Leonteq AG (CH:LEON)
:LEON
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Leonteq AG
(LEON)
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Rating:47Neutral
Price Target:
CHF15.50
▲(13.14% Upside)
Action:ReiteratedDate: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 (FRTB)
A materially stronger CET1 following early FRTB implementation meaningfully raises regulatory capital headroom. This durable capital buffer improves resilience to market stress, supports continued issuance and client activity, and creates optionality for future buybacks or strategic investments if profitability stabilizes.
Negative Factors
Loss-Making 2025
A full-year swing to IFRS and underlying pretax losses erodes retained earnings and signals persistent profitability challenges. Sustained losses can limit reinvestment, constrain partner confidence, and force continued cost or capital measures until revenue and margin trends convincingly recover.
Read all positive and negative factors
Positive Factors
Negative Factors
Capital Strength (FRTB)
A materially stronger CET1 following early FRTB implementation meaningfully raises regulatory capital headroom. This durable capital buffer improves resilience to market stress, supports continued issuance and client activity, and creates optionality for future buybacks or strategic investments if profitability stabilizes.
Read all positive factors
Leonteq AG (LEON) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF282.57M
Dividend Yield21.87%
Average Volume (3M)46.48K
Price to Earnings (P/E)―
Beta (1Y)0.31
Revenue Growth-4.06%
EPS Growth-109.73%
CountryCH
Employees583
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)-2.43
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)1.08
Revenue Forecast (FY)CHF229.86M
Leonteq AG Business Overview & Revenue Model
Company Description
Leonteq AG provides structured investment products and long-term savings and retirement solutions in Switzerland and internationally. It operates through Investment Solutions and Insurance & Wealth Planning Solutions segments. The company manufact...
How the Company Makes Money
Leonteq makes money primarily by creating and servicing structured investment products and by providing platform-based services to financial institutions. Key revenue streams include: (1) Structuring and issuance economics: When Leonteq structures...
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
Positive
13.70
Price Trends
13.98
Positive
14.14
Positive
15.89
Negative
Market Momentum
0.52
Positive
59.62
Neutral
45.99
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:LEON, the sentiment is Positive. The current price of 13.7 is below the 20-day moving average (MA) of 15.29, below the 50-day MA of 13.98, and below the 200-day MA of 15.89, indicating a neutral trend. The MACD of 0.52 indicates Positive momentum. The RSI at 59.62 is Neutral, neither overbought nor oversold. The STOCH value of 45.99 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CH:LEON.
Leonteq AG Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | CHF6.00B | 19.88 | ― | 1.22% | 18.76% | 20.08% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | CHF3.92B | 5.44 | 11.11% | 4.66% | 3.80% | 15.49% | |
64 Neutral | CHF2.16B | 16.36 | 27.64% | 2.36% | 9.07% | 18.07% | |
64 Neutral | CHF5.31B | 17.97 | 9.10% | 3.15% | -0.27% | 21.41% | |
61 Neutral | CHF2.79B | 15.41 | 5.75% | 3.88% | -12.47% | 2.74% | |
47 Neutral | CHF282.57M | -7.17 | ― | 21.87% | -4.06% | -109.73% |
* Financial Sector Average
CH:LEON
Leonteq AG
15.66
1.34
9.36%
CH:CFT
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273.50
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40.78%
CH:EFGN
EFG International AG
17.60
6.73
61.94%
CH:VONN
Vontobel Holding AG
70.30
14.40
25.76%
CH:VATN
Valiant Holding
176.80
64.57
57.54%
CH:SQN
Swissquote Group Holding Ltd.
404.80
46.48
12.97%
Leonteq AG Corporate Events
Leonteq shareholders back all board proposals at 2026 general meeting
Apr 1, 2026
Shareholders of Leonteq AG endorsed all motions proposed by the Board of Directors at the 2026 ordinary general meeting in Zurich, with total participation representing around 64% of issued shares. All five incumbent board members and Chairman Chr...
Leonteq pulls board discharge proposal amid ongoing FINMA reviews
Apr 1, 2026
Leonteq AG has withdrawn its proposal to grant discharge to its Board of Directors and Executive Committee for the financial years 2024 and 2025 ahead of its 2026 General Meeting. The move follows a recommendation by a Swiss proxy advisor to vote ...
MSCI Lifts Leonteq to Top-Tier AAA ESG Rating
Mar 26, 2026
MSCI has upgraded Leonteq’s ESG rating to AAA, the highest level on its scale, positioning the firm among the top 20% of more than 200 diversified financial companies assessed. The move follows an upgrade to AA in 2023 and underscores Leonte...
Leonteq reshapes board and delays chair handover amid Raiffeisen stake sale
Mar 10, 2026
Leonteq AG has proposed the election of Barbara Heller and Jürg Steiger as new independent members of its Board of Directors at the ordinary Annual General Meeting on 1 April 2026, while current director Susana Gomez Smith will not stand for ...
New Investor Group Takes 30% Stake in Leonteq as Raiffeisen Exits
Mar 6, 2026
A newly formed shareholder group comprising Rainer-Marc Frey, Adrian Gut, Felix Oegerli, Tatjana Frey and Herbert Item now controls about 30.1% of Leonteq AG’s outstanding shares, largely via Cayman Islands-based H21 Macro Limited. The group...
Raiffeisen Cuts Leonteq Stake as FINMA Grants Bank-Equivalent Status
Mar 2, 2026
Raiffeisen Schweiz has sold a 22.7% stake in Leonteq AG to H21 Macro Limited and four private investors, reducing its holding to 7%, while leaving intact a long-standing cooperation agreement between the two groups that runs until 2030. The transa...
Leonteq falls to 2025 loss but bolsters capital and maps buyback
Feb 12, 2026
Leonteq AG reported a 2025 loss as lower commission and service income and a weaker trading result outweighed significant cost cuts, although client activity recovered in the second half and transaction volumes rose. The company maintained a stron...
Leonteq Wins BaFin Licence Extension to Launch Retail Flow Business in Germany
Jan 13, 2026
Germany’s Federal Financial Supervisory Authority (BaFin) has granted Leonteq Securities (Europe) GmbH an extension to its licence, allowing it to support Leonteq Securities AG’s trading activities and paving the way for the rollout of...
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.