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Swiss (SMI) Market Analysis & Valuation

UpdatedMar 02, 2026
DataAggregated Company Financials
Companies206
  • 7D1.0%
  • 3M8.7%
  • 1Y6.1%
  • YTD5.4%

The Real Estate sector gained 3.4% while the market remained flat over the last week. Meanwhile, the market is actually up 6.1% over the past year. As for the next few years, earnings are expected to grow by 11% per annum.

Market Valuation and Performance

Has the Swiss Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 02 Mar 2026CHF 2.1tCHF 777.6bCHF 113.5b21x18.3x2.7x
Wed, 28 Jan 2026CHF 2.0tCHF 788.3bCHF 113.7b20.7x17.6x2.5x
Fri, 26 Dec 2025CHF 2.0tCHF 794.7bCHF 114.0b20.3x17.4x2.5x
Sun, 23 Nov 2025CHF 1.9tCHF 807.6bCHF 115.3b19.1x16.5x2.4x
Tue, 21 Oct 2025CHF 1.9tCHF 773.4bCHF 90.3b19.2x21.1x2.5x
Thu, 18 Sep 2025CHF 1.8tCHF 771.6bCHF 89.9b19.7x20.4x2.4x
Sat, 16 Aug 2025CHF 1.8tCHF 777.4bCHF 90.3b21.2x20.4x2.4x
Mon, 14 Jul 2025CHF 1.8tCHF 784.6bCHF 106.7b20.4x17x2.3x
Wed, 11 Jun 2025CHF 1.8tCHF 783.2bCHF 106.7b20.3x17.3x2.4x
Fri, 09 May 2025CHF 1.8tCHF 786.3bCHF 106.3b19.7x16.9x2.3x
Sun, 06 Apr 2025CHF 1.7tCHF 843.7bCHF 158.3b17.9x10.8x2x
Tue, 04 Mar 2025CHF 1.9tCHF 810.1bCHF 117.4b21x16.5x2.4x
Thu, 30 Jan 2025CHF 1.9tCHF 818.4bCHF 117.8b21.7x15.8x2.3x
Sat, 28 Dec 2024CHF 1.7tCHF 816.0bCHF 117.6b20.9x14.8x2.1x
Mon, 25 Nov 2024CHF 1.7tCHF 813.1bCHF 117.3b19.9x14.9x2.1x
Wed, 23 Oct 2024CHF 1.8tCHF 806.0bCHF 114.4b21.5x15.9x2.3x
Fri, 20 Sep 2024CHF 1.8tCHF 801.6bCHF 113.9b21.5x15.8x2.3x
Sun, 18 Aug 2024CHF 1.8tCHF 805.2bCHF 114.0b21.9x16x2.3x
Tue, 16 Jul 2024CHF 1.8tCHF 801.6bCHF 125.6b21.5x14.6x2.3x
Thu, 13 Jun 2024CHF 1.8tCHF 800.5bCHF 125.6b22.1x14.4x2.3x
Sat, 11 May 2024CHF 1.8tCHF 801.7bCHF 126.0b21.5x14.1x2.2x
Mon, 08 Apr 2024CHF 1.8tCHF 766.9bCHF 97.0b21.3x18.1x2.3x
Wed, 06 Mar 2024CHF 1.7tCHF 784.9bCHF 111.0b20.1x15.5x2.2x
Fri, 02 Feb 2024CHF 1.7tCHF 757.1bCHF 109.5b17.7x15.4x2.2x
Sun, 31 Dec 2023CHF 1.7tCHF 758.5bCHF 108.9b18.4x15.4x2.2x
Tue, 28 Nov 2023CHF 1.6tCHF 771.2bCHF 111.2b18.1x14.7x2.1x
Thu, 26 Oct 2023CHF 1.6tCHF 755.8bCHF 100.3b17.6x15.6x2.1x
Sat, 23 Sep 2023CHF 1.7tCHF 754.3bCHF 100.0b18.3x16.6x2.2x
Mon, 21 Aug 2023CHF 1.6tCHF 747.6bCHF 75.3b17.6x21.8x2.2x
Wed, 19 Jul 2023CHF 1.7tCHF 748.4bCHF 76.2b19.1x22.4x2.3x
Fri, 16 Jun 2023CHF 1.7tCHF 756.6bCHF 76.9b19.4x22.6x2.3x
Sun, 14 May 2023CHF 1.8tCHF 786.9bCHF 81.4b19.3x21.8x2.3x
Tue, 11 Apr 2023CHF 1.7tCHF 778.5bCHF 69.2b19x25.2x2.2x
Thu, 09 Mar 2023CHF 1.7tCHF 784.5bCHF 70.4b19.7x24.3x2.2x
Price to Earnings Ratio

