BELIMO Holding AG (BEAN) AI Stock Analysis

• Market Cap: CHF8.57B
• Dividend Yield: 1.22%
• Average Volume (3M): 24.25K
• Price to Earnings (P/E): 29.9
• Beta (1Y): 0.80
• Revenue Growth: 16.73%
• EPS Growth: 14.51%
• Country: CH
• Employees: 2,071
• Sector: Industrials
• Sector Strength: 72
• Industry: Construction
• EPS (TTM): 6.53
• Shares Outstanding: 12,300,000
• 10 Day Avg. Volume: 17,067
• 30 Day Avg. Volume: 24,249
• PEG Ratio: 2.23
• Price to Book (P/B): 15.44
• Price to Sales (P/S): 8.57
• P/FCF Ratio: 91.66
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: CHF888.60
• Price Target Upside: 27.49% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): 18.05
• Revenue Forecast (FY): CHF1.28B

• Rating: 69 Neutral
• Price Target: CHF763.00 ▲(9.47% Upside)
• Action: Downgraded Date: 02/26/26
• Date: Action: Downgraded 02/26/26

The score is driven primarily by strong financial quality (high margins, low leverage, strong returns) and a positive earnings outlook (mid-teens growth guidance with EBIT >20%). Offsetting this are weak technicals (price below key moving averages) and a demanding valuation (P/E ~55), with near-term cash flow softness from working capital and elevated CapEx also tempering the result.

Positive Factors

High and expanding profitability

Sustained EBIT above 20% reflects durable operating leverage from product mix, pricing and efficiency. Margin expansion supports reinvestment in R&D and capacity while preserving cash returns, making earnings quality resilient across normal cyclical swings and supporting mid-term profitability targets.

Conservative balance sheet

Very low leverage and strong equity provide financial flexibility for multi-year CapEx, dividend policy and acquisitions. High equity ratio and net liquidity reduce refinancing and solvency risk, enabling investment continuity during tariff/FX shocks or temporary cash absorption episodes.

Robust revenue growth and constructive guidance

Strong historic growth, milestone >CHF1bn sales and mid‑teens near‑term guidance indicate scalable demand and successful go‑to‑market execution. Coupled with a long‑term 9–11% organic target, this supports sustainable top‑line expansion driven by product adoption and geographic momentum.

Negative Factors

Weaker cash conversion & elevated CapEx

Operating cash flow conversion declined and free cash flow was compressed by a large CapEx cycle for capacity expansion. Over the next 2–6 months, elevated investment and working‑capital absorption will likely constrain free cash generation and limit discretionary cash flexibility.

Tariff and FX exposure

Material tariff shifts and currency moves have directly pressured margins and reported growth. Given significant Americas exposure, ongoing tariff regimes and USD volatility pose a structural earnings risk that can erode margins despite pricing actions and requires persistent hedging and price management.

Concentration in data center segment

Rapid reliance on data‑center demand concentrates growth in a capital‑cycle sensitive vertical. While higher value, this raises revenue volatility risk if hyperscaler capex slows or timing shifts, challenging predictability of multi‑period growth and requiring diversification to stabilize long‑term cadence.

BELIMO Holding AG Business Overview & Revenue Model

Company Description

BELIMO Holding AG, together with its subsidiaries, develops, manufactures, and sells damper actuators, control valves, sensors, and meters for heating, ventilation, and air conditioning (HVAC) systems in Europe, the Americas, and the Asia Pacific. The company offers HVAC damper actuators for use in various on/off, modulating, or communicating damper and life safety applications, including air handlers, economizer and variable air volume terminal units, fan coil units, unit ventilators, and life safety dampers. It also provides various pressure dependent valves, such as the characterized control, quick compact, and butterfly valves; mechanical pressure independent valves for complex flow challenges, and pressure-independent quick compact and characterized control valves; electronic pressure independent valves; and Internet of Things cloud-connected pressure independent valves. In addition, the company provides accurate sensors for measuring temperature, humidity, pressure, CO2, and volatile compounds in pipe and duct applications; system solutions to optimize energy efficiency; and retrofit solutions to replace valve assemblies and actuators, or damper actuators. BELIMO Holding AG was founded in 1975 and is headquartered in Hinwil, Switzerland.

