Want to see CH:KARN full AI Analyst Report?
Top Page
Kardex AG
(KARN)
Select Model
Select Model
Rating:67Neutral
Price Target:
CHF275.00
▲(16.53% Upside)
Action:Downgraded
Date:06/09/26
The score is driven primarily by strong fundamentals—especially the very strong balance sheet and solid multi-year growth—partly offset by recent earnings/free-cash-flow volatility. Technicals are a major near-term drag with a pronounced downtrend and weak momentum, and valuation is constrained by a high P/E despite a moderate dividend yield.
Positive Factors
Very Low Leverage
An exceptionally conservative balance sheet limits interest and refinancing risk while preserving capacity to fund automation investments, acquisitions, and customer projects. High financial flexibility should support resilience through cyclical demand changes.
Negative Factors
Earnings Volatility
The divergence between revenue growth and sharply lower net income signals pressure below the operating line or weaker project economics. Unless reversed, this volatility could reduce earnings visibility and weaken confidence in profit sustainability.
Read all positive and negative factors
Positive Factors
Negative Factors
Very Low Leverage
An exceptionally conservative balance sheet limits interest and refinancing risk while preserving capacity to fund automation investments, acquisitions, and customer projects. High financial flexibility should support resilience through cyclical demand changes.
Read all positive factors
Kardex AG (KARN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF1.95B
Dividend Yield2.45%
Average Volume (3M)12.02K
Price to Earnings (P/E)74.4
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. Volume10,610
30 Day Avg. Volume12,020
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
CHF337.00Price Target Upside42.80% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)9.03
Revenue Forecast (FY)CHF980.57M
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
236.00
Price Trends
238.30
Positive
249.39
Positive
257.72
Negative
Market Momentum
3.68
Negative
56.70
Neutral
85.87
Negative
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 236 is below the 20-day moving average (MA) of 246.02, below the 50-day MA of 238.30, and below the 200-day MA of 257.72, indicating a neutral trend. The MACD of 3.68 indicates Negative momentum. The RSI at 56.70 is Neutral, neither overbought nor oversold. The STOCH value of 85.87 is Negative, 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | CHF272.64M | 9.91 | 11.74% | 3.63% | -1.24% | -11.13% | |
71 Outperform | CHF1.26B | 24.03 | ― | 2.46% | 1.72% | -9.57% | |
70 Outperform | CHF2.96B | 16.65 | ― | 2.04% | -4.06% | -17.81% | |
67 Neutral | CHF1.95B | 74.36 | ― | 2.54% | 2.60% | -65.24% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | CHF419.42M | -44.70 | ― | ― | -2.66% | 9.28% | |
48 Neutral | CHF297.80M | -7.20 | -6.84% | 1.50% | -1.69% | 30.59% |
* General Sector Average
CH:KARN
Kardex AG
245.00
-76.92
-23.90%
CH:INRN
Interroll Holding AG
1,500.00
-796.13
-34.67%
CH:BUCN
Bucher Industries AG
302.00
-85.05
-21.97%
CH:KOMN
Komax Holding AG
77.50
-12.30
-13.70%
CH:BYS
Bystronic
141.20
-224.68
-61.41%
CH:MIKN
Mikron Holding AG
16.65
-1.18
-6.63%
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....
Kardex cuts 2026 EBIT margin guidance as growth investments weigh on profits
Jun 8, 2026
Kardex has updated its outlook for 2026 as it pursues a strategic growth initiative launched in late 2024, which involves heavy investment in sales, marketing, IT and RD to reach around EUR 1.5 billion in revenue by 2029–2031 and capture a l...
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.