The market has treated Sulzer gently in recent weeks, with the stock up around 11.6% over the past month and closing at CHF152.3 on the day of the H1 2026 release. The headline from the numbers is not revenue growth; it is margin power. Sulzer lifted its reported EBITDA margin to about 15.5% in the first half while holding sales broadly steady.

That mix of flattish top line and firmer profitability puts emotion to the test. Today’s price action looks like a debate over whether a margin driven story deserves a higher multiple or a discount for softer orders and cash flow.

Love Sulzer’s higher EBITDA margin but concerned that flattish sales and softer cash flow might limit the upside? Take a look at our shortlist of list of solid…