Download PDF

1. Company Snapshot

1.a. Company Description

Schindler Holding AG engages in the production, installation, maintenance, and modernization of elevators, escalators, and moving walks worldwide.It also offers digital media services for providing information, communication, and entertainment channels, such as Schindler Ahead DoorShow, which displays information, advertising, and announcements on the elevator landing doors; Schindler Ahead SmartMirror, a mirror and a screen for entertainment or information; Schindler Ahead AdScreen that delivers messages on screen inside the elevator; and Schindler Ahead MediaScreen, an in-car media solution for elevators.In addition, the company provides digital services, including Schindler Ahead ActionBoard that collates all the important statistics, activities, and performance data of elevators; and Schindler Ahead RemoteMonitoring which provides information about equipment's health.


Further, it also offers s digital solutions for transit and building management.The company provides its products and services to residential buildings, office buildings, hotels, healthcare facilities, malls and retail facilities, public transport locations, mixed-use buildings, institutional buildings, and marines, as well as stadiums, arenas, and convention centers.Schindler Holding AG was founded in 1874 and is based in Hergiswil, Switzerland.

Show Full description

1.b. Last Insights on SCHP

Schindler Holding AG's recent performance was positively driven by strong EBIT margin of 12.6%, surpassing expectations, and significant modernization order growth. The company forecasts modest 2026 revenue growth, anticipating recovering new installations in key markets to offset tariff impacts and pressure in China. Additionally, Schindler's partnership with Energy Vault to deploy B-VAULT energy storage solutions and launch of FlexGrid product for urban and utility applications may provide new growth opportunities. Its fourth-quarter sales were in line with analyst forecasts.

1.c. Company Highlights

2. Schindler's 2025 Earnings: A Strong Operational Recovery

Schindler reported a robust full-year 2025 performance, marking the end of its operational recovery with 12 consecutive quarters of year-on-year EBIT margin improvement. The company achieved an EBIT margin of 12.6%, surpassing its initial expectation of around 12%. Revenue growth was softer than expected, but operating performance was strong, driven by efficiency initiatives launched over the last few years. The company delivered an EPS of 2.3, beating estimates of 2.19. The net profit margin stood at 9.8% despite lower interest income and one-time financial gains. Operating cash flow reached CHF 1.5 billion, allowing for a higher dividend payout and further distribution to shareholders.

Publication Date: Feb -12

📋 Highlights
  • EBIT Margin Expansion:: Achieved 12.6% (vs. 12% guidance) with 12.6% net profit margin despite lower interest income and one-time gains.
  • Modernization Growth:: Orders up 19%, revenue +12%, driven by backlog acceleration and strategic portfolio optimization.
  • Cash Flow & Dividends:: Operating cash flow reached CHF 1.5 billion, enabling CHF 6.80 dividend (CHF 6 + CHF 0.80 extraordinary) and CHF 200 million share buybacks.
  • 2026 Outlook:: EBIT margin guidance of 13%, MOD revenue expected to grow double-digits, while New Installations face >5% decline due to China.
  • Restructuring & Tariffs:: CHF 60 million restructuring costs and CHF 18 million annual P&L impact from tariffs, offset partially by pricing/cost actions.

Segmental Performance

In 2025, Modernization orders grew 19%, with revenue up 12% as backlog execution accelerated in the final quarter. The maintenance portfolio was up mid-single digits in value terms, with an industry-leading retention rate. New Installation revenue was down high single digits, driven by China's decline. The company's efforts on product portfolio yielded commercial results, supporting its strategy to accelerate profitable growth.

Guidance and Outlook

For 2026, Schindler expects the Service markets to expand across all regions, with the Modernization markets seeing robust mid- to high single-digit growth. However, the New Installations market is expected to decline by more than 5% due to China. The company expects low to mid-single-digit revenue growth in local currency and an EBIT reported margin of 13% in 2026. Analysts estimate next year's revenue growth at 4.6%.

Valuation and Returns

Schindler's current valuation metrics indicate a P/E Ratio of 59.32, P/B Ratio of 6.53, and Dividend Yield of 2.14%. The company's high cash conversion and return on capital are reflected in its ROIC of 8.97% and ROE of 10.6%. The balance sheet has strengthened, ending the year with a net liquidity of CHF 3.9 billion. The proposed dividend of CHF 6 and an extraordinary dividend of CHF 0.80 demonstrate the company's commitment to returning value to shareholders.

Operational Efficiency and M&A

Schindler achieved CHF 163 million operational improvement in 2025, with around 50% coming from cost savings. The company expects similar operational efficiency savings in 2026 as in 2025, with a different composition. Schindler is also scaling up its digital platform, BuildingMinds, and investing in the business. The company expects selective bolt-on M&As, with no direct limit on size, and aims to expand the number of markets it invests in.

