Loading…
Swiss maker of automated storage and retrieval systems (vertical lift modules, shuttle systems) used in warehouses and logistics centers.
Swiss maker of automated storage and retrieval systems (vertical lift modules, shuttle systems) used in warehouses and logistics centers.
Kardex Remstar sells standard storage modules through its own sales channels and earns repeat revenue from maintenance, spare parts and upgrades on installed machines; Kardex Mlog sells large project systems, which are lumpier. Service income smooths the cycle in equipment orders.
In one line: A warehouse-automation equipment maker like a smaller Daifuku.
Moat: narrow (process know-how, installed base, brand). Engineering expertise and installed-base service revenue in a growing but competitive warehouse-automation market.
Headquarters: Zurich, Switzerland · Founded: 1954 · Employees: 2,957
Size Kardex (KARN.SW) is a Switzerland Information Technology company (Computer Peripherals) with a market value of $2.35B, the 87th largest of 158 Switzerland companies the cockpit tracks. Shares closed at CHF 248.50 on 6 Nov 2026.
Performance Over six months the shares fell 9.0%, against -17.0% for the median peer and +11.6% for the Switzerland market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 2.6% over the last twelve months (peer median +9.0%); the operating margin is 9.3% (peer median 8.3%).
Valuation It trades at 30.3× forward earnings against a peer median of 16.2× (4th most expensive of 15).
Price implies For today's price to make sense, revenue must grow about 12% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 35.6 points above its cost of capital (7.0% WACC).
Next results Next results expected around 11 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CHF 810M | CHF 796M | CHF 752M | CHF 682M | CHF 567M |
| Revenue growth | — | +6% | +10% | +20% | — |
| Gross profit | CHF 259M | CHF 266M | CHF 258M | CHF 225M | CHF 173M |
| EBITDA | CHF 85.8M | CHF 103M | CHF 107M | CHF 96.7M | CHF 65.2M |
| Net income | CHF 25.8M | CHF 39.0M | CHF 76.9M | CHF 64.7M | CHF 37.9M |
| Free cash flow | CHF 26.2M | CHF 36.6M | CHF 97.5M | CHF 62.0M | -CHF 3.81M |
| Capital expenditure | CHF 32.4M | CHF 33.8M | CHF 14.6M | CHF 19.1M | CHF 18.9M |
| Total debt | n/a | CHF 0 | CHF 0 | CHF 0 | CHF 0 |
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.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Kardex KARN.SW | $2.35B | -9% | +3% | 9% | 30.3× | 11.8% |
| Daifuku 6383.T | $10.9B | -33% | +21% | 15% | 18.9× | 14.7% |
| Kion KGX.DE | $5.05B | -25% | +3% | 6% | 10.4× | n/a |
| AutoStore AUTO.OL | $5.20B | +8% | +17% | 33% | 27.4× | 18.5% |
| Jungheinrich AG Pref JUN3.DE | $2.58B | -12% | +2% | 5% | 10.3× | -0.4% |
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 | KARN.SW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.2% | -11.2% | 3rd highest of 21 |
| 6-month return | -9.0% | -17.0% | 7th highest of 21 |
| Distance from 52-week high | -18.4% | -40.0% | 3rd highest of 21 |
| Revenue growth (TTM) | +2.6% | +9.0% | 8th lowest of 21 |
| Operating margin | 9.3% | 8.3% | 11th highest of 21 |
| Forward P/E | 30.3× | 16.2× | 4th most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | 11.8% | 17.4% | 4th least demanding of 9 |
| Growth delivered (Del g) | +12.5% | +9.4% | 5th highest of 9 |
| Hurdle (Req g minus delivered) | -0.7 pp | -3.9 pp | 5th least demanding of 9 |
| ROIC minus cost of capital | +35.6 pp | +11.3 pp | 4th highest of 21 |
| EV / EBITDA | 21.3× | 8.2× | 3rd most expensive of 10 |
| Net debt / EBITDA | -1.0× | -0.4× | 4th least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kardex KARN.SW | Switzerland | $2.35B | -9% | +3% | 9% | 30.3× | 11.8% | +12.5% |
| Netweb Technologies India NETWEB.NS | India | $2.37B | -12% | +175% | 13% | 55.9× | 46.1% | +72.5% |
| Societe Industrielle & Financiere de l'Artois ARTO.PA | France | $2.55B | -26% | -6% | -8% | n/a | n/a | n/a |
| Newland Digital Technology 000997.SZ | China | $2.56B | -14% | +29% | 11% | 16.0× | n/a | n/a |
| Venustech 002439.SZ | China | $2.58B | -9% | 0% | -16% | 169.0× | 19.0% | -8.6% |
| VusionGroup VU.PA | France | $2.61B | +11% | +45% | 10% | 16.5× | n/a | n/a |
| Tianma Microelectronics 000050.SZ | China | $2.05B | -27% | -3% | -1% | 29.5× | -6.2% | +4.4% |
| Beijing Dahao Technology 603025.SS | China | $2.04B | -25% | +23% | 29% | n/a | 7.4% | +29.2% |
| Innodisk 5289.TWO | Taiwan | $2.76B | -35% | +334% | 49% | 2.5× | n/a | n/a |
| Chicony Electronics 2385.TW | Taiwan | $1.96B | -31% | -8% | 7% | 15.4× | -9.6% | +0.1% |
| AURAS Technology 3324.TWO | Taiwan | $2.90B | -10% | +71% | 16% | 15.1× | n/a | n/a |
| Extreme Networks EXTR | United States | $3.15B | 0% | +11% | 6% | 17.2× | 27.3% | +4.9% |
| ADATA Technology 3260.TWO | Taiwan | $3.16B | -33% | +125% | 34% | 4.5× | n/a | n/a |
| Transcend Information 2451.TW | Taiwan | $3.22B | -13% | +286% | 67% | 3.2× | n/a | n/a |
| Micro-Star International 2377.TW | Taiwan | $3.50B | +43% | +1% | 5% | 11.6× | n/a | n/a |
| InfoVision Optoelectronics (Kunshan) 688055.SS | China | $1.56B | -23% | -24% | -19% | n/a | n/a | n/a |
| Hangzhou EZVIZ Network 688475.SS | China | $3.53B | -4% | +8% | 12% | 30.1× | 15.7% | +13.8% |
| Sichuan Changhong Electric 600839.SS | China | $3.55B | -41% | +4% | 0% | n/a | n/a | n/a |
| Nancal Technology 603859.SS | China | $1.49B | -5% | +10% | 12% | 42.5× | n/a | n/a |
| Toyou Feiji Electronics 300302.SZ | China | $1.49B | -24% | +5% | -15% | n/a | n/a | n/a |
| Visionox Technology 002387.SZ | China | $1.35B | -20% | -1% | -35% | n/a | 50.6% | +18.9% |