Julius Baer Gruppe AG JBAXY

FinancialsBanking ServicesSwitzerland

Last close 16.86 USD on Nov 2, 2026, +12.5% year to date

Quant rating

Quant rating C Rank 134 of 304 in Financials

Growth C 210 of 304
Valuation B 61 of 304
Quality C 175 of 304
Revisions B 111 of 304
Momentum C 153 of 304

Wall Street consensus Strong Buy (1.50)Average target 21.70 USD +28.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 17.4B
Enterprise value: 27.4B
52-week range: 13.16 – 18.93
3-year range: 9.86 – 18.93
Dividend yield: 3.99%
Beta (5 years): 0.99
Shares outstanding: 206M
Next earnings: Oct 21, 2026

About the company

Julius Baer Gruppe AG (the Group) is a Switzerland-based private banking group, with an exclusive focus on servicing and advising private clients and independent asset managers. The company provides advice and services related to wealth and asset management. The Group has a global presence with approximately 60 locations in more than 25 countries and jurisdictions. Julius Baer Gruppe AG was established through spin off from Julius Baer Holding AG’s businesses into two independent entities, namely the Company, together with its subsidiaries, comprising Bank Julius Baer & Co Ltd as its principal operating entity, and GAM Holding, together with its subsidiaries, comprising GAM and the Julius Baer-branded asset management business, which includes the private label funds business that formerly was part of Julius Baer Holding Ltd’s Bank Julius Baer segment.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,307	2,766	3,082	1,350	832	–
Revenue growth	−16.6%	−10.3%	128.2%	62.4%	−10.8%	19.9%
EPS (basic, normalized)	5.21	5.51	2.67	5.25	5.63	–
EPS growth	−5.3%	106.3%	−49.1%	−6.7%	24.1%	2.8%
Gross margin	–	–	–	–	–	–
Net margin	41.8%	40.7%	17.5%	76.1%	142.6%	63.7%
ROE	–	–	7.6%	16.1%	–	11.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	2,307	−16.6%	11.9x	–	–	–	0.95	−14.8%	17.7x
2026	5,508	+138.8%	5.0x	9.46	–	1.8x	1.49	+56.0%	11.3x
2027	5,675	+3.0%	4.8x	9.46	0.0%	1.8x	1.49	−0.1%	11.3x
2028	6,074	+7.0%	4.5x	10.07	+6.5%	1.7x	1.73	+16.4%	9.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	5,508	0.0%	0.0%	+3.3%	1.49	0.0%	0.0%	+16.2%
2027	5,675	0.0%	0.0%	−0.7%	1.49	0.0%	0.0%	+0.8%
2028	6,074	0.0%	0.0%	−0.8%	1.73	0.0%	0.0%	−79.9%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
JBAXY Julius Baer Gruppe AG	17.4B	–	41.8%	1.68x	11.3x	11.3x	1.8x	1.8x
KGTFY Krung Thai Bank PCL	17.9B	–	32.6%	1.24x	251.0x	242.3x	26.1x	26.1x
BPCGY Banco Comercial Portugues, SA	17.8B	–	23.3%	1.58x	135.0x	115.5x	19.4x	18.3x
BDORY Banco Do Brasil SA	17.5B	–	–	–	5.2x	3.8x	–	–
BREJY mBank SA	17.5B	–	24.3%	1.72x	0.2x	0.1x	0.0x	0.0x
KPCPY Kasikornbank Public Company Limited	17.0B	–	28.5%	1.31x	44.5x	41.8x	3.8x	3.7x
Mean		–	30.1%	1.51x	74.5x	69.2x	10.2x	10.0x
Median		–	28.5%	1.58x	27.9x	26.6x	3.8x	3.7x