3. NewsRoom

Card image cap

Hydraulic Passenger Elevators Industry Report 2026-2035: A $16.49 Billion Market by 2030 with Otis, Schindler, Thyssenkrupp, and Mitsubishi Electric Leading

Mar -02

Source:

Card image cap

Escalators and Moving Walkways Industry Report 2026-2035: A $25.5+ Billion Market by 2030 with KONE, Otis, Schindler, Fujitec, ThyssenKrupp, Hyundai and Mitsubishi Electric

Mar -02

Source:

Card image cap

Gearless Elevator Traction Motor Industry Report 2026-2035: A $7.25+ Billion Market by 2030 with Hitachi, Siemens, Thyssenkrupp, Mitsubishi, Toshiba, Nidec, Otis, Schindler, and Kone Leading

Feb -27

Source:

Card image cap

Schindler Holding AG (VTX:SCHN) Full-Year Results: Here's What Analysts Are Forecasting For This Year

Feb -15

Source:

Card image cap

Schindler Holding AG (SHLAF) (Full Year 2025) Earnings Call Highlights: Strong EBIT Margin and ...

Feb -11

Source:

Card image cap

Schindler forecasts modest 2026 revenue growth amid China pressure

Feb -11

Source:

Card image cap

Schindler Holding AG (VTX:SCHN) Stock's Been Sliding But Fundamentals Look Decent: Will The Market Correct The Share Price In The Future?

Dec -15

Source:

Card image cap

Energy Vault Secures Swiss Market Entry with Signed B-VAULT™ Deployment Contracts for Schindler and Energie Wettingen Projects, Launch of FlexGrid Product for Urban and Utility Applications

Dec -04

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.50%)

6. Segments

Elevators & Escalators (E&E)

Expected Growth: 4.5%

Schindler's Elevators & Escalators division is expected to grow driven by increasing urbanization, ageing population, and growing demand for energy-efficient solutions, supported by investments in digitalization and innovation.

Finance

Expected Growth: 4.5%

Schindler Holding AG's finance segment, managing company assets, is poised for growth driven by increasing urbanization, infrastructure development, and energy efficiency demands, leading to a steady growth hypothesis.

7. Detailed Products

Elevators

Schindler's elevators are designed to provide safe, reliable, and efficient vertical transportation in various types of buildings, including residential, commercial, and industrial.

Escalators

Schindler's escalators are designed to provide efficient and reliable horizontal or inclined transportation in high-traffic areas, such as shopping malls, airports, and public transportation hubs.

Moving Walks

Schindler's moving walks are designed to provide efficient and comfortable horizontal or inclined transportation in high-traffic areas, such as airports, train stations, and shopping malls.

Modernization

Schindler's modernization services are designed to upgrade and refurbish existing elevators, escalators, and moving walks to improve their performance, safety, and energy efficiency.

Service

Schindler's service offerings are designed to provide maintenance, repair, and maintenance contracts for elevators, escalators, and moving walks to ensure their safe and reliable operation.

PORT Technology

Schindler's PORT Technology is a destination control system that optimizes elevator traffic flow and reduces waiting times in high-rise buildings.

8. Schindler Holding AG's Porter Forces

Forces Ranking

Threat Of Substitutes

Schindler Holding AG faces moderate threat from substitutes, as customers have limited alternatives for elevator and escalator services.

Bargaining Power Of Customers

Schindler Holding AG has a diverse customer base, which reduces the bargaining power of individual customers.

Bargaining Power Of Suppliers

Schindler Holding AG relies on a few key suppliers for components and materials, which gives them some bargaining power.

Threat Of New Entrants

The elevator and escalator industry has high barriers to entry, making it difficult for new entrants to compete with Schindler Holding AG.

Intensity Of Rivalry

The elevator and escalator industry is highly competitive, with several established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 7.49%
Debt Cost 7.35%
Equity Weight 92.51%
Equity Cost 7.35%
WACC 7.35%
Leverage 8.10%

11. Quality Control: Schindler Holding AG passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Alfa Laval

A-Score: 5.3/10

Value: 2.4

Growth: 6.8

Quality: 6.6

Yield: 3.8

Momentum: 3.0

Volatility: 9.0

1-Year Total Return ->

View Full Report
Stock-Card
Siemens

A-Score: 5.2/10

Value: 3.5

Growth: 5.0

Quality: 5.6

Yield: 5.0

Momentum: 6.5

Volatility: 5.7

1-Year Total Return ->

View Full Report
Stock-Card
Schindler

A-Score: 5.2/10

Value: 0.8

Growth: 3.9

Quality: 7.4

Yield: 3.1

Momentum: 6.0

Volatility: 10.0

1-Year Total Return ->

View Full Report
Stock-Card
KONE

A-Score: 4.4/10

Value: 1.3

Growth: 3.3

Quality: 6.7

Yield: 5.6

Momentum: 6.5

Volatility: 2.7

1-Year Total Return ->

View Full Report
Stock-Card
Eaton

A-Score: 4.2/10

Value: 1.3

Growth: 5.9

Quality: 7.3

Yield: 3.1

Momentum: 3.0

Volatility: 4.3

1-Year Total Return ->

View Full Report
Stock-Card
Schneider Electric

A-Score: 4.1/10

Value: 1.5

Growth: 5.6

Quality: 6.6

Yield: 2.5

Momentum: 3.5

Volatility: 5.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

271.0$

Current Price

271$

Potential

-0.00%

Expected Cash-Flows