# Swissquote Group Holding (SQN.SW)

Canonical: https://gigainvestors.com/s/SQN.SW

Analysis as of: 2026-10-16T07:36:54.636Z. Financial observations: FY2002–FY2025.

Listing currency: CHF. Reporting currency: CHF.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CHF 35.18 per share; close as of 2026-10-15.

Estimated value: low CHF 22.86 per share, central CHF 26.01 per share, high CHF 30.21 per share. Buy at or below the central value CHF 26.01 per share. Valuation as of 2026-10-16T07:36:54.636Z; scenarios are not confidence intervals.

Expected annual return: 8.1% at the stated quote. About 8.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CH 10-year bond 0.5% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.38×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.15×

- FY2017: 0.23×

- FY2018: 0.24×

- FY2019: 0.19×

- FY2020: 0.34×

- FY2021: 0.42×

- FY2022: 0.52×

- FY2023: 0.46×

- FY2024: 0.52×

- FY2025: 0.45×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 16.1%

- ROIC, second-lowest year: 6.6%

- Typical minus recent gross margin: 3.9 pp

- Typical gross margin (annual median): 80.9%

- Recent gross margin (lower of latest and 3-year median): 77.0%

- Years with nonpositive capital: 10

- Capital spending / revenue: 8.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.6%

- FY2017: 8.4%

- FY2018: 8.1%

- FY2019: 6.4%

- FY2020: 15.9%

- FY2021: 22.1%

- FY2022: 16.2%

- FY2023: 17.9%

- FY2024: 25.7%

- FY2025: 17.8%

### economics: pass

- Owner earnings / net income, 5-yr: 0.98×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CHF 1.2B

- Net income, five-year total: CHF 1.2B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -266.1 pp

- Working capital / revenue, change between three-year averages: -2054.8 pp

- Working capital / revenue, final three-year average: 0.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.02×

- FY2022: 0.88×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 0.96×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 8.1% vs 17.9%

- Per-share earnings: 0.14 to 1.95 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.1%

- Ordinary dilution, 5-year annual growth: 0.3%

- Market cap gain: CHF 7.0B

- Cumulative retained earnings: CHF 1.2B

- Diluted shares, 10-year annual growth: 0.1%

- Diluted shares, 5-year annual growth: 0.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 39.1%

- Per-share value change: CHF 1.81

- Per-share value, starting three-year median: CHF 0.14

- Per-share value, ending three-year median: CHF 1.95

- Buybacks concentrated in cheaper years (correlation): 0.37

- Average buyback yield: 1.2%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: CHF 94M

- Cumulative net income, 10 years: CHF 1.5B

- ROIC, first three-year median: 8.1%

- ROIC, last three-year median: 17.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: CHF 0.14

- FY2017: CHF 0.27

- FY2018: CHF 0.30

- FY2019: CHF 0.35

- FY2020: CHF 0.61

- FY2021: CHF 1.28

- FY2022: CHF 1.04

- FY2023: CHF 1.46

- FY2024: CHF 1.95

- FY2025: CHF 2.42

### accounting: pass

- Sloan accruals: -2.8%

- Receivables to sales index (DSRI): 0.24×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.22×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.23×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.5%

- FY2017: -19.0%

- FY2018: -2.2%

- FY2019: -0.7%

- FY2020: -1.4%

- FY2021: -0.8%

- FY2022: -3.3%

- FY2023: -0.8%

- FY2024: -13.0%

- FY2025: -2.8%

## Holders

## Price story

Down 37% since Sep 2025 · sales +19.7%

Story as of 2026-10-16T10:00:08.348Z; price observation 2026-10-15.

