# UBS Group AG (UBS.US)

Canonical: https://gigainvestors.com/s/UBS

Analysis as of: 2026-10-16T07:32:39.115Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## 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: $47.78 per share; close as of 2026-10-15.

Estimated value: low $19.07 per share, central $22.89 per share, high $28.61 per share. Buy at or below the central value $22.89 per share. Valuation as of 2026-10-16T07:32:39.115Z; scenarios are not confidence intervals.

Expected annual return: 7.4% at the stated quote. About 7.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.71×

Chart: Net income; fiscal year observations.

- FY2016: $3.3B

- FY2017: $969M

- FY2018: $4.5B

- FY2019: $4.3B

- FY2020: $6.6B

- FY2021: $7.5B

- FY2022: $7.6B

- FY2023: $27B

- FY2024: $5.1B

- FY2025: $7.8B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 9.5%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 6.5%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 7.2%

- FY2017: 2.2%

- FY2018: 9.8%

- FY2019: 8.9%

- FY2020: 12.3%

- FY2021: 13.7%

- FY2022: 15.0%

- FY2023: 34.8%

- FY2024: 6.5%

- FY2025: 9.2%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 11.8%

- Book return interval: 10 years

- Starting book value per share: $12.50

- Ending book value per share: $25.62

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 3.4%

- FY2017: 1.9%

- FY2018: 8.7%

- FY2019: 12.3%

- FY2020: 16.6%

- FY2021: 8.9%

- FY2022: -2.4%

- FY2023: 72.2%

- FY2024: -1.0%

- FY2025: 12.2%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Diluted shares, 10-year annual growth: -1.5%

- Diluted shares, 5-year annual growth: -2.3%

- Share growth excluding flagged crisis recapitalisations: -1.5%

- Five-year share growth excluding flagged crisis recapitalisations: -2.3%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.57×

- Book value created per share: $13.12

- Earnings retained per share after dividends and buybacks: $8.38

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 99

- FY2017: 97

- FY2018: 99

- FY2019: 97

- FY2020: 96

- FY2021: 93

- FY2022: 92

- FY2023: 84

- FY2024: 87

- FY2025: 86

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Richard Pzena](https://gigainvestors.com/PIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Samantha McLemore](https://gigainvestors.com/PTNT): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andreas Halvorsen](https://gigainvestors.com/vg): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 7.6% a year forever · net income +52.7%

Story as of 2026-10-16T09:59:45.036Z; price observation 2026-10-15.

The price assumes profits grow 7.6% a year forever

- 2025-06-06: UBS faces $26B capital hike under new Swiss rule ([seekingalpha.com](https://seekingalpha.com/news/4456247-ubs-faces-26b-capital-hike-under-new-swiss-rule?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-07-30: UBS Posts Better-Than-Expected Profit as Volatility Boosts Trading Revenue ([finance.yahoo.com](https://finance.yahoo.com/m/31a4ac48-9313-38e1-ae94-d0c1a801c471/ubs-posts.html))

- 2025-12-09: UBS Group Shares Rise on Swiss Regulators' Capital-Rule Relaxation ([finance.yahoo.com](https://finance.yahoo.com/news/ubs-group-shares-rise-swiss-163500003.html))

- 2026-02-04: UBS Shares Fall After Money Outflows Hit U.S. Wealth-Management Business ([finance.yahoo.com](https://finance.yahoo.com/m/df12a487-6219-33c0-b4bd-2729bba5ad1f/ubs-shares-fall-after-money.html))

- 2026-04-01: UBS Stock Rallies 6.5% on Signal of Softer Swiss Capital Requirements ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/ubs-stock-rallies-6-5-163500382.html))

- 2026-07-29: UBS Q2 profit rises to $2.8bn as revenues increase ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/ubs-q2-profit-rises-2-115217055.html))

### Net income · FY2025

net income +52.7%; source https://www.sec.gov/Archives/edgar/data/1610520/000161052026000023/ubs-20251231.htm; observed 2026-03-09.