How the Company Makes Money

BELIMO makes money mainly by selling HVAC field devices and related solutions to customers involved in building construction, retrofit/modernization, and ongoing building operations. Key revenue streams include: (1) Actuators: Sales of damper and valve actuators (including combinations of actuators with valves or control functions) that physically move dampers/valves to regulate airflow and hydronic flow; this is a core product category in HVAC control. (2) Control valves: Sales of valves (e.g., for hydronic heating and cooling circuits) that, often paired with actuators, modulate water flow to manage temperature and system efficiency. (3) Sensors and meters: Sales of sensors (e.g., temperature, pressure, humidity, CO2/air quality, flow) and related measurement devices used to monitor conditions and enable automated control and optimization. Revenue is primarily product-based (unit sales) through a mix of direct sales and distribution to OEMs, system integrators, mechanical contractors, and building automation partners, depending on geography and customer type. Earnings are supported by demand drivers such as new building projects, replacement cycles (retrofits of legacy HVAC components), energy-efficiency upgrades, regulatory and sustainability requirements, and the growth of building automation. Specific information about material partnerships or customer concentration is null.

BELIMO Holding AG Financial Statement Overview

Summary

High-quality fundamentals: solid revenue growth and strong, consistent profitability (operating margin ~20.8% in 2025) with a conservatively financed balance sheet (very low leverage, strong ROE ~29%). Main constraint is weaker cash conversion in 2025 (OCF ~0.91x net income) and lower free cash flow (~57% of net income) alongside higher working-capital absorption and elevated CapEx.

Income Statement

Revenue has expanded solidly over the last several years, accelerating in 2025 (up 8.6% vs. 2024). Profitability is strong and consistent, with net margins holding around the mid-teens and operating profitability improving to ~20.8% in 2025 from ~19.2% in 2024. The main weakness is volatility in gross margin (notably unusually high in 2024 vs. other years), which creates some uncertainty around underlying cost structure/price mix.

Balance Sheet

The balance sheet is conservatively financed, with very low leverage (debt-to-equity ~0.08 in 2025, still modestly higher than 2024). Equity has steadily grown alongside assets, and returns on equity are exceptionally strong (about 29% in 2025), indicating efficient use of shareholder capital. The primary watch item is the upward drift in debt levels in 2025, though from a very low base.

Cash Flow

Cash generation is healthy overall, with operating cash flow remaining strong, but 2025 shows some softening in cash conversion: operating cash flow covered net income at ~0.91x (down from ~1.25x in 2024). Free cash flow declined in 2025 (down ~14.5%) and free cash flow was ~57% of net income, indicating higher working capital needs and/or elevated investment spending versus earnings. Positively, the company still produced meaningful free cash flow in absolute terms.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.12B	943.86M	858.78M	846.90M	765.34M
Gross Profit	346.87M	580.29M	247.47M	243.01M	220.57M
EBITDA	268.48M	208.42M	179.95M	185.47M	178.05M
Net Income	181.63M	146.78M	136.96M	122.80M	115.67M
Balance Sheet
Total Assets	895.97M	763.68M	661.99M	688.54M	660.86M
Cash, Cash Equivalents and Short-Term Investments	100.64M	137.20M	112.79M	111.78M	169.41M
Total Debt	46.64M	25.36M	14.82M	11.47M	10.77M
Total Liabilities	274.15M	182.95M	131.50M	166.78M	149.53M
Stockholders Equity	621.83M	580.74M	530.63M	521.83M	511.30M
Cash Flow
Free Cash Flow	104.78M	136.09M	109.92M	57.77M	105.73M
Operating Cash Flow	184.20M	194.78M	156.97M	112.47M	152.45M
Investing Cash Flow	-61.55M	-101.95M	-21.08M	-21.79M	-107.54M
Financing Cash Flow	-115.77M	-107.82M	-108.66M	-111.78M	-100.60M

