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1. Company Snapshot

1.a. Company Description

Leonteq AG provides structured investment products and long-term savings and retirement solutions in Switzerland and internationally.It operates through Investment Solutions and Insurance & Wealth Planning Solutions segments.The company manufactures and distributes structured investment products.


It also offers savings, investment, and drawdown products; and digital platform that enables unit-linked retail products with financial guarantees, as well as hedging for structured products.The company offers its services to platform partners under the terms of cooperation agreements, as well as distributes its products to retail investors through institutional and financial intermediaries.The company was formerly known as EFG Financial Products Holding AG and changed its name to Leonteq AG in June 2013.


Leonteq AG was incorporated in 2007 and is headquartered in Zurich, Switzerland.

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1.b. Last Insights on LEON

Leonteq AG's recent performance was hindered by a decline in profits, despite robust turnover growth. The company's FY 2024 earnings call highlighted challenges in navigating a complex market landscape. Strategic advancements in new business initiatives, such as digital wealth management, are underway, but their impact on profitability remains uncertain. Furthermore, the company's efforts to expand its presence in the European market through strategic partnerships and acquisitions are ongoing, but may not yield immediate returns.

1.c. Company Highlights

2. Leonteq's 2025 Earnings: A Mixed Bag

Leonteq's financial performance in 2025 was marked by a decline in net income by 17% to CHF 178.5 million, primarily due to a temporary halt in new business activities with its largest insurance partner, decreased margins from structured products, lower contributions from large tickets, and the strengthening of the Swiss franc. The company's net trading result decreased to minus CHF 3.1 million, mainly due to negative hedging contributions and a change in its investment portfolio. The actual EPS came out at -2.42647, missing estimates at -1.8.

Publication Date: Feb -22

📋 Highlights

Revenue and Margin Analysis

Despite lower net fee income and a reduced trading result, Leonteq reported an underlying pretax loss of CHF 21.5 million for 2025. The company's net fee income in Switzerland declined by 16% to CHF 39 million in H2, mainly driven by a decline in fee income from the pension savings business. However, the company saw improved client momentum in the second half of 2025, with client transactions increasing by 14% to over 140,000 and a record 33,000 products issued on its platform.

Business Highlights and Outlook

Christian Spieler noted that "we have introduced our ROE strategy to build sustainable performance by resizing parts of the business that are not profitable, optimizing established areas, and expanding initiatives with strong future potential." The company is expected to return to a positive pretax result for both the first half and the full year 2026. Analysts estimate next year's revenue growth at 7.5%.

Valuation Metrics

Leonteq's current valuation metrics indicate a Price-to-Tangible Book Value (P/TBV) is not directly available, but the Price-to-Book Ratio (P/B) stands at 0.28, suggesting the stock is undervalued relative to its book value. The Dividend Yield is 27.68%, which is relatively high and may attract income-seeking investors. With an expected return to profitability in 2026, the stock's valuation multiples will be worth monitoring.

Retail Flow Business and Growth Prospects

The company is advancing its retail flow business initiative, having received BaFin approval for a license extension in Germany and planning to go live in Q2 2026. Leonteq expects this business to deliver around CHF 8 million of revenues in the current year, with a significant increase from the prior year. The retail flow business is expected to contribute to the company's profitability and growth prospects.

3. NewsRoom

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Leonteq AG (XSWX:LEON) Full Year 2025 Earnings Call Highlights: Navigating Challenges and ...

Feb -12

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Swiss Leader Leonteq Chooses ActiveViam to Deliver High‑Performance FRTB Risk Analytics

Feb -10

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Leonteq Publishes Voting Results of Its Extraordinary General Meeting 2025

Aug -20

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Leonteq AG (XSWX:LEON) (H1 2025) Earnings Call Highlights: Strong Profit Growth Amidst Revenue ...

Jul -25

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Leonteq partners with Emirates Islamic on Shari’a products

Jun -13

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Leonteq AG (XSWX:LEON) (FY 2024) Earnings Call Highlights: Navigating Challenges with Strategic ...

Feb -07

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Leonteq offers Shari’a-compliant product on LYNQS

Nov -06

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Sharegain works with DriveWealth to enable securities loans

Oct -21

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.20%)

6. Segments

Investment Solutions

Expected Growth: 10.2%

Growing demand for digital wealth management solutions, increasing adoption of modular and customizable platforms, and rising need for scalable investment products drive the growth of Leonteq AG's Investment Solutions.

7. Detailed Products

Wealth Management Platform

A comprehensive platform for wealth managers and private banks to manage client assets and provide investment advice

Digital Wealth Management

A digital platform for automated investment management and robo-advisory services

Custody and Settlement

A secure and efficient custody and settlement solution for financial institutions

Order Management and Execution

A scalable and flexible order management and execution system for financial institutions

Data and Analytics

A comprehensive data and analytics platform for financial institutions

8. Leonteq AG's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Leonteq AG is moderate, as there are some alternative investment platforms available, but they do not offer the same level of customization and flexibility as Leonteq.

Bargaining Power Of Customers

The bargaining power of customers for Leonteq AG is low, as they are primarily institutional clients who do not have significant negotiating power.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Leonteq AG is moderate, as they rely on a few key technology providers, but have some flexibility to negotiate prices.

Threat Of New Entrants

The threat of new entrants for Leonteq AG is high, as the fintech industry is rapidly evolving and new players are entering the market with innovative solutions.

Intensity Of Rivalry

The intensity of rivalry for Leonteq AG is high, as the company operates in a highly competitive market with several established players.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 86.40%
Debt Cost 3.95%
Equity Weight 13.60%
Equity Cost 5.85%
WACC 4.21%
Leverage 635.29%

11. Quality Control: Leonteq AG passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
CapMan

A-Score: 6.8/10

Value: 5.6

Growth: 4.8

Quality: 8.0

Yield: 9.4

Momentum: 5.0

Volatility: 8.0

1-Year Total Return ->

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Stock-Card
Creades

A-Score: 6.1/10

Value: 5.2

Growth: 5.6

Quality: 9.2

Yield: 5.0

Momentum: 5.0

Volatility: 6.7

1-Year Total Return ->

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Stock-Card
Molten Ventures

A-Score: 4.8/10

Value: 6.7

Growth: 5.6

Quality: 7.6

Yield: 0.0

Momentum: 7.5

Volatility: 1.7

1-Year Total Return ->

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Stock-Card
BAVARIA

A-Score: 3.9/10

Value: 5.7

Growth: 3.0

Quality: 7.4

Yield: 0.0

Momentum: 4.0

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
Leonteq

A-Score: 3.8/10

Value: 7.4

Growth: 0.7

Quality: 3.4

Yield: 8.8

Momentum: 0.5

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
Brockhaus Capital Mgmt

A-Score: 3.5/10

Value: 9.0

Growth: 6.7

Quality: 3.7

Yield: 0.0

Momentum: 0.0

Volatility: 2.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

10.9$

Current Price

10.9$

Potential

-0.00%

Expected Cash-Flows