Liechtensteinische Landesbank AG (LLBN) AI Stock Analysis

• Market Cap: CHF2.95B
• Dividend Yield: 3.34%
• Average Volume (3M): 10.56K
• Price to Earnings (P/E): 17.5
• Beta (1Y): 0.26
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: CH
• Employees: 995
• Sector: Financial
• Sector Strength: 70
• Industry: Banks - Regional
• EPS (TTM): 3.26
• Shares Outstanding: 30,800,000
• 10 Day Avg. Volume: 7,519
• 30 Day Avg. Volume: 10,559
• PEG Ratio: 8.62
• Price to Book (P/B): 0.96
• Price to Sales (P/S): 3.86
• P/FCF Ratio: -5.52
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 57 Neutral
• Price Target: CHF100.00 ▲(19.33% Upside)

The score is held back primarily by multi-year negative operating/free cash flow, increased leverage, and a steep 2024 revenue drop despite solid profit margins. Technicals are supportive due to the price trading above key moving averages, but overbought signals add near-term risk. Valuation is reasonable (P/E ~15.2) and the dividend yield (~3.34%) provides some support.

Positive Factors

Margin Sustainability

Consistent net margins near 27%–30% and gradually rising net income indicate durable underlying profitability. This margin resilience helps absorb revenue volatility, supports dividend capacity and capital retention, and underpins long-term earnings power across business cycles.

Diversified Earnings Mix

A balanced mix of interest income from lending and recurring fee income from wealth management provides structural revenue diversification. Recurring AUM-related fees reduce cyclicality vs pure lending, stabilizing cash inflows and supporting long-term client relationships and cross-sell opportunities.

Capital Base and ROE

An increasing equity base coupled with a positive return on equity (~5%–8%) strengthens the bank's capital buffer. This enhances regulatory resilience, enables sustained lending and wealth-management activity, and provides a durable platform to finance growth or absorb credit shocks.

Negative Factors

Negative Operating and Free Cash Flow

Sustained negative operating and free cash flow over three years materially weakens financial flexibility. The bank may need to rely on funding, asset sales or capital issuance to cover operations, constraining investment, dividend policy and strategic initiatives over the medium term.

Sharp Revenue Contraction

A roughly 30% year decline in revenue is a structural risk to growth and fee bases, suggesting client outflows or reduced lending volumes. This materially compresses top-line sustainability, limits scalability of fixed-cost structures, and raises execution risk for revenue recovery.

Rising Leverage

A marked increase in debt-to-equity to ~1.88 heightens balance-sheet and funding risk. Higher leverage reduces shock absorption, raises regulatory and funding vulnerability, and limits strategic flexibility, making the bank more sensitive to credit losses or adverse market moves.

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

Income statement profitability is steady (net margins ~27%–30% with gradually rising net income), but quality is pressured by a sharp ~30% revenue decline in 2024, rising leverage (debt-to-equity up to ~1.88 in 2024), and negative operating/free cash flow across 2022–2024, which reduces financial flexibility.

Income Statement

Profitability is solid and fairly consistent, with net profit margins holding around ~27%–30% from 2021–2024 and net income gradually rising over the period. However, the latest year shows a sharp revenue decline (down ~30% in 2024), which weakens the growth profile and raises questions about near-term top-line momentum.

Balance Sheet

The company maintains a reasonable profitability on equity (roughly ~5%–8% across 2020–2024), and equity has generally increased. That said, leverage has moved higher recently: debt-to-equity rose from ~1.10 (2022) to ~1.88 (2024), indicating increased balance sheet risk versus prior years.

Cash Flow

Cash generation is the key weakness: operating cash flow and free cash flow are negative in 2022–2024, following strong positive cash flow in 2020–2021. While free cash flow growth rates look volatile (including a large improvement in 2024 off a very weak base), the sustained negative cash flow trend in recent years reduces financial flexibility.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	840.84M	556.56M	541.97M	503.19M	476.40M	430.31M
Gross Profit	-184.36M	556.56M	541.77M	505.90M	473.91M	430.31M
EBITDA	200.40M	0.00	232.37M	206.54M	198.53M	161.14M
Net Income	167.92M	167.11M	164.57M	147.54M	129.91M	103.52M
Balance Sheet
Total Assets	28.15B	27.77B	25.69B	25.22B	25.13B	23.57B
Cash, Cash Equivalents and Short-Term Investments	8.06B	7.19B	6.78B	6.70B	8.12B	7.42B
Total Debt	3.35B	4.19B	2.61B	2.22B	1.99B	3.16B
Total Liabilities	25.88B	25.54B	23.56B	23.19B	22.89B	21.44B
Stockholders Equity	2.27B	2.23B	2.13B	2.02B	2.10B	2.00B
Cash Flow
Free Cash Flow	-1.62B	-388.49M	-517.96M	-69.61M	740.47M	947.66M
Operating Cash Flow	-1.59B	-353.00M	-483.93M	-33.19M	763.97M	969.63M
Investing Cash Flow	485.51M	-212.06M	-80.61M	-461.04M	-290.63M	-23.85M
Financing Cash Flow	476.74M	340.64M	294.80M	45.79M	81.81M	137.49M

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	57 Neutral	CHF2.95B	17.45	―	3.34%	―	―

Liechtensteinische Landesbank AG Corporate Events

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.

LLB Switzerland Expands Presence with New Zurich Location

LLB (Switzerland) AG has opened a new location on Bahnhofstrasse in Zurich, reinforcing its commitment to customer proximity and quality in the financial center. This move highlights the bank’s focus on private banking and corporate clients, with the new site providing modern workplaces and embodying the bank’s principles of stability and continuity, further strengthening its presence in Zurich’s financial sector.

Liechtensteinische Landesbank Appoints New CFO Markus Schifferle

Liechtensteinische Landesbank AG has appointed Markus Schifferle as the new Group Chief Financial Officer (CFO), succeeding Christoph Reich, who became Group CEO in September 2025. Schifferle, with over 25 years of banking experience and a strong background in finance and risk management within LLB, is expected to bring strategic and operational excellence to the role. His appointment, pending approval from the FMA Liechtenstein, completes the Group Executive Board, positioning the bank to continue its strategic goals in a challenging environment.