Cembra Money Bank AG (CMBN) AI Stock Analysis

• Market Cap: CHF2.94B
• Dividend Yield: 4.3%
• Average Volume (3M): 50.87K
• Price to Earnings (P/E): 16.3
• Beta (1Y): 0.38
• Revenue Growth: 3.32%
• EPS Growth: 11.19%
• Country: CH
• Employees: 759
• Sector: Financial
• Sector Strength: 70
• Industry: Banks - Regional
• EPS (TTM): 3.15
• Shares Outstanding: 30,000,000
• 10 Day Avg. Volume: 53,197
• 30 Day Avg. Volume: 50,870
• PEG Ratio: 5.06
• Price to Book (P/B): 2.22
• Price to Sales (P/S): 4.69
• P/FCF Ratio: 14.37
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 6.92
• Revenue Forecast (FY): CHF550.95M

• Rating: 72 Outperform
• Price Target: CHF111.00 ▲(12.29% Upside)
• Action: Reiterated Date: 03/02/26
• Date: Action: Reiterated 03/02/26

The score is primarily driven by solid financial performance (profitable with strong cash conversion) and a constructive earnings outlook centered on further cost reductions and ~15% ROE guidance supported by strong capital. Valuation is reasonable with an attractive dividend yield, while technical signals are only moderately positive due to mixed momentum indicators.

Positive Factors

Strong cash generation

High and closely aligned free cash flow demonstrates earnings quality and durable internal funding capacity. Sustained FCF near net income gives management flexibility to pay dividends, reinvest in digital and partnerships, and absorb credit cycles without immediate reliance on costly external funding.

Capital strength & returns

A robust Tier 1 buffer and clear dividend policy indicate a conservative capital framework that supports shareholder returns while preserving regulatory headroom. Targeted ~15% ROE shows management intends to sustainably deploy capital into profitable lending and efficiency programs without eroding solvency.

Operational efficiency gains

Material, repeatable cost reductions and automation-driven FTE optimization reduce structural operating leverage and improve margin resilience. Delivering multi-year OpEx savings supports sustainable lower cost/income, making profitability less sensitive to modest revenue setbacks or regulatory headwinds.

Negative Factors

High leverage and funding mix

Elevated leverage and reliance on debt-style funding amplify sensitivity to funding cost volatility and credit shocks. Even with improving metrics, high debt-to-equity constrains rapid asset growth, increases refinancing and liquidity risk, and limits flexibility for aggressive expansion over the medium term.

Regulatory cap on card yields

A regulatory ceiling on card interest creates a structural headwind to a core high-margin product, compressing net interest income unless offset by volumes, fees, or cost cuts. Persistent yield caps reduce long-term earnings power of the card portfolio and force strategic shifts toward lower-yield secured lending.

Contraction in unsecured personal loans

A sustained shrinkage in the unsecured personal-loan book reduces exposure to historically higher-yield segments, limiting NII growth and scale benefits. If selective underwriting and portfolio consolidation persist, revenue mix will shift toward secured products with lower yields, challenging medium-term growth targets.

Cembra Money Bank AG Business Overview & Revenue Model

Company Description

Cembra Money Bank AG provides consumer finance products and services in Switzerland. The company offers savings products, including medium-term notes and deposit accounts; loans comprising cash, consumer, personal, business, and auto loans; credit card receivables; and leasing services for new and used vehicles, including cars, light commercial vehicles, motorcycles, and caravans, as well as corporate leasing services. It also provides financial protection products in case of involuntary unemployment, accident, illness, or disability; travel and flight, and card protection insurance products; investment products; and credit cards, mobile payment, and e-services. In addition, the company offers financing solutions to small businesses under the Cembra Business brand, as well as invoice financing services. The company serves private and self-employed individuals, and small and medium enterprises. It operates through a network of branches, as well as through various sales channels, such as the internet, credit card partners, independent intermediaries, and approximately 4,000 car dealers. The company was formerly known as GE Money Bank Aktiengesellschaft and changed its name to Cembra Money Bank AG in October 2013. Cembra Money Bank AG was founded in 1912 and is headquartered in Zurich, Switzerland.

How the Company Makes Money

Cembra Money Bank AG generates revenue primarily through interest income from its lending activities, including personal loans, auto financing, and credit card products. The company earns interest on the money it lends to customers, which constitutes a significant portion of its income. Additionally, Cembra earns fees from its credit card business, including annual fees, transaction fees, and late payment charges. The bank also benefits from partnerships with retailers and other commercial entities, which help drive customer acquisition and cross-selling opportunities. Furthermore, the company manages risk through a strong credit assessment framework, ensuring the sustainability of its revenue streams.

Cembra Money Bank AG Financial Statement Overview

Summary

Solid profitability and cash conversion support the score: net income rose to ~CHF 180m in 2025 and free cash flow closely tracks earnings (~94%–96%) with strong 2025 growth. Offsetting factors are a debt-heavy funding profile (though improving) and inconsistency/noise in operating profit/margin reporting that reduces confidence in operating trend clarity.

Income Statement

Revenue rebounded strongly in 2025 (+11.3% vs. 2024) after a weak 2023, showing improved momentum. Profitability is consistently solid, with net margins generally around ~28%–34% and net income rising to 180.0M in 2025 from 170.4M in 2024. A key weakness is volatility/inconsistency in operating profit reporting—2024 shows a negative operating margin while 2025 shows zero operating metrics—reducing confidence in trend quality despite healthy bottom-line results.

