BELIMO Holding AG (BEAN) AI Stock Analysis

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BELIMO Holding AG

(Six Swiss:BEAN)

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Rating:71Outperform

Price Target:CHF 834.00▲(8.74% Upside)

Action:reiterated

Date:10/20/26

The score is led by strong financial performance (high profitability, low leverage, and strong returns) and a generally positive earnings outlook despite near-term cautions. This is meaningfully offset by weak technical momentum (price below key moving averages with negative MACD) and a demanding valuation (high P/E with only a modest dividend yield).

Positive Factors

Data-center demandData-center demand is a meaningful structural growth driver, supported by liquid-cooling adoption and rising infrastructure needs. Its increasing share of sales and contribution to absolute growth can support sustained expansion, while dedicated products and capacity investments strengthen BELIMO’s positioning.

Negative Factors

Cash conversionCash conversion has weakened despite strong reported earnings, with higher working capital and investment spending absorbing more cash. If this persists, it could constrain internally funded expansion and reduce flexibility for dividends, capacity projects, or responding to changes in demand.

BELIMO Holding AG (BEAN) vs. iShares MSCI Switzerland ETF (EWL)

Market Cap: CHF 11.32B
Dividend Yield: 1.30%
Average Volume (3M): 17.43K
Price to Earnings (P/E): 46.0
Beta (1Y): 0.79
Revenue Growth: 19.76%
EPS Growth: 20.18%
Country: Switzerland
Employees: 2,881
Sector: Industrials
Sector Strength: 63
Industry: Industrial - Machinery

BELIMO Holding AG Business Overview & Revenue Model

Company Description

BELIMO Holding AG, a Swiss enterprise founded in Hinwil in 1975, is engaged in the development, manufacturing, and global distribution of specialized products for heating, ventilation, and air conditioning (HVAC) systems. The company serves markets a...

How the Company Makes Money

BELIMO primarily makes money by selling HVAC field devices—most notably damper actuators, control valves, and sensors/meters—used in the installation, retrofit, and ongoing optimization of building HVAC systems. Revenue is generated mainly through pr...

BELIMO Holding AG Earnings Call Summary

Earnings Call Date:Jul 20, 2026(Q2-2026)|% Change Since:-4.36%|Next Earnings Date:Mar 01, 2027

Earnings Call SentimentPositive

The call conveyed strong operational and financial performance in H1 2026: broad-based double‑digit local currency revenue growth, robust margin and profit expansion, significant data center momentum, and continued investments in capacity and product innovation. These positives are tempered by notable short-term headwinds — an unfavorable FX impact, lower free cash flow due to higher working capital and CapEx, tariff uncertainty, macro/geopolitical risks, and potential H2 margin pressure as ramping costs and base effects reduce relative growth. On balance, the company appears execution-focused and financially robust while being candid about risks that may limit near‑term upside.

Positive Updates

Strong Top-Line Growth

Sales grew close to 30% in local currency (29.6% LC) and 20.5% in Swiss francs to CHF 676 million in H1 2026 (FX headwind of -9.2%). Growth composition: 22.3% from volume & mix and 7.3% from pricing.

Negative Updates

Significant FX Headwind

A negative FX effect of -9.2% reduced reported growth from ~29.6% LC to 20.5% in CHF, creating volatility and exposure to currency movements going forward.

Company Guidance

Management guided to continued strong H2 demand but a slower growth rate than H1 (H1 was ~30% in local currency / 20.5% in CHF to CHF 676m) due to tougher comparables and a reduced pricing tailwind (pricing contributed ~7.3% in H1); they expect a similar top‑line momentum with data centers continuing to grow (data centers were ~23–24% of sales in H1 and drove just over half of absolute growth) but caution execution/capacity limits may temper the pace. On profitability, management expects an EBIT margin ahead of 20% (H1: 22.5%) while warning H2 will carry a higher cost base as resources ramp; they flagged continued FX volatility (H1 USD FX drag ~‑9.2%), geopolitical/supply‑chain risks and tariff uncertainty (a contingent asset of CHF 1.3m booked with potential exposure cited up to CHF 30m). Cash/investment guidance: CapEx will remain elevated (plan H2 CapEx broadly similar to H1 and expect similar elevated levels into 2027–28), working capital (AR) should stabilise though inventory optimisation may take ~two years, and quantitative full‑year top‑line guidance was not provided until visibility improves.

