FHZN Stock Analysis: Flughafen Zurich | SW
Airports & Air Services | SW, Switzerland | Market Cap: 6.232m CHF | 12M Return: -12% | CH0319416936 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 11.8M
Rev. Trend: 97.5%
Warnings
Tailwinds
No distinct edge detected
Seasonality
Flughafen Zürich AG owns and operates Zurich Airport, the main aviation hub in Switzerland, and reports under the GICS Industrials sector in the Airport Services sub-industry. The company generates revenue from a mix of regulated aeronautical activities (such as landing and passenger fees) and unregulated commercial activities, a typical dual-revenue model for large hub airports.
The companys core operations span aviation infrastructure and flight services, including runways, aprons, terminals, freight handling, and passenger processing. It also provides support for passengers with reduced mobility, check-in and baggage handling systems, and aircraft power supply services. Airport operators typically recover these costs through regulated usage fees charged to airlines.
On the security side, Flughafen Zürich operates passenger, baggage, and freight screening systems, as well as airport policing duties, surveillance, and related security services. These activities are generally classified under the regulated aviation segment and are often subject to national civil aviation authority oversight.
In addition to regulated operations, the company develops and operates commercial infrastructure at Zurich Airport, including retail, restaurants, parking, and rental premises, alongside consulting services. These non-aeronautical activities are a key margin driver for airport operators, typically generating higher per-passenger revenue than aeronautical services.
Internationally, Flughafen Zürich holds interests in and operates airports in Brazil, Chile, Curaçao, Colombia, and India. International airport management and consulting is a common growth lever for listed European airport operators seeking to diversify beyond their home market. The company was incorporated in 1986 and is headquartered in Zurich, Switzerland.
- Passenger traffic recovery and growth at Zurich Airport lifts aviation revenue
- Non-regulated commercial and retail revenue expansion drives higher margins
- International airport concessions in Latin America and India diversify earnings
| Net Income: 348.9m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.03 > 0.02 and ΔFCF/TA 0.39 > 1.0 |
| NWC/Revenue: 15.14% < 20% (prev 22.46%; Δ -7.33% < -1%) |
| CFO/TA 0.12 > 3% & CFO 698.8m > Net Income 348.9m |
| Net Debt (1.72b) to EBITDA (788.9m): 2.17 < 3 |
| Current Ratio: 1.52 > 1.5 & < 3 |
| Outstanding Shares: last quarter (30.7m) vs 12m ago -0.01% < -2% |
| Gross Margin: 38.04% > 18% (prev 50.64%; Δ -12.60% > 0.5%) |
| Asset Turnover: 25.55% > 50% (prev 25.13%; Δ 0.42% > 0%) |
| Interest Coverage Ratio: 14.50 > 6 (EBIT TTM 490.2m / Interest Expense TTM 33.8m) |
| A: 0.04 (Total Current Assets 616.0m - Total Current Liabilities 405.0m) / Total Assets 5.60b |
| B: 0.51 (Retained Earnings 2.84b / Total Assets 5.60b) |
| C: 0.09 (EBIT TTM 490.2m / Avg Total Assets 5.46b) |
| D: 1.19 (Book Value of Equity 3.04b / Total Liabilities 2.56b) |
| Altman-Z'' = 3.75 = AA |
| DSRI: 1.00 (Receivables 163.5m/156.9m, Revenue 1.39b/1.34b) |
| GMI: 1.33 (GM 50.64% / 38.04%) |
| AQI: 0.91 (AQ_t 0.24 / AQ_t-1 0.26) |
| SGI: 1.04 (Revenue 1.39b / 1.34b) |
| TATA: -0.06 (NI 348.9m - CFO 698.8m) / TA 5.60b) |
| Beneish M = -2.76 (Cap -4..+1) = A |
As of September 22, 2026, the stock is trading at CHF 199.90 with a total of 37,402 shares traded. Over the past week, the price has changed by -0.94%, over one month by -12.17%, over three months by -19.52% and over the past year by -11.95%.
