Leonteq AG

LEON.SW

Financial - Capital Markets · Financial Services

Also trades as: 0QNE.L

Price

CHF 21.20

-0.15 (-0.70%)

Market Cap

CHF 375.3M

Exchange

SIX Swiss Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Mixed

Stability

Weak

Valuation

Data not available

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Share count falling — buybacks

−5.7% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 18.7M (2021) → 17.6M (2025)

Winston Score History

The full picture

Leonteq AG is a Swiss financial technology company that specializes in structured products — investments that combine bonds and derivatives to offer customized risk and return profiles. It builds and sells these products to banks, insurance companies, and wealth managers across Europe and Asia. The company operates its own technology platform that allows partners to design, price, and issue structured products under their own brand.

Leonteq makes money by charging fees and earning margins on the structured products it creates and distributes, acting as both a manufacturer and a technology enabler for other financial firms. Headquartered in Zurich, it operates across roughly 10 countries, with a meaningful presence in Switzerland, Germany, and Asia. Its proprietary platform creates some switching-cost advantages, but the company is currently unprofitable at the operating level, and its main challenge is scaling revenue fast enough to cover its high fixed cost base while competing against much larger banks that offer similar products.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-10.9% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+36.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

CHF 0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

19.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

CHF 10.4B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Leonteq AG's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

10.0%

Thin — 10.0% gross margin

Profit after running costs

Operating Margin

10.0%

Modest — 10.0% operating margin

Return on the money invested

ROCE

-0.5%

Weak — -0.5% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-31.5%

Shrinking sales (-31.5% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

1/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

284.6%

Converts sales into free cash efficiently (284.6%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

7.96

Heavy debt load (7.96)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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