Swissquote Group Holding

SQN.SW

Financial - Capital Markets · Financial Services

Also trades as: 0QLD.L

Price

CHF 42.78

+0.30 (+0.71%)

Market Cap

CHF 6.41B

Exchange

SIX Swiss Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 12, 2026 · filings through Dec 31, 2025

Swissquote is a Swiss online bank and brokerage that lets regular people and businesses trade stocks, currencies, cryptocurrencies, and other financial products through its digital platform. It serves retail investors and some institutional clients, primarily in Switzerland and Europe. The company is one of Switzerland's largest online banks and is regulated by FINMA, Switzerland's strict financial regulator.

Swissquote makes money by charging trading fees, earning interest on client deposits, and collecting fees for currency exchange and crypto transactions. It operates mainly in Switzerland but has expanded into markets like the UK, Luxembourg, Dubai, and Asia. Its moat comes from its Swiss banking license, strong regulatory reputation, and a loyal customer base that trusts it with real money. The main growth driver is continued adoption of self-directed investing and crypto trading across Europe, but the main risk is that rising competition from low-cost brokers like Interactive Brokers or fintech apps could pressure its fees over time.

Winston Score History

Growth Profile

For growth stock investors

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

Revenue Growth

+6.3% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+38.9% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

22.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$12.6B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

Swissquote Group Holding is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

+0.4% over 4y

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

Diluted shares outstanding: 150.7M (2021) → 151.3M (2025)

Score breakdown

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Quality

Gross Margin

74.1%

Premium pricing power — 74.1% gross margin

Operating Margin

42.8%

Excellent — 42.8% operating margin

ROCE

9.9%

Below par — 9.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+11.9%

Steady sales growth (+11.9% YoY)

EPS YoY

+24.4%

Earnings growing fast (+24.4% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

222%

Turns 222% of profit into real cash

FCF Margin

91.0%

Converts sales into free cash efficiently (91.0%)

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

Debt / Equity

0.24

Conservative — low debt load (0.24)

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

17.5x

Fair value — P/E 17.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+3.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (17.5 → 13.9)

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Dividends

Dividend Yield

1.84%

Small dividend — 1.84% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

-42.3%

Dividend cut (-42.3% YoY) — warning sign

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