Kardex AG (KARN) AI Stock Analysis

• Market Cap: CHF1.96B
• Dividend Yield: 2.17%
• Average Volume (3M): 12.02K
• Price to Earnings (P/E): 54.7
• Beta (1Y): 0.63
• Revenue Growth: 11.43%
• EPS Growth: 6.46%
• Country: CH
• Employees: 2,586
• Sector: Industrials
• Sector Strength: 72
• Industry: Industrial - Machinery
• EPS (TTM): 0.65
• Shares Outstanding: 7,730,000
• 10 Day Avg. Volume: 10,610
• 30 Day Avg. Volume: 12,020
• PEG Ratio: -1.14
• Price to Book (P/B): 8.55
• Price to Sales (P/S): 2.68
• P/FCF Ratio: 58.36
• 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: CHF361.25
• Price Target Upside: 41.94% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): 11.38
• Revenue Forecast (FY): CHF976.65M

• Rating: 73 Outperform
• Price Target: CHF287.00 ▲(12.77% Upside)
• Action: Reiterated Date: 03/13/26
• Date: Action: Reiterated 03/13/26

The score is primarily driven by strong financial quality (notably the near-debt-free balance sheet and solid multi-year growth), partly offset by recent earnings/free-cash-flow volatility. Technical indicators are cautious, while valuation (mid-teens P/E and a ~2.3% yield) provides moderate support.

Positive Factors

Very conservative balance sheet

Near-zero leverage gives Kardex durable financial flexibility: it can fund capex, R&D, and service investments from internal resources, withstand downturns in project cycles, and pursue selective M&A without stressing liquidity. This supporting capital structure benefits long-term stability and strategic optionality.

Multi-year revenue expansion

Sustained revenue growth over multiple years indicates structural demand for Kardex's intralogistics solutions and effective commercial execution. Persistent top-line expansion supports scale benefits, healthy operating margins, and creates a larger installed base that underpins recurring service opportunities over the medium term.

Recurring services and aftermarket revenue

A material aftermarket and service stream delivers more predictable, higher-margin revenue over time, improving cash flow resilience versus pure project revenues. The installed base-driven services create customer stickiness, recurring bookings, and steady parts/service margin that support long-term profitability and valuation stability.

Negative Factors

Volatile cash generation

Material year-to-year swings in operating and free cash flow reduce predictability for reinvestment, dividend pacing, and financing plans. This variability means management must retain larger liquidity buffers and can complicate capital allocation, weakening confidence in steady long-term free-cash-flow conversion.

Earnings volatility and 2025 profit drop

A sharp net-income decline despite prior growth signals margin or non-operating pressure (costs, project execution, or one-offs). Persistent earnings volatility undermines return predictability and makes forecasting tougher for investors and customers, increasing the business risk profile over the medium term.

Equity dip in 2025

A reduction in equity, even from a strong base, can signal retained losses, distributions, or accounting impacts that slightly erode the capital cushion. While leverage is low, a declining equity trend raises the sensitivity to future shocks and can constrain aggressive capital deployment without restoring retained earnings.

Kardex AG Business Overview & Revenue Model

Company Description

Kardex Holding AG provides intralogistics solutions; and supplies automated storage solutions and materials handling systems worldwide. The company operates in two segments, Kardex Remstar and Kardex Mlog. The Kardex Remstar segment develops, produces, and maintains dynamic storage and retrieval systems. The Kardex Mlog segment offers integrated material handling systems and automated high bay warehouses. The company provides vertical buffer, carousel, and lift, as well as horizontal carousel modules; heavy duty units; office solutions; stacker cranes; AutoStore; pick and place robotics; conveyor systems; software and control solutions; and accessories. Its products are used in automated storage and retrieval systems, buffering and sequencing, order fulfillment, controlled environment, document storage, and general contractor applications. Kardex Holding AG is headquartered in Zurich, Switzerland.

How the Company Makes Money

Kardex primarily makes money by selling and implementing intralogistics automation systems and then supporting them throughout their lifecycle. Key revenue streams typically include: (1) System/equipment sales and project business: revenue from designing, manufacturing, and delivering automated storage and retrieval solutions (such as vertical lift modules and carousel systems) and, via its warehouse solutions activities, larger-scale automated material-flow systems (e.g., shuttle- and conveyor-based installations). These projects generally include engineering, installation, commissioning, and integration into the customer’s facility. (2) Software and controls: revenue from providing the software, controls, and interfaces that run Kardex systems and connect them to customer warehouse management/enterprise systems, which may be bundled with equipment/projects or sold as upgrades and extensions. (3) Services and aftermarket: recurring revenue from maintenance contracts, inspections, repairs, spare parts, retrofits/modernization, and technical support over the installed base’s operating life; this stream can be more recurring and margin-supportive than one-time project deliveries. (4) Customer-driven expansions: incremental revenue from capacity expansions, additional modules, performance upgrades, and reconfigurations as customers grow or change processes. Factors influencing earnings include overall customer capital spending on warehouse automation, the installed base size (supporting service and spare-parts demand), and the company’s ability to deliver complex integration projects; specific partnerships or customer names are null.