Current recommended Stop Loss: 194.40 (which is 2.8% or 1.4 ATR below the current price).
Flughafen Zurich has no consensus analysts rating.
P/E Trailing = 17.8697
P/E Forward = 20.6612
P/S = 4.4704
P/B = 2.0201
P/EG = 7.9466
Revenue TTM = 1.39b CHF
EBIT TTM = 490.2m CHF
EBITDA TTM = 788.9m CHF
Long Term Debt = 1.58b CHF (from longTermDebt, last quarter)
Short Term Debt = 31.3m CHF (from shortTermDebt, last quarter)
Debt = 1.98b CHF (from shortLongTermDebtTotal, last quarter) + Leases 189.6m
Net Debt = 1.72b CHF (calculated: Debt 1.98b - CCE 267.1m)
Enterprise Value = 7.95b CHF (6.23b + Debt 1.98b - CCE 267.1m)
Interest Coverage Ratio = 14.50 (Ebit TTM 490.2m / Interest Expense TTM 33.8m)
EV/FCF = 49.42x (Enterprise Value 7.95b / FCF TTM 160.8m)
FCF Yield = 2.02% (FCF TTM 160.8m / Enterprise Value 7.95b)
FCF Margin = 11.54% (FCF TTM 160.8m / Revenue TTM 1.39b)
Net Margin = 25.03% (Net Income TTM 348.9m / Revenue TTM 1.39b)
Gross Margin = 38.04% ((Revenue TTM 1.39b - Cost of Revenue TTM 863.7m) / Revenue TTM)
Gross Margin QoQ = 35.53% (prev 40.39%)
Tobins Q-Ratio = 1.42 (Enterprise Value 7.95b / Total Assets 5.60b)
Interest Expense / Debt = 1.71% (Interest Expense 33.8m / Debt 1.98b)
Taxrate = 20.47% (89.8m / 438.7m)
NOPAT = 389.9m (EBIT 490.2m * (1 - 20.47%))
Current Ratio = 1.52 (Total Current Assets 616.0m / Total Current Liabilities 405.0m)
Debt / Equity = 0.65 (Debt 1.98b / totalStockholderEquity, last quarter 3.04b)
Debt / EBITDA = 2.17 (Net Debt 1.72b / EBITDA 788.9m)
Debt / FCF = 10.67 (Net Debt 1.72b / FCF TTM 160.8m)
Total Stockholder Equity = 3.03b (last 4 quarters mean from totalStockholderEquity)
RoA = 6.40% (Net Income 348.9m / Total Assets 5.60b)
RoE = 11.53% (Net Income TTM 348.9m / Total Stockholder Equity 3.03b)
RoCE = 10.64% (EBIT 490.2m / Capital Employed (Equity 3.03b + L.T.Debt 1.58b))
RoIC = 7.57% (NOPAT 389.9m / Invested Capital 5.15b)
WACC = 5.40% (E(6.23b)/V(8.21b) * Re(6.68%) + D(1.98b)/V(8.21b) * Rd(1.71%) * (1-Tc(0.20)))
Discount Rate = 6.68% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -8.65 | Cagr: -0.01%
[DCF] Terminal Value 77.97% ; FCFF base≈149.3m ; Y1≈171.1m ; Y5≈251.8m
[DCF] Fair Price = 67.58 (EV 3.79b - Net Debt 1.72b = Equity 2.07b / Shares 30.7m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: N/A | # QB: 0
Revenue Correlation: 97.46 | Revenue CAGR: 4.48% | SUE: N/A | # QB: 0
EPS current Year (2026-12-31): EPS=10.43 | Chg30d=+0.48% | Revisions=+30% | GrowthEPS=-7.5% | GrowthRev=+3.2%
EPS next Year (2027-12-31): EPS=9.50 | Chg30d=-3.05% | Revisions=-70% | GrowthEPS=-8.9% | GrowthRev=+0.8%
[Analyst] Revisions Ratio: -24% (up=5, down=9)