- FY2016: $3.3B 

- FY2017: $969M 

- FY2018: $4.5B 

- FY2019: $4.3B 

- FY2020: $6.6B 

- FY2021: $7.5B 

- FY2022: $7.6B 

- FY2023: $27B 

- FY2024: $5.1B 

- FY2025: $7.8B 

## Owner memo

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

### How it makes money

Operates in diversified banking; annual sales are USD 49.6 billion.

- Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001610520.json#0001610520-26-000023 (filed 2026-03-09); FY2025: revenue 49573000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); UBS.US: UBS Group AG operates as a wealth manager and bank worldwide. It operates through five segments: Global Wealth Management, Personal & Corporate Banking, Asset Management, Investment Bank, and Non-Core and Legacy. The Global Wealth Management segment offers financial services, advice, and solutions; investment management, estate planning, and corporate advice services; and wealth management and banking products and services to private wealth and institutional customers. Its Personal & Corporate Banking segment provides banking, retirement, financing, investments, and strategic transactions to private, corporate, and institutional customers through its branch network and digital channels in Switzerland. The Asset Management segment offers diversified asset management services. Its Investment Bank segment provides equities, foreign exchange, precious metals, research, advisory, and capital markets services to institutional, corporate, financial sponsor, and Global Wealth Management customers, as well as focused rates and credit platform. The company also offers lending products, such as securities-based lending, mortgages, structured products, and tailored solutions; collateralized lending residential and commercial real estate, primarily against securities, residential and commercial real estate, other real assets (such as ships and aircraft), private market and hedge fund interest; and unsecured lending. The company was formerly known as UBS AG and changed its name to UBS Group AG in December 2014. UBS Group AG was founded in 1862 and is headquartered in Zurich, Switzerland.

### Why customers stay

It earns 9.5% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-09); 10-year return on tangible equity observations [[2016,0.07231770856743328],[2017,0.022227577128717743],[2018,0.09757783971824291],[2019,0.08922426302914714],[2020,0.12289152110353099],[2021,0.1365150849443468],[2022,0.14975172224293928],[2023,0.34819894901581566],[2024,0.06503222836095764],[2025,0.09169383048680677]]; median 0.09463583510252484. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 4.1 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-09); Dividend observations: [[2016,3164000000],[2017,2249687000],[2018,2387936000],[2019,2544000000],[2020,2607000000],[2021,1301000000],[2022,1668000000],[2023,1679000000],[2024,2256000000],[2025,2273168000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1610520/000161052026000023/ubs-20251231.htm (filed 2026-03-09); FY2025: cash repurchases 4106931000 USD.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); UBS.US SharesStats.PercentInsiders = 0.063 percentage points; cache date 2026-10-16.

### What could break it

In December 2025, the Swiss Competition Commission (WEKO) announced that it had reached a final resolution with UBS.

- Source: https://www.sec.gov/Archives/edgar/data/1610520/000161052026000023/ubs-20251231.htm (filed 2026-03-09); UBS was granted conditional leniency or conditional immunity from authorities in certain jurisdictions, including the Antitrust Division of the DOJ, in connection with potential antitrust or competition law violations related to certain rates. In December 2025, the Swiss Competition Commission (WEKO) announced that it had reached a final resolution with UBS. LIBOR and other benchmark-related civil litigation: A number of putative class actions and other actions are pending in the federal courts in New York against UBS and numerous other banks on behalf of parties who transacted in certain interest rate benchmark-based derivatives.

