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Swiss (SMI) Market Analysis & Valuation

UpdatedJan 17, 2026
DataAggregated Company Financials
Companies208
  • 7D0.3%
  • 3M7.1%
  • 1Y10.6%
  • YTD1.8%

Over the last 7 days, the market has risen 1.1%, driven by gains of 3.2% in the Industrials sector. As for the past 12 months, the market is up 12%. Earnings are forecast to grow by 11% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 17 Jan 2026CHF 2.0tCHF 800.0bCHF 115.2b20.7x17.6x2.5x
Mon, 15 Dec 2025CHF 1.9tCHF 798.4bCHF 114.4b19.7x16.9x2.4x
Wed, 12 Nov 2025CHF 1.9tCHF 801.7bCHF 114.1b19.1x16.8x2.4x
Fri, 10 Oct 2025CHF 1.9tCHF 777.3bCHF 90.7b19.7x21x2.5x
Sun, 07 Sep 2025CHF 1.9tCHF 774.7bCHF 90.1b19.5x20.8x2.4x
Tue, 05 Aug 2025CHF 1.8tCHF 775.5bCHF 89.9b20.6x20.2x2.3x
Thu, 03 Jul 2025CHF 1.8tCHF 783.1bCHF 106.5b20.2x17x2.3x
Sat, 31 May 2025CHF 1.8tCHF 785.7bCHF 106.4b20.1x17.2x2.3x
Mon, 28 Apr 2025CHF 1.8tCHF 837.2bCHF 157.2b19x11.2x2.1x
Wed, 26 Mar 2025CHF 1.9tCHF 849.9bCHF 158.9b20.1x12x2.2x
Fri, 21 Feb 2025CHF 1.9tCHF 820.1bCHF 116.5b21.5x16.3x2.3x
Sun, 19 Jan 2025CHF 1.8tCHF 819.7bCHF 118.0b21.1x15.2x2.2x
Tue, 17 Dec 2024CHF 1.7tCHF 813.5bCHF 117.3b20.5x14.9x2.1x
Thu, 14 Nov 2024CHF 1.7tCHF 815.8bCHF 117.6b19.8x14.8x2.1x
Sat, 12 Oct 2024CHF 1.8tCHF 803.6bCHF 114.1b21.5x16x2.3x
Mon, 09 Sep 2024CHF 1.8tCHF 799.7bCHF 113.5b21.1x15.7x2.2x
Wed, 07 Aug 2024CHF 1.7tCHF 796.6bCHF 135.5b21.5x12.8x2.2x
Fri, 05 Jul 2024CHF 1.8tCHF 802.6bCHF 125.8b21.5x14.4x2.3x
Sun, 02 Jun 2024CHF 1.8tCHF 803.7bCHF 126.0b22x14.3x2.2x
Tue, 30 Apr 2024CHF 1.7tCHF 799.2bCHF 125.4b21.5x13.7x2.2x
Thu, 28 Mar 2024CHF 1.8tCHF 768.3bCHF 98.5b21.7x18.1x2.3x
Sat, 24 Feb 2024CHF 1.7tCHF 766.1bCHF 111.1b20.3x15.6x2.3x
Mon, 22 Jan 2024CHF 1.7tCHF 766.5bCHF 110.4b18x15.1x2.2x
Wed, 20 Dec 2023CHF 1.7tCHF 764.9bCHF 110.1b18.5x15.3x2.2x
Fri, 17 Nov 2023CHF 1.6tCHF 773.0bCHF 111.5b17.7x14.5x2.1x
Sun, 15 Oct 2023CHF 1.6tCHF 761.3bCHF 100.3b18.1x16.3x2.1x
Tue, 12 Sep 2023CHF 1.7tCHF 750.2bCHF 99.2b18.5x16.8x2.2x
Thu, 10 Aug 2023CHF 1.7tCHF 743.3bCHF 75.3b18.9x22.2x2.3x
Sat, 08 Jul 2023CHF 1.7tCHF 755.6bCHF 76.7b18.9x21.8x2.2x
Mon, 05 Jun 2023CHF 1.8tCHF 788.4bCHF 82.8b18.8x21.2x2.2x
Wed, 03 May 2023CHF 1.8tCHF 785.5bCHF 80.8b19.3x21.8x2.2x
Fri, 31 Mar 2023CHF 1.7tCHF 780.6bCHF 69.3b19.7x24.9x2.2x
Sun, 26 Feb 2023CHF 1.7tCHF 783.7bCHF 71.4b18.9x24.1x2.2x
Tue, 24 Jan 2023CHF 1.8tCHF 787.0bCHF 94.1b17.8x19x2.3x
Price to Earnings Ratio

