Swatch Group AG Class N (UHRN) Fair Value & Analysis
Consumer Cyclical · CH · Market cap CHF 10.6B · ISIN CH0012255144
What is Swatch Group AG Class N really worth?
A solid business, but trading 69% above our fair value of CHF 21.48.
Strengths
Risks
For context
Fair value as of: Sep 5, 2026
From 24 valuation models · updated today
Share price −1.4% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (CHF 27.53). The favourable scenario is already priced in.
- Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 5, 2026.
How to read this chart
60‑month range CHF 24.29 – CHF 56.36 · fair‑value band CHF 17.72 – CHF 27.53 · the CHF 36.35 price screens above the CHF 21.48 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 5, 2026.
Analysis
Swatch Group AG Class N (UHRN) currently trades at CHF 36.35, while our model-based Fair Value estimate is CHF 21.48, implying the stock looks roughly 69.2% overvalued today. The Quality Score stands at 60/100 (solid quality), in the Consumer Cyclical sector. Bull case: the Asset-Based group reads highest at a median of CHF 26.45 per share, and 0 of the 24 models we run sit above the CHF 36.35 price. Bear case: the Economic Profit group reads lowest at CHF 6.00, and 24 of the 24 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, Swatch Group AG Class N generated revenue of CHF 6.3B at a net margin of 0.1%. Revenue declined 2.1% year over year. It earns a return on equity of 0.2%. The balance sheet holds a net cash position of CHF 972M. Fundamentals as of Sep 5, 2026
Our scenario range runs from CHF 17.72 (bear case) to CHF 27.53 (bull case); at CHF 36.35, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 16% below its 52-week high and 42% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at −6% fair-value upside, at −41%, UHRN screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 24 models by family
Widest divergence: Asset-Based (CHF 26.45) versus Earnings-Based (CHF 0.1200). Highest evidence: FCF DCF (82).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 5, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 60 · Market factors (momentum, volatility) 59
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
The Swatch Group AG designs, manufactures, and sells finished watches, jewelry, and watch movements and components in Switzerland, rest of Europe, Greater China, Asia, America, Oceania, and Africa. The company operates through Watches & Jewelry and Electronic Systems segments.
Full company description
The Swatch Group AG designs, manufactures, and sells finished watches, jewelry, and watch movements and components in Switzerland, rest of Europe, Greater China, Asia, America, Oceania, and Africa. The company operates through Watches & Jewelry and Electronic Systems segments. The Watches & Jewelry segment designs, produces, and commercializes watches and jewelry. The Electronic Systems segment engages in the design, production, and commercialization of electronic components, as well as sports timing activities. The company is also involved in the provision of assembly, research and development, administration, logistics and distribution, and customer services; and hard material components, microelectronics, watch cases and crowns, miniature low-frequency quartz crystals, thin wires, miniature batteries, watch dials and hands, bracelets, sports timing technology and equipment, precision parts, electronic components assembly, and surface treatment products. In addition, it engages in the patent, retail, communication, real estate, real estate management, finance, reinsurance, and art center businesses. The company offers its watch and jewelry products under the Breguet, Harry Winston, Blancpain, Glashütte Original, Jaquet Droz, Omega, Longines, Rado, Union Glashütte, Tissot, Balmain, Certina, Mido, Hamilton, Swatch, and Flik Flak brands. The Swatch Group AG was founded in 1983 and is headquartered in Biel/Bienne, Switzerland.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Swatch Group AG Class N reported revenue of CHF 6.3B in FY2025 versus CHF 7.3B in FY2021, a compound −3.7%/yr. Reported net income was CHF 3.0M in FY2025, compounding −75.0%/yr from FY2021.
of which total revenue −1.8 % · buybacks/dilution +4.4 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
UHRN screens 69% overvalued. Compare with Hermès International Société en commandite par actions →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Kepler upgrades Swatch to Buy, sees earnings recovery driving re-rating
- ISS Recommends The Swatch Group AG Shareholders Vote FOR GreenWood’s Director Nominee and Governance Proposals for the Company’s 2026 Annual
- Swatch Group's (VTX:UHR) Weak Earnings May Only Reveal A Part Of The Whole Picture
- Swatch Group (SWX:UHR): Does Protecting Capacity and the Dividend Redefine Its Investment Story?
Peer Group
Luxury Goods · 135 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Luxury Goods median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Luxury Goods stocks, each showing price versus our Fair Value estimate (as of Sep 5, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Hermès International Société en commandite par actions RMS | €1,598 | €950.24 | −41% |
| Compagnie Financière Richemont SA CFR | CHF 192.15 | CHF 119.49 | −38% |
| Christian Dior SE DIO | €423.60 | €1,095 | +159% |
| Titan Company TITAN | ₹5,106 | ₹972.23 | −81% |
| Tapestry, Inc TPR | $153.74 | $19.95 | −87% |
| Chow Tai Fook Jewellery Group 1929 | HK$12.31 | HK$11.51 | −6% |
| Prada S.p.A 1913 | HK$40.86 | HK$64.71 | +58% |
| Pandora A/S PNDORA | kr 783.00 | kr 1,424 | +82% |
| Laopu Gold Co 6181 | HK$385.00 | HK$654.83 | +70% |
| Brunello Cucinelli S.p.A BC | €89.08 | €34.90 | −61% |
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