Company Reports

ABB enjoys a number-one or number-two market position in two-thirds of its product segments, largely thanks to centuries of deep domain expertise in supplying mission-critical equipment with a high cost of failure. ABB’s large installed base of long-dated equipment provides the foundation for recurring service revenue, contributing approximately 20% of revenue.

ABB delivered stellar second-quarter results that saw organic order grow 26% year over year to reach a record of $12.0 billion. Full-year comparable revenue growth guidance was raised for the second consecutive quarter. ABB also announced the acquisition of Rotork plc for $5.5 billion.

ABB enjoys a number-one or number-two market position in two-thirds of its product segments, largely thanks to centuries of deep domain expertise in supplying mission-critical equipment with a high cost of failure. ABB’s large installed base of long-dated equipment provides the foundation for recurring service revenue, contributing approximately 20% of revenue.

ABB's organic order intake grew by 24% during the first quarter. Growth was achieved across all its operating segments, with the electrification segment being the biggest driver at 44% growth. Full-year revenue guidance was raised from 6% to 9%.

ABB enjoys a number-one or number-two market position in two-thirds of its product segments, largely thanks to centuries of deep domain expertise in supplying mission-critical equipment with a high cost of failure. ABB’s large installed base of long-dated equipment provides the foundation for recurring service revenue, contributing approximately 20% of revenue.

ABB enjoys a number-one or -two market position in two-thirds of its product segments, largely thanks to centuries of deep domain expertise in supplying mission-critical equipment with a high cost of failure. ABB’s large installed base of long-dated equipment provides the foundation for recurring service revenue, contributing approximately 20% of revenue.

ABB reported a 15% increase in organic order intake for 2025, including 32% growth in the final quarter. Full-year revenue grew 9% to CHF 33.2 billion, exceeding company-compiled consensus by 1%. The shares are trading 11% higher intraday.

ABB set new financial targets at its Capital Markets Day, excluding its robotics division, which was sold to SoftBank in October. Organic revenue growth was kept unchanged at 5%-8% and the adjusted EBITA margin target was raised to between 18%-22%. Shares traded 4% lower on Nov. 18, 2025.

ABB enjoys a number one or two market position in two-thirds of its product segments, which is largely derived from centuries of deep-domain expertise in supplying mission-critical equipment with a high cost of failure. ABB’s large installed base of long-dated equipment provides the foundation for recurring service revenue, contributing approximately 20% of revenue.

ABB delivered 9% organic revenue growth during the third quarter, driven by a mix of secular growth from its electrification segment and cyclical recovery off a low base in discrete automation. End-market exposure to data centers remains the largest growth driver for the capital goods sector.

ABB announced that it will sell its robotics division to SoftBank for $5.4 billion, shifting from its initial intention in April to spin off and list the division. The robotics business contributed 7% to the group's sales. The transaction is expected to close in mid- to late 2026.

ABB's second-quarter results comfortably beat company-compiled estimates across the board. Order intake grew 14% organically to a record $9.8 billion, driven by a $600 million process automation order and 9% growth in the electrification segment. Shares were trading 8% higher intraday on July 17.

ABB enjoys a number one or two market position in two-thirds of its product segments, which is largely derived from centuries of deep-domain expertise in supplying mission-critical equipment with a high cost of failure. ABB’s large installed base of long-dated equipment provides the foundation for recurring service revenue, contributing approximately 20% of revenue.

ABB reported a 1% increase in sales during the first quarter of 2025, missing company-compiled consensus, mainly hit by exchange rate differences. ABB reiterated its full-year guidance. Shares were up 1.3% in intraday trading after the news.

ABB reported a 10% increase in its adjusted EBITA during fiscal 2024, translating into 120 basis points of margin expansion. The company guides for mid-single-digit revenue growth and adjusted EBITA margin expansion in fiscal 2025.

We're raising our fair value estimate in ABB by 12% to CHF 45.5 from CHF 40.5. ABB's extensive portfolio of electrical equipment and its variable speed drives are direct beneficiaries of the multi-decade energy transition and decarbonization megatrends, which justify a higher stage 2 growth rate of 5% from our previous assumption of 4%. We assume 8% annualized EPS growth through 2028, which given the group's conglomerate status and limited stand-alone software offering, underperforms Schneider Electric. Shares appear slightly overvalued.

ABB enjoys a number one or two market position in two-thirds of its product segments, which is largely derived from centuries of deep-domain expertise in supplying mission-critical equipment with a high cost of failure for a variety of end markets. Its wide range of product categories and operating businesses have led to several costly restructuring programs and underperformance versus its European capital goods peers, due to the complexity of the organization. The divestment of its capital-intensive Power Grids business and the appointment to CEO of turnaround specialist Björn Rosengren have helped simplify the group through decentralization and active portfolio management and subsequently improved the profitability of the business. The departure of Rosengren as CEO in 2024 is a likely indication that the major components of the restructuring have been executed, but the foundations have been set to enjoy the operating leverage from higher volumes.

We’re maintaining our CHF 40.50 per share fair value estimate for wide-moat ABB, following its solid third-quarter results that saw operating EBITA exceed company-compiled consensus. Operating EBITA margin expanded by 160 basis points to a record 19.0%, 70 basis points ahead of consensus, underpinned by secular growth themes supporting pricing and volume growth within ABB's electrification segment. Management lifted its full-year operating EBITA forecast to slightly above 18%, having raised its guidance earlier in the year to 18%. The share price is largely unchanged intraday and appears richly valued.

Wide-moat ABB delivered a record adjusted EBITA margin of 19.0% during the second quarter, comfortably beating the consensus estimate of 18.4%. The 150-basis-point improvement versus the prior year reflects a structurally higher profitability, achieved via decentralization and portfolio management performed during the last four years. The order intake for the quarter has underwhelmed the market, sending shares 7% lower, having recently reached an all-time-high share price. We maintain our CHF 40.50 fair value estimate and view shares as marginally overvalued.

ABB enjoys a number one or two market position in two thirds of its product segments, which is largely derived from centuries of deep-domain expertise in supplying mission-critical equipment with a high cost of failure for a variety of end markets. Its wide range of product categories and operating businesses have led to several costly restructuring programs and underperformance versus its European capital goods peers, due to the complexity of the organization. The divestment of its capital-intensive Power Grids business and the appointment to CEO of turnaround specialist Björn Rosengren have helped simplify the group through decentralization and active portfolio management, and subsequently improved the profitability of the business. The departure of Rosengren as CEO in 2024 is a likely indication that the major components of the restructuring have been executed, but the foundations have been set to enjoy the operating leverage from higher volumes.