VZ Holding AG (VZN) AI Stock Analysis

• Market Cap: CHF5.60B
• Dividend Yield: 1.82%
• Average Volume (3M): 39.07K
• Price to Earnings (P/E): 23.8
• Beta (1Y): 0.73
• Revenue Growth: 8.15%
• EPS Growth: 12.24%
• Country: CH
• Employees: 1,567
• Sector: Services
• Sector Strength: N/A
• Industry: Asset Management
• EPS (TTM): 3.15
• Shares Outstanding: 40,000,000
• 10 Day Avg. Volume: 77,920
• 30 Day Avg. Volume: 39,071
• PEG Ratio: 3.58
• Price to Book (P/B): 5.08
• Price to Sales (P/S): 10.40
• P/FCF Ratio: 23.50
• 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): 6.65
• Revenue Forecast (FY): CHF636.80M

• Rating: 64 Neutral
• Price Target: CHF152.00 ▼(-0.52% Downside)
• Action: Reiterated Date: 03/04/26
• Date: Action: Reiterated 03/04/26

The score is driven primarily by solid underlying financial performance (strong profitability/returns and improved leverage), tempered by the sharp 2025 free-cash-flow drop and a recent pause in revenue growth. Technicals are a meaningful drag due to a clear downtrend (price below key moving averages and negative MACD), while valuation is modestly supportive but not compelling given the ~24 P/E and ~1.9% yield.

Positive Factors

High and consistent returns on equity

Sustained ROE near 19–21% signals durable profitability and effective capital allocation. High returns imply the business generates above-average margins and reinvestment capacity, supporting long-term shareholder returns and resilience through economic cycles.

Improved leverage and balance-sheet resilience

Material improvement in debt-to-equity to ~0.6–0.7 reduces financial risk and increases flexibility. A stronger leverage profile supports capital spending, M&A optionality, and steadier access to funding, enhancing durability of operations over the intermediate term.

Diversified fee-based revenue model

A broad mix of fees from asset management, advisory, insurance and partnerships creates recurring, stickier revenue. Fee-based streams and institutional partnerships reduce cyclicality versus transaction-only models, supporting more predictable revenue and client-retention over months to years.

Negative Factors

Volatile free cash flow

A 52% free-cash-flow drop in 2025 highlights uneven cash generation despite historically strong conversion. Volatility in FCF can constrain dividends, buybacks, and reinvestment, and raises uncertainty about the consistency of internally funded growth or capital returns.

Near-term revenue pause and 2025 decline

After several years of expansion, a 2025 revenue dip signals potential market saturation, competitive pressure, or slowing demand. A pause in top-line momentum makes sustaining margin expansion and earnings growth more dependent on cost or product strategy improvements.

Rising absolute debt levels since 2022

Although leverage ratios improved, rising absolute debt increases nominal interest and refinancing exposure. Higher debt balances can limit flexibility for opportunistic investments or cushion during stress, requiring continued discipline to avoid long-term funding strain.

VZ Holding AG Business Overview & Revenue Model

Company Description

VZ Holding AG (VZN) is a Swiss financial services company that primarily operates in the sectors of finance, insurance, and asset management. The company offers a wide range of products and services, including personal banking, investment advisory, and pension solutions. VZN focuses on providing tailored financial solutions to both private and institutional clients, leveraging its expertise to enhance wealth management and financial planning.

How the Company Makes Money

VZ Holding AG generates revenue through several key streams, including fees from asset management services, commissions on financial products, and advisory fees for wealth management services. The company also earns income from its insurance products and investment solutions offered to clients. Significant partnerships with financial institutions and investment firms enhance VZN's capability to offer a comprehensive suite of services, while its strong brand reputation in Switzerland contributes to client retention and acquisition, ultimately driving its earnings.

VZ Holding AG Financial Statement Overview

Summary

Strong profitability and consistently high returns are key positives, and leverage has improved to moderate levels. Offsetting this, revenue dipped slightly in 2025 and free cash flow was notably volatile with a sharp decline in 2025, adding near-term uncertainty to cash-generation durability.

Income Statement

Revenue expanded strongly from 2020–2024, but 2025 showed a slight decline (-1.3%), signaling some near-term growth pressure. Profitability remains a key strength: net margins are consistently high (roughly mid-30% to low-40%), and net income rose meaningfully over the period. One caution is that 2025 profitability line items look less consistent versus prior years (e.g., EBITDA/operating profit fields), which makes the latest-year operating trend less clear even though bottom-line results remain solid.