BELIMO Holding AG Financial Statement Overview

Summary

Strong overall fundamentals driven by high income statement and balance sheet quality (solid revenue growth, ~20%+ operating profitability, very low leverage and exceptional ROE). The key offset is weaker 2025 cash conversion and lower free cash flow versus net income, suggesting higher working capital and/or investment intensity that bears monitoring.

Income Statement

86Very Positive

Balance Sheet

92Very Positive

Cash Flow

72Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.24B	1.12B	943.86M	858.78M	846.90M	765.34M
Gross Profit	218.43M	346.87M	580.29M	247.47M	243.01M	220.57M
EBITDA	295.97M	268.48M	217.58M	179.95M	185.47M	178.05M
Net Income	205.27M	181.63M	146.78M	136.96M	122.80M	115.67M
Balance Sheet
Total Assets	1.02B	895.97M	763.68M	661.99M	688.54M	660.86M
Cash, Cash Equivalents and Short-Term Investments	103.20M	100.64M	137.20M	112.79M	111.78M	169.41M
Total Debt	131.30M	46.64M	25.36M	14.82M	11.47M	10.77M
Total Liabilities	395.10M	274.15M	182.95M	131.50M	166.78M	149.53M
Stockholders Equity	624.10M	621.83M	580.74M	530.63M	521.83M	511.30M
Cash Flow
Free Cash Flow	89.52M	104.78M	136.09M	109.92M	57.77M	105.73M
Operating Cash Flow	173.92M	184.20M	194.78M	156.97M	112.47M	152.45M
Investing Cash Flow	-90.91M	-61.55M	-101.95M	-21.08M	-21.79M	-107.54M
Financing Cash Flow	-52.07M	-115.77M	-107.82M	-108.66M	-111.78M	-100.60M

BELIMO Holding AG Technical Analysis

Technical Analysis SentimentNeutral

Last Price767.00

Price Trends

50DMA792.85Negative

100DMA818.90Negative

200DMA796.97Negative

Market Momentum

MACD-10.89Positive

RSI47.92Neutral

STOCH48.03Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:BEAN, the sentiment is Neutral. The current price of 767.00 is below the 20-day moving average (MA) of 767.80, below the 50-day MA of 792.85, and below the 200-day MA of 796.97, indicating a bearish trend. The MACD of -10.89 indicates Positive momentum. The RSI at 47.92 is Neutral, neither overbought nor oversold. The STOCH value of 48.03 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CH:BEAN.

BELIMO Holding AG Peers Comparison

Overall Rating

UnderperformOutperform

Sector (63)

Financial Indicators

CH:BEAN against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CH:SCHP	80Outperform	CHF 32.21B	32.02	26.55%	1.96%	-3.06%	4.54%
CH:BEAN	71Outperform	CHF 9.32B	45.95	32.95%	1.30%	19.76%	20.18%
CH:BUCN	70Outperform	CHF 3.28B	18.58	―	2.00%	-4.06%	-17.81%
CH:SUN	67Neutral	CHF 6.14B	20.54	23.26%	2.58%	-2.55%	11.09%
Sector *	63Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
CH:OERL	63Neutral	CHF 1.63B	5.00	―	17.00%	-21.08%	―
CH:GF	49Neutral	CHF 4.76B	-36.04	―	2.28%	-20.47%	-148.37%

* Industrials Sector Average

Performance Comparison

CH:BEAN and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
CH:BEAN	BELIMO Holding AG	767.00	-11.16	-1.43%
CH:SCHP	Schindler Holding	308.40	30.19	10.85%
CH:OERL	OC Oerlikon Corporation	5.14	2.77	116.88%
CH:BUCN	Bucher Industries AG	337.00	-7.91	-2.29%
CH:GF	Georg Fischer	59.10	6.84	13.08%
CH:SUN	Sulzer AG	184.20	52.42	39.78%

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.

Date of analysis: Oct 20, 2026

BELIMO Holding AG AI Stock Analysis