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1. Company Snapshot

1.a. Company Description

BELIMO Holding AG, together with its subsidiaries, develops, manufactures, and sells damper actuators, control valves, sensors, and meters for heating, ventilation, and air conditioning (HVAC) systems in Europe, the Americas, and the Asia Pacific.The company offers HVAC damper actuators for use in various on/off, modulating, or communicating damper and life safety applications, including air handlers, economizer and variable air volume terminal units, fan coil units, unit ventilators, and life safety dampers.It also provides various pressure dependent valves, such as the characterized control, quick compact, and butterfly valves; mechanical pressure independent valves for complex flow challenges, and pressure-independent quick compact and characterized control valves; electronic pressure independent valves; and Internet of Things cloud-connected pressure independent valves.


In addition, the company provides accurate sensors for measuring temperature, humidity, pressure, CO2, and volatile compounds in pipe and duct applications; system solutions to optimize energy efficiency; and retrofit solutions to replace valve assemblies and actuators, or damper actuators.BELIMO Holding AG was founded in 1975 and is headquartered in Hinwil, Switzerland.

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1.b. Last Insights on BEAN

Belimo Holding AG faced challenges due to global economic uncertainty and rising costs. Despite a record revenue reported in the full-year 2025 earnings call, short-term pressures persisted. The company's strategic investments and focus on sustainability may be impacted by supply chain constraints. Additionally, with no recent announcements on share buybacks or acquisitions, the company's growth may be organically hindered. According to a recent rating by (no source), no downgrade appeared recently.

1.c. Company Highlights

2. BELIMO's Strong 2025 Performance and Promising Outlook

BELIMO reported a robust financial performance in 2025, with revenues reaching CHF 1.12 billion, representing a 23.3% growth in local currency and 18.7% in Swiss francs. The EBIT margin stood at 20.8%, with an EBIT of CHF 233 million, a 29% increase. Earnings per share (EPS) came in at CHF 6.28, beating estimates of CHF 5.67. The company's return on capital employed (ROCE) was 36%, demonstrating efficient capital utilization.

Publication Date: Feb -24

📋 Highlights
  • Strong Financial Performance:: 23% sales growth (local currency), 29% EBIT growth, and 36% RoCE, with CHF 1.12 billion turnover and CHF 10/share dividend proposed.
  • Data Center Vertical Growth:: 17% of total sales, driven by liquid cooling adoption and retrofitting, with 60-70% of new data centers adopting liquid cooling.
  • Strategic Capacity Expansion:: U.S. footprint to triple, local assembly increased from 30% to 60%, and CHF 69 million net liquidity supports investment in growth initiatives.
  • Market Leadership in HVAC:: 13.8% CAGR over 5 years, outpacing 9-11% target, with 23% local currency sales growth and 20.8% EBIT margin in 2025.
  • Long-Term Vision & ESG Focus:: Building Tomorrow strategy aligns with urbanization and climate change, reducing CO2 emissions via energy-efficient HVAC solutions and RetroFIT+ program (30% YOY growth in converted projects).

Regional Breakdown and Data Center Business

The Americas contributed 50% of sales, EMEA 38%, and Asia Pacific 13%. The data center business accounted for 17% of total sales, significantly contributing to overall growth. BELIMO's data center organization has been instrumental in driving this growth, with a focus on owner engagement and participation in research organizations to stay ahead of future application needs.

Growth Strategy and Investments

BELIMO's growth strategy is built around three megatrends: urbanization, climate change, and data centers. The company has invested heavily in capacity expansion, following an asset-light model, and is on track with its Nexus building project in Hinwil. The digital generation platform is a key component of this strategy, offering flexibility, scalability, and consistency in product design and handling.

Valuation and Outlook

With a P/E Ratio of 58.82 and an ROE of 30.41%, the market has priced in significant growth expectations. BELIMO's guidance for 2026 includes mid-teens percentage sales growth in local currencies and an EBIT margin above 20%. The company's strong competitive advantage in the data center market, coupled with its investments in growth initiatives, positions it well for continued success.

Data Center Trends and Retrofit Opportunities

The shift towards liquid cooling in data centers presents a significant opportunity for BELIMO, with about 60-70% of newly planned buildings expected to adopt this technology. The company's products typically last 20-30 years, leading to a higher retrofit rate in this segment. As Lars van der Haegen noted, there are many investments happening in the market, but constraining factors like energy and supply chain issues may impact deployment rates.

3. NewsRoom

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Belimo Holding AG (BLHWF) Full Year 2025 Earnings Call Highlights: Record Revenue and Strategic ...

Mar -03

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BELIMO Holding AG (VTX:BEAN) is a favorite amongst institutional investors who own 59%

Dec -22

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Swiss stocks rise as Trump hints at possible deal to lower U.S. tariffs

Nov -11

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Is BELIMO Holding AG (VTX:BEAN) Potentially Undervalued?