Balance Sheet

The balance sheet looks generally sound with moderate leverage in recent years: debt-to-equity improved materially from elevated levels in 2020–2021 to ~0.6–0.7 in 2022–2025. Equity has grown steadily, supporting a larger asset base, and returns on equity are consistently strong at about ~19–21%. The main watch-out is that absolute debt has risen since 2022, so while leverage is controlled, ongoing balance-sheet discipline still matters.

Cash Flow

Cash generation is positive and broadly supportive: operating cash flow and free cash flow are consistently positive, and free cash flow conversion versus net income is strong (generally ~0.83–0.97). However, free cash flow growth is volatile, including a sharp drop in 2025 (-52%), which raises questions about the durability of cash generation year-to-year. Operating cash flow also shows variability across the period, reinforcing a slightly lower cash-flow quality score despite solid overall levels.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	574.48M	567.54M	517.36M	420.69M	392.00M
Gross Profit	274.24M	381.95M	342.64M	393.35M	368.48M
EBITDA	0.00	312.93M	269.34M	197.90M	187.81M
Net Income	236.44M	218.22M	186.94M	151.10M	142.59M
Balance Sheet
Total Assets	8.27B	7.49B	6.54B	5.95B	5.77B
Cash, Cash Equivalents and Short-Term Investments	2.09B	1.91B	1.56B	1.46B	1.89B
Total Debt	789.46M	754.95M	553.35M	538.40M	1.04B
Total Liabilities	7.09B	6.43B	5.61B	5.18B	5.07B
Stockholders Equity	1.18B	1.05B	919.09M	763.09M	695.60M
Cash Flow
Free Cash Flow	254.31M	231.59M	161.43M	163.94M	147.82M
Operating Cash Flow	268.72M	254.21M	165.85M	196.42M	168.55M
Investing Cash Flow	-775.16M	3.25M	-30.85M	-1.11B	-131.17M
Financing Cash Flow	563.96M	14.56M	-1.21M	-62.70M	-42.87M

VZ Holding AG Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 152.80
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:VZN, the sentiment is Neutral. The current price of 152.8 is above the 20-day moving average (MA) of 145.76, above the 50-day MA of 151.37, and below the 200-day MA of 161.98, indicating a neutral trend. The MACD of -1.83 indicates Negative momentum. The RSI at 53.27 is Neutral, neither overbought nor oversold. The STOCH value of 59.46 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CH:VZN.

VZ Holding AG Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PGHN	66 Neutral	CHF21.24B	17.76	―	4.30%	23.34%	24.97%
BAER	66 Neutral	CHF12.87B	14.89	―	4.14%	1.02%	131.90%
VONN	66 Neutral	CHF3.80B	13.66	11.11%	4.66%	3.80%	15.49%
VZN	64 Neutral	CHF5.60B	23.83	22.69%	1.82%	8.15%	12.24%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
LEON	47 Neutral	CHF255.86M	-7.46	―	21.87%	-4.06%	-109.73%
GAM	41 Neutral	CHF130.74M	-1.78	-128.43%	―	-60.15%	68.65%

VZ Holding AG Corporate Events

VZ Holding lifts profit, assets and dividend on strong client growth

VZ Holding AG reported a strong 2025 financial year, with total income up 9.4% to CHF 574.5 million and net profit rising 7.9% to CHF 236.4 million, driven mainly by a 15% increase in income from assets under management. The group’s client base expanded by 12.7% to 94,433, assets under management grew 16.6% to CHF 61.8 billion, and net new money climbed to CHF 5.8 billion, underpinning future revenue potential.

Advisory income rose 13.4% as more private individuals and companies sought VZ’s services, partially offsetting a 10.1% decline in banking income due to lower interest rates. The firm’s low‑risk balance sheet is reflected in a high combined CET1 ratio of 28.4%, and the board will propose raising the dividend from CHF 2.73 to CHF 2.95 per share, while long‑standing director Albrecht Langhart will not stand for re‑election, leaving a six‑member board in place.

The most recent analyst rating on (CH:VZN) stock is a Hold with a CHF157.00 price target. To see the full list of analyst forecasts on VZ Holding AG stock, see the CH:VZN Stock Forecast page.