### What the price says

The price assumes profits grow 7.6% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-09); Price 47.78; FX 1; original perpetual distributable cash 1.1438460435555027; discount 0.1; growth 0.07606014977908115. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

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

- 2016-10: $14.07 per share

- 2016-11: $15.85 per share

- 2016-12: $15.67 per share

- 2017-01: $16.11 per share

- 2017-02: $15.37 per share

- 2017-03: $15.95 per share

- 2017-04: $17.01 per share

- 2017-05: $15.89 per share

- 2017-06: $16.98 per share

- 2017-07: $17.43 per share

- 2017-08: $16.44 per share

- 2017-09: $17.15 per share

- 2017-10: $17.01 per share

- 2017-11: $17.18 per share

- 2017-12: $18.39 per share

- 2018-01: $20.32 per share

- 2018-02: $18.97 per share

- 2018-03: $17.66 per share

- 2018-04: $16.80 per share

- 2018-05: $15.22 per share

- 2018-06: $15.34 per share

- 2018-07: $16.42 per share

- 2018-08: $15.66 per share

- 2018-09: $15.73 per share

- 2018-10: $13.90 per share

- 2018-11: $13.53 per share

- 2018-12: $12.38 per share

- 2019-01: $12.96 per share

- 2019-02: $12.67 per share

- 2019-03: $12.11 per share

- 2019-04: $13.44 per share

- 2019-05: $11.43 per share

- 2019-06: $11.85 per share

- 2019-07: $11.17 per share

- 2019-08: $10.60 per share

- 2019-09: $11.31 per share

- 2019-10: $11.77 per share

- 2019-11: $12.15 per share

- 2019-12: $12.58 per share

- 2020-01: $12.37 per share

- 2020-02: $11.00 per share

- 2020-03: $9.26 per share

- 2020-04: $10.76 per share

- 2020-05: $10.70 per share

- 2020-06: $11.54 per share

- 2020-07: $11.68 per share

- 2020-08: $12.15 per share

- 2020-09: $11.15 per share

- 2020-10: $11.69 per share

- 2020-11: $14.14 per share

- 2020-12: $14.13 per share

- 2021-01: $14.39 per share

- 2021-02: $15.52 per share

- 2021-03: $15.53 per share

- 2021-04: $15.29 per share

- 2021-05: $16.37 per share

- 2021-06: $15.34 per share

- 2021-07: $16.48 per share

- 2021-08: $16.66 per share

- 2021-09: $15.94 per share

- 2021-10: $18.15 per share

- 2021-11: $17.28 per share

- 2021-12: $17.87 per share

- 2022-01: $18.67 per share

- 2022-02: $18.14 per share

- 2022-03: $19.54 per share

- 2022-04: $16.84 per share

- 2022-05: $18.87 per share

- 2022-06: $16.22 per share

- 2022-07: $16.24 per share

- 2022-08: $15.85 per share

- 2022-09: $14.51 per share

- 2022-10: $15.86 per share

- 2022-11: $18.44 per share

- 2022-12: $18.67 per share

- 2023-01: $21.46 per share

- 2023-02: $21.78 per share

- 2023-03: $21.34 per share

- 2023-04: $20.25 per share

- 2023-05: $18.91 per share

- 2023-06: $20.27 per share

- 2023-07: $22.17 per share

- 2023-08: $26.71 per share

- 2023-09: $24.65 per share

- 2023-10: $23.46 per share

- 2023-11: $28.25 per share

- 2023-12: $30.90 per share

- 2024-01: $29.91 per share

- 2024-02: $28.45 per share

- 2024-03: $30.72 per share

- 2024-04: $26.85 per share

- 2024-05: $31.88 per share

- 2024-06: $29.54 per share

- 2024-07: $30.18 per share

- 2024-08: $30.76 per share

- 2024-09: $30.91 per share

- 2024-10: $30.68 per share

- 2024-11: $32.34 per share

- 2024-12: $30.32 per share

- 2025-01: $35.42 per share

- 2025-02: $34.29 per share

- 2025-03: $30.63 per share

- 2025-04: $30.23 per share

- 2025-05: $31.89 per share

- 2025-06: $33.82 per share

- 2025-07: $37.33 per share

- 2025-08: $40.52 per share

- 2025-09: $41.00 per share

