Schindler Holding
SCHN.SW Large CapIndustrials · Specialty Industrial Machinery
Updated: Aug 20, 2026, 22:20 UTC
Price Chart
Key Metrics
Valuation Analysis
About the Company
Schindler Holding AG engages in the production, installation, maintenance, and modernization of elevators, escalators, and moving walks worldwide. It offers Schindler PORT, a transit management system; CleanMobility solutions; Schindler R.I.S.E, a robotic installation system; Schindler MetaCore which enables buildings to be repurposed and their functionality to be reconfigured; Schindler CLIMB Lift, a self-climbing system; Schindler X8; Digital Twin; and BuildingMinds, a cloud based SaaS platform that lets users monitor the performance of a real estate portfolio. In addition, the company provides digital services; and Building Information Modeling which provides traceability and insights throughout the project life cycle, including planning, design, construction, operation, and maintenance
Schindler Holding Stock at a Glance
Schindler Holding (SCHN.SW) is currently trading at CHF 253.00 with a market capitalization of $27.4B. The trailing P/E ratio stands at 26.33x, with a forward P/E of 22.01x. The 52-week range spans from CHF 238.00 to CHF 301.50; the current price is 16.1% below the yearly high. Year-over-year revenue growth stands at -0.7%. The net profit margin stands at 9.52%.
💰 Dividend
Schindler Holding pays an annual dividend of CHF 6.00 per share, representing a yield of 2.37%. The payout ratio stands at 62.43%.
📊 Analyst Rating
13 analysts rate Schindler Holding (SCHN.SW) on consensus: Buy. The average price target is CHF 298.31, implying +17.91% from the current price. Analyst price targets range from CHF 273.00 to CHF 345.00.
Schindler Holding: The Investment Case in Detail
Schindler Holding (SCHN.SW) operates in the Industrials — specifically Specialty Industrial Machinery — and is headquartered in Switzerland. Below is a structured read of the investment case built directly from the latest fundamentals, valuation multiples, analyst positioning and smart-money flows. Each section translates raw numbers into the investment logic they imply, so you can decide whether the risk/reward fits your portfolio.
The Bull Case
With a gross margin near 74.62%, the company sits in the top tier of its industry — these are the kinds of structural margins that protect earnings during downturns. Wall Street consensus sits at Buy with an average price target implying roughly 17.91% upside from current levels — analyst sentiment is firmly constructive.
The Bear Case
Revenue is contracting at -0.7% year-over-year — until that trend reverses, valuation is exposed to further downgrades.
Valuation in Context
At a PEG of 3.24, investors are paying more than three times the growth rate for each unit of earnings — that pricing assumes growth not only continues but accelerates from here.
What to Watch Next
- The forward P/E of 22.01x is meaningfully below the trailing 26.33x — analysts expect earnings to step up; the next earnings release is the test.
- The price sits in the lower quartile of the 52-week range — value hunters often start scaling in around this zone if fundamentals hold.
Investment Thesis: Strengths & Weaknesses
- High return on equity (23.08% ROE)
- High gross margin of 74.62% — indicates pricing power
- Analyst consensus: Buy
- Solid dividend yield of 2.37%
- Solid balance sheet with low debt (D/E 15.26)
- Positive free cash flow
- –Revenue shrinking (-0.7% YoY)
Technical Snapshot
Price is below both the 50- and 200-day moving averages, with 50d below 200d — a bearish picture (death-cross alignment).
Risk Profile
The data points to relatively defensive market behavior.
Trading Data
💵 Dividend Info
Related Stocks in the Same Sector
Schindler 2026: Service Renaissance, Urbanization Tailwinds, and the Quiet Compounder with 16 Years of Dividend Hikes
The Real Story
Schindler is probably one of the least-followed quality compounders in the SMI in 2026. The Swiss elevator and escalator manufacturer finally turned the margin corner in 2025 after three difficult years (China property crisis, raw-material cost spikes). Q1/2026: group revenue CHF 2.9B (+4.2% YoY), adjusted EBIT margin 12.8% (10.9% prior year), free cash flow CHF 380M.
