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Kardex AG
(KARN)
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Rating:71Outperform
Price Target:
CHF277.00
▲(5.93% Upside)
Action:Upgraded
Date:09/09/26
The score is primarily supported by strong financial quality, especially the near-zero leverage balance sheet and solid multi-year growth. This is tempered by recent earnings and free-cash-flow volatility and a high P/E valuation, while technical indicators are largely neutral.
Positive Factors
Near-zero leverage
An exceptionally conservative balance sheet gives Kardex substantial financial flexibility. Minimal debt limits interest and refinancing pressure, supports resilience through weaker demand, and leaves capacity to fund investment, acquisitions, or customer projects without relying heavily on external capital.
Negative Factors
Sharp 2025 earnings decline
The disconnect between higher revenue and sharply lower net income raises concerns about earnings stability and the sustainability of recent profitability. If this pattern persists, weaker profit conversion could constrain reinvestment, reduce internal funding capacity, and make results more difficult to forecast.
Read all positive and negative factors
Positive Factors
Negative Factors
Near-zero leverage
An exceptionally conservative balance sheet gives Kardex substantial financial flexibility. Minimal debt limits interest and refinancing pressure, supports resilience through weaker demand, and leaves capacity to fund investment, acquisitions, or customer projects without relying heavily on external capital.
Read all positive factors
Kardex AG (KARN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF1.85B
Dividend Yield2.49%
Average Volume (3M)11.51K
Price to Earnings (P/E)71.2
Beta (1Y)0.56
Revenue Growth2.60%
EPS Growth-65.24%
CountryCH
Employees3,037
SectorGeneral
Sector StrengthN/A
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)3.63
Shares Outstanding7,730,000
10 Day Avg. Volume8,416
30 Day Avg. Volume11,511
Financial Highlights & Ratios
PEG Ratio-1.14
Price to Book (P/B)8.55
Price to Sales (P/S)2.68
P/FCF Ratio58.36
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF332.50Price Target Upside27.15% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)8.89
Revenue Forecast (FY)CHF982.43M
Kardex AG Business Overview & Revenue Model
Company Description
Kardex Holding AG is a global specialist in intralogistics, providing automated storage and material handling systems worldwide. The company operates through two key segments: Kardex Remstar and Kardex Mlog. Kardex Remstar is dedicated to the crea...
How the Company Makes Money
Kardex makes money by selling and servicing intralogistics automation solutions, with revenues typically generated across a project lifecycle. (1) New system/equipment sales: The company earns revenue from the design, manufacture, and delivery of ...
Kardex AG Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
92
Very Positive
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 875.20M | 855.15M | 791.20M | 702.90M | 565.60M | 455.50M |
| Gross Profit | 279.53M | 286.06M | 276.80M | 235.90M | 177.70M | 163.30M |
| EBITDA | 87.04M | 111.12M | 117.50M | 100.70M | 63.70M | 65.90M |
| Net Income | 27.97M | 41.87M | 80.70M | 66.60M | 37.80M | 43.90M |
Balance Sheet | ||||||
| Total Assets | 516.50M | 502.61M | 493.50M | 422.20M | 364.10M | 337.80M |
| Cash, Cash Equivalents and Short-Term Investments | 92.09M | 136.19M | 173.30M | 119.60M | 102.70M | 129.10M |
| Total Debt | 2.30M | 0.00 | 100.00K | 0.00 | 0.00 | 600.00K |
| Total Liabilities | 270.64M | 233.12M | 208.60M | 182.10M | 159.50M | 143.90M |
| Stockholders Equity | 244.76M | 268.09M | 283.90M | 239.10M | 203.90M | 193.80M |
Cash Flow | ||||||
| Free Cash Flow | 28.17M | 39.25M | 98.90M | 60.70M | -3.80M | 72.60M |
| Operating Cash Flow | 52.37M | 63.21M | 114.20M | 80.40M | 10.40M | 79.60M |
| Investing Cash Flow | -18.92M | -25.06M | -48.50M | -15.00M | 6.10M | -49.20M |
| Financing Cash Flow | -47.54M | -50.83M | -39.40M | -27.50M | -32.80M | -27.50M |
Kardex AG Technical Analysis
Positive
261.50
Price Trends
243.66
Negative
242.59
Negative
251.59
Negative
Market Momentum
-1.21
Negative
51.94
Neutral
47.33
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:KARN, the sentiment is Positive. The current price of 261.5 is above the 20-day moving average (MA) of 235.00, above the 50-day MA of 243.66, and above the 200-day MA of 251.59, indicating a neutral trend. The MACD of -1.21 indicates Negative momentum. The RSI at 51.94 is Neutral, neither overbought nor oversold. The STOCH value of 47.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CH:KARN.
Kardex AG Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | CHF3.21B | 18.05 | ― | 2.06% | -4.06% | -17.81% | |
75 Outperform | CHF252.17M | 9.17 | 11.74% | 3.90% | -1.24% | -11.13% | |
71 Outperform | CHF1.85B | 71.20 | ― | 2.49% | 2.60% | -65.24% | |
71 Outperform | CHF1.09B | 20.88 | ― | 2.41% | 1.72% | -9.57% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | CHF425.57M | -45.36 | ― | 1.89% | -2.66% | 9.28% | |
48 Neutral | CHF268.85M | -6.50 | -7.19% | 3.08% | -1.69% | 30.59% |
* General Sector Average
CH:KARN
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240.50
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-15.54%
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Kardex AG Corporate Events
Kardex Grows Orders but Profit Dips as Automation Investments Weigh
Jul 30, 2026
Kardex reported strong half-year 2026 bookings, up 25.8% to EUR 571.5 million, and a 6% increase in revenue to EUR 440.5 million, driven by dynamic growth in its Standardized Systems segment and a record order backlog. However, group EBIT fell 38....
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.