Swissquote Group Holding SA (SQN) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Swissquote Group Holding SA stock CHF 20.93, price CHF 33.80, that is 38.1% below the price, quality 71 out of 100. Rating: strongly overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.
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. As of Nov 8, 2026.
How to read this chart
60‑month range CHF 8.88 – CHF 55.80 · fair‑value band CHF 14.78 – CHF 26.16 · the CHF 33.80 price screens above the CHF 20.93 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. As of Nov 8, 2026.
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Swissquote Group Holding SA provides online financial services to retail investors, affluent investors, and professional and institutional customers in Switzerland and internationally. It operates through Securities Trading and Leveraged Forex segments.
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The company operates an online bank that accepts multi-currency deposits/withdrawals, including crypto assets and precious metals.
It also offers securities trading services, such as custody services by means of tools to trade in real time in a palette of asset classes and access a set of investment, decision making, risk monitoring, and margin lending services to retail, affluent, and high-net-worth individuals; corporate and family offices; fund managers; asset managers; and brokers and banks.
In addition, the company provides access to over-the-counter trading of foreign exchange and contracts-for-differences.
Further, it offers securities, forex, CFDs, cryptocurrencies, and thematic trading; portfolio solutions, sustainable investing, and savings plans; debit cards, online payments, eMortgages, and loans. The company was founded in 1996 and is headquartered in Gland, Switzerland.
Stock analysis
Swissquote Group Holding SA (SQN) currently trades at CHF 33.80, while our model-based Fair Value estimate is CHF 20.93, 38% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of CHF 21.68 per share, and 0 of the 6 models we run sit above the CHF 33.80 price.
Bear case: the Asset-Based group reads lowest at CHF 4.82, and 6 of the 6 models stay below the price. Data coverage for this calculation is high.
Scenario range: CHF 14.78 (bear) to CHF 26.16 (bull), the price of CHF 33.80 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 71/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Swissquote Group Holding SA reported revenue of CHF 796M in FY2025 versus CHF 531M in FY2021, a compound +10.6%/yr. Reported net income was CHF 366M in FY2025, compounding +17.4%/yr from FY2021.
Key figures
Market cap CHF 5.1B Mid · P/E ratio 14.1 · P/S ratio 6.62 · EPS (TTM) CHF 2.40 · Dividend yield 2.2% · Net margin 47.0% · Return on equity 28.0% · Return on assets (EBIT) 2.4% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 81 out of 100 (low confidence).
What moves the price
The share trades about 31% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −11% fair-value upside, at −38%, SQN screens richer than that median.
Fair Value models
BearCHF 14.78Fair Value CHF 20.93BullCHF 26.16
Price CHF 33.80 · Downside -38.1%
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. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (CHF 1.42 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.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.
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.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+19.7%
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.
+24.9%
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.
+15.7%
Start year 2020 (pandemic). Over 10 years: +17.8% a year
Revenue growth 23 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.
+19.8%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+15.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+13.6%
Dividend (yield on the price)2.2%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.13.6% vs 33.0%, slowing
Profit margin 2020 to 2025 ⓘ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.34% → 45%
AI conclusion: Record client asset inflows and rising non-crypto fees represent the core strength while thin evidence on durable competitive advantages forms the main weakness.
Main risk: Lower-cost platforms such as Interactive Brokers and DEGIRO might draw clients away with reduced trading commissions and custody fees, pressuring Swissquote's margins on brokerage and related services.
Bull case: By emphasising its Swiss banking licence, integrated services and AI tools for fraud protection and client assistance, Swissquote could retain clients valuing security and convenience over pure cost savings.
Bear case: If clients shift toward lower-fee international brokers Swissquote could experience slower growth in client assets and pressure on revenues from its core trading activities.
Swissquote keeps adding record client assets and net new money while net interest income and non-crypto fees grow solidly. Crypto income has meanwhile shrunk to just four percent of revenues, down sharply from last year, which forced a 2026 guidance cut even though the 2028 targets remain unchanged. Does the market still see the business as heavily exposed to crypto swings, or will the stronger core activities and lower dependence eventually drive a rerating?
