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Swiss utility generating and distributing electricity (mainly hydro/renewable mix) plus an engineering services arm.
Swiss utility generating and distributing electricity (mainly hydro/renewable mix) plus an engineering services arm.
Earns from electricity it generates and sells at market prices, regulated fees for use of its grid, and project fees from engineering and consulting subsidiaries built up by acquisition across Europe. It shut its Muhleberg nuclear plant in 2019 and has been replacing that output with hydro, wind and services. The canton of Bern is the controlling shareholder.
In one line: A Swiss regional utility with an engineering consultancy arm.
Moat: narrow (regulatory licence, installed base, scale). Regulated Swiss grid concession and hydro generation assets, supplemented by a growing pan-European engineering business.
Headquarters: Bern, Switzerland · Founded: 1898 · Employees: 12,390
Size Bkw (BKW.SW) is a Switzerland Utilities company (Electric Utilities) with a market value of $8.12B, the 37th largest of 158 Switzerland companies the cockpit tracks. Shares closed at CHF 125.60 on 6 Nov 2026.
Performance Over six months the shares fell 16.8%, against -3.4% for the median peer and +11.6% for the Switzerland market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue fell 5.2% over the last twelve months (peer median +8.0%); the operating margin is 11.1% (peer median 14.4%).
Valuation It trades at 14.1× forward earnings against a peer median of 16.9× (8th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 2% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.1 points below its cost of capital (5.0% WACC).
Next results Next results expected around 10 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CHF 4.22B | CHF 4.20B | CHF 4.55B | CHF 4.27B | CHF 5.06B |
| Revenue growth | — | -8% | +6% | -16% | — |
| Gross profit | CHF 626M | CHF 591M | CHF 978M | CHF 711M | CHF 1.18B |
| EBITDA | CHF 768M | CHF 564M | CHF 947M | CHF 706M | CHF 1.19B |
| Net income | CHF 372M | CHF 357M | CHF 622M | CHF 478M | CHF 550M |
| Free cash flow | CHF 278M | CHF 304M | CHF 302M | CHF 377M | CHF 480M |
| Capital expenditure | CHF 375M | CHF 395M | CHF 453M | CHF 354M | CHF 258M |
| Total debt | n/a | CHF 1.83B | CHF 1.84B | CHF 1.81B | CHF 1.99B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BKW.SW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.6% | +0.4% | 4th highest of 21 |
| 6-month return | -16.8% | -3.4% | 4th lowest of 21 |
| Distance from 52-week high | -30.3% | -16.9% | 5th lowest of 21 |
| Revenue growth (TTM) | -5.2% | +8.0% | 2nd lowest of 21 |
| Operating margin | 11.1% | 14.4% | 6th lowest of 21 |
| Forward P/E | 14.1× | 16.9× | 8th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 1.6% | -1.0% | 5th most demanding of 11 |
| Growth delivered (Del g) | +7.4% | +6.9% | 5th highest of 11 |
| Hurdle (Req g minus delivered) | -5.8 pp | -8.6 pp | 4th most demanding of 11 |
| ROIC minus cost of capital | -0.1 pp | -0.9 pp | 8th highest of 21 |
| EV / EBITDA | 10.8× | 13.3× | 6th cheapest of 17 |
| Net debt / EBITDA | 1.6× | 5.4× | 3rd least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Bkw BKW.SW | Switzerland | $8.12B | -17% | -5% | 11% | 14.1× | 1.6% | +7.4% |
| Companhia Paranaense de Energia Sponsored ADR ELPC | United States | $7.92B | -15% | +27% | 19% | 16.3× | -5.5% | +5.3% |
| Sembcorp Industries U96.SI | Singapore | $7.91B | -8% | +8% | 11% | 11.5× | n/a | n/a |
| A2A A2A.MI | Italy | $8.55B | +4% | +14% | 8% | 11.9× | 2.8% | +15.6% |
| Huadian Power International 600027.SS | China | $8.61B | +3% | -7% | 6% | 13.2× | -0.4% | +6.3% |
| IDACORP IDA | United States | $8.63B | +2% | +4% | 23% | 21.7× | n/a | n/a |
| NHPC NHPC.NS | India | $8.72B | +1% | +12% | 30% | 19.4× | n/a | n/a |
| Inner Mongolia MengDian HuaNeng Thermal Power 600863.SS | China | $7.35B | +16% | -3% | 16% | 18.4× | -1.9% | +6.5% |
| PGE Polska Grupa Energetyczna PGE.WA | Poland | $9.02B | +47% | -2% | 12% | 5.5× | n/a | n/a |
| SPIC Hydropower 600292.SS | China | $7.26B | -34% | +301% | 28% | 72.6× | -6.8% | +27.0% |
| Capital Power CPX.TO | Canada | $7.13B | -4% | +25% | 10% | 19.5× | 18.9% | +11.8% |
| Brookfield Renewable Partners LP BEP-UN.TO | Canada | $9.41B | -7% | +7% | 11% | n/a | n/a | n/a |
| HK Electric Investments & HK Electric Investments 2638.HK | Hong Kong | $6.99B | -3% | +4% | 42% | 17.1× | 3.5% | +3.1% |
| Redeia Corporacion RED.MC | Spain | $9.47B | +8% | +15% | 43% | 16.7× | n/a | n/a |
| Torrent Power TORNTPOWER.NS | India | $6.78B | -26% | +8% | 13% | 23.3× | n/a | n/a |
| Edison EDNR.MI | Italy | $9.87B | -12% | +6% | 3% | n/a | n/a | n/a |
| Shenergy 600642.SS | China | $6.64B | +1% | -2% | 12% | 12.6× | -1.6% | +7.2% |
| Hikari Tsushin 9435.T | Japan | $10.0B | -5% | +7% | 15% | 12.5× | 6.7% | +5.6% |
| JSW Energy JSWENERGY.NS | India | $10.1B | -9% | +26% | 36% | 39.7× | n/a | n/a |
| Companhia Energetica de Minas Gerais SA Sponsored ADR Pfd CIG | United States | $6.45B | -23% | +13% | 13% | 9.0× | -1.6% | +9.4% |
| TXNM Energy TXNM | United States | $6.41B | -1% | +10% | 24% | 22.5× | n/a | n/a |