Price needs cash profits to grow 4.7% a year for ten years

### Sales · FY2024–2025

sales +19.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CHF 160M 

- FY2017: CHF 199M 

- FY2018: CHF 225M 

- FY2019: CHF 273M 

- FY2020: CHF 383M 

- FY2021: CHF 531M 

- FY2022: CHF 408M 

- FY2023: CHF 552M 

- FY2024: CHF 664M 

- FY2025: CHF 796M 

### Gross margin · FY2025

gross margin 77%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 47.9% 

- FY2017: 85.2% 

- FY2018: 74.4% 

- FY2019: 75.6% 

- FY2020: 81.5% 

- FY2021: 82.9% 

- FY2022: 80.3% 

- FY2023: 89.2% 

- FY2024: 93.7% 

- FY2025: 77.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in capital markets; annual sales are CHF 795.5 million.

- Source: https://eodhd.com/api/fundamentals/SQN.SW.json#2025-12-31 (filed 2026-10-16T07:36:54.636Z); FY2025: revenue 795522411; grossProfit 612432470; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SQN.SW: 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. 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.

### Why customers stay

Margins ranged from 77% to 93.7% during 2023–25; it earns 16.1% on its capital.

- Source: https://eodhd.com/api/fundamentals/SQN.SW.json#2023-12-31 (filed 2026-10-16T07:36:54.636Z); FY2023: grossProfit / revenue = 89.2%.

- Source: https://eodhd.com/api/fundamentals/SQN.SW.json#2024-12-31 (filed 2026-10-16T07:36:54.636Z); FY2024: grossProfit / revenue = 93.7%.

- Source: https://eodhd.com/api/fundamentals/SQN.SW.json#2025-12-31 (filed 2026-10-16T07:36:54.636Z); FY2025: grossProfit / revenue = 77%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:54.636Z); 10-year return on capital observations [[2016,0.06616689178167522],[2017,0.08406397276070382],[2018,0.08069211923433323],[2019,0.06355453606854085],[2020,0.15912294478269906],[2021,0.22100418687922935],[2022,0.16237078834364088],[2023,0.17851917854177252],[2024,0.25715977789016814],[2025,0.17801380160691269]]; median 0.16074686656316997. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 20.7% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/SQN.SW.json#2016-12-31 (filed 2026-10-16T07:36:54.636Z); FY2016: growth capex 0; upkeep 7393808; owner earnings 30104307. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SQN.SW.json#2017-12-31 (filed 2026-10-16T07:36:54.636Z); FY2017: growth capex 0; upkeep 2180037; owner earnings 55548942. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SQN.SW.json#2018-12-31 (filed 2026-10-16T07:36:54.636Z); FY2018: growth capex 0; upkeep 3691652; owner earnings 61920294. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SQN.SW.json#2019-12-31 (filed 2026-10-16T07:36:54.636Z); FY2019: growth capex 264096; upkeep 26056862; owner earnings 52302470. Growth capex / owner earnings = 0.005049398240656703.

- Source: https://eodhd.com/api/fundamentals/SQN.SW.json#2020-12-31 (filed 2026-10-16T07:36:54.636Z); FY2020: growth capex 1604825; upkeep 29082244; owner earnings 91020781. Growth capex / owner earnings = 0.017631413204419768.

- Source: https://eodhd.com/api/fundamentals/SQN.SW.json#2021-12-31 (filed 2026-10-16T07:36:54.636Z); FY2021: growth capex 0; upkeep 28019691; owner earnings 196389280. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SQN.SW.json#2022-12-31 (filed 2026-10-16T07:36:54.636Z); FY2022: growth capex 0; upkeep 51730560; cash acquisitions 0; owner earnings 138430561. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SQN.SW.json#2023-12-31 (filed 2026-10-16T07:36:54.636Z); FY2023: growth capex 15101220; upkeep 37988985; cash acquisitions 9500000; owner earnings 217630252. Growth capex plus acquisitions / owner earnings = 0.11304136154747457.

- Source: https://eodhd.com/api/fundamentals/SQN.SW.json#2024-12-31 (filed 2026-10-16T07:36:54.636Z); FY2024: growth capex 14455881; upkeep 42053975; cash acquisitions 9280881; owner earnings 294172669. Growth capex plus acquisitions / owner earnings = 0.08068989577002478.

