Want to see CH:LEON full AI Analyst Report?
Top Page
Leonteq AG
(LEON)
Select Model
Select Model
Rating:47Neutral
Price Target:
CHF16.00
▲(16.79% Upside)
Action:Reiterated
Date:03/03/26
The score is weighed down primarily by weak financial performance: a loss-making 2025, declining revenues, and high/unstable leverage. Technicals are only moderately supportive (short-term recovery but longer-term downtrend), while valuation signals are mixed because the negative P/E reflects current losses and the stated lack of a 2025 dividend undermines the apparent yield. Earnings-call guidance is constructive for a 2026 profit recovery, but execution and revenue/margin risks remain significant.
Positive Factors
Capital strength (CET1 uplift)
Early FRTB implementation materially reduced market-risk RWA and raised CET1 to 16.9%, creating a durable capital buffer. This improves regulatory headroom, supports liquidity and risk-taking for structured issuance, and enables optional capital returns only if CET1 stays above conservative thresholds.
Negative Factors
Weak profitability and revenue trend
A multi-year revenue decline culminating in a 2025 net loss indicates weak top-line momentum and margin pressure. Restoring sustainable profitability depends on consistent revenue growth, successful retail rollouts and partner recovery; execution risk remains material and could delay durable earnings recovery.
Read all positive and negative factors
Positive Factors
Negative Factors
Capital strength (CET1 uplift)
Early FRTB implementation materially reduced market-risk RWA and raised CET1 to 16.9%, creating a durable capital buffer. This improves regulatory headroom, supports liquidity and risk-taking for structured issuance, and enables optional capital returns only if CET1 stays above conservative thresholds.
Read all positive factors
Leonteq AG (LEON) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF297.00M
Dividend Yield21.87%
Average Volume (3M)46.48K
Price to Earnings (P/E)―
Beta (1Y)0.28
Revenue Growth-26.14%
EPS Growth-683.34%
CountryCH
Employees545
SectorGeneral
Sector StrengthN/A
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-1.91
Shares Outstanding18,494,242
10 Day Avg. Volume47,027
30 Day Avg. Volume46,482
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)0.35
Price to Sales (P/S)1.33
P/FCF Ratio8.46
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1
Revenue Forecast (FY)CHF234.80M
Leonteq AG Business Overview & Revenue Model
Company Description
Leonteq AG, established in Zurich, Switzerland, in 2007 (and known as EFG Financial Products Holding AG until its name change in June 2013), is a financial services company specializing in sophisticated structured investment products and comprehen...
How the Company Makes Money
Leonteq primarily makes money by structuring and issuing investment products (notably structured products) and earning margins and fees across the product lifecycle. Key revenue streams typically include: (1) Structuring/issuance income: when Leon...
Leonteq AG Earnings Call Summary
Earnings Call Date:Feb 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Neutral
The call presents a balanced picture: significant near-term financial challenges (underlying pretax loss, IFRS net loss, trading and margin pressures, and partner-specific pauses) were contrasted with substantial execution achievements (early FRTB implementation, stronger CET1 ratio, material cost reductions, H2 client momentum, clear progress in retail flow, AMCs and LYNQS, and remediation of regulatory legacy issues). Management is optimistic about returning to profit in 2026 and has outlined concrete strategic steps, but near-term operating risks and revenue headwinds remain material.Positive Updates
Strong Capital Position After FRTB Implementation
Completed transition to FRTB in November 2025 ahead of schedule; market risk RWA decreased by 16% leading to a CET1 ratio of 16.9% (approx. +270 bps impact). Board plans a share buyback in early 2027 provided CET1 remains meaningfully above 15%.
Negative Updates
Financial Performance: Net Income and Reported Loss
Net income declined 17% to CHF 178.5 million in 2025. The Group reported an IFRS net loss of approx. CHF 33 million (includes ~CHF 11 million of non-recurring one-off charges). Underlying pretax loss of CHF 21.5 million for 2025 despite cost reductions.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Capital Position After FRTB Implementation
Completed transition to FRTB in November 2025 ahead of schedule; market risk RWA decreased by 16% leading to a CET1 ratio of 16.9% (approx. +270 bps impact). Board plans a share buyback in early 2027 provided CET1 remains meaningfully above 15%.