Kardex AG Financial Statement Overview

Summary

Strong multi-year revenue growth and healthy profitability are supported by an exceptionally conservative balance sheet (near-zero leverage). The main constraint is volatility in net income and free cash flow, including a sharp earnings drop in 2025 and weaker free cash flow versus 2024.

Income Statement

Revenue has expanded strongly from 2020 to 2024 (with solid growth in 2021–2023 and mid‑teens growth in 2024), supporting a good long-term trajectory. Profitability is generally healthy, with net profit margins around the high-single to ~10% range in 2023–2024 and solid operating profitability. The key weakness is earnings volatility: despite higher revenue in 2025, net income fell sharply versus 2024, indicating pressure below the operating line and reducing confidence in near-term earnings stability.

Balance Sheet

The balance sheet is a major strength: debt is essentially negligible across the period (near-zero debt-to-equity), and equity has remained substantial relative to assets. Returns on equity were strong in 2023–2024, indicating good profitability on the capital base. A mild watch item is that equity dipped in 2025 versus 2024, but overall leverage remains extremely low and financial flexibility appears high.

Cash Flow

Cash generation is generally solid, with strong operating cash flow and free cash flow in 2023–2024 and free cash flow that broadly tracks earnings in those years. However, cash flow has shown meaningful swings: 2022 was weak (including negative free cash flow), and 2025 free cash flow declined materially versus 2024. Overall, the company produces cash, but the variability in conversion and year-to-year free cash flow is a clear risk factor.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	855.15M	791.20M	702.90M	565.60M	455.50M
Gross Profit	286.06M	276.80M	235.90M	177.70M	163.30M
EBITDA	111.12M	117.50M	100.70M	63.70M	65.90M
Net Income	41.87M	80.70M	66.60M	37.80M	43.90M
Balance Sheet
Total Assets	502.61M	493.50M	422.20M	364.10M	337.80M
Cash, Cash Equivalents and Short-Term Investments	136.19M	173.30M	119.60M	102.70M	129.10M
Total Debt	0.00	100.00K	0.00	0.00	600.00K
Total Liabilities	233.12M	208.60M	182.10M	159.50M	143.90M
Stockholders Equity	268.09M	283.90M	239.10M	203.90M	193.80M
Cash Flow
Free Cash Flow	39.25M	98.90M	60.70M	-3.80M	72.60M
Operating Cash Flow	63.21M	114.20M	80.40M	10.40M	79.60M
Investing Cash Flow	-25.06M	-48.50M	-15.00M	6.10M	-49.20M
Financing Cash Flow	-50.83M	-39.40M	-27.50M	-32.80M	-27.50M

Kardex AG Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 254.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:KARN, the sentiment is Neutral. The current price of 254.5 is above the 20-day moving average (MA) of 253.65, below the 50-day MA of 265.45, and below the 200-day MA of 286.57, indicating a neutral trend. The MACD of -3.72 indicates Negative momentum. The RSI at 49.02 is Neutral, neither overbought nor oversold. The STOCH value of 69.53 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CH:KARN.

Kardex AG Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KARN	73 Outperform	CHF1.96B	54.72	―	2.17%	11.43%	6.46%
BUCN	73 Outperform	CHF3.45B	15.87	―	2.99%	-11.64%	-24.17%
MIKN	69 Neutral	CHF258.07M	6.02	13.91%	2.43%	-1.94%	6.63%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
INRN	59 Neutral	CHF1.23B	33.61	―	1.46%	-3.67%	-12.95%
BYS	48 Neutral	CHF403.69M	-19.34	-9.18%	1.50%	-21.53%	-4693.32%
KOMN	44 Neutral	CHF239.96M	-36.22	―	―	-13.64%	-281.19%

Kardex AG Corporate Events

Kardex Lifts Orders and EBIT in 2025 as Rocket Deal Hits Bottom Line

Kardex reported a strong 2025 performance with bookings up 24.1% to EUR 981.6 million and net revenues rising 7.5% to EUR 850.4 million, driven mainly by its Standardized Systems segment and robust demand for intralogistics automation despite global trade uncertainty. EBIT surpassed EUR 100 million for the first time, but net profit nearly halved to EUR 41.8 million due to a EUR 39 million non-cash write-off linked to the acquisition of startup Rocket Solution, which was integrated as a fourth business unit to strengthen the light-goods portfolio.

Automated Products delivered record revenues with stable margins, while Standardized Systems posted rapid growth in bookings and sales at the cost of lower margins amid heavy investment for future expansion. Kardex increased its order backlog by 26% to EUR 599.2 million, maintained a high 35% ROIC, announced a leadership change at Kardex Mlog, and confirmed a steady CHF 6.00 dividend proposal, underscoring confidence in continued growth from automation, labor constraints, and reshoring trends.

The most recent analyst rating on (CH:KARN) stock is a Buy with a CHF350.00 price target. To see the full list of analyst forecasts on Kardex AG stock, see the CH:KARN Stock Forecast page.