Compare Swissquote Group Holding SA with another stock
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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.Capital Markets · 384 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score71 · Top 25%
Fair Value upside−38.1% · Bottom 25%
Profitability
Return on equity (12 months)28.0% · Top 25%
Return on assets2.3% · Above median
Net margin (12 months)47.0% · Top 25%
Operating margin (12 months)48.0% · Above median
Growth and dividend
Revenue growth (quarter YoY)2.3% · Below median
Dividend yield (12 months)2.2% · Below median
Valuation Multiplesvs Capital Markets median · lower = cheaper
P/E (12 months)14.1× · Pricier than median
P/B3.63× · Priciest 25%
P/S (12 months)6.62× · Pricier than median
Price / free cash flow (fiscal year)7.0× · Cheaper than median
EV/EBITDA0.5× · Cheapest 25%
PEG1.26× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 42
FUTURE (revenue growth)12· sector 67
PAST (return on equity)100· sector 38
HEALTH (low debt)–
DIVIDEND (yield)44· sector 47
VALUE 0: the price sits above our fair-value range.
HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.
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). "Swissquote Group Holding SA Fair Value". https://www.fairvalue-calculator.com/stock/SQN
Frequently asked questions
Is Swissquote Group Holding SA (SQN) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of CHF 20.93 versus a price of CHF 33.80, about 38% lower (overvalued).
What is the fair value of SQN?
Our model-based fair value for Swissquote Group Holding SA is CHF 20.93 (as of Nov 8, 2026), built from audited fundamentals. The current price: CHF 33.80.
What is the quality score of SQN?
Swissquote Group Holding SA has a Quality Score of 71/100. 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 Swissquote Group Holding SA (SQN)?
Our model-based price target is the fair value of CHF 20.93 (as of Nov 8, 2026) from 6 valuation models. Cautious scenario CHF 14.78, optimistic scenario CHF 26.16. It is a calculation from audited fundamentals, not an analyst target.
What is the Swissquote Group Holding SA stock forecast for 2026?
Our models put fair value at CHF 20.93, about 38% lower versus a price of CHF 33.80 (overvalued). Cautious scenario CHF 14.78, optimistic scenario CHF 26.16. The calculation is refreshed regularly with new filings.
What is the revenue of Swissquote Group Holding SA (SQN)?
Swissquote Group Holding SA reported trailing-twelve-month revenue of about CHF 769M (latest available figure, as of Nov 8, 2026).
Does Swissquote Group Holding SA pay a dividend?
Swissquote Group Holding SA currently shows a dividend yield of 2.19% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Swissquote Group Holding SA (SQN) and when is the ex-dividend date?
Swissquote Group Holding SA pays a dividend of CHF 0.74 per share a year, a dividend yield of 2.2%. The last ex-dividend date was May 11, 2026. A dividend has been paid every year since at least 2006. The payout ratio is 30.8% of earnings. Our assessment: Low payout. A low payout ratio: the dividend takes at most 60 % of earnings. Whether free cash flow covers it as well, we cannot see for this company.
What is the intrinsic value of Swissquote Group Holding SA (SQN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Swissquote Group Holding SA it is CHF 20.93 per share (as of Nov 8, 2026), against a price of CHF 33.80. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Swissquote Group Holding SA stock overvalued or undervalued in 2026?
As of Nov 8, 2026, SQN trades above its calculated fair value: price CHF 33.80, fair value CHF 20.93, 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 SQN?
No. The price is what the market pays today (CHF 33.80); the fair value is what the company's own numbers justify (CHF 20.93). For Swissquote Group Holding SA the two are CHF 12.87 per share apart. That gap is exactly why we show both numbers side by side.
How much is Swissquote Group Holding SA worth?
The market values Swissquote Group Holding SA at about CHF 5.1B (market capitalisation, as of Nov 8, 2026). Per share that is CHF 33.80; our models calculate a fair value of CHF 20.93 per share.
