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Thurgauer Kantonalbank

TKBP.SW
70
Banks - Regional · Financial Services
Also trades as: 0QS4.L GBP 1.57 (-0.63%)
Price
CHF 158.50
+0.50 (+0.32%)
Market Cap
CHF 634.0M
Exchange
SIX Swiss Exchange
Winston Score
70
Winston is happy
A high-quality business with solid fundamentals.
Data as of Oct 10, 2026 · filings through Jun 30, 2026

§How the score breaks down

Bank Quality
Not counted
n/a
Growth
Strong
15/20
Capital Strength
Not counted
n/a
Asset Quality
Not counted
n/a
Valuation
Good
6/10
Ownership
Good
10/15
Dividends
Strong
4/5

35 of 50 counted points = Winston Score 70. Pillars marked n/a do not apply to this company and are left out of the total.

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§Winston Score History

The full picture

Thurgauer Kantonalbank (TKB) is a regional bank based in the canton of Thurgau in northeastern Switzerland. It offers everyday banking services like savings accounts, mortgages, loans, and investment products to individuals, families, and small businesses in the region. TKB is a cantonal bank, meaning it is majority-owned by the canton of Thurgau and carries a full government guarantee on its deposits and liabilities.

TKB earns money primarily through net interest income — the difference between what it charges borrowers and what it pays depositors — along with fees from wealth management and other banking services. It operates almost entirely within Switzerland, making it a highly local institution with a market cap of around $0.7 billion. Its government backing and deep regional roots give it a stable funding base and strong customer loyalty, but its growth is naturally limited by the size of its home market, and rising or falling Swiss interest rates remain the single biggest driver of its profitability.

Growth Profile

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

Revenue Growth

+13.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+404.0% 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

80.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

CHF 36.0B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth + cash flow

Thurgauer Kantonalbank is a rare growth stock that's already generating positive cash flow while growing at 14%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 4.0M (2021) → 4.0M (2025)

Score breakdown

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Bank Quality

Not applicable for this business.

Growth

Sales growth
Sales YoY
+24.7%
Fast-growing sales (+24.7% YoY)
Profit growth
EPS YoY
+417.1%
Earnings growing fast (+417.1% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Capital Strength

Not applicable for this business.

Asset Quality

Not applicable for this business.

Valuation

Price vs profit
P/E Ratio (TTM)
3.9x
Attractive valuation — P/E 3.9

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
-14.6
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
2.31%
Moderate income — 2.31% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+14.5%
Dividend growing fast (14.5% YoY)

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