
7D
1.6%
1Y
24.7%
VACN
CHF 583.00
VAT Group
7D
2.7%
1Y
98.4%
NESN
CHF 79.05
Nestlé
7D
-1.8%
1Y
-9.5%

NESN: Portfolio Simplification And Ice Cream Review Will Shape 2026 Execution

The updated analyst price target for Nestlé has moved slightly higher to CHF 87.69 from CHF 87.55, reflecting recent research in which some analysts raised their CHF targets and outlook assumptions on revenue growth and profit margin, while others trimmed targets and P/E expectations. Analyst Commentary Recent research on Nestlé shows a mix of optimism and caution, with several firms adjusting price targets and ratings in different directions.
LONN
CHF 479.20
Lonza Group
7D
-1.9%
1Y
-19.9%
ZURN
CHF 543.80
Zurich Insurance Group
7D
0.6%
1Y
-8.0%

ZURN: Future Returns Will Hinge On Beazley Integration And Cyclical Pricing Pressures

Analysts have revised their average price target for Zurich Insurance Group to CHF 656 from CHF 642, citing mixed views on the Beazley acquisition, cyclical pricing pressures, and a broadly neutral stance on the shares. Analyst Commentary Recent research updates show a broadly neutral stance on Zurich Insurance Group, with price targets and ratings clustered around the middle of the spectrum.
BAER
CHF 64.10
Julius Bär Gruppe
7D
4.1%
1Y
16.2%

BAER: Future Returns Will Rely On Balanced Execution After Mixed Street Revisions

Narrative Update: Julius Bär Gruppe Price Target Shift The analyst price target for Julius Bär Gruppe has been adjusted slightly higher by CHF 0.43 to reflect updated fair value estimates and modest tweaks to forward P/E assumptions, following a series of recent target changes and an upgrade across the Street. Analyst Commentary Recent Street research on Julius Bär Gruppe reflects an active period of reassessment, with several target price increases clustered around the same dates and one more recent reduction.
CFR
CHF 148.50
Compagnie Financière Richemont
7D
-1.6%
1Y
2.1%