BELIMO Holding AG Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 697.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:BEAN, the sentiment is Negative. The current price of 697 is below the 20-day moving average (MA) of 780.27, below the 50-day MA of 825.36, and below the 200-day MA of 828.90, indicating a bearish trend. The MACD of -41.51 indicates Positive momentum. The RSI at 28.78 is Positive, neither overbought nor oversold. The STOCH value of 41.85 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CH:BEAN.

BELIMO Holding AG Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KARN	73 Outperform	CHF1.93B	54.72	―	2.17%	11.43%	6.46%
BEAN	69 Neutral	CHF8.57B	29.87	31.53%	1.22%	16.73%	14.51%
GEBN	66 Neutral	CHF17.60B	15.25	―	2.08%	1.72%	-1.43%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
INRN	59 Neutral	CHF1.37B	33.61	―	1.46%	-3.67%	-12.95%
DOKA	52 Neutral	CHF2.15B	16.53	―	―	1.16%	132.26%
GF	49 Neutral	CHF3.47B	42.66	―	2.53%	-24.42%	32.48%

BELIMO Holding AG Corporate Events

Belimo accelerates growth in 2025 on data center demand and strategic expansion

Belimo posted strong full-year 2025 results, with sales rising 23.3% in local currencies to CHF 1.12 billion and the EBIT margin improving to 20.8%, driven by operating leverage, innovation, and a favorable product mix. Growth was broad-based across all regions, with the Americas leading on the back of surging demand for advanced cooling solutions in data centers, and renovation-oriented RetroFIT+ projects supporting performance despite weak non-residential construction.

The company advanced its long-term growth strategy through major capacity expansions in Switzerland and the U.S., the opening of a CESIM House in China, and the launch of its “New Digital Generation” products aimed at higher energy efficiency and customization. While higher working capital and elevated capex for expansion weighed on free cash flow, Belimo still generated a strong ROCE of 36.3% and the board plans to propose a CHF 10 per share dividend, alongside a series of board succession changes that bring additional data center and international leadership expertise.

The most recent analyst rating on (CH:BEAN) stock is a Hold with a CHF870.00 price target. To see the full list of analyst forecasts on BELIMO Holding AG stock, see the CH:BEAN Stock Forecast page.

Belimo Accelerates 2025 Growth on Data Center Demand and Retrofit Strategy

Belimo Holding AG, the global leader in field devices for energy-efficient HVAC control, grew its 2025 sales by 23.3% in local currencies to CHF 1.121 billion, underscoring its strong market position and the traction of its strategy focused on urbanization, energy efficiency and digitalization. All regions and business lines contributed to the acceleration versus 2024, with the Americas and Asia Pacific leading growth, driven particularly by booming demand for Belimo’s advanced control valves in data center cooling, including AI-related direct-to-chip liquid cooling applications. The company’s RetroFIT+ initiative proved a key growth driver in renovation projects across EMEA, the Americas and Asia Pacific, helping offset a weak global commercial new-build market and supporting gains in healthcare, education, life sciences, semiconductor, battery and electronics end markets. Control valves posted the strongest business-line performance, while damper actuators and sensors and meters also delivered double-digit growth, reflecting continuous innovation and customers’ shift to integrated, higher-value, energy-efficient HVAC solutions that strengthen Belimo’s competitive position and market share worldwide.

The most recent analyst rating on (CH:BEAN) stock is a Hold with a CHF914.00 price target. To see the full list of analyst forecasts on BELIMO Holding AG stock, see the CH:BEAN Stock Forecast page.