1.0Market Snapshot
- 1,526
- Travel agencies (915) and tour operators (611) in 2024 (BFS STATENT, NOGA 79.11–79.12). Mountain railways are counted by BFS under land passenger transport and are not included.
- 11,073
- Employees of Swiss travel agencies and tour operators in 2024 (BFS STATENT), 11.2% more than in 2020 while the number of firms was almost unchanged (1,538 in 2020).
- +2.6%
- Growth in hotel overnight stays in 2025, to a third consecutive record of 43.9 million (BFS, February 2026); holiday flats, campsites and group accommodation added 18.1 million nights (+4.7%).
According to Val Index analysis of Swiss commercial-register and federal data (2026), Switzerland counts 1,526 tourism operators & travel companies — Travel agencies (915) and tour operators (611) in 2024 (BFS STATENT, NOGA 79.11–79.12). Mountain railways are counted by BFS under land passenger transport and are not included..
2.0Industry Overview
Swiss tourism operators fall into two very different businesses: the mountain railways that own the country's best-known excursion peaks, and the travel trade that sells holidays to Swiss residents. BFS counted 1,526 travel agencies and tour operators with 11,073 employees in 2024 (STATENT), 11.2% more staff than in 2020 with almost the same number of firms. Mountain railways are counted under land transport and are described here through their published results. Demand is at a record: Swiss hotels recorded 43.9 million overnight stays in 2025 (+2.6%), the third record in a row, and other accommodation added 18.1 million (+4.7%).
3.0Industry Health Check (SWOT)
- Record demand (43.9 million hotel nights in 2025)
- Heavy reinvestment needs for railways
- Year-round mountain attractions
- Shorter, less reliable snow seasons
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Tourism Operators & Travel business valuation in Switzerland
- Statutory Multiple (EBITDA)
- 2.5 - 4.0×
- Deal Multiple (EBITDA)
- 3.5 - 5.5×
- Market Trend
- Stable
Indicative ranges based on market research. Actual multiples vary by company size, growth, and market conditions.
8.0Regional Clusters
Western Switzerland
379 travel agencies and tour operators with 2,342 employees in 2024 (BFS STATENT), the most firms of any region; Zermatt Bergbahnen is registered here.
Zurich
332 firms with 4,358 employees, 39% of the national total and the largest firms on average (13.1 per firm); DERTOUR Suisse and TUI Suisse are registered here.
Eastern Switzerland
176 firms with 900 employees.
Bern and Solothurn
168 firms with 820 employees; Jungfraubahn (Interlaken) and Schilthornbahn (Lauterbrunnen) are registered here.
Central Switzerland
168 firms with 1,078 employees; the Titlis (Wolfenschiessen) and Pilatus (Alpnach) railway companies are registered here.
Northwestern Switzerland
162 firms with 1,049 employees; Knecht Reisen is registered in Windisch.
Ticino
121 firms with 520 employees, the smallest on average (4.3 per firm).
Sources
9.0Frequently Asked Questions
▶How much is a tourism operator worth in Switzerland?
ValIndex's multiples table puts Swiss tourism operators at 3.5–5.5× EBITDA in transactions and 2.5–4.0× EBITDA on statutory valuations. Mountain railways and travel agencies differ greatly in margins and capital needs, so buyers value them on different terms.
▶What drives the value of a Swiss tourism business?
Buyers price: (1) for railways, the site, concessions and reinvestment needs; (2) for travel firms, the customer base and specialist offer; (3) margins; (4) dependence on weather and season; (5) dependence on the owner; (6) booking channels and IT.
▶How big is the Swiss travel trade?
BFS counted 1,526 travel agencies and tour operators with 11,073 employees in 2024. Mountain railways are counted separately under land transport; the largest, the Jungfraubahn group, had revenue of CHF 305.7 million in 2025.
▶Who are the main Swiss tourism operators?
Leading mountain railways are Jungfraubahn (Interlaken), Zermatt Bergbahnen, the Titlis railways (Wolfenschiessen), Pilatus-Bahnen (Alpnach) and Schilthornbahn (Lauterbrunnen). In the travel trade, DERTOUR Suisse (which acquired Hotelplan in 2025), TUI Suisse and Knecht Reisen are among the largest.
▶What are the key trends in Swiss tourism?
Five trends: (1) a third consecutive record in hotel nights; (2) near-record mountain-railway results; (3) large new investments such as the Titlis Tower; (4) tour-operator mergers; (5) roll-ups of regional travel agencies.
▶What are the main risks when buying a Swiss tourism business?
The main risks are: (1) snow and weather; (2) large reinvestment needs and concession terms at railways; (3) thin margins and online competition for agencies; (4) travel shocks and the franc; (5) owner dependence. Due diligence should check concessions, the investment plan, bookings and supplier contracts.
▶Is Swiss tourism demand growing?
Yes. Swiss hotels recorded a third consecutive record of 43.9 million overnight stays in 2025 (+2.6%); Zermatt reached a visitor record at the Klein Matterhorn and Titlis carried 4.3% more passengers.
▶Where are Swiss travel companies located?
Using BFS figures for 2024: Western Switzerland has the most travel agencies and tour operators (379, with 2,342 employees), followed by Zurich (332; 4,358), Eastern Switzerland (176; 900), Bern and Solothurn (168; 820), Central Switzerland (168; 1,078), Northwestern Switzerland (162; 1,049) and Ticino (121; 520).