- 2025-10: $38.36 per share

- 2025-11: $38.60 per share

- 2025-12: $46.31 per share

- 2026-01: $47.15 per share

- 2026-02: $41.43 per share

- 2026-03: $39.07 per share

- 2026-04: $43.90 per share

- 2026-05: $47.08 per share

- 2026-06: $49.56 per share

- 2026-07: $52.74 per share

- 2026-08: $55.72 per share

- 2026-09: $48.13 per share

- 2026-10: $47.85 per share

## Annual estimated value (USD per share)

- FY2016: low $8.26 per share, central $9.08 per share, high $10.09 per share

- FY2017: low $8.00 per share, central $8.80 per share, high $9.78 per share

- FY2018: low $8.78 per share, central $9.66 per share, high $10.73 per share

- FY2019: low $7.68 per share, central $9.13 per share, high $11.28 per share

- FY2020: low $8.61 per share, central $10.22 per share, high $12.57 per share

- FY2021: low $9.16 per share, central $10.87 per share, high $13.37 per share

- FY2022: low $10.07 per share, central $12.14 per share, high $15.26 per share

- FY2023: low $21.01 per share, central $25.89 per share, high $33.73 per share

- FY2024: low $20.35 per share, central $24.82 per share, high $31.81 per share

- FY2025: low $18.90 per share, central $22.69 per share, high $28.36 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 2026-10-15T06:38:24.503Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1610520/000161052026000023/ubs-20251231.htm); period 2025-12-31, filed 2026-03-09.

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.

## Reported holder observations

- [David Hoeft](https://gigainvestors.com/DAC): 33,630,342 UBS shares; USD 1,666,002,000 reported position value; 0.87% of portfolio; reduce; quarter 2026 Q2.
- [Richard Pzena](https://gigainvestors.com/PIM): 22,604,129 UBS shares; USD 905,521,000 reported position value; 2.66% of portfolio; reduce; quarter 2026 Q2.
- [Samantha McLemore](https://gigainvestors.com/PTNT): 953,734 UBS shares; USD 47,267,000 reported position value; 1.57% of portfolio; reduce; quarter 2026 Q2.
- [Andreas Halvorsen](https://gigainvestors.com/vg): 2,435,805 UBS shares; USD 120,765,000 reported position value; 0.34% of portfolio; new; quarter 2026 Q2.

# UBS — UBS AG

Held by 4 investors · USD 2,739,555,000 total · 2026 Q2 · reported price USD 49.56 (split-adjusted).
Page: https://gigainvestors.com/s/UBS

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| David Hoeft (https://gigainvestors.com/DAC) | USD 1,666,002,000 | 0.9% | reduce -0.04% |
| Richard Pzena (https://gigainvestors.com/PIM) | USD 905,521,000 | 2.7% | reduce -14.84% |
| Andreas Halvorsen (https://gigainvestors.com/vg) | USD 120,765,000 | 0.3% | new |
| Samantha McLemore (https://gigainvestors.com/PTNT) | USD 47,267,000 | 1.6% | reduce -23.21% |

## Total held by quarter

- 2023 Q1: USD 29,898,514 · 2 holders · USD 21.34
- 2023 Q2: USD 50,437,132 · 1 holder · USD 20.27
- 2023 Q3: USD 61,196,386 · 1 holder · USD 24.65
- 2023 Q4: USD 75,733,953 · 1 holder · USD 30.90
- 2024 Q1: USD 3,214,197,947 · 3 holders · USD 30.72
- 2024 Q2: USD 3,160,365,505 · 4 holders · USD 29.44
- 2024 Q3: USD 3,127,254,428 · 3 holders · USD 30.83
- 2024 Q4: USD 3,119,715,789 · 3 holders · USD 30.32
- 2025 Q1: USD 3,075,968,768 · 3 holders · USD 30.63
- 2025 Q2: USD 2,526,901,595 · 4 holders · USD 33.84
- 2025 Q3: USD 3,316,445,837 · 4 holders · USD 41.00
- 2025 Q4: USD 3,137,752,647 · 4 holders · USD 46.31
- 2026 Q1: USD 2,172,671,338 · 3 holders · USD 38.89
- 2026 Q2: USD 2,739,555,000 · 4 holders · USD 49.56