Swatch Group AG Class N (UHRN) fair value: what the stock is really worth
We calculate from audited financials what Swatch Group AG Class N is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 13, 2026.
How to read this chart
60‑month range CHF 24.29 – CHF 56.36 · fair‑value band CHF 6.77 – CHF 10.51 · the CHF 34.65 price screens above the CHF 8.20 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 13, 2026.
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.
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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.
Stock analysis
Swatch Group AG Class N (UHRN) currently trades at CHF 34.65, while our model-based Fair Value estimate is CHF 8.20, implying the stock looks roughly 322.5% overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of CHF 24.99 per share, and 0 of the 24 models we run sit above the CHF 34.65 price.
Bear case: the Economic Profit group reads lowest at CHF 5.67, and 24 of the 24 models stay below the price. Evidence for this calculation is medium.
Scenario range: CHF 6.77 (bear) to CHF 10.51 (bull), the price of CHF 34.65 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 60/100 (solid quality), in the Consumer Cyclical sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
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.
Key figures
Market cap CHF 10.6B · P/S ratio 1.76 · EPS (TTM) CHF 0.0100 · Dividend yield 13.0% · Net margin 0.0% · Return on equity 0.2% · Return on assets (EBIT) 3.6% · Operating margin 2.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 20% below its 52-week high and 36% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 4% fair-value upside, at −76%, UHRN screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (CHF 0.1100 to CHF 24.99). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear CHF 6.77Fair Value CHF 8.20Bull CHF 10.51
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−6.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−5.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.3%
Revenue growth 28 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.7%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−41.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year−54.3%
Dividend (yield on the price)13.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−54% vs −35%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.1% → 2%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−14.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+4.3%
Yearly sales growth analysts expect, extended to five years.
News mood ⓘNews mood, the average tone of recent news (90 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
Compare Swatch Group AG Class N with another stock
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Luxury Goods · 130 stocks
Beats the industry median on 4/13 measures
Overall it trails its industry peers.
Valuation
Quality Score60 · Above median
Fair Value upside−77% · Bottom 25%
Profitability
Return on equity (TTM)0% · Bottom 25%
Return on assets1% · Bottom 25%
Net margin (TTM)0% · Bottom 25%
Operating margin (TTM)2% · Below median
Growth and dividend
Revenue growth−2% · Below median
Dividend yield (TTM)13.0% · Top 25%
Valuation Multiplesvs Luxury Goods median · lower = cheaper
P/B1.14× · Cheaper than median
P/S (TTM)2.09× · Priciest 25%
P/FCF134.1× · Priciest 25%
EV/EBITDA23.6× · Priciest 25%
PEG0.12× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 12
FUTURE (revenue growth)0· sector 45
PAST (return on equity)1· sector 40
HEALTH (low debt)100· sector 99
DIVIDEND (yield)100· sector 44
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Swatch Group AG Class N Fair Value". https://www.fairvalue-calculator.com/stock/UHRN
Frequently asked questions
Is Swatch Group AG Class N (UHRN) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of CHF 8.20 versus a price of CHF 34.65, about −76% upside (overvalued).
What is the fair value of UHRN?
Our model-based fair value for Swatch Group AG Class N is CHF 8.20 (as of Sep 13, 2026), built from audited fundamentals. The current price: CHF 34.65.
What is the quality score of UHRN?
Swatch Group AG Class N has a Quality Score of 60/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Swatch Group AG Class N (UHRN)?
Our model-based price target is the fair value of CHF 8.20 (as of Sep 13, 2026) from 24 valuation models. Cautious scenario CHF 6.77, optimistic scenario CHF 10.51. It is a calculation from audited fundamentals, not an analyst target.
What is the Swatch Group AG Class N stock forecast for 2026?
Our models put fair value at CHF 8.20, about −76% upside versus a price of CHF 34.65 (overvalued). Cautious scenario CHF 6.77, optimistic scenario CHF 10.51. The calculation is refreshed regularly with new filings.
What is the revenue of Swatch Group AG Class N (UHRN)?
Swatch Group AG Class N reported trailing-twelve-month revenue of about CHF 6.3B (latest available figure, as of Sep 13, 2026).
Does Swatch Group AG Class N pay a dividend?
Swatch Group AG Class N currently shows a dividend yield of about 12.99% relative to its recent price (as of Sep 13, 2026).
What growth is priced into Swatch Group AG Class N (UHRN)?
For today's price to be fair in a discounted-cash-flow model, Swatch Group AG Class N would have to grow free cash flow by -14.4 % per year for five years (discount rate 8.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.3 % per year. As of Sep 13, 2026.
What discount rate (WACC) does the fair value of UHRN use?
Our models discount Swatch Group AG Class N at 8.6 %: a base by market capitalisation (large), damped by beta 0.81, country premium for Switzerland. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Swatch Group AG Class N that is -14.4 % per year a year over ten years, using the same discount rate (8.6 %) and the same formula as our fair value.
