Julius Baer Group (JBAXY)
OTHER OTC:JBAXY
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Julius Baer Group
(OTC:JBAXY)
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Rating:56Neutral
Price Target:
$18.00
â–²(10.23% Upside)
Action:Downgraded
Date:03/19/26
The score is held back primarily by weak cash-flow conversion and a technically weak setup (below key moving averages with negative MACD). Offsetting factors include a constructive earnings-call outlook with specific medium-term targets and a reasonable valuation supported by a solid dividend yield.
Positive Factors
AUM scale & Net New Money
Large and growing AUM provides a durable recurring-fee base and scale for wealth management. Strong net new money confirms client retention and new business traction, supporting fee revenue resilience, cross-selling and long-term franchise value even if markets fluctuate.
Negative Factors
Weak cash generation
Very low operating cash flow versus reported net income and a negative free cash flow year highlight poor cash conversion quality. Persistent cash volatility constrains flexible capital allocation, reduces reliability of dividends/buybacks and raises questions on earnings durability.
Read all positive and negative factors
Positive Factors
Negative Factors
AUM scale & Net New Money
Large and growing AUM provides a durable recurring-fee base and scale for wealth management. Strong net new money confirms client retention and new business traction, supporting fee revenue resilience, cross-selling and long-term franchise value even if markets fluctuate.
Read all positive factors
Julius Baer Group (JBAXY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$17.65B
Dividend Yield4.07%
Average Volume (3M)5.32K
Price to Earnings (P/E)6.8
Beta (1Y)0.95
Revenue Growth2.66%
EPS Growth-20.13%
CountryUS
Employees7,595
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.74
Shares Outstanding1,030,008,900
10 Day Avg. Volume0
30 Day Avg. Volume5,321
Financial Highlights & Ratios
PEG Ratio-0.60
Price to Book (P/B)1.76
Price to Sales (P/S)2.25
P/FCF Ratio-90.37
Enterprise Value/Market Cap0.84
Enterprise Value/Revenue3.16
Enterprise Value/Gross Profit3.81
Enterprise Value/Ebitda22.42
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.41
Revenue Forecast (FY)$5.59B
Julius Baer Group Business Overview & Revenue Model
Company Description
Julius Bär Gruppe AG provides wealth management solutions in Switzerland, Europe, Americas, Asia, and internationally. Its solutions include discretionary mandates, investment advisory mandates, securities execution and advisory, foreign exchange ...
How the Company Makes Money
Julius Baer primarily makes money from wealth management activities tied to client assets and banking relationships. Key revenue streams typically include: (1) recurring fees on assets under management (AUM), earned from discretionary portfolio ma...
Julius Baer Group Earnings Call Summary
Earnings Call Date:Feb 02, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 21, 2026
Earnings Call Sentiment Positive
The earnings call presented a strong operational performance with record AUM, solid net new money, improved underlying revenue and meaningful cost discipline, alongside substantial capital rebuilding. Management completed important remediation (credit review, governance upgrades) and launched a clear strategic cycle with targeted growth, efficiency and technology programs. Key challenges include CHF 213 million of net credit losses, a sharp decline in net interest income, currency headwinds from a weaker USD and near-term cost/income pressure from front-loaded investments and RM headcount dynamics. Overall, the positives — notably the robust AUM growth, net new money, operating leverage and CET1 strengthening — outweigh the headwinds, while management has laid out milestones and targets to address the issues.Positive Updates
Record Assets Under Management
AUM reached a record high of CHF 521 billion (up 5% year-on-year). Monthly average AUM rose 7% to CHF 499 billion and total client assets increased 4% to CHF 614 billion.
Negative Updates
Significant Net Credit Losses from Credit Review
The comprehensive credit review drove an increase in gross loan loss allowances (total CHF 279 million) and resulted in net credit losses of CHF 213 million for 2025, negatively impacting operating income and IFRS net profit comparisons.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Assets Under Management
AUM reached a record high of CHF 521 billion (up 5% year-on-year). Monthly average AUM rose 7% to CHF 499 billion and total client assets increased 4% to CHF 614 billion.
