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Leonteq AG (0QNE) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Leonteq AG £12.52, price £20.25, upside -38.2%, quality 42 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Industrials · GB · ISIN CH0190891181

LA Some data Sep 24, 2026

Leonteq AG

0QNE · LSE

Weakest SetupStrongly overvalued and low quality.

!Fair value £12.52 · Strongly overvalued (−38.2%)
!Quality 42/100
!Weak Growth (revenue 5y −6.6 %/yr)
!Loss-making · -19.2% net margin (TTM)
!High debt · generates free cash flow
!Narrow moat 19/100
!Evidence only medium, so the estimate is less certain

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

£76.97 £10.73 Fair Value £12.52 May 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range £10.73 – £76.97 · fair‑value band £9.60 – £14.27 · the £20.25 price screens above the £12.52 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Leonteq AG provides derivative investment products and services in Switzerland, Europe, and Asia, and internationally.

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Leonteq AG provides derivative investment products and services in Switzerland, Europe, and Asia, and internationally. It offers structured products, such as capital protection products, yield enhancement products, participation products, leverage products, equities and equity indices, currencies, crypto assets, fund derivatives, quantitative investment strategies, and exchange traded products, as well as Islamic banking and finance services. The company also provides savings and pension products; Actively Managed Certificates; and risk management, hedging, market-making and secondary market servicing, advice on structuring, establishment of an issuance programme, design of information and marketing materials, production of termsheets and documentation, listing and settlement of structured investment products, provision of risk, regulatory and sales reporting related to structured investment products, and corporate centre services. Further, the company operates digital platform under the Omega name; LYNQS, a digital marketplace to issue and distribute products; and SHIP, a marketplace for structured products. Leonteq AG was formerly known as EFG Financial Products Holding AG and changed its name to Leonteq AG in June 2013. The company was incorporated in 2007 and is headquartered in Zurich, Switzerland.

Stock analysis

Leonteq AG (0QNE) currently trades at £20.25, while our model-based Fair Value estimate is £12.52, 38.2% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Asset-Based group reads highest at a median of £29.50 per share, and 5 of the 7 models we run sit above the £20.25 price.

Bear case: the Dividend Discount group reads lowest at £14.10, and 2 of the 7 models stay below the price. Evidence for this calculation is medium.

Scenario range: £9.60 (bear) to £14.27 (bull), the price of £20.25 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 42/100 (below-average quality), in the Industrials sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Leonteq AG reported revenue of £182M in FY2025 versus £429M in FY2021, a compound −19.3%/yr. Reported net income was −£33.7M in FY2025.

Key figures

Market cap £357M · P/E ratio 0.0 · P/S ratio 1.82 · EPS (TTM) £8.33 · Net margin −18.5% · Return on equity −4.2% · Return on assets (EBIT) 0.7% · Operating margin 11.1%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (low confidence).

What moves the price

The share trades about 7% below its 52-week high and 89% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −44% fair-value upside, at −38%, 0QNE screens cheaper than that median.

Fair Value models

Bear £9.60 Fair Value £12.52 Bull £14.27
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (£6.30 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF £269.41 £437.16 £718.60 78
Growth DCF £287.28 £446.31 £692.69 77
5Y EBITDA Exit n/a n/a £9.62 72
All 9 models by family
DCF Models
FCF DCF £269.41 £437.16 £718.60 78
5Y Revenue Exit n/a n/a £18.61 69
5Y EBITDA Exit n/a n/a £9.62 72
10Y Revenue Exit £97.70 £125.20 £146.49 68
10Y EBITDA Exit £96.33 £122.22 £141.68 70
Dividend Discount
Gordon GGM £13.08 £14.10 £15.62 69
DDM Multi-Stage £13.08 £15.57 £18.78 67
Asset-Based
NCAV (Graham) £22.01 £29.50 £44.03 54
Growth DCF
Growth DCF £287.28 £446.31 £692.69 77

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Quality Score breakdown

Overall quality 42/100

Of which business quality 43 · Market factors (momentum, volatility) 67

Profitability 5
Margins and returns on capital today
Quality Growth 19
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 4
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 68
Calm price path (market factor)
Momentum 66
Price trend over the last 3–12 months (market factor)
52W Momentum 69
Distance to the 52-week high (market factor)
Net Issuance 50
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 23/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−26.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−27.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−6.6%
Start year 2020 (pandemic). Over 10 years: −2.2% a year
Revenue growth 16 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.3%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
23.2% (2019) → −11.1% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

