PSP Swiss Property AG (PSPN) AI Stock Analysis

• Market Cap: CHF7.13B
• Dividend Yield: 2.74%
• Average Volume (3M): 71.17K
• Price to Earnings (P/E): 16.1
• Beta (1Y): 0.17
• Revenue Growth: -1.14%
• EPS Growth: 46.84%
• Country: CH
• Employees: 77
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Diversified
• EPS (TTM): 3.25
• Shares Outstanding: 45,867,893
• 10 Day Avg. Volume: 66,789
• 30 Day Avg. Volume: 71,170
• PEG Ratio: 1.78
• Price to Book (P/B): 1.17
• Price to Sales (P/S): 17.52
• P/FCF Ratio: 41.12
• 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: CHF140.26
• Price Target Upside: -12.12% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 4
• EPS Forecast (FY): 5.53
• Revenue Forecast (FY): CHF357.68M

• Rating: 63 Neutral
• Price Target: CHF176.00 ▲(10.28% Upside)
• Action: Downgraded Date: 03/01/26
• Date: Action: Downgraded 03/01/26

The score is driven primarily by solid-but-mixed financial performance (strong profitability and a manageable balance sheet offset by weak TTM revenue and uneven cash conversion). Technicals are supportive due to a clear uptrend, but overbought signals raise near-term risk. Valuation is neutral, with a moderate P/E and a modest dividend yield.

Positive Factors

High Reported Profitability

Sustained high gross and net margins indicate the business can generate resilient earnings from its asset base, supporting dividend capacity and reinvestment. Over months this margin strength helps absorb cyclical rental fluctuations and funds value-enhancing projects.

Solid Balance Sheet Base

A large equity base and moderate leverage reduce refinancing stress and provide capacity for selective acquisitions or development. This durability supports long-term asset stewardship and lowers the firm’s structural funding risk over the coming months.

Prime Swiss Property Portfolio

Focus on prime-location offices, retail and residential assets in Switzerland yields structurally stable rental demand and attracts high-quality tenants. That tenant and location quality underpin steady rental cashflows and long-term asset value preservation.

Negative Factors

Weak Revenue Momentum

A declining top line reduces visibility into sustainable growth and undermines the quality of reported earnings. Over a multi-month horizon persistent revenue softness can compress leasing power, slow NAV growth and limit reinvestment without asset sales.

Uneven Cash Conversion

Weak and volatile cash conversion means accounting profits are not fully available as cash, constraining internally funded capex, dividends or development. Repeated shortfalls raise reliance on external financing or disposals, weakening financial durability.

Rising Leverage and Modest ROE

Incrementally higher leverage combined with only mid-single-digit ROE signals limited efficiency in capital deployment. That dynamic raises sensitivity to higher rates and reduces scope to expand the portfolio without diluting returns or increasing risk.

PSP Swiss Property AG Business Overview & Revenue Model

Company Description

PSP Swiss Property AG, together with its subsidiaries, owns and operates real estate properties in Switzerland. It operates through Real Estate Investments and Property Management segments. The company owns, operates, and leases office, retail, gastronomy, and parking spaces. It owns 158 office and commercial properties, and 18 development sites and individual projects in Zurich, Geneva, Basel, Bern, and Lausanne. The company was founded in 1999 and is based in Zug, Switzerland.

How the Company Makes Money

PSP Swiss Property AG generates revenue primarily through rental income from its diversified portfolio of properties, which includes office buildings, retail spaces, and residential units. The company benefits from long-term lease agreements with reputable tenants, providing a stable stream of cash flow. Additionally, PSPN engages in property development and redevelopment projects, which can lead to significant capital appreciation and increased rental income upon completion. The company may also realize profits through the sale of non-core or underperforming assets. Strategic partnerships with local businesses and municipalities further enhance its ability to identify lucrative investment opportunities, thus contributing to its overall earnings.

PSP Swiss Property AG Financial Statement Overview

Summary

Financials are solid but not strong: profitability is high and the balance sheet is reasonably supported by equity with manageable leverage, but TTM revenue fell sharply and cash conversion is uneven (operating cash flow is well below reported earnings), limiting confidence in the quality of results.

