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Schindler Holding AG
(SCHP)
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Rating:71Outperform
Price Target:
CHF298.00
▲(18.35% Upside)
Action:Reiterated
Date:07/21/26
The score is driven primarily by strong financial quality (low leverage, solid cash generation, improved profitability) and supportive earnings-call execution/guidance (record margins, efficiency gains, modernization/backlog strength). Offsetting these positives are a relatively expensive valuation (P/E ~28) and only moderate technicals with the stock still below its 200-day average, alongside macro/regional headwinds highlighted on the call (China NI weakness, FX, and cost pressures).
Positive Factors
Balance-sheet strength
Schindler’s balance sheet is conservatively financed with falling net debt and steadily rising equity. Lower leverage and growing equity provide financial resilience, support investment in product rollouts and modernization, and reduce refinancing risk over the next 2–6 months.
Negative Factors
China new-installation weakness
Significant exposure to China NI means prolonged market contraction there will constrain top‑line growth and unit orders. Given China backlog declines and weaker NI volumes, overall revenue momentum may remain muted regionally and group growth could be depressed for several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance-sheet strength
Schindler’s balance sheet is conservatively financed with falling net debt and steadily rising equity. Lower leverage and growing equity provide financial resilience, support investment in product rollouts and modernization, and reduce refinancing risk over the next 2–6 months.
Read all positive factors
Schindler Holding AG (SCHP) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF26.68B
Dividend Yield2.36%
Average Volume (3M)94.01K
Price to Earnings (P/E)35.3
Beta (1Y)0.60
Revenue Growth-3.06%
EPS Growth4.54%
CountryCH
Employees67,381
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)9.63
Shares Outstanding40,017,002
10 Day Avg. Volume81,492
30 Day Avg. Volume94,006
Financial Highlights & Ratios
PEG Ratio4.29
Price to Book (P/B)6.34
Price to Sales (P/S)2.93
P/FCF Ratio23.17
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF317.50Price Target Upside26.09% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)10.37
Revenue Forecast (FY)CHF11.05B
Schindler Holding AG Business Overview & Revenue Model
Company Description
Globally, Schindler Holding AG specializes in the engineering, installation, upkeep, and modernization of vertical and horizontal transportation systems, including elevators, escalators, and moving walkways. The firm also provides a range of digit...
How the Company Makes Money
Schindler primarily generates revenue through two broad activities: (1) New Installations and (2) Aftermarket (Service and Modernization). New Installations revenue comes from selling and installing new elevators, escalators, and related systems i...
Schindler Holding AG Earnings Call Summary
Earnings Call Date:Jul 21, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 22, 2026
Earnings Call Sentiment Neutral
The call highlights strong operational execution: record margins, robust and sustained modernization growth, backlog expansion and clear efficiency gains driven by the modular platform and product innovation. However, top-line momentum is constrained by weak New Installation demand in China, FX headwinds, working capital/cash flow timing issues and near-term cost inflation/tariff pressures. Management maintained full-year guidance and communicated mitigation actions (pricing, surcharges, procurement and efficiency measures). The results therefore reflect solid operational strength but tangible macro and regional headwinds that balance the positives.Positive Updates
Record Operating Margin and Profitability
EBIT margin expanded by 90 basis points to 13.2% in H1 2026 (13.5% adjusted). Management reported another record operating profit and net profit margins moved into double digits in H1, with net margin passing 10% in Q1 and continuing higher in Q2.
Negative Updates
Disappointing Revenue Growth in H1
Group revenue grew only 1.4% in H1 2026 (Q2 revenue +1.1% in local currency), described as 'not a growth level we are happy with.' Management attributes some of the shortfall to timing of large modernization projects shifting into H2.
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Q2-2026 Updates
Positive
Negative
Record Operating Margin and Profitability
EBIT margin expanded by 90 basis points to 13.2% in H1 2026 (13.5% adjusted). Management reported another record operating profit and net profit margins moved into double digits in H1, with net margin passing 10% in Q1 and continuing higher in Q2.
Read all positive updates
Company Guidance
Management confirmed 2026 guidance: revenue growth of low‑ to mid‑single digits in local currencies and an FY EBIT margin target of 13% (H1: 13.2% reported, 13.5% adjusted), while reiterating segment outlook of strong double‑digit modernization growth, mid‑single‑digit service growth and a gradual easing of the New Installation headwind from H1’s high‑single‑digit decline. They expect additional cost inflation of about CHF 35m for the year (≈2/3 in H2), an estimated annual gross P&L tariff impact of ~CHF 15m, and noted an H1 FX revenue headwind of CHF 233m (Q2 CHF 48m) that could ease; backlog was up ~5.8% vs year‑end 2025 (backlog +3% YoY, +6% YTD; modernization backlog +13% YoY; regional backlog growth: EMEA/APAC mid‑single, Americas high‑single). Operational improvements contributed ~CHF 45m to H1 EBIT and management remains on track for the ~CHF 200m+ efficiency target (with H2 skew), IFRS 18 would have reduced H1 operating profit by ~CHF 20m (~40 bps, roughly CHF 40m on a full‑year basis), and net profit margins moved above 10% in H1.Schindler Holding AG Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
83
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.79B | 10.95B | 11.24B | 11.49B | 11.35B | 11.24B |
| Gross Profit | 3.53B | 7.06B | 7.03B | 8.06B | 3.02B | 3.19B |
| EBITDA | 2.09B | 1.73B | 1.65B | 1.56B | 1.23B | 1.49B |
| Net Income | 1.28B | 1.01B | 950.00M | 866.00M | 610.00M | 828.00M |
Balance Sheet | ||||||
| Total Assets | 11.51B | 11.72B | 12.00B | 11.31B | 11.81B | 11.97B |
| Cash, Cash Equivalents and Short-Term Investments | 3.70B | 4.27B | 4.07B | 3.57B | 3.44B | 3.82B |
| Total Debt | 717.00M | 678.00M | 812.00M | 699.00M | 1.04B | 1.09B |
| Total Liabilities | 6.81B | 6.58B | 6.95B | 6.60B | 7.36B | 7.54B |
| Stockholders Equity | 4.62B | 5.06B | 4.95B | 4.60B | 4.33B | 4.30B |
Cash Flow | ||||||
| Free Cash Flow | 1.27B | 1.38B | 1.49B | 1.17B | 558.00M | 1.18B |
| Operating Cash Flow | 1.40B | 1.49B | 1.59B | 1.27B | 688.00M | 1.31B |
| Investing Cash Flow | -249.00M | -447.00M | -476.00M | 44.00M | -646.00M | -374.00M |
| Financing Cash Flow | -1.33B | -1.22B | -882.00M | -1.05B | -683.00M | -614.00M |
Schindler Holding AG Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | CHF18.05B | 86.87 | 28.08% | 1.08% | -2.20% | -7.05% | |
71 Outperform | CHF26.68B | 35.26 | 21.01% | 2.38% | -3.06% | 4.54% | |
71 Outperform | CHF1.12B | 21.40 | ― | 2.46% | 1.72% | -9.57% | |
70 Outperform | CHF3.10B | 17.42 | ― | 2.04% | -4.06% | -17.81% | |
67 Neutral | CHF1.84B | 70.39 | ― | 2.54% | 2.60% | -65.24% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
52 Neutral | CHF4.24B | -31.55 | ― | 2.58% | -20.47% | -148.37% |
* Industrials Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.