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

As of Nov 9, 2026: fair value (intrinsic value) of Leonteq AG stock CHF 33.24, price CHF 19.62, upside +69.4%, quality 45 out of 100. Rating: strongly undervalued. Calculated from audited financials with 2 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services CH · ISIN CH0190891181

LA Leonteq AG logo Thin data Nov 7, 2026

Leonteq AG

LEON · SW
Cheap, value-trap risk

The stock costs 41% less than our calculation considers fair.

Fair value CHF 33.24 · Strongly undervalued
Even on cautious assumptions the value is 27% above the price (CHF 24.93).
Quality 45/100
Mixed vs. peers (5/12)
Weak Growth (revenue 5y −6.6 %/yr in CHF)
Loss-making · -19.2% net margin (TTM)
Narrow moat 22/100 · thin data
Thin data
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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

CHF 65.55 CHF 10.64 Fair Value CHF 33.24 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.

How to read this chart

60‑month range CHF 10.64 – CHF 65.55 · fair‑value band CHF 24.93 – CHF 41.55 · the CHF 19.62 price screens below the CHF 33.24 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 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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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 19.62, while our model-based Fair Value estimate is CHF 33.24, implying the stock looks roughly 41% undervalued today.

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Valuation

How firm this estimate is: it rests on 2 models at a data quality of 96/100, which puts the data coverage at low.

Scenario range: CHF 24.93 (bear) to CHF 41.55 (bull), the price of CHF 19.62 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 45/100 (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 351M Small · P/S ratio 2.26 · EPS (TTM) CHF −1.74 · Dividend yield 7.4% · Net margin −19.2% · Return on equity −4.2% · Return on assets (EBIT) 0.6% (5-year average) · Operating margin 11.1%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 22 out of 100 (low confidence).

What moves the price

The share trades about 9% below its 52-week high and 84% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −16% fair-value upside, at 69%, LEON screens cheaper than that median.

Fair Value models

Bear CHF 24.93 Fair Value CHF 33.24 Bull CHF 41.55
Price CHF 19.62 · Upside +69.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. 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. Coverage ⓘCoverage = 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.
Best data coverage
P/B Multiple CHF 24.93 CHF 33.24 CHF 41.55 55
NCAV (Graham) CHF 18.10 CHF 24.25 CHF 36.19 54
All 2 models by family
Multiples
P/B Multiple CHF 24.93 CHF 33.24 CHF 41.55 55
Asset-Based
NCAV (Graham) CHF 18.10 CHF 24.25 CHF 36.19 54

Open the full fair value analysis →

Quality Score breakdown

Overall quality 45/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 5
How much profit the company makes from its sales and capital
Quality Growth 39
Are margins and returns getting better?
Cashflow 67
Do the profits arrive as real cash?
Financial strength 15
Debt, balance sheet and risk of trouble
Investment 86
Does it invest with discipline instead of growing at any price?
Low Volatility 68
How calm the share price moves, does not count
Price momentum 73
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 74
Distance to the 52-week high, does not count
New shares 81
Buys back shares or issues new ones?

Open the full quality analysis →

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
−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%
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

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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 · 587 stocks

Beats the industry median on 5/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 45 · Bottom 25%
Fair Value upside +69.4% · Above median
Profitability
Return on assets −0.3% · Bottom 25%
Net margin (12 months) −19.2% · Bottom 25%
Operating margin (12 months) 11.1% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −10.0% · Bottom 25%
Dividend yield (12 months) 7.4% · Top 25%
Balance sheet
Debt / equity 7.63× · Highest 25%

Valuation Multiplesvs Asset Management median · lower = cheaper

P/B 0.51× · Cheapest 25%
P/S (12 months) 2.22× · Cheaper than median
Price / free cash flow (fiscal year) 12.3× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 57
FUTURE (revenue growth)0 · sector 38
PAST (return on equity)0 · sector 29
HEALTH (low debt)–
DIVIDEND (yield)100 · sector 80

HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.