- Source: https://eodhd.com/api/fundamentals/SQN.SW.json#2025-12-31 (filed 2026-10-16T07:36:54.636Z); FY2025: growth capex 21808602.082214117; upkeep 68812181.91778588; cash acquisitions 51302794; owner earnings 353476330.0822141. Growth capex plus acquisitions / owner earnings = 0.20683533764540707.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:54.636Z); Dividend observations: [[2016,8930458],[2017,8491917],[2018,13085544],[2019,14859653],[2020,14899013],[2021,22327073],[2022,33022905],[2023,32729951],[2024,64268432],[2025,89465442]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/SQN.SW.json#2025-12-31 (filed 2026-10-16T07:36:54.636Z); FY2025: cash repurchases 72678977 CHF.

### Are managers owners

Insiders own 22.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SQN.SW SharesStats.PercentInsiders = 22.063 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 4.7% yearly over ten years; actual growth was 51.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:54.636Z); Ten-year compound average after fade. Initial solved rate 0.054020704241389716. Price 35.18; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.036438212897785476 → FY2025 2.336768470315792. Closing-price date 2026-10-15.

## Monthly share-price history (CHF per share)

- 2016-11: CHF 2.40 per share

- 2016-12: CHF 2.38 per share

- 2017-01: CHF 2.42 per share

- 2017-02: CHF 2.42 per share

- 2017-03: CHF 2.71 per share

- 2017-04: CHF 2.74 per share

- 2017-05: CHF 2.67 per share

- 2017-06: CHF 2.64 per share

- 2017-07: CHF 2.79 per share

- 2017-08: CHF 3.49 per share

- 2017-09: CHF 3.63 per share

- 2017-10: CHF 3.46 per share

- 2017-11: CHF 3.48 per share

- 2017-12: CHF 3.82 per share

- 2018-01: CHF 4.60 per share

- 2018-02: CHF 4.91 per share

- 2018-03: CHF 5.80 per share

- 2018-04: CHF 5.61 per share

- 2018-05: CHF 6.34 per share

- 2018-06: CHF 5.49 per share

- 2018-07: CHF 6.50 per share

- 2018-08: CHF 7.17 per share

- 2018-09: CHF 7.13 per share

- 2018-10: CHF 5.24 per share

- 2018-11: CHF 4.76 per share

- 2018-12: CHF 4.53 per share

- 2019-01: CHF 4.68 per share

- 2019-02: CHF 4.87 per share

- 2019-03: CHF 3.63 per share

- 2019-04: CHF 3.98 per share

- 2019-05: CHF 3.60 per share

- 2019-06: CHF 4.16 per share

- 2019-07: CHF 4.05 per share

- 2019-08: CHF 4.11 per share

- 2019-09: CHF 4.15 per share

- 2019-10: CHF 4.30 per share

- 2019-11: CHF 4.68 per share

- 2019-12: CHF 4.85 per share

- 2020-01: CHF 5.83 per share

- 2020-02: CHF 5.42 per share

- 2020-03: CHF 5.61 per share

- 2020-04: CHF 6.25 per share

- 2020-05: CHF 6.40 per share

- 2020-06: CHF 8.09 per share

- 2020-07: CHF 8.49 per share

- 2020-08: CHF 7.93 per share

- 2020-09: CHF 7.49 per share

- 2020-10: CHF 7.31 per share

- 2020-11: CHF 8.63 per share

- 2020-12: CHF 8.59 per share

- 2021-01: CHF 9.69 per share

- 2021-02: CHF 10.54 per share

- 2021-03: CHF 12.20 per share

- 2021-04: CHF 13.72 per share

- 2021-05: CHF 14.50 per share

- 2021-06: CHF 13.98 per share

- 2021-07: CHF 14.38 per share