Technical analysis

1M−3.8%
3M−3.8%
1Y+30.9%
3Y+62.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Julius Baer Gruppe AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	2,307	2,766	3,082	1,350	832	932
Total interest expense	2,150	2,350	2,081	460	144	230
Net interest income	157	416	1,000	890	687	702
Loan loss provision	268	16.3	720	17.3	2.0	40.1
Net interest income after loan loss provision	−111	400	280	873	685	662
Non-interest income	5,378	4,159	3,865	3,542	3,847	3,655
Non-interest expense	−4,084	−3,396	−3,535	−3,244	−3,153	−3,361
Net income before taxes	1,183	1,162	611	1,172	1,380	956
Provision for taxes	219	35.2	71.7	145	193	166
Minority interest & equity in affiliates	−0.1	−0.1	0.6	0.5	−0.8	−0.7
Other	0	0	0	0	0	0
Net income before extraordinary items	964	1,127	540	1,027	1,186	789
Extraordinary items	–	–	–	–	–	–
Net income	964	1,127	540	1,027	1,186	789
Basic weighted average shares (mil)	206	205	206	208	214	215
Diluted weighted average shares (mil)	206	205	206	208	214	215
Basic EPS excluding extraordinary items	4.69	5.49	2.62	4.93	5.54	3.67
Basic EPS, normalized	5.21	5.51	2.67	5.25	5.63	4.53

Balance sheet in millions of USD, fiscal years

Balance sheet, Julius Baer Gruppe AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	14,887	15,162	16,076	17,325	26,803	24,737
Other earning assets	54,481	44,497	41,556	37,596	33,321	33,992
Net loans	53,143	45,858	46,236	48,230	55,270	53,336
Property, plant & equipment	779	727	771	657	564	656
Goodwill	2,112	1,878	2,039	1,863	1,974	2,026
Intangibles	1,217	1,007	1,009	881	943	954
Long-term investments	–	–	9.3	30.6	31.7	24.0
Other long-term assets	34.5	18.8	28.6	49.1	31.0	22.7
Other assets	9,014	6,672	7,291	7,652	8,563	7,558
Total assets	135,667	115,820	115,016	114,284	127,500	123,305
Liabilities
Accounts payable	94.9	39.9	33.3	37.0	43.1	39.8
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,451	1,220	1,311	911	843	777
Total deposits	89,209	81,491	77,908	85,864	95,832	93,631
Other bearing liabilities	–	–	–	–	–	–
Short-term borrowings	2,539	2,858	6,979	367	–	–
Current portion of long-term debt	19,397	12,140	10,574	11,195	13,508	8,712
Long-term debt	6,693	5,733	5,963	4,553	5,466	8,115
Minority interest	1.9	1.7	2.3	2.7	9.9	9.7
Other liabilities	7,159	4,810	4,924	4,551	4,416	4,760
Total liabilities	126,544	108,294	107,695	107,482	120,118	116,045
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	5.2	4.5	4.9	4.7	4.8	5.1
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	9,859	8,354	8,445	8,152	8,349	7,832
Treasury stock	−73.3	−68.1	−79.1	−382	−752	−457
Other equity	−668	−765	−1,048	−974	−219	−120
Total equity	9,123	7,526	7,322	6,801	7,382	7,260
Total liabilities & shareholders' equity	135,667	115,820	115,016	114,284	127,500	123,305

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Julius Baer Gruppe AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	964	1,127	539	1,027	1,187	789
Depreciation, depletion & amortization	316	270	291	335	280	487
Deferred taxes	7.2	−3.6	−12.0	10.3	−13.5	−4.2
Non-cash items	505	122	188	230	309	251
Changes in working capital	−237	828	−2,110	−3,542	520	5,625
Cash from operations	1,555	2,343	−1,104	−1,940	2,282	7,149
Investing activities
Capital expenditures	−312	−280	−285	−213	−216	−210
Other investing cash flows	1,611	3,437	−1,729	−4,659	498	−1,104
Cash from investing	1,298	3,157	−2,014	−4,872	282	−1,314
Financing activities
Financing cash flow items	0	−1.8	−0.5	−1.5	−2.9	−3.2
Cash dividends paid	−676	−590	−636	−599	−423	−375
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	439	141	731	−85.2	832	−536
Cash from financing	−237	−451	94.2	−686	406	−914
Foreign exchange effects	−70.7	13.2	−176	47.8	30.3	159
Net change in cash	2,546	5,062	−3,199	−7,451	3,000	5,081
Free cash flow	1,243	2,063	−1,389	−2,153	2,067	6,939

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.