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

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Exor N.V EXO €74.35 €139.37 +87% vs LEON
Raymond James Financial, Inc RJF $162.81 $281.42 +73% vs LEON
Apollo Global Management, Inc APO $116.75 $197.52 +69% vs LEON
Ameriprise Financial, Inc AMP $501.49 $609.56 +22% vs LEON
State Street Corporation STT $165.56 $139.37 −16% vs LEON
Ares Management Corporation ARES $133.98 $99.35 −26% vs LEON
Northern Trust Corporation NTRS $172.76 $123.42 −29% vs LEON
Brookfield Asset Management Ltd BAM $52.95 $31.26 −41% vs LEON
Blackstone Inc BX $119.50 $52.29 −56% vs LEON
KKR & Co KKR $96.48 $27.32 −72% vs LEON

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Leonteq AG: fair value per Fair Value Calculator

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 Nov 7, 2026, our model estimates a fair value of CHF 33.24 versus a price of CHF 19.62, about +69% upside (undervalued).
What is the fair value of LEON?
Our model-based fair value for Leonteq AG is CHF 33.24 (as of Nov 7, 2026), built from audited fundamentals. The current price: CHF 19.62.
What is the quality score of LEON?
Leonteq AG has a Quality Score of 45/100. 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 33.24 (as of Nov 7, 2026) from 2 valuation models. Cautious scenario CHF 24.93, optimistic scenario CHF 41.55. 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 33.24, about +69% upside versus a price of CHF 19.62 (undervalued). Cautious scenario CHF 24.93, optimistic scenario CHF 41.55. 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 158M (latest available figure, as of Nov 7, 2026).
Does Leonteq AG pay a dividend?
Leonteq AG currently shows a dividend yield of 7.40% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Leonteq AG (LEON)?
Leonteq AG has a dividend yield of 7.4%.
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 33.24 per share (as of Nov 7, 2026), against a price of CHF 19.62. It is the blended result of 2 valuation models in 2 families (Multiples, Asset-Based).
Is Leonteq AG stock overvalued or undervalued in 2026?
As of Nov 7, 2026, LEON trades below its calculated fair value: price CHF 19.62, fair value CHF 33.24, a gap of about +69% (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 19.62); the fair value is what the company's own numbers justify (CHF 33.24). For Leonteq AG the two are CHF 13.62 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 351M (market capitalisation, as of Nov 7, 2026). Per share that is CHF 19.62; our models calculate a fair value of CHF 33.24 per share.
What do the bullish and bearish scenarios say about LEON?
Our models span a range for Leonteq AG: cautious scenario CHF 24.93, base CHF 33.24, optimistic CHF 41.55 per share (as of Nov 7, 2026, price CHF 19.62). 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 Nov 7, 2026): return on equity −4.2%, debt of 7.63 per unit of equity. They feed the Quality Score of 45/100, which measures business quality independently of the share price.
How far is LEON from its 52-week high?
Leonteq AG trades at CHF 19.62, about 9% below its 52-week high of CHF 21.65 and 84% above the low of CHF 10.64 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 33.24 is for.
Which stocks are comparable to Leonteq AG?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Asset Management Ltd, 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 Nov 7, 2026: price CHF 19.62, calculated fair value CHF 33.24 (+69%), Quality Score 45/100, 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 2 families: Multiples, Asset-Based. Every model gets the same audited fundamentals; the fair value of CHF 33.24 builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. Leonteq AG currently trades 41% 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 Nov 9, 2026 was CHF 19.62. Our model-based fair value is CHF 33.24, about +69% 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 large discount to fair value meets weak quality (45/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (CHF 24.93). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. 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 351M. 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 2.26 (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 −1.74. 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 7.4%. 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 −19.2% (last twelve months). 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 −4.2% (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 (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 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 (LEON)?
Revenue at Leonteq AG is growing −10.0% 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 +33.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Leonteq AG (LEON) generate?
The free cash flow of Leonteq AG is CHF 28.6M (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 (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.
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