0QNE screens overvalued: fair value 38% below the price. Compare with CHEMTECH →

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Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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Leonteq AG · Fair Value
£12.52 −38%Fair Value
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Cite: Fair Value Calculator (2026). "Leonteq AG Fair Value". https://www.fairvalue-calculator.com/stock/0QNE

Frequently asked questions

Is Leonteq AG (0QNE) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of £12.52 versus a price of £20.25, about −38% upside (overvalued).
What is the fair value of 0QNE?
Our model-based fair value for Leonteq AG is £12.52 (as of Sep 24, 2026), built from audited fundamentals. The current price: £20.25.
What is the quality score of 0QNE?
Leonteq AG has a Quality Score of 42/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Leonteq AG (0QNE)?
Our model-based price target is the fair value of £12.52 (as of Sep 24, 2026) from 9 valuation models. Cautious scenario £9.60, optimistic scenario £14.27. It is a calculation from audited fundamentals, not an analyst target.
What is the Leonteq AG stock forecast for 2026?
Our models put fair value at £12.52, about −38% upside versus a price of £20.25 (overvalued). Cautious scenario £9.60, optimistic scenario £14.27. The calculation is refreshed regularly with new filings.
What is the revenue of Leonteq AG (0QNE)?
Leonteq AG reported trailing-twelve-month revenue of about £158M (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Leonteq AG (0QNE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Leonteq AG it is £12.52 per share (as of Sep 24, 2026), against a price of £20.25. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is Leonteq AG stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0QNE trades above its calculated fair value: price £20.25, fair value £12.52, a gap of about −38% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0QNE?
No. The price is what the market pays today (£20.25); the fair value is what the company's own numbers justify (£12.52). For Leonteq AG the two are £7.73 per share apart. That gap is exactly why we show both numbers side by side.
How much is Leonteq AG worth?
The market values Leonteq AG at about £357M (market capitalisation, as of Sep 24, 2026). Per share that is £20.25; our models calculate a fair value of £12.52 per share.
What do the bullish and bearish scenarios say about 0QNE?
Our models span a range for Leonteq AG: cautious scenario £9.60, base £12.52, optimistic £14.27 per share (as of Sep 24, 2026, price £20.25). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is 0QNE from its 52-week high?
Leonteq AG trades at £20.25, about 7% below its 52-week high of £21.72 and 89% above the low of £10.73 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of £12.52 is for.
Which stocks are comparable to Leonteq AG?
From the same area (Industrials) we also value CHEMTECH, INLCM, Contemporary Amperex Technology Co, Delta Electronics (Thailand) Public Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Leonteq AG stock attractive at the current price?
The data as of Sep 24, 2026: price £20.25, calculated fair value £12.52 (−38%), Quality Score 42/100, from 9 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0QNE calculated?
We run Leonteq AG through 9 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of £12.52, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Leonteq AG itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Leonteq AG (0QNE)?
The closing price on Oct 2, 2026 was £20.25. Our model-based fair value is £12.52, about −38% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Leonteq AG right now?
The price sits above even our optimistic bull case (£14.27). The favourable scenario is already priced in. Weak quality (42/100) and above fair value at the same time, the margin of safety is missing on both counts.
Where does the earnings growth of Leonteq AG (0QNE) come from?
Earnings per share at Leonteq AG grew −16.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share +0.4 %, EBIT margin −11.1 %, tax rate +2.9 %, residual (interest, one-offs) −9.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Leonteq AG

How large is the market capitalisation of Leonteq AG (0QNE)?
The market capitalisation of Leonteq AG is £357M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/E ratio of Leonteq AG (0QNE)?
The price-to-earnings ratio of Leonteq AG is 0.0 (as of Jul 30, 2026). Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of Leonteq AG (0QNE)?
The price-to-sales ratio of Leonteq AG is 1.82 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Leonteq AG (0QNE)?
Earnings per share at Leonteq AG are £8.33 (price ÷ EPS = P/E 0.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Leonteq AG (0QNE)?
The net margin of Leonteq AG is −18.5% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Leonteq AG (0QNE)?
The return on equity (ROE) of Leonteq AG is −4.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Leonteq AG (0QNE)?
On an EBIT basis the return on assets of Leonteq AG is 0.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Leonteq AG (0QNE)?
The operating margin of Leonteq AG is 11.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Leonteq AG (0QNE)?
Revenue at Leonteq AG is growing −10.6% versus a year earlier (3y avg −27.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Leonteq AG (0QNE)?
Earnings per share at Leonteq AG are growing +33.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Leonteq AG (0QNE) generate?
The free cash flow of Leonteq AG is £1.1B (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Leonteq AG (0QNE) carry?
The net debt of Leonteq AG is £5.0B (fiscal year 2025, ≈ 4.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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