How much growth has Swatch Group AG Class N (UHRN) delivered so far?
Over the past 5 years revenue at Swatch Group AG Class N grew +2.3 % a year. The price currently implies -14.4 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Swatch Group AG Class N (UHRN) growing?
The median revenue growth in the sector is +2.6 % a year. That is the yardstick for the growth priced into Swatch Group AG Class N (-14.4 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Swatch Group AG Class N (UHRN)?
The free-cash-flow yield on the price is 5.50 %: that much free cash flow Swatch Group AG Class N produces per unit of market value. When it exceeds the discount rate of our models (8.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Swatch Group AG Class N (UHRN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Swatch Group AG Class N it is CHF 8.20 per share (as of Sep 13, 2026), against a price of CHF 34.65. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Swatch Group AG Class N stock overvalued or undervalued in 2026?
As of Sep 13, 2026, UHRN trades above its calculated fair value: price CHF 34.65, fair value CHF 8.20, a gap of about −76% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of UHRN?
No. The price is what the market pays today (CHF 34.65); the fair value is what the company's own numbers justify (CHF 8.20). For Swatch Group AG Class N the two are CHF 26.45 per share apart. That gap is exactly why we show both numbers side by side.
How much is Swatch Group AG Class N worth?
The market values Swatch Group AG Class N at about CHF 10.6B (market capitalisation, as of Sep 13, 2026). Per share that is CHF 34.65; our models calculate a fair value of CHF 8.20 per share.
What do the bullish and bearish scenarios say about UHRN?
Our models span a range for Swatch Group AG Class N: cautious scenario CHF 6.77, base CHF 8.20, optimistic CHF 10.51 per share (as of Sep 13, 2026, price CHF 34.65). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of UHRN?
The PEG ratio of Swatch Group AG Class N is 0.12 (P/E divided by earnings growth, as of Sep 13, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Swatch Group AG Class N (UHRN)?
Balance-sheet figures for Swatch Group AG Class N (as of Sep 13, 2026): return on equity 0.2%. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is UHRN from its 52-week high?
Swatch Group AG Class N trades at CHF 34.65, about 20% below its 52-week high of CHF 43.50 and 36% above the low of CHF 25.56 (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 8.20 is for.
Which stocks are comparable to Swatch Group AG Class N?
From the same area (Consumer Cyclical) we also value Hermès International Société en commandite par actions, Compagnie Financière Richemont SA, Christian Dior SE, Titan Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Swatch Group AG Class N stock attractive at the current price?
The data as of Sep 13, 2026: price CHF 34.65, calculated fair value CHF 8.20 (−76%), Quality Score 60/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of UHRN calculated?
We run Swatch Group AG Class N through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of CHF 8.20, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 16.1 % above its aggregate fair value. Swatch Group AG Class N itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Swatch Group AG Class N (UHRN)?
The closing price on Sep 21, 2026 was CHF 34.65. Our model-based fair value is CHF 8.20, about −76% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Swatch Group AG Class N right now?
The price sits above even our optimistic bull case (CHF 10.51). 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.
Where does the earnings growth of Swatch Group AG Class N (UHRN) come from?
Earnings per share at Swatch Group AG Class N grew −7.1 % a year from 2014 to 2025. Broken into its drivers: revenue per share +2.5 %, EBIT margin −22.8 %, tax rate −1.8 %, residual (interest, one-offs) +19.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Swatch Group AG Class N
How large is the market capitalisation of Swatch Group AG Class N (UHRN)?
The market capitalisation of Swatch Group AG Class N is CHF 10.6B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Swatch Group AG Class N (UHRN)?
The price-to-sales ratio of Swatch Group AG Class N is 1.76 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Swatch Group AG Class N (UHRN)?
Earnings per share at Swatch Group AG Class N are CHF 0.0100. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Swatch Group AG Class N (UHRN)?
The dividend yield of Swatch Group AG Class N is 13.0%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Swatch Group AG Class N (UHRN)?
The net margin of Swatch Group AG Class N is 0.0% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Swatch Group AG Class N (UHRN)?
The return on equity (ROE) of Swatch Group AG Class N is 0.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Swatch Group AG Class N (UHRN)?
On an EBIT basis the return on assets of Swatch Group AG Class N is 3.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Swatch Group AG Class N (UHRN)?
The operating margin of Swatch Group AG Class N is 2.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Swatch Group AG Class N (UHRN)?
Revenue at Swatch Group AG Class N is growing −2.1% versus a year earlier (3y avg −5.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Swatch Group AG Class N (UHRN)?
Earnings per share at Swatch Group AG Class N are growing −85.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Swatch Group AG Class N (UHRN) hold?
Swatch Group AG Class N holds more cash than debt, CHF 972M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Some data
Sep 13, 2026