19x


Total Market Cap: CHF 1.8tTotal Earnings: CHF 94.1bTotal Revenue: CHF 787.0bTotal 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 7.0% 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 Market0.26%
Utilities2.09%
Industrials1.89%
Healthcare1.44%
Financials0.76%
Real Estate0.53%
Telecom0.03%
Consumer Staples-0.49%
Tech-1.00%
Materials-2.16%
Consumer Discretionary-7.83%
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 20.5% 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 21% 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 9.3% 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
ROG Roche HoldingCHF 348.902.4%
+CHF 6.9b		31.5%PE31.5xHealthcare
NOVN NovartisCHF 115.601.4%
+CHF 3.0b		29.4%PE19.2xHealthcare
ABBN ABBCHF 61.602.4%
+CHF 2.6b		21.5%PE31.4xIndustrials
PGHN Partners Group HoldingCHF 1.10k7.2%
+CHF 1.9b		-17.4%PE23.7xFinancials
VACN VAT GroupCHF 506.2014.1%
+CHF 1.9b		48.2%PE67.9xIndustrials
See more

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NOVN
CHF 115.60
Novartis
7D
1.4%
1Y
29.4%
CFR
CHF 161.35
Compagnie Financière Richemont
7D
-8.6%
1Y
-1.5%
VACN
CHF 506.20
VAT Group
7D
14.1%
1Y
48.2%
GALD
CHF 159.10
Galderma Group
7D
-3.7%
1Y
46.4%
EMSN
CHF 614.00
EMS-CHEMIE HOLDING
7D
7.3%
1Y
-2.8%

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

Jan 14
Estimating The Fair Value Of EMS-CHEMIE HOLDING AG (VTX:EMSN)
AMRZ
CHF 43.64
Amrize
7D
-2.7%
1Y
n/a

Is Amrize (VTX:AMRZ) Using Too Much Debt?

Jan 11
Is Amrize (VTX:AMRZ) Using Too Much Debt?
KNIN
CHF 184.45
Kuehne + Nagel International
7D
4.6%
1Y
-8.6%

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.
GEBN
CHF 613.80
Geberit
7D
-4.0%
1Y
21.4%

Geberit AG's (VTX:GEBN) Price Is Out Of Tune With Earnings

Jan 10
Geberit AG's (VTX:GEBN) Price Is Out Of Tune With Earnings
BEAN
CHF 891.50
BELIMO Holding
7D
6.5%
1Y
38.8%

BEAN: Tariff Cost Pressures Will Test But Not Break Long Term Thesis

Analysts have trimmed their fair value estimate for BELIMO Holding from CHF 1,100 to CHF 1,000 as they factor in a slightly higher discount rate, more moderate revenue growth assumptions, and tariff related pressure on material costs and gross profits, even while assuming a higher profit margin and a lower future P/E multiple. Analyst Commentary Some bullish analysts remain constructive on BELIMO Holding even as they trim their fair value assumptions.
ROG
CHF 348.90
Roche Holding
7D
2.4%
1Y
31.5%

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.
HOLN
CHF 78.00
Holcim
7D
-2.4%
1Y
-10.6%

HOLN: Cement Demand And Rich Multiple Will Likely Cap Further Upside

Analysts have raised their price expectations for Holcim by CHF 6 to CHF 78, citing improved profit margin assumptions and lower P/E expectations as the main factors behind the updated targets. Analyst Commentary Recent research on Holcim shows a mix of optimism and caution, with several large banks adjusting their views and price targets in quick succession.
PGHN
CHF 1,096.00
Partners Group Holding
7D
7.2%
1Y
-17.4%

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 61.60
ABB
7D
2.4%
1Y
21.5%

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).
SLHN
CHF 871.40
Swiss Life Holding
7D
-2.4%
1Y
20.1%

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 150.20
Sika
7D
-9.0%
1Y
-33.1%
TEMN
CHF 77.60
Temenos
7D
-8.2%
1Y
6.4%