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Swiss maker of pumps, rotating equipment and application/surface-coating services for energy, water and industrial customers.
Swiss maker of pumps, rotating equipment and application/surface-coating services for energy, water and industrial customers.
Sells new pumps and process equipment through long project cycles, but a large share of income comes from servicing and repairing the installed base, which is steadier. Oil and gas, water and chemical processes are the biggest customers. Tiwel, a vehicle of Russian investor Viktor Vekselberg, is its largest shareholder.
In one line: A Swiss Flowserve/Xylem hybrid.
Moat: narrow (installed base, process know-how, customer qualification). Large installed pump/rotating equipment base drives recurring aftermarket service revenue.
Headquarters: Winterthur, Switzerland · Founded: 1834 · Employees: 13,526
Size Sulzer (SUN.SW) is a Switzerland Industrials company (Industrial Machinery) with a market value of $7.39B, the 42nd largest of 158 Switzerland companies the cockpit tracks. Shares closed at CHF 178.60 on 6 Nov 2026.
Performance Over six months the shares gained 23.4%, against -13.5% for the median peer and +11.6% for the Switzerland market (cap-weighted) — 2nd highest of 20 in its peer set.
Growth Revenue fell 2.5% over the last twelve months (peer median +21.3%); the operating margin is 12.8% (peer median 13.7%).
Valuation It trades at 17.9× forward earnings against a peer median of 22.2× (5th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 15.7 points above its cost of capital (5.4% WACC).
Credit Sulzer has 1 bond outstanding ($207M).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CHF 3.48B | CHF 3.56B | CHF 3.53B | CHF 3.28B | CHF 3.18B |
| Revenue growth | — | +1% | +8% | +3% | — |
| Gross profit | CHF 1.22B | CHF 1.22B | CHF 1.18B | CHF 1.08B | CHF 940M |
| EBITDA | CHF 565M | CHF 563M | CHF 504M | CHF 428M | CHF 268M |
| Net income | CHF 303M | CHF 293M | CHF 262M | CHF 229M | CHF 28.6M |
| Free cash flow | CHF 184M | CHF 213M | CHF 241M | CHF 303M | CHF 58.2M |
| Capital expenditure | CHF 99.5M | CHF 93.6M | CHF 92.4M | CHF 65.6M | CHF 69.8M |
| Total debt | n/a | CHF 1.19B | CHF 1.16B | CHF 1.15B | CHF 1.44B |
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 |
|---|---|---|---|---|---|---|
| Sulzer SUN.SW | $7.39B | +23% | -3% | 13% | 17.9× | -1.4% |
| Flowserve FLS | $10.2B | +13% | 0% | 14% | 17.8× | 15.0% |
| Xylem XYL | $22.4B | -14% | +2% | 16% | 17.4× | 12.1% |
| Alfa Laval ALFA.ST | $22.5B | 0% | +4% | 18% | 24.2× | 7.9% |
| Ebara 6361.T | $9.28B | -40% | +9% | 11% | 14.5× | 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 | SUN.SW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.4% | -10.9% | 2nd highest of 21 |
| 6-month return | +23.4% | -13.5% | 2nd highest of 20 |
| Distance from 52-week high | -5.0% | -43.2% | highest of 21 |
| Revenue growth (TTM) | -2.5% | +21.3% | 3rd lowest of 21 |
| Operating margin | 12.8% | 13.7% | 10th lowest of 21 |
| Forward P/E | 17.9× | 22.2× | 5th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -1.4% | 14.8% | least demanding of 16 |
| Growth delivered (Del g) | +3.7% | +9.5% | 4th lowest of 16 |
| Hurdle (Req g minus delivered) | -5.1 pp | +10.2 pp | 2nd least demanding of 16 |
| ROIC minus cost of capital | +15.7 pp | -0.8 pp | 2nd highest of 21 |
| EV / EBITDA | 11.3× | 14.6× | 3rd cheapest of 10 |
| Net debt / EBITDA | 0.6× | 0.7× | 6th least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sulzer SUN.SW | Switzerland | $7.39B | +23% | -3% | 13% | 17.9× | -1.4% | +3.7% |
| Robotechnik Intelligent Technology 300757.SZ | China | $7.37B | -42% | +203% | 9% | 219.2× | n/a | n/a |
| Spirax SPX.L | United Kingdom | $7.24B | +2% | +5% | 18% | 22.7× | 20.5% | +7.4% |
| Zoomlion Heavy Industry Science & Technology 000157.SZ | China | $7.61B | -22% | +14% | 7% | 11.2× | 2.8% | -4.3% |
| Zurn Elkay Water Solutions ZWS | United States | $7.18B | -15% | +10% | 23% | 21.8× | 10.9% | -2.4% |
| Kokusai Electric 6525.T | Japan | $7.62B | -21% | +15% | 19% | 20.0× | 30.9% | -1.5% |
| Shenzhen Envicool Technology 002837.SZ | China | $7.13B | -49% | +22% | 9% | 53.5× | 56.2% | +29.0% |
| Zhejiang Jingsheng Mechanical & Electrical 300316.SZ | China | $7.69B | -13% | -25% | 0% | 74.3× | 39.6% | +24.6% |
| Timken TKR | United States | $7.07B | -14% | +6% | 15% | 14.5× | 3.7% | +5.5% |
| Leader Harmonious Drive Systems 688017.SS | China | $7.84B | +27% | +46% | 15% | 283.8× | n/a | n/a |
| Wuxi Lead Intelligent Equipment 300450.SZ | China | $7.88B | -41% | +28% | 10% | 22.9× | 10.4% | +19.9% |
| Rational Aktiengesellschaft RAA.DE | Germany | $7.95B | -4% | +6% | 27% | 26.1× | 14.8% | +14.2% |
| Beijing Huafeng Test & Control Technology 688200.SS | China | $6.87B | -4% | +44% | 36% | 50.0× | 47.7% | +27.6% |
| Han's Laser Technology Industry 002008.SZ | China | $7.97B | -48% | +59% | 12% | 19.1× | 19.6% | +9.5% |
| GlobalWafers 6488.TWO | Taiwan | $8.15B | -23% | -6% | 11% | 21.4× | n/a | n/a |
| JBT Marel JBTM | United States | $6.66B | -8% | +20% | 10% | 14.2× | 12.7% | +17.0% |
| KINGSEMI 688037.SS | China | $6.56B | -7% | +41% | -5% | 264.1× | n/a | n/a |
| INDO-MIM INDOMIM.NS | India | $6.39B | n/a | +26% | 20% | 60.8× | 30.3% | +15.8% |
| Shenzhen Han's CNC Technology 3200.HK | Hong Kong | $8.58B | -66% | +109% | 21% | 9.9× | n/a | n/a |
| MISUMI 9962.T | Japan | $6.25B | +3% | +24% | 13% | 17.9× | 9.3% | +7.3% |
| IMI IMI.L | United Kingdom | $8.81B | +3% | +8% | 21% | 19.9× | 14.3% | +4.8% |
Sulzer has 1 bond outstanding with $207M face value.