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Swiss (SMI) Market Analysis & Valuation

UpdatedJan 15, 2026
DataAggregated Company Financials
Companies208
  • 7D0.9%
  • 3M6.6%
  • 1Y12.4%
  • YTD1.8%

In the last week, the market has been flat. As for the longer term, the market has risen 12% in the past 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
Thu, 15 Jan 2026CHF 2.0tCHF 798.8bCHF 115.1b20.5x17.6x2.5x
Sat, 13 Dec 2025CHF 1.9tCHF 798.3bCHF 114.4b19.7x16.9x2.4x
Mon, 10 Nov 2025CHF 1.9tCHF 803.6bCHF 114.4b19.1x16.3x2.3x
Wed, 08 Oct 2025CHF 1.9tCHF 774.9bCHF 90.4b19.4x21x2.4x
Fri, 05 Sep 2025CHF 1.9tCHF 777.0bCHF 90.3b19.9x20.8x2.4x
Sun, 03 Aug 2025CHF 1.8tCHF 775.1bCHF 89.8b20.5x20.3x2.4x
Tue, 01 Jul 2025CHF 1.8tCHF 783.8bCHF 106.6b20.4x16.9x2.3x
Thu, 29 May 2025CHF 1.8tCHF 786.8bCHF 106.6b20.1x17.1x2.3x
Sat, 26 Apr 2025CHF 1.8tCHF 836.4bCHF 157.2b19x11.2x2.1x
Mon, 24 Mar 2025CHF 1.9tCHF 850.3bCHF 158.9b20x12.1x2.3x
Wed, 19 Feb 2025CHF 1.9tCHF 821.0bCHF 116.2b21.9x16.5x2.3x
Fri, 17 Jan 2025CHF 1.8tCHF 818.5bCHF 117.9b20.7x15.2x2.2x
Sun, 15 Dec 2024CHF 1.7tCHF 813.1bCHF 117.3b20.7x14.9x2.1x
Tue, 12 Nov 2024CHF 1.8tCHF 814.2bCHF 117.5b19.9x15.1x2.2x
Thu, 10 Oct 2024CHF 1.8tCHF 804.8bCHF 114.2b21.3x15.9x2.3x
Sat, 07 Sep 2024CHF 1.8tCHF 800.3bCHF 113.7b21.1x15.7x2.2x
Mon, 05 Aug 2024CHF 1.8tCHF 799.0bCHF 135.9b21.7x13.1x2.2x
Wed, 03 Jul 2024CHF 1.8tCHF 803.5bCHF 126.0b21.1x14.3x2.2x
Fri, 31 May 2024CHF 1.8tCHF 804.1bCHF 126.0b22.1x14.2x2.2x
Sun, 28 Apr 2024CHF 1.7tCHF 800.6bCHF 126.0b21.3x13.7x2.1x
Tue, 26 Mar 2024CHF 1.8tCHF 766.4bCHF 98.2b21.5x18x2.3x
Thu, 22 Feb 2024CHF 1.7tCHF 768.6bCHF 109.5b20.1x15.8x2.3x
Sat, 20 Jan 2024CHF 1.7tCHF 766.5bCHF 110.4b18x15.1x2.2x
Mon, 18 Dec 2023CHF 1.7tCHF 767.5bCHF 110.6b18.7x15.3x2.2x
Wed, 15 Nov 2023CHF 1.6tCHF 773.9bCHF 111.6b17.7x14.5x2.1x
Fri, 13 Oct 2023CHF 1.6tCHF 763.5bCHF 100.7b18.3x16.4x2.2x
Sun, 10 Sep 2023CHF 1.7tCHF 749.8bCHF 99.4b18.8x16.7x2.2x
Tue, 08 Aug 2023CHF 1.7tCHF 742.3bCHF 75.3b18.5x22.4x2.3x
Thu, 06 Jul 2023CHF 1.7tCHF 758.0bCHF 77.0b19.1x22.2x2.3x
Sat, 03 Jun 2023CHF 1.8tCHF 788.0bCHF 82.8b18.8x21.2x2.2x
Mon, 01 May 2023CHF 1.8tCHF 786.0bCHF 80.9b19.1x21.8x2.2x
Wed, 29 Mar 2023CHF 1.7tCHF 781.4bCHF 69.1b19.6x24.5x2.2x
Fri, 24 Feb 2023CHF 1.7tCHF 781.7bCHF 70.6b18.8x24.6x2.2x
Sun, 22 Jan 2023CHF 1.8tCHF 785.0bCHF 93.6b17.6x18.9x2.3x
Price to Earnings Ratio