Read all positive updates
Company Guidance
The management reiterated clear quantitative guidance: AUM finished 2025 at CHF 521bn (monthly average CHF 499bn) with net new money CHF 14.4bn (c.2.9% annualized) and the target to gradually lift NNM to 4–5% p.a. by 2028 (2026 expected slightly above 2025); they plan to hire 150+ RMs in 2026 (120 hired in 2025). Cost guidance: underlying operating income ex-credit losses was ~CHF 4.07bn (+6%), operating expenses CHF 2.808bn, underlying cost/income improved to c.67.6% (expense margin 55bps) but may tick up near-term before falling to below 67% by 2028 as the bank delivers a further CHF 130m structural savings (2025 delivered CHF 130m gross; 2025 cost‑to‑achieve CHF 40m; incremental cost‑to‑achieve ~CHF 65m for the 2026–28 measures). Capital and risk targets: CET1 17.4% (CET1 capital CHF 3.9bn; RWAs CHF 22.7bn; risk density 21%) with a mid‑term RoCET1 target >30% (14% underpin) and risk density guidance 22–24%; leverage ratio 4.9% (regulatory floor 3%); liquidity LCR 261%, loan/deposit 62%, loan book CHF 42.1bn, deposits CHF 66.8bn. Other guidance/assumptions: dividend maintained at CHF 2.6/share, forward tax rate 18–20%, modelling assumes an 80bps gross margin and USD/CHF ~0.80 (management noted ~4% USD weakness vs that assumption); and interest‑driven income/treasury swap volumes (CHF 27bn swaps; interest‑driven income ~CHF 1.2bn) are expected to help offset NII pressure.Julius Baer Group Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
58
Neutral
Cash Flow
32
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 5.66B | 3.90B | 3.24B | 4.30B | 4.00B |
| Gross Profit | 3.83B | 3.90B | 813.40M | 3.85B | 3.87B |
| EBITDA | 987.51M | 0.00 | 758.60M | 1.39B | 1.51B |
| Net Income | 729.37M | 1.02B | 454.00M | 949.60M | 1.08B |
Balance Sheet | |||||
| Total Assets | 107.61B | 105.07B | 96.79B | 105.64B | 116.31B |
| Cash, Cash Equivalents and Short-Term Investments | 25.22B | 13.78B | 16.22B | 18.91B | 25.80B |
| Total Debt | 8.22B | 20.60B | 6.05B | 14.05B | 16.87B |
| Total Liabilities | 100.37B | 98.24B | 90.62B | 99.35B | 109.56B |
| Stockholders Equity | 7.24B | 6.83B | 6.16B | 6.29B | 6.73B |
Cash Flow | |||||
| Free Cash Flow | -140.87M | 1.87B | -1.17B | 1.72B | 123.80M |
| Operating Cash Flow | 95.31M | 2.13B | -929.10M | 1.91B | 320.60M |
| Investing Cash Flow | -2.00B | 2.86B | -1.69B | -5.37B | 764.60M |
| Financing Cash Flow | 3.88B | -409.40M | 79.30M | -3.48B | 370.10M |
Julius Baer Group Technical Analysis
Positive
16.33
Price Trends
15.59
Positive
15.91
Positive
14.87
Positive
Market Momentum
0.46
Negative
60.24
Neutral
64.74
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JBAXY, the sentiment is Positive. The current price of 16.33 is below the 20-day moving average (MA) of 16.60, above the 50-day MA of 15.59, and above the 200-day MA of 14.87, indicating a bullish trend. The MACD of 0.46 indicates Negative momentum. The RSI at 60.24 is Neutral, neither overbought nor oversold. The STOCH value of 64.74 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JBAXY.
Julius Baer Group Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $42.55B | 11.53 | 11.09% | 2.43% | 1.43% | 10.86% | |
73 Outperform | $42.36B | 11.33 | 61.59% | 1.26% | 6.43% | 36.14% | |
70 Outperform | $142.97B | 34.66 | 36.16% | 3.02% | 17.79% | 17.92% | |
69 Neutral | $40.80B | 42.85 | 14.54% | 2.65% | 46.89% | 21.89% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $93.75B | 12.56 | 13.48% | 1.71% | 1.91% | 31.72% | |
56 Neutral | $17.65B | 6.83 | 10.94% | 4.07% | 2.66% | -20.13% |
* Financial Sector Average
JBAXY
Julius Baer Group
17.02
3.55
26.36%
AMP
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463.76
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BK
Bank of New York Mellon
136.32
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STT
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150.88
55.80
58.69%
BX
Blackstone Group
114.26
-24.89
-17.88%
ARES
Ares Management
121.11
-39.53
-24.61%
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.