Sep -23

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Are BELIMO Holding AG (VTX:BEAN) Investors Paying Above The Intrinsic Value?

Sep -09

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Is BELIMO Holding AG's (VTX:BEAN) Recent Stock Performance Tethered To Its Strong Fundamentals?

Aug -21

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BELIMO Holding's (VTX:BEAN) investors will be pleased with their stellar 186% return over the last five years

Aug -06

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BELIMO Holding First Half 2025 Earnings: EPS: CHF8.23 (vs CHF6.28 in 1H 2024)

Jul -23

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.90%)

6. Segments

Control Valves

Expected Growth: 7%

BELIMO Holding AG's Control Valves segment growth of 7% is driven by increasing demand for energy-efficient HVAC systems, rising adoption of building automation, and growing need for precise temperature control in industries such as healthcare and pharmaceuticals. Additionally, the company's focus on innovation, quality, and customer service contributes to its market share expansion.

Damper Actuators

Expected Growth: 9%

BELIMO Holding AG's Damper Actuators growth is driven by increasing demand for energy-efficient HVAC systems, stringent building regulations, and rising adoption of IoT-enabled building automation. Additionally, growing construction activities, especially in the commercial and industrial sectors, contribute to the segment's 9% growth.

Sensors and Meters

Expected Growth: 6%

BELIMO Holding AG's Sensors and Meters segment growth is driven by increasing demand for energy-efficient buildings, rising adoption of IoT and automation in HVAC systems, and growing need for precise temperature and humidity control in industries such as healthcare and data centers.

7. Detailed Products

Actuators

BELIMO Holding AG's actuators are designed to control and regulate the flow of air and water in heating, ventilation, and air conditioning (HVAC) systems.

Valves

BELIMO Holding AG's valves are designed to control the flow of water, steam, and gas in HVAC systems.

Sensors

BELIMO Holding AG's sensors measure temperature, humidity, pressure, and flow rate in HVAC systems.

Control Valves

BELIMO Holding AG's control valves regulate the flow of fluids in HVAC systems, ensuring precise temperature and pressure control.

Dampers

BELIMO Holding AG's dampers control the flow of air in HVAC systems, ensuring efficient airflow and pressure control.

Zone Control Systems

BELIMO Holding AG's zone control systems integrate sensors, actuators, and valves to control and optimize HVAC systems.

8. BELIMO Holding AG's Porter Forces

Forces Ranking

Threat Of Substitutes

BELIMO Holding AG operates in a niche market with high barriers to entry, reducing the threat of substitutes. However, the increasing adoption of IoT and automation in buildings may lead to the development of new substitutes.

Bargaining Power Of Customers

BELIMO Holding AG's customers are primarily OEMs and contractors, who have limited bargaining power due to the company's strong market position and high-quality products.

Bargaining Power Of Suppliers

BELIMO Holding AG relies on a few key suppliers for components and materials. While the company has some bargaining power, suppliers may still exert some pressure on prices and delivery terms.

Threat Of New Entrants

The HVAC market has high barriers to entry, including significant R&D investments and regulatory hurdles. New entrants would need to invest heavily to compete with BELIMO Holding AG's established brand and technology.

Intensity Of Rivalry

The HVAC market is highly competitive, with several established players competing for market share. BELIMO Holding AG faces intense rivalry from companies like Johnson Controls, Carrier, and Trane.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 2.72%
Debt Cost 8.65%
Equity Weight 97.28%
Equity Cost 8.65%
WACC 8.65%
Leverage 2.79%

11. Quality Control: BELIMO Holding AG passed 8 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Logista

A-Score: 6.9/10

Value: 7.0

Growth: 4.8

Quality: 5.6

Yield: 10.0

Momentum: 4.0

Volatility: 10.0

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Strabag

A-Score: 6.6/10

Value: 7.5

Growth: 4.7

Quality: 6.5

Yield: 8.1

Momentum: 10.0

Volatility: 3.0

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Wallenius Wilhelmsen

A-Score: 6.0/10

Value: 10.0

Growth: 8.2

Quality: 6.7

Yield: 6.2

Momentum: 2.5

Volatility: 2.3

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BELIMO

A-Score: 5.3/10

Value: 0.0

Growth: 5.4

Quality: 8.2

Yield: 5.6

Momentum: 7.5

Volatility: 5.0

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Rockwool

A-Score: 5.0/10

Value: 5.3

Growth: 7.0

Quality: 6.7

Yield: 5.0

Momentum: 2.5

Volatility: 3.3

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Travis Perkins

A-Score: 3.9/10

Value: 8.0

Growth: 1.3

Quality: 2.6

Yield: 5.0

Momentum: 1.5

Volatility: 4.7

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

731.5$

Current Price

731.5$

Potential

-0.00%

Expected Cash-Flows