The 2026 structural story rests on an often-underestimated factor: the service business (maintaining 1.7M installed elevators globally) is now 65% of group revenue at 27% gross margins (vs. 18% in the new-equipment business). That is a long-duration, predictable, recession-resistant revenue stream with 10–20-year contract durations. (1) Urbanization growth: emerging markets (India, Vietnam, Indonesia) install 80–100k new elevators per year per country — Schindler has 18–25% share in each. (2) Modernization wave: Europe has 5M installed elevators older than 25 years that will be modernized over the next decade — average CHF 30k of service revenue per upgrade. (3) AI-driven service: Schindler Ahead (IoT platform for predictive maintenance) crossed 500k connected units in 2026.
The dividend story is classically Swiss-solid: Schindler has raised the dividend in 16 out of 16 years since 2010. Current CHF 4.50/share, planned CHF 4.80 for FY2025 — 1.7% yield, not spectacular but with highly secure growth.
What Smart Money Thinks
The shareholder register is unusually concentrated and stable in 2026: the Schindler-Bonnard family (via the Schindler Holding) directly owns 60.8% of the voting registered shares — keeping the free float thin. On the participation certificate (which is what SCHN.SW trades) liquidity is better: BlackRock at 4.2%, Norges Bank 1.9%, Capital Group 2.1%.
Notable mover: Fundsmith Equity (Terry Smith) opened a first Schindler position in Q1/2026 — unusual for a manager who traditionally prefers US quality compounders. His rationale: ‘If you want the perfect compounder in Swiss industrials, this is it’. Sell-side: UBS raised Schindler to European Top Pick in industrials in 2026.
Explore the BMI Smart-Money Tracker →
📈 The 3 Real Bull Points
The service business runs at 27% gross margin with 3.5% organic annual growth, locked into 10–20-year contracts, and is structurally insulated from Chinese competitors (requires local presence). That makes 65% of Schindler's revenue largely crisis-resistant.
Schindler has raised the dividend in 16 consecutive years — one of the best records in the SMI. With current payout at 55% and FCF growth at 6–8% annually, further hikes are mechanically baked in.
China revenue (15% of group) collapsed 30% in 2024/25. 2026 shows the first stabilization in two years — Schindler reallocated factory capacity to India (+18% YoY) and Southeast Asia (+22% YoY). These markets replace China volume at higher margins.
📉 The 3 Real Bear Points
Even with Q1/2026 stabilization, the Chinese elevator market has shifted structurally (domestic customers prefer Chinese brands like Canny). Without a real 2027/28 recovery, Schindler is missing CHF 200–300M of revenue.
Schindler trades at 23× 2026 P/E and 14× EV/EBITDA — premium to the European industrial median. The premium is justified by the service mix, but vs. KONE (21× P/E) and Otis (22× P/E) there is no valuation gap to harvest.
With 60.8% family control, Schindler is effectively takeover-proof — which caps the valuation premium typical for quality compounders. Otis (US-listed) commands higher multiples in part because it is a potential target.
Valuation in Context
Schindler trades at 23× 2026 P/E and 14× EV/EBITDA — a premium justified by the service mix and very high FCF conversion (95%+). A DCF using 7.5% WACC and 3% terminal growth yields a fair-value range of CHF 290–325. The current price (~CHF 270) sits 7–17% below fair value — not spectacular, but cheap enough for DCA savings plans. Dividend yield 1.7% on a 16-year growth ladder.
🗓️ Next 3 Catalyst Dates
- July 2026: Q2/2026 earnings with an update on China stabilization and the India growth pipeline. Market expects 13.5%+ EBIT margin.
- October 2026: Capital Markets Day with refreshed mid-term plan to 2028. Market expects the EBIT margin target to lift from 14% to 15%.
- March 2027: AGM with the CHF 4.80/share dividend vote (planned). The 17th consecutive hike — a compounder signal.
💬 Daniel's Take
Schindler in 2026 is the classic ‘unspectacular quality compounder’ I happily hold long-term. The 1.7% yield is small, but 6–8% annual FCF growth plus CHF diversification plus the service-business moat make it a 20-year buy-and-hold. I run 2.5% portfolio weight via monthly DCA in CHF. If you want higher yields, Erste Group or BMW are better — but for the SMI compounder anchor, Schindler is the right tool.
Sources (3)
Disclaimer: This article is not investment advice. Investing in stocks carries risks, including total loss.
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