Belimo Holding AG BLMOY

IndustrialsMachinery, Tools, Heavy Vehicles, Trains & ShipsSwitzerland

Last close 9.20 USD on Nov 2, 2026, −12.3% year to date

Quant rating

Quant rating C Rank 219 of 418 in Industrials

Growth C 247 of 418
Valuation C 278 of 418
Quality C 187 of 418
Revisions B 99 of 418
Momentum C 292 of 418

Wall Street consensus Buy (2.46)Average target 1,218.57 USD +13,145.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 11.8B
Enterprise value: 12.0B
52-week range: 7.68 – 12.75
3-year range: 7.68 – 12.75
Dividend yield: 1.36%
Beta (5 years): –
Shares outstanding: 12.3M
Next earnings: Mar 1, 2027

About the company

Belimo Holding AG is a Switzerland-based company active in development, production and marketing of actuators for heating, ventilation and air conditioning (HVAC) systems. The Company is divided into four reporting segments: Europe, Americas, Asia/ Pacific, and Shared Services. Damper Actuators (Air) and Valve actuators and valves (Water) form Company’s core business. The Company’s products include standard and spring-return actuators; control, shut-off and change-over valves; safety actuators for motorizing fire and smoke control dampers; volumetric flow and pressure control for variable air volume (VAV) and constant air volume (CAV) units; system solutions for room and fan control; parameterizing devices, tools and accessories for bus and communication systems. Additionally, the Company provides optimizing solutions for their customers.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,415	1,040	1,021	916	839	–
Revenue growth	36.0%	1.9%	11.4%	9.2%	12.3%	13.6%
EPS (basic, normalized)	18.53	13.31	12.59	10.73	10.17	–
EPS growth	39.2%	5.7%	17.3%	5.5%	–	–
Gross margin	60.7%	61.6%	61.2%	60.5%	60.2%	60.8%
Net margin	16.2%	15.6%	15.9%	14.5%	15.1%	15.5%
ROE	30.2%	26.4%	26.0%	23.8%	23.1%	25.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,415	+36.0%	8.5x	332	+40.8%	36.1x	18.53	+39.2%	0.5x
2026	1,624	+14.8%	7.4x	412	+24.2%	29.0x	23.39	+26.3%	0.4x
2027	1,883	+16.0%	6.3x	485	+17.8%	24.6x	27.94	+19.4%	0.3x
2028	2,123	+12.7%	5.6x	552	+13.7%	21.7x	32.25	+15.5%	0.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,624	+0.5%	+1.5%	+6.0%	23.39	+1.0%	+1.8%	+8.8%
2027	1,883	+0.9%	+2.2%	+8.2%	27.94	+0.9%	+2.0%	+10.2%
2028	2,123	+0.8%	+2.0%	+11.0%	32.25	+0.6%	+1.6%	+14.0%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Machinery, Tools, Heavy Vehicles, Trains & Ships

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
BLMOY Belimo Holding AG	11.8B	–	16.2%	15.64x	0.4x	0.3x	29.0x	24.6x
MLI Mueller Industries Inc	12.0B	−1.50x	18.3%	3.42x	13.4x	12.1x	8.7x	8.0x
GNRC Generac Holdings Inc.	11.9B	1.32x	3.8%	3.96x	20.5x	14.4x	12.6x	9.4x
WTS Watts Water Technologies, Inc.	11.9B	−0.45x	14.0%	5.42x	27.6x	25.3x	18.2x	16.7x
CR Crane Company	11.8B	1.24x	14.4%	5.21x	27.9x	25.1x	18.5x	16.9x
MAIR Madison Air Solutions Corp	11.7B	–	2.9%	3.20x	21.8x	19.6x	13.8x	12.1x
Mean		0.15x	11.6%	6.14x	18.6x	16.1x	16.8x	14.6x
Median		0.40x	14.2%	4.58x	21.2x	17.0x	16.0x	14.4x

