Liechtensteinische Landesbank AG (LLBN) AI Stock Analysis

• Market Cap: CHF2.87B
• Dividend Yield: 3.34%
• Average Volume (3M): 10.56K
• Price to Earnings (P/E): 17.0
• Beta (1Y): 0.25
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: CH
• Employees: 995
• Sector: Financial
• Sector Strength: 70
• Industry: Banks - Regional
• EPS (TTM): 2.48
• Shares Outstanding: 30,800,000
• 10 Day Avg. Volume: 7,519
• 30 Day Avg. Volume: 10,559
• PEG Ratio: 41.75
• Price to Book (P/B): 1.08
• Price to Sales (P/S): -6.22
• P/FCF Ratio: 19.38
• 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): 5.71
• Revenue Forecast (FY): CHF577.80M

• Rating: 54 Neutral
• Price Target: CHF95.00 ▲(13.37% Upside)
• Action: Reiterated Date: 03/04/26
• Date: Action: Reiterated 03/04/26

The score is held back primarily by financial-statement concerns—especially the 2025 income statement anomaly, multi-year cash-flow volatility, and higher recent leverage. Technicals are mixed but not decisively bearish (supported by longer-term moving averages), and valuation is reasonable with a moderate P/E and ~3% dividend yield.

Positive Factors

Diversified universal banking franchise

LLB's mix of private banking, retail, corporate and asset management creates durable revenue diversification. This reduces dependence on any single cycle, lets fee and interest streams offset each other, and supports cross-selling of deposits, lending and advisory services over time.

Stable, high net margins

Consistently strong net margins (~27–30%) indicate structural pricing power and cost control in core businesses. Sustained margins provide a cushion against revenue volatility, enable continued profitability even with top-line headwinds, and support retained earnings build-up.

Rising equity/capital base

An increasing equity base and modest ROE provide a stronger capital buffer. Higher equity improves regulatory resilience, allows continued lending and wealth custody growth, and gives flexibility to absorb credit losses or invest in strategic initiatives without immediate external funding.

Negative Factors

Negative operating and free cash flow

Sustained negative operating and free cash flow across multiple years undermines internal funding capacity. That trend constrains investment, forces reliance on external financing or deposit growth, and raises questions about the sustainability of dividends and capital uses absent cash-generation recovery.

Sharp revenue decline in 2024

A roughly 30% revenue drop materially weakens the growth profile and scale benefits. Lower top-line reduces fee and interest income, pressures operating leverage and could force cost cutting that harms long-term client service, asset-gathering and competitive positioning if the decline persists.

Higher leverage elevates balance-sheet risk

Rapidly rising debt-to-equity increases financial risk and sensitivity to funding or credit shocks. Higher leverage narrows regulatory and strategic flexibility, raises interest burden, and makes the bank more vulnerable to economic stress or asset-quality deterioration without commensurate cash generation.

Liechtensteinische Landesbank AG Business Overview & Revenue Model

Company Description

Liechtensteinische Landesbank Aktiengesellschaft provides banking products and services in Liechtenstein, Switzerland, Austria, Europe, North and South America, Africa, Asia, and internationally. It operates through three segments: Retail & Corporate Banking, Private Banking, and Institutional Clients. The company accepts various deposits, including savings, private, current, and custody accounts, as well as time deposits. Its loan products comprise mortgages, Lombard loans, advances, business loans, real estate financing, and guarantees and sureties. The company also offers cards; securities safe custody, investment advice, asset management, and asset structuring services; and financial and retirement planning. In addition, it provides money market and interbank services; securities trading services; and payment, foreign exchange transaction, and online and mobile banking services. The company operates through three branches in Liechtenstein, Austria, and Switzerland, as well as a branch in Dubai; and Zurich, Geneva and Abu Dhabi. Liechtensteinische Landesbank Aktiengesellschaft was founded in 1861 and is headquartered in Vaduz, Liechtenstein.

How the Company Makes Money

Liechtensteinische Landesbank AG Financial Statement Overview

Summary

Profitability and balance-sheet growth were fairly steady through 2020–2024, but cash-flow quality has been inconsistent (negative operating/free cash flow in 2022–2024) and leverage has risen (debt-to-equity near ~1.9 in 2024–2025). A major 2025 anomaly (negative revenue and negative reported margin despite positive net income) is a significant red flag that reduces confidence in the latest results.

Income Statement

From 2020–2024, revenue grew modestly overall and profitability looked solid, with net margins around the high-20% to ~30% range and net income steadily rising. However, 2025 shows a sharp break: reported revenue turns negative and the reported net margin flips negative despite net income staying positive, creating a major consistency/red-flag issue versus prior years and making the latest-year trend less reliable.

