Thurgauer Kantonalbank (CH:TKBP)
:TKBP
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Thurgauer Kantonalbank
(TKBP)
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Rating:59Neutral
Price Target:
CHF188.00
▲(15.34% Upside)
Action:DowngradedDate:03/15/26
The score is primarily weighed down by financial quality risks—high and rising leverage with a sharp 2025 equity decline and volatile cash flows—despite strong profitability and a 2025 revenue rebound. Technicals are moderately supportive with neutral momentum, while valuation is middling (P/E ~20 with a ~1.9% yield).
Positive Factors
High and consistent net margins
Consistently elevated net margins (mid-30% historically, ~29% in 2025) indicate durable operating efficiency and pricing power in core retail, mortgage and SME activities. Persistent margins support internal capital generation, cushion against shocks and underpin sustained return potential over time.
Negative Factors
Elevated and rising leverage
High and rising leverage (debt-to-equity roughly 3.1x–5.8x) and a sharp equity decline in 2025 reduce loss-absorbing capacity and increase vulnerability to credit or interest-rate shocks. Elevated leverage constrains lending flexibility and heightens regulatory and market sensitivity over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
High and consistent net margins
Consistently elevated net margins (mid-30% historically, ~29% in 2025) indicate durable operating efficiency and pricing power in core retail, mortgage and SME activities. Persistent margins support internal capital generation, cushion against shocks and underpin sustained return potential over time.
Read all positive factors
Thurgauer Kantonalbank (TKBP) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF748.00M
Dividend Yield2.09%
Average Volume (3M)1.05K
Price to Earnings (P/E)2.0
Beta (1Y)0.08
Revenue Growth-17.28%
EPS Growth2.68%
CountryCH
Employees560
SectorGeneral
Sector StrengthN/A
IndustryBanks - Regional
Share Statistics
EPS (TTM)N/A
Shares Outstanding4,000,000
10 Day Avg. Volume1,126
30 Day Avg. Volume1,052
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)0.37
Price to Sales (P/S)1.15
P/FCF Ratio5.64
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)N/A
Revenue Forecast (FY)N/A
Thurgauer Kantonalbank Business Overview & Revenue Model
Company Description
Thurgauer Kantonalbank provides various banking products and services to private individuals, businesses, companies, and public sectors in Switzerland. It offers accounts, home and personal loans, mortgages, asset management, financial planning, g...
How the Company Makes Money
TKB earns money mainly through a mix of interest-based income, fee and commission income, and trading/financial operations typical of universal/cantonal banks.
1) Net interest income (core earnings driver for many cantonal banks):
- Lending: The ...
Thurgauer Kantonalbank Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
54
Neutral
Cash Flow
42
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 564.52M | 409.62M | 426.89M | 433.21M | 392.87M |
| Gross Profit | 400.38M | 409.62M | 414.43M | 381.19M | 373.67M |
| EBITDA | 187.03M | 182.22M | 185.55M | 173.28M | 169.88M |
| Net Income | 162.26M | 158.02M | 158.95M | 147.85M | 145.55M |
Balance Sheet | |||||
| Total Assets | 36.04B | 35.43B | 32.80B | 33.29B | 30.13B |
| Cash, Cash Equivalents and Short-Term Investments | 6.19B | 6.02B | 4.98B | 6.14B | 4.87B |
| Total Debt | 10.29B | 8.87B | 11.12B | 11.63B | 9.11B |
| Total Liabilities | 34.27B | 32.60B | 30.10B | 30.72B | 27.68B |
| Stockholders Equity | 1.77B | 2.83B | 2.70B | 2.56B | 2.46B |
Cash Flow | |||||
| Free Cash Flow | 115.67M | 336.85M | -1.10B | 376.23M | 182.72M |
| Operating Cash Flow | 120.74M | 340.99M | -1.09B | 388.64M | 196.16M |
| Investing Cash Flow | -1.03B | 339.47M | -938.29M | 757.51M | -524.07M |
| Financing Cash Flow | 1.07B | 2.23B | -252.77M | 121.65M | 744.84M |
Thurgauer Kantonalbank Technical Analysis
Positive
163.00
Price Trends
183.57
Positive
173.49
Positive
165.48
Positive
Market Momentum
2.44
Positive
58.22
Neutral
30.95
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:TKBP, the sentiment is Positive. The current price of 163 is below the 20-day moving average (MA) of 186.67, below the 50-day MA of 183.57, and below the 200-day MA of 165.48, indicating a bullish trend. The MACD of 2.44 indicates Positive momentum. The RSI at 58.22 is Neutral, neither overbought nor oversold. The STOCH value of 30.95 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CH:TKBP.
Thurgauer Kantonalbank Peers Comparison
UnderperformOutperform
Sector (55)
CH:TKBP
Thurgauer Kantonalbank
187.00
43.25
30.08%
CH:WKBN
Walliser Kantonalbank
158.50
37.62
31.12%
CH:BSKP
Basler Kantonalbank Partizipsch
94.10
20.18
27.30%
CH:GRKP
Graubuendner Kantonalbank
2,080.00
363.42
21.17%
CH:BCJ
Banque Cantonale du Jura
102.00
41.50
68.60%
CH:BLKB
Basellandschaftliche Kantonalbank
1,040.00
151.24
17.02%
Thurgauer Kantonalbank Corporate Events
Thurgauer Kantonalbank Publishes 2025 Annual and Sustainability Report, Plans Higher Payouts
Mar 11, 2026
Thurgauer Kantonalbank has released its 2025 Annual and Sustainability Report, combining financial statements with detailed information on corporate governance, non-financial reporting, and a dedicated Climate Report. The publication is available ...
Thurgauer Kantonalbank Posts Record Profit and Raises Payouts on Strong 2025 Performance
Feb 19, 2026
Thurgauer Kantonalbank reported a record annual profit of 162 million francs for 2025, the highest in its 155-year history, driven by growth in its core mortgage business, rising client assets, and higher operating income across all segments. The ...
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.