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Swiss manufacturer of passenger trains, trams and locomotives, known for its FLIRT and KISS train families.
Swiss manufacturer of passenger trains, trams and locomotives, known for its FLIRT and KISS train families.
Builds customised vehicles under fixed-price contracts won in tenders from operators and public transit agencies, with revenue booked as each order is built and an order book spanning several years. Service and spare-parts contracts follow over the life of the vehicles. Peter Spuhler, who built the company, remains the main shareholder.
In one line: A Swiss Alstom/Siemens Mobility competitor.
Moat: narrow (customer qualification, installed base, scale). Long-term rail-operator contracts and homologation create high switching costs.
Headquarters: Bussnang, Switzerland · Founded: 1942 · Employees: 18,343
Size Stadler Rail (SRAIL.SW) is a Switzerland Industrials company (Trucks/Construction/Farm Machinery) with a market value of $3.84B, the 69th largest of 158 Switzerland companies the cockpit tracks. Shares closed at CHF 31.38 on 6 Nov 2026.
Performance Over six months the shares gained 38.2%, against -16.2% for the median peer and +11.6% for the Switzerland market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 26.1% over the last twelve months (peer median +10.2%); the operating margin is 5.0% (peer median 7.7%).
Valuation It trades at 19.8× forward earnings against a peer median of 14.8× (8th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is -3 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.0 points above its cost of capital (5.0% WACC).
Credit Stadler Rail has 2 bonds outstanding ($549M) and trading like A- at a weighted spread of 119 bp.
Next results Next results expected around 17 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CHF 4.24B | CHF 3.68B | CHF 3.26B | CHF 3.61B | CHF 3.75B |
| Revenue growth | — | +13% | -10% | -4% | — |
| Gross profit | CHF 483M | CHF 420M | CHF 371M | CHF 405M | CHF 385M |
| EBITDA | CHF 335M | CHF 281M | CHF 234M | CHF 291M | CHF 279M |
| Net income | CHF 105M | CHF 88.0M | CHF 38.4M | CHF 124M | CHF 72.9M |
| Free cash flow | CHF 95.3M | -CHF 560M | CHF 118M | CHF 740M | CHF 316M |
| Capital expenditure | CHF 261M | CHF 282M | CHF 240M | CHF 244M | CHF 184M |
| Total debt | n/a | CHF 940M | CHF 893M | CHF 688M | CHF 1.06B |
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 |
|---|---|---|---|---|---|---|
| Stadler Rail SRAIL.SW | $3.84B | +38% | +26% | 5% | 19.8× | 0.2% |
| Alstom ALO.PA | $5.56B | -40% | +4% | 4% | n/a | 2.7% |
| Siemens SIE.DE | $225B | -4% | +4% | 13% | 23.4× | 18.3% |
| CRRC 601766.SS | $27.0B | +10% | +2% | 6% | 13.0× | -6.4% |
| Talgo TLGO.MC | $313M | -21% | +22% | 1% | n/a | n/a |
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 | SRAIL.SW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.2% | -1.5% | 3rd highest of 21 |
| 6-month return | +38.2% | -16.2% | highest of 21 |
| Distance from 52-week high | -4.0% | -29.9% | highest of 21 |
| Revenue growth (TTM) | +26.1% | +10.2% | 5th highest of 21 |
| Operating margin | 5.0% | 7.7% | 7th lowest of 21 |
| Forward P/E | 19.8× | 14.8× | 8th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 0.2% | 1.4% | 5th least demanding of 16 |
| Growth delivered (Del g) | +3.6% | +10.2% | 3rd lowest of 16 |
| Hurdle (Req g minus delivered) | -3.4 pp | -9.9 pp | 3rd most demanding of 16 |
| ROIC minus cost of capital | +8.0 pp | -0.4 pp | 5th highest of 19 |
| EV / EBITDA | 10.8× | 10.8× | 7th cheapest of 13 |
| Net debt / EBITDA | 1.3× | 0.6× | 5th most indebted of 14 |
| Bond spread | 119 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Stadler Rail SRAIL.SW | Switzerland | $3.84B | +38% | +26% | 5% | 19.8× | 0.2% | +3.6% |
| Bucher Industries BUCN.SW | Switzerland | $3.93B | +4% | -4% | 7% | 19.1× | -2.9% | +1.2% |
| CSSC Offshore & Marine Engineering (Group) 0317.HK | Hong Kong | $4.04B | -22% | +10% | 1% | 9.6× | 1.5% | +11.3% |
| Doosan Bobcat 241560.KS | South Korea | $3.64B | -28% | +11% | 9% | 9.0× | -13.3% | +15.5% |
| Hiab HIAB.HE | Finland | $3.52B | -5% | +6% | 12% | 16.9× | 15.5% | -13.7% |
| Cochin Shipyard COCHINSHIP.NS | India | $3.40B | -33% | -1% | 13% | 34.3× | n/a | n/a |
| Tiandi Science & Technology 600582.SS | China | $3.30B | -6% | -6% | 4% | 10.4× | n/a | n/a |
| China Railway Construction Heavy Industry 688425.SS | China | $3.29B | -13% | -1% | 12% | 12.4× | 1.9% | +5.7% |
| Zhejiang Dingli Machinery 603338.SS | China | $4.57B | +9% | +29% | 22% | 14.8× | 1.6% | +23.7% |
| CITIC Heavy Industries 601608.SS | China | $3.15B | -24% | +5% | 4% | 45.9× | 14.5% | +5.1% |
| Seatrium 5E2.SI | Singapore | $4.77B | -19% | +11% | 4% | 13.0× | 4.0% | +50.0% |
| Modec 6269.T | Japan | $3.03B | -46% | +17% | 9% | 7.7× | -21.3% | +18.6% |
| Fincantieri FCT.MI | Italy | $4.98B | +3% | -1% | 0% | 21.5× | 1.2% | +9.1% |
| Construcciones y Auxiliar de Ferrocarriles CAF.MC | Spain | $2.92B | +21% | +12% | 6% | 13.5× | 1.0% | +10.2% |
| Craftsman Automation CRAFTSMAN.NS | India | $2.90B | +21% | +36% | 10% | 44.5× | n/a | n/a |
| Sany Heavy Equipment International 0631.HK | Hong Kong | $2.82B | -46% | +19% | 6% | 8.9× | 1.4% | +26.1% |
| Hd Ce 267270.KS | South Korea | $2.80B | -56% | +115% | 8% | 8.6× | -9.6% | +9.6% |
| Kongsberg Maritime KMAR.OL | Norway | $5.43B | -1% | +6% | 13% | 21.8× | 0.9% | +6.3% |
| Alstom ALO.PA | France | $5.56B | -40% | +4% | 4% | n/a | 2.7% | +16.9% |
| TKMS AG & Co. KGaA TKMS.DE | Germany | $5.57B | +8% | +15% | 5% | 39.8× | n/a | n/a |
| Garden Reach Shipbuilders & Engineers GRSE.NS | India | $2.60B | -31% | +40% | 10% | 26.5× | n/a | n/a |
Stadler Rail has 2 bonds outstanding with $549M face value. Weighted yield 1.60%, a spread of 119 bp over government bonds.