- 2021-08: CHF 17.28 per share

- 2021-09: CHF 17.30 per share

- 2021-10: CHF 18.54 per share

- 2021-11: CHF 18.56 per share

- 2021-12: CHF 20.05 per share

- 2022-01: CHF 15.56 per share

- 2022-02: CHF 16.02 per share

- 2022-03: CHF 16.84 per share

- 2022-04: CHF 16.11 per share

- 2022-05: CHF 11.85 per share

- 2022-06: CHF 9.69 per share

- 2022-07: CHF 11.50 per share

- 2022-08: CHF 10.92 per share

- 2022-09: CHF 10.41 per share

- 2022-10: CHF 11.86 per share

- 2022-11: CHF 13.42 per share

- 2022-12: CHF 13.35 per share

- 2023-01: CHF 16.39 per share

- 2023-02: CHF 17.99 per share

- 2023-03: CHF 17.83 per share

- 2023-04: CHF 19.03 per share

- 2023-05: CHF 18.56 per share

- 2023-06: CHF 18.57 per share

- 2023-07: CHF 19.74 per share

- 2023-08: CHF 17.60 per share

- 2023-09: CHF 16.76 per share

- 2023-10: CHF 17.39 per share

- 2023-11: CHF 19.92 per share

- 2023-12: CHF 20.46 per share

- 2024-01: CHF 21.76 per share

- 2024-02: CHF 23.50 per share

- 2024-03: CHF 25.32 per share

- 2024-04: CHF 25.00 per share

- 2024-05: CHF 27.54 per share

- 2024-06: CHF 28.36 per share

- 2024-07: CHF 28.06 per share

- 2024-08: CHF 30.34 per share

- 2024-09: CHF 30.44 per share

- 2024-10: CHF 29.42 per share

- 2024-11: CHF 34.58 per share

- 2024-12: CHF 34.80 per share

- 2025-01: CHF 39.84 per share

- 2025-02: CHF 36.60 per share

- 2025-03: CHF 37.74 per share

- 2025-04: CHF 42.30 per share

- 2025-05: CHF 49.22 per share

- 2025-06: CHF 44.94 per share

- 2025-07: CHF 54.45 per share

- 2025-08: CHF 52.40 per share

- 2025-09: CHF 55.55 per share

- 2025-10: CHF 51.00 per share

- 2025-11: CHF 49.62 per share

- 2025-12: CHF 48.70 per share

- 2026-01: CHF 43.82 per share

- 2026-02: CHF 41.18 per share

- 2026-03: CHF 38.88 per share

- 2026-04: CHF 39.48 per share

- 2026-05: CHF 39.60 per share

- 2026-06: CHF 37.90 per share

- 2026-07: CHF 41.88 per share

- 2026-08: CHF 41.86 per share

- 2026-09: CHF 36.42 per share

- 2026-10: CHF 35.20 per share

## Annual estimated value (CHF per share)

- FY2016: low CHF 1.05 per share, central CHF 1.20 per share, high CHF 1.39 per share

- FY2017: low CHF 2.33 per share, central CHF 2.65 per share, high CHF 3.08 per share

- FY2018: low CHF 3.11 per share, central CHF 3.54 per share, high CHF 4.11 per share

- FY2019: low CHF 3.84 per share, central CHF 4.37 per share, high CHF 5.07 per share

- FY2020: low CHF 6.68 per share, central CHF 7.60 per share, high CHF 8.83 per share

- FY2021: low CHF 13.21 per share, central CHF 18.87 per share, high CHF 22.16 per share

- FY2022: low CHF 10.13 per share, central CHF 14.48 per share, high CHF 17.01 per share

- FY2023: low CHF 17.03 per share, central CHF 24.32 per share, high CHF 28.57 per share

- FY2024: low CHF 17.82 per share, central CHF 20.27 per share, high CHF 23.54 per share

- FY2025: low CHF 22.65 per share, central CHF 25.77 per share, high CHF 29.93 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:42:37.949Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.