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Leonteq AG

LEON.SW
25
Investment - Banking & Investment Services · Financial Services
Also trades as: 0QNE.L GBP 0.20 (-1.63%)
Price
CHF 20.15
+0.15 (+0.75%)
Market Cap
CHF 356.7M
Exchange
SIX Swiss Exchange
Winston Score
25
Winston is worried
Below-average fundamentals — multiple weak pillars.
Data as of Oct 5, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
5/30
Growth
Weak
1/20
Cash Flow
Mixed
4/10
Stability
Weak
0/10
Valuation
Data not available
0/10
Ownership
Good
10/15
Dividends
Exceptional
5/5

25 of 100 counted points = Winston Score 25.

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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

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.

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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

Dividend
Dividend Yield
14.63%
Healthy income — 14.63% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
+83.3%
Dividend growing fast (83.3% YoY)

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