Income Statement

Profitability is strong on paper, with very high gross and net profitability in both the latest annual period and TTM (Trailing-Twelve-Months), and net income holding up well versus prior years. However, revenue momentum is weak: TTM (Trailing-Twelve-Months) revenue fell sharply versus the prior period, continuing a generally soft top-line trend after 2022. Overall, earnings look resilient, but the revenue trajectory and volatility make the quality of growth less convincing.

Balance Sheet

The balance sheet looks reasonably solid for a real estate business, supported by a large equity base and moderate leverage (debt running at roughly 0.6x equity in the latest periods). Returns on equity are positive and have improved from 2023 levels, but remain mid-single-digit, suggesting limited efficiency in turning the asset base into shareholder returns. Leverage is manageable, though higher than the 2020–2022 range, which modestly increases financial risk.

Cash Flow

Cash generation is positive, with TTM (Trailing-Twelve-Months) free cash flow improving and free cash flow covering a meaningful portion of net income. That said, cash conversion is not consistently strong: operating cash flow is less than half of reported earnings in recent periods, indicating that accounting profits are not fully translating into cash. Free cash flow has also been choppy year-to-year, which reduces visibility.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	375.71M	368.14M	372.81M	409.69M	384.77M
Gross Profit	337.42M	343.29M	326.97M	316.69M	312.94M
EBITDA	540.61M	488.97M	138.30M	292.19M	287.17M
Net Income	408.47M	374.95M	207.59M	329.96M	595.02M
Balance Sheet
Total Assets	10.18B	9.92B	9.79B	9.48B	9.18B
Cash, Cash Equivalents and Short-Term Investments	45.34M	56.97M	141.68M	20.74M	20.38M
Total Debt	3.38B	3.38B	3.47B	1.95B	1.94B
Total Liabilities	4.53B	4.51B	4.57B	4.29B	4.16B
Stockholders Equity	5.64B	5.41B	5.22B	5.20B	5.02B
Cash Flow
Free Cash Flow	160.09M	121.39M	276.71M	166.46M	139.33M
Operating Cash Flow	227.22M	212.96M	276.90M	316.44M	297.50M
Investing Cash Flow	-43.58M	-38.14M	-353.61M	-222.14M	-105.04M
Financing Cash Flow	-195.26M	-259.53M	197.65M	-93.94M	-204.41M

PSP Swiss Property AG Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 159.60
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:PSPN, the sentiment is Neutral. The current price of 159.6 is below the 20-day moving average (MA) of 162.79, above the 50-day MA of 156.56, and above the 200-day MA of 143.70, indicating a neutral trend. The MACD of 1.03 indicates Positive momentum. The RSI at 46.81 is Neutral, neither overbought nor oversold. The STOCH value of 20.04 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CH:PSPN.

PSP Swiss Property AG Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PLAN	72 Outperform	CHF941.85M	6.07	7.56%	2.16%	27.85%	89.97%
ALLN	71 Outperform	CHF3.67B	8.22	9.87%	3.45%	6.79%	196.21%
SPSN	68 Neutral	$10.76B	25.70	5.24%	2.83%	-6.88%	90.76%
NREN	68 Neutral	CHF434.30M	6.99	―	3.52%	45.30%	823.48%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
PSPN	63 Neutral	CHF7.13B	16.11	―	2.74%	-1.14%	46.84%

PSP Swiss Property AG Corporate Events

PSP Swiss Property Delivers Solid 2025 Results and Raises Dividend on Strong Portfolio Revaluation

PSP Swiss Property AG reported another solid financial year in 2025, with its real estate portfolio rising to CHF 10.1 billion and a continued focus on centrally located, high-quality properties. The company operates in a stable but segmented Swiss commercial rental market, where prime city-centre offices and high-street retail, particularly in Zurich, showed strong demand while peripheral and older assets remained under pressure.

Net income increased by 8.9% to CHF 408.5 million, driven largely by a higher revaluation gain of CHF 231.1 million, while profit excluding property gains fell slightly and rental income was broadly flat on a reported basis but grew like-for-like. The balance sheet remains robust with an equity ratio of 55.5%, low average debt costs around 1%, over CHF 1 billion in unused credit lines and an A3 rating, enabling continued investment in major development and refurbishment projects and supporting a 5 centime increase in the dividend to CHF 3.95 per share.

The most recent analyst rating on (CH:PSPN) stock is a Buy with a CHF162.00 price target. To see the full list of analyst forecasts on PSP Swiss Property AG stock, see the CH:PSPN Stock Forecast page.