18.9x


Total Market Cap: CHF 1.8tTotal Earnings: CHF 93.6bTotal Revenue: CHF 785.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Swiss Market Price to Earnings3Y Average 17.4x202420252026
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 17.4x.
Past Earnings Growth
  • The earnings for Swiss listed companies have grown 7.1% 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 Market0.90%
Consumer Discretionary3.67%
Consumer Staples2.26%
Healthcare1.54%
Materials0.63%
Telecom0.21%
Financials-0.036%
Real Estate-0.33%
Utilities-0.72%
Industrials-0.75%
Tech-2.39%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 29.9x.
    • 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 1.2% per year.
  • The Financials sector is the least preferred by investors for future growth, which is trading below its 3-year average of 8.7x.
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 1.2% per year.
  • In contrast, the Real Estate sector is expected to see its earnings decline by 9.5% 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 76.552.7%
+CHF 5.2b		3.9%PE19.1xConsumer Staples
ROG Roche HoldingCHF 344.101.7%
+CHF 5.0b		29.4%PE31xHealthcare
NOVN NovartisCHF 116.062.2%
+CHF 4.7b		28.1%PE19.4xHealthcare
CFR Compagnie Financière RichemontCHF 174.804.0%
+CHF 4.0b		25.7%PE28.8xConsumer Discretionary
EMSN EMS-CHEMIE HOLDINGCHF 615.009.6%
+CHF 1.3b		-1.0%PE31.1xMaterials
See more

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GALD
CHF 161.60
Galderma Group
7D
-2.2%
1Y
44.5%
EMSN
CHF 615.00
EMS-CHEMIE HOLDING
7D
9.6%
1Y
-1.0%

Estimating The Fair Value Of EMS-CHEMIE HOLDING AG (VTX:EMSN)

Jan 14
Estimating The Fair Value Of EMS-CHEMIE HOLDING AG (VTX:EMSN)
SQN
CHF 466.20
Swissquote Group Holding
7D
-5.6%
1Y
30.4%
NESN
CHF 76.55
Nestlé
7D
2.7%
1Y
3.9%

NESN: Portfolio Review And 2026 Execution Reset Are Expected To Unlock Upside

Analysts have trimmed their overall price expectations for Nestlé slightly, with our updated fair value estimate easing from CHF 88.15 to about CHF 87.69, as they factor in a mix of lower revenue growth assumptions, a marginally higher profit margin outlook, and a modestly lower future P/E. This is consistent with recent Street price target resets between CHF 76 and CHF 92.
NOVN
CHF 116.06
Novartis
7D
2.2%
1Y
28.1%

NOVN: Future Returns Will Reflect US Buildout And Late-Stage Pipeline Delivery

Analysts have raised their price target for Novartis to $109.99 from $106.64, citing updated assumptions for slightly stronger revenue growth, higher profit margins, and a modestly lower future P/E multiple. What's in the News Novartis plans a new 35,000 square foot radioligand therapy manufacturing facility in Winter Park, Florida, as part of its previously announced US$23b US investment.
KNIN
CHF 186.65
Kuehne + Nagel International
7D
5.0%
1Y
-7.1%

KNIN: Cost Cuts And Weak Margin Execution Will Pressure Future Returns

Analysts have slightly increased their fair value estimate for Kuehne + Nagel International from CHF 158.00 to approximately CHF 159.06, reflecting recent price target revisions that underscore differing views on margin prospects, cost-cutting measures, and capital allocation. Analyst Commentary Recent research shows a split view on Kuehne + Nagel International, with some price targets moving higher and others being cut, as analysts reassess execution on margins, cost discipline, and growth investments.
ALC
CHF 63.74
Alcon
7D
-1.4%
1Y
-16.0%