Balance Sheet

The balance sheet shows steady equity growth (1.13B in 2020 to 1.35B in 2025) and consistently strong returns on equity (~12.6%–13.6%), indicating good capital efficiency. Leverage is meaningfully high but improving, with debt-to-equity declining to ~2.10x in 2025 from ~2.49x in 2023. The main risk remains a debt-heavy funding profile typical of regional banks, which can amplify sensitivity to credit/funding conditions.

Cash Flow

Cash generation is a clear strength: free cash flow closely tracks earnings across the period (free cash flow running at ~94%–96% of net income), suggesting high-quality profits. Free cash flow accelerated in 2025 (+36.5%) to 207.4M, supporting flexibility for capital returns or reinvestment. The weakness is that operating cash flow relative to total debt is low (~6%–36% across years, and ~6%–7% in 2024–2025), which limits deleveraging speed if conditions tighten.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	635.10M	550.45M	458.78M	538.25M	513.05M
Gross Profit	561.50M	550.45M	590.60M	538.25M	513.05M
EBITDA	0.00	0.00	223.67M	236.43M	225.53M
Net Income	180.00M	170.40M	158.03M	169.30M	161.50M
Balance Sheet
Total Assets	7.94B	7.95B	8.09B	7.66B	7.10B
Cash, Cash Equivalents and Short-Term Investments	780.98M	793.20M	921.97M	632.64M	544.77M
Total Debt	2.83B	2.91B	3.11B	2.63B	2.52B
Total Liabilities	6.60B	6.66B	6.84B	6.38B	5.90B
Stockholders Equity	1.35B	1.29B	1.25B	1.27B	1.20B
Cash Flow
Free Cash Flow	207.41M	250.34M	179.57M	231.65M	164.64M
Operating Cash Flow	219.40M	260.64M	188.53M	243.42M	174.61M
Investing Cash Flow	-58.77M	-112.57M	-233.44M	-471.87M	34.45M
Financing Cash Flow	-162.16M	-288.63M	352.89M	297.64M	-258.63M

Cembra Money Bank AG Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 98.85
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:CMBN, the sentiment is Positive. The current price of 98.85 is above the 20-day moving average (MA) of 98.38, above the 50-day MA of 98.74, and above the 200-day MA of 95.67, indicating a bullish trend. The MACD of 0.06 indicates Negative momentum. The RSI at 55.47 is Neutral, neither overbought nor oversold. The STOCH value of 94.95 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CH:CMBN.

Cembra Money Bank AG Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CMBN	72 Outperform	CHF2.94B	16.26	14.60%	4.30%	3.32%	11.19%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
LLBN	57 Neutral	CHF2.87B	17.05	―	3.34%	―	―

Cembra Money Bank AG Corporate Events

Cembra lifts profit, tightens costs and eyes higher returns in 2026

Cembra Money Bank reported a 5% rise in net income to CHF 180 million for 2025, driven by growth in vehicle financing, strict cost discipline and stable credit quality, even as net receivables and revenues declined slightly amid selective lending. The bank sharply improved its cost/income ratio to 45.2%, held its loss rate at 1.1%, maintained a robust Tier 1 capital ratio of 17.6% and proposed a higher ordinary dividend plus a special payout, underscoring confidence in its capital strength.

Strategically, Cembra advanced its digital and operational agenda with a fully migrated leasing platform, expanded features and partnerships in its card business and wider adoption of its app, while further diversifying funding through a covered bond programme. The bank also announced the appointment of seasoned finance executive Christoph Glaser as CFO from March 2026 and guided to further net income growth, additional cost reductions and an improved return on equity around 15% in 2026, signalling continued focus on profitability and efficiency.

The most recent analyst rating on (CH:CMBN) stock is a Buy with a CHF116.00 price target. To see the full list of analyst forecasts on Cembra Money Bank AG stock, see the CH:CMBN Stock Forecast page.

Cembra boosts Certo! credit card appeal with expanded Swiss cashback programme

Cembra is enhancing its Certo! Mastercard credit card range with an expanded, app-integrated cashback programme that it says is unique in Switzerland, aiming to make consumer payments simpler, more flexible and more attractive. The updated offer automatically grants cashback on in-store and online purchases, adds regularly changing promotions from major retailers in fashion, lifestyle and electronics, and creates new marketing opportunities for partner brands, reinforcing Cembra’s competitive position in the Swiss payments market and its push toward a seamless digital shopping experience.

With no need for registration, discount codes or vouchers, customers receive cashback on every payment, can track credits and offers in the Cembra app, and benefit from additional digital payment functions that enhance convenience and security. The broadened Certo! ecosystem is designed to boost customer loyalty and transaction volumes while giving participating retailers a differentiated channel to reach consumers, underlining Cembra’s strategic focus on innovative payment solutions and strengthening its role in Switzerland’s evolving cashless payments landscape.

The most recent analyst rating on (CH:CMBN) stock is a Buy with a CHF116.00 price target. To see the full list of analyst forecasts on Cembra Money Bank AG stock, see the CH:CMBN Stock Forecast page.

Cembra extends digital app to personal loan customers in Switzerland

Cembra has expanded its mobile Cembra App to include personal loan customers, advancing its strategy to build a cross-product, highly secure digital platform. Users of personal loans can now view and manage contracts, invoices and payments, access detailed product and payment information, retrieve annual interest statements, update contact and address data, and purchase supplementary insurance directly via the app, which is already used for credit cards and leasing. This broader digital offering is designed to improve transparency and customer experience, cementing Cembra’s positioning as a digitally focused lender in Switzerland and potentially increasing customer engagement and operational efficiency across its lending portfolio.

The most recent analyst rating on (CH:CMBN) stock is a Hold with a CHF91.70 price target. To see the full list of analyst forecasts on Cembra Money Bank AG stock, see the CH:CMBN Stock Forecast page.