Leonteq AG (LEON) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Leonteq AG CHF 33.23, price CHF 20.35, upside +63.3%, quality 46 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Watch Leonteq AG for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card.Watch for freePro now: $1 first month
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
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 CHF 10.64 – CHF 65.55 · fair‑value band CHF 24.92 – CHF 41.54 · the CHF 20.35 price screens below the CHF 33.23 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
Follow Leonteq in your weekly email
Every Wednesday you see whether Leonteq is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Leonteq AG provides derivative investment products and services in Switzerland, Europe, and Asia, and internationally.
Show more
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 (LEON) currently trades at CHF 20.35, while our model-based Fair Value estimate is CHF 33.23, implying the stock looks roughly 38.8% undervalued today.
Show more
Valuation
How firm this estimate is: it rests on 13 models at a data quality of 95/100, which puts the evidence level at medium.
Scenario range: CHF 24.92 (bear) to CHF 41.54 (bull), the price of CHF 20.35 sits below 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 46/100 (below-average quality), in the Financial Services 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 CHF 182M in FY2025 versus CHF 429M in FY2021, a compound −19.3%/yr. Reported net income was −CHF 33.7M in FY2025.
Key figures
Market cap CHF 359M · P/S ratio 1.63 · EPS (TTM) CHF −1.91 · Dividend yield 9.5% · Net margin −18.5% · Return on equity −4.5% · Return on assets (EBIT) 0.6% · Operating margin −101%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 6% below its 52-week high and 91% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −4% fair-value upside, at 63%, LEON screens cheaper than that median.
Fair Value models
Bear CHF 24.92Fair Value CHF 33.23Bull CHF 41.54
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.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.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.
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
−15.2%
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: −1.9% 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%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
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.
19.4% (2020) → −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
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+38.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Switzerland: IMF forecast 0.6% a year to 2030, 0.8% from 2016 to 2025) that is about +37.8% a year for the price.
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 658 stocks
Beats the industry median on 4/11 measures
Overall it trails its industry peers.
Valuation
Quality Score47 · Below median
Fair Value upside+63% · Above median
Profitability
Return on assets0% · Bottom 25%
Net margin (TTM)−20% · Bottom 25%
Operating margin (TTM)−101% · Bottom 25%
Growth and dividend
Revenue growth−55% · Bottom 25%
Dividend yield (TTM)9.5% · Top 25%
Balance sheet
Debt / equity7.63× · Highest 25%
Valuation Multiplesvs Asset Management median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Leonteq AG Fair Value". https://www.fairvalue-calculator.com/stock/LEON
Frequently asked questions
Is Leonteq AG (LEON) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of CHF 33.23 versus a price of CHF 20.35, about +63% upside (undervalued).
What is the fair value of LEON?
Our model-based fair value for Leonteq AG is CHF 33.23 (as of Sep 24, 2026), built from audited fundamentals. The current price: CHF 20.35.
What is the quality score of LEON?
Leonteq AG has a Quality Score of 46/100. 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 (LEON)?
Our model-based price target is the fair value of CHF 33.23 (as of Sep 24, 2026) from 2 valuation models. Cautious scenario CHF 24.92, optimistic scenario CHF 41.54. 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 CHF 33.23, about +63% upside versus a price of CHF 20.35 (undervalued). Cautious scenario CHF 24.92, optimistic scenario CHF 41.54. The calculation is refreshed regularly with new filings.
What is the revenue of Leonteq AG (LEON)?
Leonteq AG reported trailing-twelve-month revenue of about CHF 170M (latest available figure, as of Sep 24, 2026).
Does Leonteq AG pay a dividend?
Leonteq AG currently shows a dividend yield of about 9.52% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Leonteq AG (LEON)?
For today's price to be fair in a discounted-cash-flow model, Leonteq AG would have to grow free cash flow by +38.6 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -6.6 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of LEON use?
Our models discount Leonteq AG at 9.6 %: a base by market capitalisation (small), damped by beta 0.08, country premium for Switzerland. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Leonteq AG that is +38.6 % per year a year over ten years, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has Leonteq AG (LEON) delivered so far?
Over the past 5 years revenue at Leonteq AG grew -6.6 % a year. The price currently implies +38.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Leonteq AG (LEON) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into Leonteq AG (+38.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Leonteq AG (LEON)?
The free-cash-flow yield on the price is 7.96 %: that much free cash flow Leonteq AG produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Leonteq AG (LEON)?
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 CHF 33.23 per share (as of Sep 24, 2026), against a price of CHF 20.35. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is Leonteq AG stock overvalued or undervalued in 2026?
As of Sep 24, 2026, LEON trades below its calculated fair value: price CHF 20.35, fair value CHF 33.23, a gap of about +63% (undervalued). 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 LEON?
No. The price is what the market pays today (CHF 20.35); the fair value is what the company's own numbers justify (CHF 33.23). For Leonteq AG the two are CHF 12.88 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 CHF 359M (market capitalisation, as of Sep 24, 2026). Per share that is CHF 20.35; our models calculate a fair value of CHF 33.23 per share.
What do the bullish and bearish scenarios say about LEON?
Our models span a range for Leonteq AG: cautious scenario CHF 24.92, base CHF 33.23, optimistic CHF 41.54 per share (as of Sep 24, 2026, price CHF 20.35). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Leonteq AG (LEON)?
Balance-sheet figures for Leonteq AG (as of Sep 24, 2026): return on equity −4.5%, debt of 7.63 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is LEON from its 52-week high?
Leonteq AG trades at CHF 20.35, about 6% below its 52-week high of CHF 21.65 and 91% above the low of CHF 10.64 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 33.23 is for.
Which stocks are comparable to Leonteq AG?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Corporation, KKR & Co, Apollo Global Management, Inc, 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 CHF 20.35, calculated fair value CHF 33.23 (+63%), Quality Score 46/100, from 2 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 LEON calculated?
We run Leonteq AG through 2 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 CHF 33.23, 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 13.0 % above its aggregate fair value. Leonteq AG currently trades 63 % below its own fair value, and the market average says nothing about that. 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 (LEON)?
The closing price on Sep 24, 2026 was CHF 20.35. Our model-based fair value is CHF 33.23, about +63% upside (undervalued). 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 is below even our cautious bear case (CHF 24.92). The market is more pessimistic than our downside scenario. Solid quality (46/100) at a price below fair value, the discount is the argument here, not the business quality. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Leonteq AG (LEON) come from?
Earnings per share at Leonteq AG grew −16.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share −0.8 %, EBIT margin −15.6 %, tax rate +0.0 %, residual (interest, one-offs) +0.1 %. 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 (LEON)?
The market capitalisation of Leonteq AG is CHF 359M. 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/S ratio of Leonteq AG (LEON)?
The price-to-sales ratio of Leonteq AG is 1.63 (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 (LEON)?
Earnings per share at Leonteq AG are CHF −1.91. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Leonteq AG (LEON)?
The dividend yield of Leonteq AG is 9.5%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Leonteq AG (LEON)?
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 (LEON)?
The return on equity (ROE) of Leonteq AG is −4.5% (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 (LEON)?
On an EBIT basis the return on assets of Leonteq AG is 0.6% (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 (LEON)?
The operating margin of Leonteq AG is −101% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Leonteq AG (LEON)?
Revenue at Leonteq AG is growing −55.3% 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 (LEON)?
Earnings per share at Leonteq AG are growing −42.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Leonteq AG (LEON) carry?
The net debt of Leonteq AG is CHF 5.0B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch Leonteq AG in the live analysis
One click puts Leonteq AG on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