What do the bullish and bearish scenarios say about SQN?
Our models span a range for Swissquote Group Holding SA: cautious scenario CHF 14.78, base CHF 20.93, optimistic CHF 26.16 per share (as of Nov 8, 2026, price CHF 33.80). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SQN?
Swissquote Group Holding SA trades at a price-to-earnings ratio of 14.1 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of CHF 20.93 is built from several models across several years. Other multiples: PEG 1.3, P/B 3.6, P/S 6.6, EV/EBITDA 0.5.
What is the PEG ratio of SQN?
The PEG ratio of Swissquote Group Holding SA is 1.26 (P/E divided by earnings growth, as of Nov 8, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Swissquote Group Holding SA (SQN)?
Balance-sheet figures for Swissquote Group Holding SA (as of Nov 8, 2026): return on equity 28.0%. They feed the Quality Score of 71/100, which measures business quality independently of the share price.
How far is SQN from its 52-week high?
Swissquote Group Holding SA trades at CHF 33.80, about 31% below its 52-week high of CHF 48.84 and at the low of CHF 33.80 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 20.93 is for.
Which stocks are comparable to Swissquote Group Holding SA?
From the same area (Financial Services) we also value Morgan Stanley, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, 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 Swissquote Group Holding SA stock attractive at the current price?
The data as of Nov 8, 2026: price CHF 33.80, calculated fair value CHF 20.93 (−38%), Quality Score 71/100, from 6 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 SQN calculated?
We run Swissquote Group Holding SA through 6 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of CHF 20.93 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 13.0% above its aggregate fair value. Swissquote Group Holding SA 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 Swissquote Group Holding SA (SQN)?
The closing price on Nov 6, 2026 was CHF 33.80. Our model-based fair value is CHF 20.93, about 38% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Swissquote Group Holding SA right now?
The price sits above even our optimistic bull case (CHF 26.16). The favourable scenario is already priced in. Solid but not exceptional quality (71/100) and above fair value, neither a clear bargain nor a standout compounder. 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 Swissquote Group Holding SA (SQN) come from?
Earnings per share at Swissquote Group Holding SA grew +38.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share +17.5 %, EBIT margin +17.2 %, tax rate −0.1 %, residual (interest, one-offs) +0.7 %. 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 Swissquote Group Holding SA
How large is the market capitalisation of Swissquote Group Holding SA (SQN)?
The market capitalisation of Swissquote Group Holding SA is CHF 5.1B. 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 Swissquote Group Holding SA (SQN)?
The price-to-sales ratio of Swissquote Group Holding SA is 6.62 (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 Swissquote Group Holding SA (SQN)?
Earnings per share at Swissquote Group Holding SA are CHF 2.40 (price ÷ EPS = P/E 14.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Swissquote Group Holding SA (SQN)?
The dividend yield of Swissquote Group Holding SA is 2.2% (payout 30.8%). 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 Swissquote Group Holding SA (SQN)?
The net margin of Swissquote Group Holding SA is 47.0% (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 Swissquote Group Holding SA (SQN)?
The return on equity (ROE) of Swissquote Group Holding SA is 28.0% (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 Swissquote Group Holding SA (SQN)?
On an EBIT basis the return on assets of Swissquote Group Holding SA is 2.4% (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 Swissquote Group Holding SA (SQN)?
The operating margin of Swissquote Group Holding SA is 48.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Swissquote Group Holding SA (SQN)?
Revenue at Swissquote Group Holding SA is growing +2.3% versus a year earlier (3y avg +24.9%). 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 Swissquote Group Holding SA (SQN)?
Earnings per share at Swissquote Group Holding SA are growing −2.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Swissquote Group Holding SA (SQN) generate?
The free cash flow of Swissquote Group Holding SA is CHF 724M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Swissquote Group Holding SA (SQN) hold?
Swissquote Group Holding SA holds more cash than debt, CHF 4.5B net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 8, 2026