Want to see CH:LEON full AI Analyst Report?
Top Page
Leonteq AG
(LEON)
Select Model
Select Model
Rating:52Neutral
Price Target:
CHF16.00
▼(-4.19% Downside)
Action:Reiterated
Date:07/24/26
The score is held back mainly by weak and volatile financial performance—2025 losses, declining revenue, and high/unstable leverage—despite improved (but inconsistent) cash generation. The earnings call points to a near-term operational recovery and capital return potential, which meaningfully supports the score. Technicals are neutral-to-soft with negative MACD and sub-50 RSI, while valuation is helped by a very high dividend yield but tempered by a negative P/E tied to loss-making results.
Positive Factors
Profitability recovery
A return to positive net profit and pretax earnings indicates management has restored core operating profitability. Durable profit generation supports internal capital generation, funds reinvestment and shareholder distributions, and reduces reliance on volatile trading income over a multi‑quarter horizon.
Negative Factors
High, unstable leverage
Material year‑to‑year swings in debt and elevated leverage reduce financial flexibility and increase refinancing and liquidity risk. In a capital‑intensive, RWA‑sensitive business, this instability can magnify earnings shocks and constrain strategic investments over multiple quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability recovery
A return to positive net profit and pretax earnings indicates management has restored core operating profitability. Durable profit generation supports internal capital generation, funds reinvestment and shareholder distributions, and reduces reliance on volatile trading income over a multi‑quarter horizon.
Read all positive factors
Leonteq AG (LEON) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF306.75M
Dividend Yield17.65%
Average Volume (3M)46.48K
Price to Earnings (P/E)―
Beta (1Y)0.25
Revenue Growth-32.12%
EPS Growth-4018.55%
CountryCH
Employees545
SectorGeneral
Sector StrengthN/A
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-1.72
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)1.12
Revenue Forecast (FY)CHF228.70M
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:Jul 23, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Feb 11, 2027
Earnings Call Sentiment Positive
The call communicated a clear and measurable recovery: return to profitability, double‑digit growth in fee income and turnover, significant cost reductions, strengthened recurring and capital‑efficient businesses (AMCs, QIS, LYNQS), and a solid capital base with a Board‑level intent to return capital to shareholders. Offsetting concerns include a 10% year‑on‑year decline in total operating income (driven by weaker trading), a negative treasury carry component, higher RWAs and slightly lower CET1 ratio, a reduction in Tier 1 partner turnover, and continued pressure in the pension/long‑term savings segment. Overall, the positives — particularly the profitability turnaround, revenue and fee growth, cost discipline, regional momentum (Asia), and strategic progress — materially outweigh the negatives.Positive Updates
Return to Profitability
Reported profit before taxes of CHF 12.2 million and group net profit of CHF 12.7 million (up 37% year‑on‑year). Earnings per share increased 34% to CHF 0.71 and return on tangible equity improved to 4% (progress towards 2028 10% target).
Negative Updates
Total Operating Income Decline Year‑on‑Year
Total operating income was CHF 111.6 million in H1 2026 versus CHF 124.3 million in the prior year (a 10% year‑on‑year reduction), reflecting lower trading contributions despite higher fee income.
Read all updates
Q2-2026 Updates
Positive
Negative
Return to Profitability
Reported profit before taxes of CHF 12.2 million and group net profit of CHF 12.7 million (up 37% year‑on‑year). Earnings per share increased 34% to CHF 0.71 and return on tangible equity improved to 4% (progress towards 2028 10% target).