Read all positive updates
Company Guidance
Leonteq guided that it expects to return to a positive pretax result for both H1 and the full year 2026 and to reach its mid‑term financial targets by 2028, with revenue growth across all regions in 2026; it expects 2026 total operating expenses of roughly CHF 200m (vs underlying CHF 194m in 2025, +≈CHF 6m driven by the German retail‑flow launch, partial normalization of variable compensation and index price rises), reiterated a 30% payout ratio when profitable but confirmed no dividend for 2025, and said it will consider a share buyback in early 2027 only if CET1 remains meaningfully above 15% (CET1 was 16.9% at 31 Dec 2025 after a ~270bp uplift from FRTB and a 16% decline in market‑risk RWAs); additional targets/near‑term metrics included CHF 8m budgeted revenue from the retail‑flow business in 2026, increasing non‑sales trading staff in Lisbon to ~30% by end‑2026 (from 26%), expected closing of the Japan sale in Q1 2026, controlled wind‑down of the bench pension offering by end‑2026, and continued momentum in recurring AMC revenues (CHF 28.3m in H2 2025).Leonteq AG Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
22
Negative
Cash Flow
45
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 181.90M | 214.47M | 256.88M | 466.75M | 428.74M |
| Gross Profit | 111.60M | 88.97M | 256.88M | 433.25M | 393.09M |
| EBITDA | 12.94M | 52.16M | 64.30M | 232.02M | 214.74M |
| Net Income | -33.70M | 5.84M | 20.60M | 156.45M | 155.72M |
Balance Sheet | |||||
| Total Assets | 11.16B | 10.67B | 9.26B | 12.33B | 14.44B |
| Cash, Cash Equivalents and Short-Term Investments | 3.07B | 4.50B | 4.64B | 3.81B | 3.09B |
| Total Debt | 5.53B | 89.32M | 4.96B | 5.23B | 6.58B |
| Total Liabilities | 10.47B | 9.86B | 8.48B | 11.46B | 13.64B |
| Stockholders Equity | 692.11M | 803.83M | 780.13M | 870.03M | 802.09M |
Cash Flow | |||||
| Free Cash Flow | 28.56M | -43.21M | -316.25M | -1.85B | 2.12B |
| Operating Cash Flow | 45.93M | -16.77M | -313.94M | -1.83B | 2.14B |
| Investing Cash Flow | -17.35M | -26.41M | -29.50M | -25.86M | -23.07M |
| Financing Cash Flow | -63.54M | -40.56M | -116.56M | -93.06M | -32.78M |
Leonteq AG Technical Analysis
Neutral
13.70
Price Trends
15.48
Positive
14.97
Positive
14.96
Positive
Market Momentum
0.36
Positive
53.09
Neutral
19.21
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:LEON, the sentiment is Neutral. The current price of 13.7 is below the 20-day moving average (MA) of 16.65, below the 50-day MA of 15.48, and below the 200-day MA of 14.96, indicating a neutral trend. The MACD of 0.36 indicates Positive momentum. The RSI at 53.09 is Neutral, neither overbought nor oversold. The STOCH value of 19.21 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CH:LEON.
Leonteq AG Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | CHF6.38B | 16.91 | ― | 1.22% | 8.23% | 24.29% | |
66 Neutral | CHF4.34B | 20.10 | 11.11% | 4.66% | 1.34% | 5.31% | |
64 Neutral | CHF2.46B | 17.95 | 27.64% | 2.36% | 5.94% | 15.73% | |
64 Neutral | CHF5.07B | 24.00 | 9.10% | 3.15% | -4.31% | 2.52% | |
61 Neutral | CHF2.53B | 16.34 | 5.75% | 3.88% | -14.06% | 2.62% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
47 Neutral | CHF297.00M | -8.47 | ― | 21.87% | -26.14% | -683.34% |
* General Sector Average
CH:LEON
Leonteq AG
16.18
-4.72
-22.58%
CH:CFT
Compagnie Financiere Tradition SA
313.00
88.96
39.71%
CH:EFGN
EFG International AG
17.04
2.03
13.52%
CH:VONN
Vontobel Holding AG
80.00
14.56
22.25%
CH:VATN
Valiant Holding
160.60
34.00
26.85%
CH:SQN
Swissquote Group Holding Ltd.
41.42
-8.35
-16.78%
Leonteq AG Corporate Events
Leonteq closes legacy regulatory cases as FINMA signs off on reforms
Jun 18, 2026
Leonteq has closed all legacy regulatory cases after the Swiss Financial Market Supervisory Authority confirmed that measures ordered following proceedings concluded in 2024 have been fully implemented. The end of all pending proceedings removes a...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.