Technical analysis

1M−5.3%
3M−7.5%
1Y−12.3%
3Y−12.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Belimo Holding AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,415	1,040	1,021	916	839	747
Cost of revenue	556	399	396	362	334	301
Gross profit	859	641	625	554	505	446
Selling, general & administrative expenses	487	374	367	326	238	229
Research & development	24.9	18.3	26.4	17.7	16.1	16.2
Depreciation/amortization	48.4	40.2	42.6	39.7	36.2	35.3
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	4.6	8.5	7.6	5.7	55.2	44.3
Operating income	294	200	181	165	159	122
Net interest income (expense)	−10.6	−4.6	−11.2	−4.5	−1.5	−7.8
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−1.6	−0.8	−0.7	−0.7	−0.7	−0.4
Net income before taxes	282	194	169	160	157	114
Provision for taxes	52.5	32.4	6.6	26.8	30.6	16.0
Minority interest	0	0.1	0.1	0.1	0.2	0.1
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	229	162	163	133	127	98.0
Extraordinary items	–	–	–	–	–	–
Net income	229	162	163	133	127	98.0
EBIT, normalized	294	199	181	164	159	121
EBITDA, normalized	342	239	223	204	195	156
Basic EPS, normalized	18.53	13.31	12.59	10.73	10.17	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Belimo Holding AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	146	151	134	93.9	120	186
Receivables	199	146	142	129	116	97.7
Total inventory	261	180	181	190	139	119
Prepaid expenses	–	–	6.2	5.9	7.3	4.9
Other current assets	22.9	13.7	0	28.5	66.0	0.1
Total current assets	630	490	463	448	448	408
Property, plant & equipment	411	294	265	235	220	211
Goodwill	–	–	–	–	–	–
Intangibles	29.1	24.1	27.8	24.2	20.3	19.9
Long-term investments	4.8	8.3	7.0	7.4	5.3	3.2
Note receivable	–	–	–	–	–	–
Other long-term assets	33.8	25.0	23.4	12.8	11.4	17.0
Total assets	1,109	842	787	727	705	659
Liabilities
Accounts payable	76.5	43.4	25.7	28.5	28.0	21.3
Payable/accrued	–	–	–	–	–	–
Accrued expenses	101	72.5	61.5	60.3	55.3	39.6
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	9.3	8.3	4.5	3.8	3.9	5.2
Other current liabilities	69.6	47.0	43.0	51.9	38.2	22.5
Total current liabilities	257	171	135	145	125	88.5
Long-term debt	49.6	19.6	13.1	8.6	7.9	10.6
Minority interest	0	0	−0.2	−0.1	0	0
Other liabilities	17.9	10.8	8.5	9.3	10.6	7.3
Total liabilities	324	202	156	162	144	106
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.8	0.7	0.7	0.7	0.7	0.7
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	849	671	678	588	578	571
Treasury stock	0	−0.1	−0.6	−0.6	−0.7	−0.3
Other equity	−64.6	−31.2	−47.7	−23.5	−17.5	−18.8
Total equity	785	640	631	565	561	553
Total liabilities & shareholders' equity	1,109	842	787	727	705	659

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Belimo Holding AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	229	162	163	133	127	97.9
Depreciation, depletion & amortization	48.4	40.2	42.6	39.7	36.2	35.3
Deferred taxes	–	–	–	–	–	–
Non-cash items	49.3	36.1	1.8	27.4	34.7	22.1
Changes in working capital	−93.6	−23.3	−20.5	−77.7	−29.7	−13.4
Cash from operations	233	215	187	122	168	142
Investing activities
Capital expenditures	−110	−69.5	−55.9	−59.2	−51.2	−32.7
Other investing cash flows	32.2	−42.9	30.8	35.7	−66.6	−3.9
Cash from investing	−77.4	−112	−25.1	−23.4	−118	−36.6
Financing activities
Financing cash flow items	−1.1	−1.3	−0.8	0.1	0.4	−0.3
Cash dividends paid	−147	−115	−124	−113	−101	−104
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	1.4	−2.3	−4.1	−8.6	−10.3	−6.9
Cash from financing	−147	−119	−129	−121	−111	−111
Foreign exchange effects	−4.3	1.5	−3.8	−1.6	0.2	−2.6
Net change in cash	4.4	−15.1	28.6	−24.5	−60.9	−8.6
Free cash flow	124	145	131	62.9	117	109

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.