UBS Group AG (UBS)

Price$55.38Cached quoteAs of 2026-09-06 12:15 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because stronger earnings already command a demanding valuation.

At the verified market level, UBS trades at about 18 times recent twelve-month earnings and roughly 1.8 times tangible book value, meaning investors pay a large premium to the bank's net assets. That book multiple is near its highest since 2010. The premium is supported by much stronger 2026 profits and integration savings, but leaves limited room for disappointment. A value case becomes stronger if earnings keep growing despite new Swiss capital rules; a full roughly $20 billion capital burden would make today's valuation harder to justify.

Big pictureProfits are improving, but trading activity and bank cash flows can change sharply.

Supplied SEC-derived history shows revenue rising from $33.1 billion in 2020 to $49.6 billion in 2025, while 2025 net income reached $7.8 billion, up 53% from 2024. First-half 2026 net profit then reached $5.8 billion. Cash generation is less smooth: reported operating cash flow swung from $86.1 billion in 2023 to $3.3 billion in 2024 and $21.9 billion in 2025 because bank cash flows move with deposits, lending and trading positions. Wealth-management fees help durability, while unusually strong trading remains cyclical.

Business strengthA stronger balance sheet and shrinking share count give investors meaningful downside support.

Year-end shareholder equity increased from $85.1 billion in 2024 to $90.2 billion in 2025, while UBS reported a 14.4% core capital ratio in the second quarter of 2026. This ratio measures the highest-quality capital protecting a bank against losses. Capital allocation has also favored owners: supplied history shows $5.4 billion of 2025 buybacks and $2.9 billion of dividends, while shares outstanding fell about 2.6% year over year. UBS completed another $3 billion repurchase program in July and announced a further $3 billion program, limiting dilution if regulation permits.

What could change the storyIntegration savings could lift returns further, while tougher Swiss rules could absorb valuable capital.

The bull case is increasingly measurable: UBS had captured $12.6 billion of cumulative Credit Suisse cost savings by June and targets about $13.5 billion by year-end, while first-half returns on core capital exceeded 16%. The bear case is equally specific. Switzerland's draft rules could require around $20 billion of additional highest-quality capital, reducing money available for buybacks or growth and potentially lowering future shareholder returns. A compromise allowing less expensive capital would materially improve the valuation case; adoption of the government's full proposal would weaken it.

AI: News

Strong second-quarter resultsProfit beat expectations as wealth inflows, trading revenue and Credit Suisse savings strengthened investor confidence.

On July 29, UBS reported $2.8 billion of second-quarter net profit, up 17% from a year earlier and above the roughly $2.39 billion analyst consensus. Wealth management attracted $36 billion of net new assets, while investment-bank underlying revenue rose 31%. UBS also added $1.1 billion of quarterly integration savings. Reuters reported the shares gained about 2.5% around the results; the earnings surprise and visible cost reductions provide a fundamental reason for improved expectations, though other market factors can also affect daily moves.

Another buyback announcedUBS committed more cash to share repurchases, signaling confidence while regulatory uncertainty still limits flexibility.

Alongside its July 29 results, UBS said it had completed its latest $3 billion repurchase program and would pursue another $3 billion program by the end of the second quarter of 2027, including at least $1 billion over the following three months. Repurchases reduce the number of shares dividing future profits, potentially raising each remaining shareholder's claim. UBS explicitly made the pace conditional on financial performance, keeping its core capital ratio near 14%, and greater clarity on Swiss rules.

Capital decision delayedSwiss lawmakers postponed agreement on stricter capital rules, leaving a major constraint on shareholder returns unresolved.

On August 11, a Swiss parliamentary committee failed to agree on changes to proposed banking rules and scheduled further deliberations for August 31. The government's draft could require UBS to hold about $20 billion of additional core equity, although lawmakers have discussed softer alternatives. Extra equity would make the bank safer but could reduce returns by tying up capital that might otherwise fund lending, investment or buybacks. The stock's same-day movement was modest, so attributing it solely to this regulatory development would be uncertain.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Revenue	$49.57B	$48.61B	$40.83B	$34.56B	$35.39B	$33.08B	$28.97B	$30.33B	$29.75B	$28.77B	—
Net income	$7.80B	$5.15B	$27.38B	$7.66B	$7.49B	$6.57B	$4.31B	$4.52B	$1.05B	$3.43B	—
Net profit margin	15.73%	10.59%	67.06%	22.17%	21.15%	19.86%	14.88%	14.91%	3.52%	11.93%	—
Basic EPSper basic share	$2.46	$1.59	$8.68	$2.34	$2.14	$1.83	$1.17	$1.21	$0.26	$0.90	—
Diluted EPSper diluted share	$2.36	$1.52	$8.30	$2.25	$2.06	$1.77	$1.14	$1.18	$0.25	$0.88	—

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of UBS
Holder	Shares held
UBS Group AG	107.14M
VANGUARD CAPITAL MANAGEMENT LLC	98.08M
NORGES BANK	95.85M
Fisher Asset Management, LLC	64.92M
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	62.93M
WELLINGTON MANAGEMENT GROUP LLP	59.55M
FMR LLC	55.54M
Zurcher Kantonalbank (Zurich Cantonalbank)	55.23M
Cevian Capital II GP LTD	48.12M
Pictet Asset Management Holding SA	36.74M
Dodge & Cox	33.63M
Assenagon Asset Management S.A.	33.07M
JPMORGAN CHASE & CO	29.67M
VANGUARD FIDUCIARY TRUST CO	27.71M
Amundi	25.46M
DEUTSCHE BANK AG\	24.15M
PZENA INVESTMENT MANAGEMENT LLC	22.6M
Legal & General Group Plc	22.12M
GOLDMAN SACHS GROUP INC	19.81M
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	17.03M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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UBS Group AG (UBS)

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