24.3x


Total Market Cap: CHF 1.7tTotal Earnings: CHF 70.4bTotal Revenue: CHF 784.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Swiss Market Price to Earnings3Y Average 17.2x202420252026
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 17.2x.
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 Market0.97%
Real Estate3.45%
Tech3.27%
Consumer Staples2.66%
Utilities1.50%
Industrials1.36%
Financials1.16%
Telecom1.01%
Healthcare0.79%
Materials-0.067%
Consumer Discretionary-3.43%
Sector PE
  • Investors favour the Telecom sector the most for future growth, which is trading above its 3-year average PE ratio of 20.8x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 18.0%, which is higher than its past year's earnings growth of 8.6% per year.
  • The Financials sector is the least preferred by investors for future growth, which is trading below its 3-year average of 8.0x.
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 growth rate of 1.8% per year.
  • In contrast, the Real Estate sector is expected to see its earnings decline by 8.4% 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
NESN NestléCHF 83.983.2%
+CHF 6.6b		-5.2%PE23.9xConsumer Staples
NOVN NovartisCHF 130.502.0%
+CHF 4.8b		31.9%PE23.2xHealthcare
ABBN ABBCHF 71.822.9%
+CHF 3.6b		47.4%PE37.2xIndustrials
SREN Swiss ReCHF 135.955.4%
+CHF 2.0b		-7.5%PE10.7xFinancials
ALC AlconCHF 66.864.8%
+CHF 1.3b		-20.7%PE43.3xHealthcare
See more

Market Insights

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HOLN
CHF 70.88
Holcim
7D
-3.5%
1Y
-28.0%
SREN
CHF 135.95
Swiss Re
7D
5.4%
1Y
-7.5%
GF
CHF 48.78
Georg Fischer
7D
-9.3%
1Y
-31.5%
SDZ
CHF 68.02
Sandoz Group
7D
2.5%
1Y
71.1%
NESN
CHF 83.98
Nestlé
7D
3.2%
1Y
-5.2%

NESN: Portfolio Review And Category Exits Are Expected To Support 2026 Execution

Analysts have nudged their average price expectations for Nestlé slightly higher to a range around CHF 75 to CHF 77, reflecting recent target increases and updated views on revenue growth, margins, and the stock's forward P/E assumptions. Analyst Commentary Recent research shows a mixed but generally balanced stance on Nestlé, with price targets clustered in the mid CHF 70s and differing views on how quickly the investment case could improve.
ALC
CHF 66.86
Alcon
7D
4.8%
1Y
-20.7%
NOVN
CHF 130.50
Novartis
7D
2.0%
1Y
31.9%
UBSG
CHF 32.01
UBS Group
7D
-0.5%
1Y
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GALD
CHF 145.90
Galderma Group
7D
-1.8%
1Y
29.5%
GALE
CHF 96.10
Galenica
7D
-5.6%
1Y
17.8%

GALE: Confirmed 2025 EBIT Increase And Fair Value Suggest Balanced Outlook

Analysts have made a small upward adjustment to their Galenica price target to CHF 86.67. This reflects fine tuning of fair value inputs and slightly revised assumptions around future P/E, revenue growth and profit margins.
BEAN
CHF 772.00
BELIMO Holding
7D
-6.4%
1Y
27.7%
ZURN
CHF 580.60
Zurich Insurance Group
7D
0.9%
1Y
-3.2%

ZURN: Future Returns Will Rely On Dividend Visibility And Slightly Firmer P/E Assumptions

Analysts have adjusted their price target for Zurich Insurance Group to CHF 574.78 from CHF 563.37, reflecting updated assumptions around revenue growth, profit margins and the future P/E multiple. What's in the News Zurich Insurance Group AG declared an annual dividend of CHF 30.0000 per share, scheduled to be paid on April 14, 2026, setting out a clear cash return timetable for shareholders (Key Developments).
ROG
CHF 367.00
Roche Holding
7D
-0.9%
1Y
21.3%

ROG: Pipeline Milestones And Digital Execution Will Shape Balanced Risk Reward Ahead

Roche Holding's updated analyst price target has moved higher to reflect a fair value shift to CHF 358.45 from CHF 323.28. Analysts point to improved growth and margin assumptions, alongside recent upgrades and higher CHF-based targets from several banks.
ABBN
CHF 71.82
ABB
7D
2.9%
1Y
47.4%

ABBN: Data Center Dependence Will Test Execution As Expectations Remain Elevated

Analysts have raised their ABB fair value estimate to CHF 62.40. The revision is supported by higher assumed revenue growth, a slightly increased discount rate, firmer profit margin expectations, a higher future P/E, and recent CHF 5 price target increases from several banks.
LONN
CHF 536.20
Lonza Group
7D
3.0%
1Y
-7.2%
CFR
CHF 157.25
Compagnie Financière Richemont
7D
-3.9%
1Y
-14.9%