SQN Stock Analysis: Swissquote Holding | SW
Capital Markets | SW, Switzerland | Market Cap: 6.100m CHF | 12M Return: -21.5% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 11.3M
Warnings
Tailwinds
No distinct edge detected
Seasonality
Swissquote Group Holding SA is a Swiss online financial services provider founded in 1996 and headquartered in Gland, Switzerland. The company serves retail investors, affluent clients, and professional and institutional customers both domestically and internationally, operating through two main segments: Securities Trading and Leveraged Forex.
As a digital bank and brokerage, Swissquote offers a multi-currency platform supporting deposits and withdrawals in traditional currencies, cryptocurrencies, and precious metals. Its service suite includes real-time securities trading, custody, margin lending, and over-the-counter (OTC) trading in foreign exchange and contracts-for-differences (CFDs). The platform is classified within the GICS Investment Banking & Brokerage sub-industry, reflecting its hybrid business model that blends brokerage execution with full banking services such as debit cards, online payments, eMortgages, and loans.
Beyond core trading, the company provides portfolio solutions, sustainable investing options, savings plans, and thematic trading products, catering to a broad client base that includes high-net-worth individuals, family offices, fund managers, asset managers, and other financial institutions. This diversified offering positions Swissquote within the broader fintech and digital wealth management sector, where integrated banking and investing platforms have become increasingly competitive in Europe.
- Net interest income pressured by SNB rate cuts
- Crypto and equities volatility drives trading volume surge
- Competition intensifies from neobrokers and zero-commission platforms
| Net Income: 366.4m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.05 > 0.02 and ΔFCF/TA -4.13 > 1.0 |
| NWC/Revenue: -525.8% < 20% (prev -487.5%; Δ -38.31% < -1%) |
| CFO/TA 0.05 > 3% & CFO 814.7m > Net Income 366.4m |
| Net Debt (-5.16b) to EBITDA (475.7m): -10.85 < 3 |
| Current Ratio: 0.66 > 1.5 & < 3 |
| Outstanding Shares: last quarter (151.3m) vs 12m ago 1.43% < -2% |
| Gross Margin: 80.00% > 18% (prev 84.04%; Δ -4.04% > 0.5%) |
| Asset Turnover: 5.42% > 50% (prev 5.35%; Δ 0.07% > 0%) |
| Interest Coverage Ratio: 12.44 > 6 (EBIT TTM 420.3m / Interest Expense TTM 33.8m) |
| A: -0.26 (Total Current Assets 8.11b - Total Current Liabilities 12.3b) / Total Assets 16.1b |
| B: 0.09 (Retained Earnings 1.43b / Total Assets 16.1b) |
| C: 0.03 (EBIT TTM 420.3m / Avg Total Assets 14.7b) |
| D: 0.10 (Book Value of Equity 1.40b / Total Liabilities 14.6b) |
| Altman-Z'' = -1.13 = CCC |
| DSRI: 0.26 (Receivables 14.7m/51.0m, Revenue 795.5m/711.1m) |
| GMI: 1.05 (GM 84.04% / 80.00%) |
| AQI: 1.23 (AQ_t 0.49 / AQ_t-1 0.40) |
| SGI: 1.12 (Revenue 795.5m / 711.1m) |
| TATA: -0.03 (NI 366.4m - CFO 814.7m) / TA 16.1b) |
| Beneish M = -3.37 (Cap -4..+1) = AA |
As of July 28, 2026, the stock is trading at CHF 40.90 with a total of 198,787 shares traded. Over the past week, the price has changed by +2.10%, over one month by +9.77%, over three months by +5.26% and over the past year by -21.53%.
Current recommended Stop Loss: 37.10 (which is 9.3% or 1.4 ATR below the current price).
Swissquote Holding has no consensus analysts rating.
P/E Trailing = 16.8182
P/E Forward = 10.8342
P/S = 8.0177
P/B = 4.3492
P/EG = 1.2564
Revenue TTM = 795.5m CHF
EBIT TTM = 420.3m CHF
EBITDA TTM = 475.7m CHF
Long Term Debt = 7.25m CHF (from longTermDebtTotal, last fiscal year)
Short Term Debt = 343.1m CHF (from shortTermDebt, last quarter)
Debt = 350.4m CHF (from shortLongTermDebtTotal, last quarter)
Net Debt = -5.16b CHF (calculated: Debt 350.4m - CCE 5.51b)
Enterprise Value = 938.8m CHF (6.10b + Debt 350.4m - CCE 5.51b)
Interest Coverage Ratio = 12.44 (Ebit TTM 420.3m / Interest Expense TTM 33.8m)
EV/FCF = 1.30x (Enterprise Value 938.8m / FCF TTM 724.1m)
FCF Yield = 77.13% (FCF TTM 724.1m / Enterprise Value 938.8m)
FCF Margin = 91.02% (FCF TTM 724.1m / Revenue TTM 795.5m)
Net Margin = 46.06% (Net Income TTM 366.4m / Revenue TTM 795.5m)
Gross Margin = 80.00% ((Revenue TTM 795.5m - Cost of Revenue TTM 159.1m) / Revenue TTM)
Gross Margin QoQ = 74.15% (prev 86.06%)
Tobins Q-Ratio = 0.06 (Enterprise Value 938.8m / Total Assets 16.1b)
Interest Expense / Debt = 9.64% (Interest Expense 33.8m / Debt 350.4m)
Taxrate = 12.81% (53.8m / 420.2m)
NOPAT = 366.4m (EBIT 420.3m * (1 - 12.81%))
Current Ratio = 0.66 (Total Current Assets 8.11b / Total Current Liabilities 12.3b)
Debt / Equity = 0.25 (Debt 350.4m / totalStockholderEquity, last quarter 1.40b)
Debt / EBITDA = -10.85 (Net Debt -5.16b / EBITDA 475.7m)
Debt / FCF = -7.13 (Net Debt -5.16b / FCF TTM 724.1m)
Total Stockholder Equity = 1.18b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.50% (Net Income 366.4m / Total Assets 16.1b)
RoE = 31.01% (Net Income TTM 366.4m / Total Stockholder Equity 1.18b)
RoCE = 35.36% (EBIT 420.3m / Capital Employed (Equity 1.18b + L.T.Debt 7.25m))
RoIC = 2.29% (NOPAT 366.4m / Invested Capital 16.0b)
WACC = 9.36% (E(6.10b)/V(6.45b) * Re(9.41%) + D(350.4m)/V(6.45b) * Rd(9.64%) * (1-Tc(0.13)))
Discount Rate = 9.41% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 57.14 | Cagr: 0.03%
[DCF] Terminal Value 69.42% ; FCFF base≈893.5m ; Y1≈783.6m ; Y5≈633.1m
[DCF] Fair Price = 92.60 (EV 8.72b - Net Debt -5.16b = Equity 13.9b / Shares 149.9m; r=9.36% [WACC]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: N/A | # QB: 0
Revenue Correlation: 93.09 | Revenue CAGR: 27.35% | SUE: 0.67 | # QB: 0
EPS current Year (2026-12-31): EPS=2.23 | Chg30d=+0.25% | Revisions=-29% | GrowthEPS=-8.1% | GrowthRev=+5.5%
EPS next Year (2027-12-31): EPS=2.51 | Chg30d=-0.08% | Revisions=+29% | GrowthEPS=+12.6% | GrowthRev=+9.2%
[Analyst] Revisions Ratio: +0% (up=4, down=4)