Read all positive updates
Company Guidance
Leonteq reiterated full‑year 2026 guidance to deliver a positive pretax result and reconfirmed operating expense guidance of approximately CHF 200 million, while signalling a shareholder distribution framework of an unchanged dividend policy (30%) and the Board's intention to launch a share buyback in early 2027 (Hans referenced a potential buyback at ~70% of net profit), conditional on maintaining a CET1 ratio meaningfully and sustainably above 15% (CET1 was 16.5% at end‑June; eligible capital CHF 655m; RWAs CHF 3.97bn). Management said the outlook is supported by H1 performance—pretax profit CHF 12.2m, net profit CHF 12.7m, EPS CHF 0.71, RoTE 4%—and improving underlying metrics including net fee income CHF 96.8m (+10% YoY), total operating income CHF 111.6m, platform turnover CHF 15.9bn (+10% YoY), H1 operating expenses CHF 99.2m, own‑issued products CHF 5.6bn, assets CHF 12.4bn, shareholders’ equity CHF 710m, and growth areas they expect to drive further results (AMC outstanding ~CHF 2.4bn with ~9% annualized net new money, QIS ~700 indices, balance‑sheet‑light turnover CHF 3.6bn, LYNQS product initiations +42% with 36% click‑and‑trade).Leonteq AG Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
22
Negative
Cash Flow
45
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 162.34M | 181.90M | 214.47M | 256.88M | 466.75M | 428.74M |
| Gross Profit | 94.17M | 111.60M | 88.97M | 256.88M | 433.25M | 393.09M |
| EBITDA | 6.37M | 12.94M | 52.16M | 64.30M | 232.02M | 214.74M |
| Net Income | -30.26M | -33.70M | 5.84M | 20.60M | 156.45M | 155.72M |
Balance Sheet | ||||||
| Total Assets | 12.39B | 11.16B | 10.67B | 9.26B | 12.33B | 14.44B |
| Cash, Cash Equivalents and Short-Term Investments | 2.21B | 3.07B | 4.50B | 4.64B | 3.81B | 3.09B |
| Total Debt | 6.06B | 5.53B | 89.32M | 4.96B | 5.23B | 6.58B |
| Total Liabilities | 11.68B | 10.47B | 9.86B | 8.48B | 11.46B | 13.64B |
| Stockholders Equity | 710.16M | 692.11M | 803.83M | 780.13M | 870.03M | 802.09M |
Cash Flow | ||||||
| Free Cash Flow | 1.10B | 28.56M | -43.21M | -316.25M | -1.85B | 2.12B |
| Operating Cash Flow | 1.11B | 45.93M | -16.77M | -313.94M | -1.83B | 2.14B |
| Investing Cash Flow | -874.03M | -17.35M | -26.41M | -29.50M | -25.86M | -23.07M |
| Financing Cash Flow | -85.37M | -63.54M | -40.56M | -116.56M | -93.06M | -32.78M |
Leonteq AG Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | CHF6.40B | 17.09 | ― | 1.82% | 8.23% | 24.29% | |
67 Neutral | CHF4.81B | 12.71 | 9.43% | 3.74% | 11.49% | 51.27% | |
66 Neutral | CHF4.87B | 17.29 | 12.14% | 4.07% | -0.85% | -25.22% | |
64 Neutral | CHF2.32B | 16.97 | 28.56% | 2.45% | 5.94% | 15.73% | |
61 Neutral | CHF2.50B | 15.86 | 5.69% | 3.81% | -10.84% | 3.22% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | CHF306.75M | -9.88 | ― | 17.96% | -32.12% | -4018.55% |
* General Sector Average
CH:LEON
Leonteq AG
16.90
-1.22
-6.73%
CH:CFT
Compagnie Financiere Tradition SA
273.50
39.72
16.99%
CH:EFGN
EFG International AG
16.86
1.21
7.76%
CH:VONN
Vontobel Holding AG
87.60
30.21
52.64%
CH:VATN
Valiant Holding
153.80
27.58
21.85%
CH:SQN
Swissquote Group Holding Ltd.
42.98
-12.58
-22.64%
Leonteq AG Corporate Events
Leonteq Returns to Profit as Growth Strategy Boosts Global Volumes
Jul 23, 2026
Leonteq AG has returned to profitability in the first half of 2026, posting group net profit of CHF 12.7 million as higher fee and commission income and positive hedging results lifted operating income to CHF 111.6 million. Operating expenses fell...
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.