Valiant Holding (VATN) AI Stock Analysis

• Market Cap: CHF2.61B
• Dividend Yield: 3.88%
• Average Volume (3M): 12.81K
• Price to Earnings (P/E): 16.9
• Beta (1Y): 0.28
• Revenue Growth: -12.47%
• EPS Growth: 2.74%
• Country: CH
• Employees: 1,018
• Sector: Financial
• Sector Strength: 70
• Industry: Banks - Regional
• EPS (TTM): 3.19
• Shares Outstanding: 15,792,461
• 10 Day Avg. Volume: 13,808
• 30 Day Avg. Volume: 12,806
• PEG Ratio: 5.24
• Price to Book (P/B): 0.86
• Price to Sales (P/S): 3.24
• P/FCF Ratio: 0.00
• 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: CHF151.00
• Price Target Upside: -8.60% Downside
• Rating Consensus: Moderate Sell
• Number of Analyst Covering: 2
• EPS Forecast (FY): 10.62
• Revenue Forecast (FY): CHF546.73M

• Rating: 61 Neutral
• Price Target: CHF164.00 ▼(-0.73% Downside)
• Action: Reiterated Date: 10/24/25
• Date: Action: Reiterated 10/24/25

Valiant Holding's stock score is primarily influenced by its financial performance and valuation. The company shows strong profitability but faces challenges with revenue growth and leverage. The technical analysis suggests stability with potential undervaluation, while the reasonable P/E ratio and attractive dividend yield enhance its investment appeal.

Positive Factors

Profitability margins

Sustained very high gross margins and a healthy net margin indicate durable cost advantages and pricing power across subsidiaries. Strong margins support internal reinvestment, dividend capacity and resilience to margin pressure, bolstering long-term earnings quality.

Free cash flow generation

A dramatic improvement in free cash flow and near-parity FCF to net income show the company can convert profits into usable cash. This strengthens ability to fund capex, acquisitions, dividends or debt repayment over the medium term, enhancing financial flexibility.

Diversified investment model

Operating across multiple sectors lowers single-industry cyclicality and allows capital reallocation to higher-return subsidiaries. The holding structure and operational expertise can sustainably extract efficiencies and scale benefits across portfolio companies.

Negative Factors

High leverage

A very high debt/equity ratio increases financial risk and interest burden, reducing strategic flexibility. Over a 2–6 month horizon this leverage heightens vulnerability to earnings or cash-flow volatility and can constrain ability to invest or pursue M&A without refinancing risks.

Revenue instability

Persistent and recent steep revenue declines undermine the sustainability of margins and cash generation. Top-line weakness makes future earnings and free cash flow less predictable, complicating deleveraging and capital allocation decisions across the portfolio.

Weak cash conversion of earnings

Very poor operating cash conversion suggests earnings quality issues or working-capital strain that limit usable cash despite positive accounting profits. This structural shortfall impairs debt servicing capacity and restricts sustainable funding for operations or growth initiatives.

Valiant Holding Business Overview & Revenue Model

Company Description

Valiant Holding AG, together with its subsidiaries, provides financial services to private retail clients, affluent private clients, self-employed individuals, and small and medium-sized companies. The company offers savings; real estate financing; loans for working capital and other basic services for businesses; unsecured and consumer loans; payment transaction services through its mobile banking app; and retirement planning and investment solutions, as well as electronic banking services. It operates 14 cantons in Switzerland. The company was founded in 1824 and is based in Lucerne, Switzerland.

How the Company Makes Money

Valiant Holding primarily generates revenue through its portfolio of subsidiary companies, which contribute to its earnings across multiple sectors. The company earns money by acquiring profitable businesses and optimizing their operations for better performance, resulting in increased sales and market share. Key revenue streams include direct sales from consumer products, service contracts in the healthcare sector, and technology licensing agreements. Additionally, Valiant Holding benefits from strategic partnerships with other firms, enabling access to new markets and enhancing product offerings, thereby further driving revenue growth.

Valiant Holding Financial Statement Overview

Summary

Valiant Holding shows strong profitability margins but struggles with revenue growth and high leverage. The significant improvement in free cash flow is positive, yet the low operating cash flow ratio indicates potential liquidity issues. Addressing revenue decline and managing debt levels are crucial for long-term stability.

Income Statement

Valiant Holding's income statement shows a mixed performance. The company has a strong gross profit margin consistently above 100%, indicating effective cost management. However, the net profit margin has fluctuated, with a recent decline to 27.26% from 30.44% in 2019. Revenue growth has been inconsistent, with a significant drop of 28.51% in the latest year, raising concerns about revenue stability.

Balance Sheet

The balance sheet reveals a high debt-to-equity ratio of 4.41, indicating significant leverage, which could pose financial risks. However, the return on equity remains stable around 5.6%, suggesting efficient use of equity. The equity ratio is relatively low, reflecting a higher reliance on debt financing.

Cash Flow

Cash flow analysis shows a dramatic improvement in free cash flow growth, up by 1136.41%, which is a positive sign. However, the operating cash flow to net income ratio is very low at 0.0078, indicating potential issues in converting income into cash. The free cash flow to net income ratio is strong at 0.94, suggesting good cash generation relative to net income.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	737.07M	833.33M	768.11M	514.49M	436.91M
Gross Profit	567.92M	554.81M	555.54M	478.24M	433.12M
EBITDA	210.15M	207.88M	208.35M	182.88M	169.61M
Net Income	154.71M	150.38M	144.25M	129.51M	123.13M
Balance Sheet
Total Assets	37.87B	37.12B	36.08B	35.73B	35.56B
Cash, Cash Equivalents and Short-Term Investments	0.00	4.21B	4.79B	5.10B	6.32B
Total Debt	12.11B	10.18B	9.47B	8.43B	8.13B
Total Liabilities	35.11B	34.45B	33.50B	33.26B	33.16B
Stockholders Equity	2.76B	2.68B	2.58B	2.47B	2.40B
Cash Flow
Free Cash Flow	0.00	174.43M	113.48M	-1.20B	1.07B
Operating Cash Flow	0.00	186.02M	127.31M	-1.18B	1.08B
Investing Cash Flow	0.00	-1.67B	-693.03M	-20.98M	-1.35B
Financing Cash Flow	0.00	915.20M	238.93M	-18.00K	2.19B

Valiant Holding Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 165.20
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:VATN, the sentiment is Positive. The current price of 165.2 is above the 20-day moving average (MA) of 163.69, above the 50-day MA of 157.42, and above the 200-day MA of 136.04, indicating a bullish trend. The MACD of 3.56 indicates Negative momentum. The RSI at 72.47 is Negative, neither overbought nor oversold. The STOCH value of 72.26 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CH:VATN.

Valiant Holding Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ZUGER	69 Neutral	CHF2.83B	21.64	8.80%	2.48%	-5.21%	9.22%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
GRKP	65 Neutral	CHF1.55B	23.82	―	2.60%	―	―
VATN	61 Neutral	CHF2.61B	16.86	5.75%	3.88%	-12.47%	2.74%
BEKN	60 Neutral	CHF3.42B	19.67	7.71%	3.39%	-8.54%	3.88%
LLBN	54 Neutral	CHF2.85B	17.06	―	3.34%	―	―