Balance Sheet

The balance sheet shows steady asset growth and expanding equity over time, which supports durability. That said, leverage has trended higher recently: debt-to-equity moved from below 1.0 (2021) to ~1.9 (2024–2025), reducing balance-sheet flexibility. Returns on equity were mid-single digits to high-single digits in 2021–2024, but 2025 return on equity is shown as 0.0, which weakens the latest signal.

Cash Flow

Cash generation is volatile. Operating and free cash flow were strongly positive in 2020–2021, but operating cash flow turned negative in 2022–2024 (with free cash flow also negative), indicating weaker cash conversion during those years. 2025 rebounds to positive operating and free cash flow, and free cash flow covers a large portion of net income, but the multi-year inconsistency and sharp swings keep overall cash-flow quality below average.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	840.84M	-410.40M	556.56M	541.97M	503.19M	476.40M
Gross Profit	-184.36M	-410.40M	556.56M	541.77M	505.90M	473.91M
EBITDA	200.40M	0.00	0.00	232.37M	206.54M	198.53M
Net Income	167.92M	166.50M	167.11M	164.57M	147.54M	129.91M
Balance Sheet
Total Assets	28.15B	28.32B	27.77B	25.69B	25.22B	25.13B
Cash, Cash Equivalents and Short-Term Investments	8.06B	5.75B	7.19B	6.78B	6.70B	8.12B
Total Debt	3.35B	4.39B	4.19B	2.61B	2.22B	1.99B
Total Liabilities	25.88B	25.96B	25.54B	23.56B	23.19B	22.89B
Stockholders Equity	2.27B	2.36B	2.23B	2.13B	2.02B	2.10B
Cash Flow
Free Cash Flow	-1.62B	131.59M	-388.49M	-517.96M	-69.61M	740.47M
Operating Cash Flow	-1.59B	156.47M	-353.00M	-483.93M	-33.19M	763.97M
Investing Cash Flow	485.51M	-1.02B	-212.06M	-80.61M	-461.04M	-290.63M
Financing Cash Flow	476.74M	486.25M	340.64M	294.80M	45.79M	81.81M

Liechtensteinische Landesbank AG Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
LLBN	54 Neutral	CHF2.87B	17.05	―	3.34%	―	―

Liechtensteinische Landesbank AG Corporate Events

LLB Group Holds Profit Steady as Assets Surge Past CHF 125 Billion

Liechtensteinische Landesbank Group reported a consolidated net profit of CHF 166.5 million for 2025, matching the prior year despite CHF 10 million in integration costs from the full-year consolidation of ZKB Österreich. Business volume surpassed CHF 125 billion, client assets rose 12.2% to CHF 108.9 billion and net new money inflows climbed to CHF 3.7 billion, underscoring the strength of its diversified model and ACT-26 strategy.

Operating income increased 8.1% to CHF 611.6 million, driven mainly by higher fee and commission income and stronger client trading activity, while net interest income declined amid lower rates and trading income benefited from wider FX interest differentials. Costs rose to CHF 410.4 million due to the acquisition, but tight cost discipline kept the cost-income ratio at 67.0%, capitalisation remained strong with a 19.0% Tier 1 ratio and the Board will propose an unchanged CHF 2.80 dividend as the bank shifts its strategic focus toward efficiency in 2026.

Net new loans grew 3.3% to CHF 540 million after a period of selective lending, and client loans reached CHF 17.0 billion, reflecting a targeted push to improve loan book profitability. The Principality of Liechtenstein, as majority shareholder, received CHF 64.6 million in dividends and taxes, while two Board members stand for re-election as the Group prepares a successor strategy to ACT-26, to be unveiled in autumn 2026 against an ongoing backdrop of geopolitical and market volatility.

The most recent analyst rating on (CH:LLBN) stock is a Hold with a CHF100.00 price target. To see the full list of analyst forecasts on Liechtensteinische Landesbank AG stock, see the CH:LLBN Stock Forecast page.

LGT and LLB Launch First Pfandbrief Institute to Strengthen Liechtenstein’s Capital Market

LGT and Liechtensteinische Landesbank have jointly founded Liechtensteinisches Pfandbriefinstitut (LPBI), creating the first platform in Liechtenstein for issuing Pfandbriefe—covered bonds secured by high-quality mortgages on domestic real estate under a new Pfandbrief Act and supervised by the national financial regulator. The initiative closes a key gap in the local capital market, is expected to enhance refinancing diversification and stability for Liechtenstein’s banks, bolster the resilience of the mortgage and real estate markets, and offer investors a highly secure instrument, with the first Pfandbrief issues planned in the coming months under a jointly led governance structure drawn from both institutions.

The most recent analyst rating on (CH:LLBN) stock is a Hold with a CHF95.00 price target. To see the full list of analyst forecasts on Liechtensteinische Landesbank AG stock, see the CH:LLBN Stock Forecast page.