ALC: Share Repurchases And Higher P/E Assumptions Will Support Future Upside

Analysts have nudged their price target on Alcon higher by roughly US$0.26, citing updated assumptions for fair value, discount rate, revenue growth, profit margin and future P/E as key drivers behind the revision. What's in the News Alcon reported impairments of property, plant and equipment and intangible assets of US$2 million for the quarter ended September 30, 2025 (Key Developments).
ROG
CHF 344.10
Roche Holding
7D
1.7%
1Y
29.4%

ROG: 2026 Clinical Readouts Will Shape Sentiment On Pipeline Execution

Analysts have lifted their fair value estimate for Roche Holding from CHF 400.07 to CHF 427.00, citing recent upgrades, clinical readouts and what they see as an undemanding valuation, which they believe is supported by 2026 clinical catalysts and ongoing program progress. Analyst Commentary Recent Street research around Roche highlights a cluster of positive opinions that center on clinical execution, program progress and what some see as a valuation that does not fully reflect these factors.
GIVN
CHF 3,220.00
Givaudan
7D
3.2%
1Y
-17.1%

GIVN: Fair Stance Will Reflect Resilience To Chinese Pricing Pressure

Analysts now frame their Givaudan price target at CHF 3,100, with updated assumptions reflecting a 3.9% revenue growth outlook, a 15.4% profit margin profile, and a forward P/E of about 24.5x. This view is supported by recent upgrades that highlight valuation and relative resilience versus Chinese competition and pricing pressure.
ZURN
CHF 577.60
Zurich Insurance Group
7D
-1.4%
1Y
7.4%

ZURN: Stable Returns Will Rely On Slightly Softer Margins And P/E Assumptions

Analysts have trimmed their price target for Zurich Insurance Group to CHF 557.20 from CHF 558.40, reflecting small adjustments to assumptions around revenue growth, profit margin, and future P/E expectations. Valuation Changes Fair Value Estimate reduced slightly from CHF 558.40 to CHF 557.20, a change of about CHF 1.20.
PGHN
CHF 1,012.50
Partners Group Holding
7D
-2.0%
1Y
-22.3%

PGHN: Hospitality Real Estate Expansion Will Support Future Upside Potential

Analysts held their fair value estimate for Partners Group Holding at CHF 1,400.00. The updated target reflects slightly adjusted assumptions for discount rate, revenue growth, profit margins and a higher future P/E multiple, which together refine rather than overhaul their previous view.
ABBN
CHF 60.20
ABB
7D
-1.5%
1Y
21.4%

ABBN: Higher Fair Value View Will Rely On Data Center Expansion

Analysts have raised their fair value estimate for ABB from about $63.81 to roughly $72.70, citing updated assumptions related to revenue growth, discount rates, profit margins and future P/E levels. What's in the News Blackstone is reported to be close to a roughly US$4b deal for MacLean Power Systems after ABB chose not to increase its competing offer, according to people familiar with the matter (Bloomberg / M&A talks).
UBSG
CHF 37.75
UBS Group
7D
1.0%
1Y
26.0%

UBSG: Higher P/E Expectations Will Shape Future Repricing Versus Regulatory Risks

The updated analyst price target for UBS Group moves from CHF 39.50 to about CHF 45.36. Analysts attribute this change to a slightly higher assumed discount rate and P/E multiple, along with revised expectations for revenue growth and profit margins, supported by recent target increases from several major firms even as ratings remain mixed.
SLHN
CHF 871.60
Swiss Life Holding
7D
-3.3%
1Y
21.6%

SLHN: Future Returns Will Likely Disappoint Despite Raised CHF 939 Price Objective

Analysts have modestly raised their price target on Swiss Life Holding, reflecting a slightly higher intrinsic value estimate of approximately CHF 826, up from about CHF 822. They attribute this change to sustained profitability and supportive sector dynamics.
SIKA
CHF 150.95
Sika
7D
-7.6%
1Y
-31.7%
CFR
CHF 174.80
Compagnie Financière Richemont
7D
4.0%
1Y
25.7%