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Flughafen Zurich AG
(FHZN)
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Rating:67Neutral
Price Target:
CHF226.00
â–¼(-2.08% Downside)
Action:Reiterated
Date:08/29/26
The score is supported primarily by solid financial performance (strong margins and manageable leverage) and a supportive dividend yield. It is held back by weak technicals (price below major moving averages with negative MACD) and earnings-call guidance pointing to lower 2026 profit, near-term Noida losses, and ongoing heavy capex that can constrain free cash flow.
Positive Factors
Strong profitability
High net margins and resilient operating profitability demonstrate strong earnings quality. This gives the airport financial capacity to fund infrastructure, absorb moderate cost pressure, and support shareholder returns over the medium term.
Negative Factors
Heavy capital intensity
The sizeable investment program is strategically necessary but limits near-term free-cash-flow conversion. Sustained construction spending can increase financing needs and defer the cash benefits of airport expansion and modernization projects.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability
High net margins and resilient operating profitability demonstrate strong earnings quality. This gives the airport financial capacity to fund infrastructure, absorb moderate cost pressure, and support shareholder returns over the medium term.
Read all positive factors
Flughafen Zurich AG (FHZN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF6.36B
Dividend Yield4.1%
Average Volume (3M)44.09K
Price to Earnings (P/E)21.0
Beta (1Y)0.61
Revenue Growth4.35%
EPS Growth3.79%
CountryCH
Employees2,322
SectorIndustrials
Sector Strength72
IndustryGeneral Transportation
Share Statistics
EPS (TTM)11.36
Shares Outstanding30,701,876
10 Day Avg. Volume66,137
30 Day Avg. Volume44,089
Financial Highlights & Ratios
PEG Ratio3.65
Price to Book (P/B)2.45
Price to Sales (P/S)5.68
P/FCF Ratio53.50
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF239.40Price Target Upside3.73% Upside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)10.35
Revenue Forecast (FY)CHF1.41B
Flughafen Zurich AG Business Overview & Revenue Model
Company Description
Flughafen Zürich AG, based in Zurich, Switzerland, is the owner and operator of Zurich Airport. The company is responsible for delivering all crucial infrastructure and an extensive range of services required for smooth flight operations. This inc...
How the Company Makes Money
Flughafen Zürich AG generates revenue from two main pillars: aeronautical (aviation-related) income and non-aeronautical (commercial) income. Aeronautical revenue primarily comes from charges and fees paid by airlines and other aviation users for ...
Flughafen Zurich AG Earnings Call Summary
Earnings Call Date:Aug 28, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 05, 2027
Earnings Call Sentiment Positive
The call describes a strong operational and financial first half with record H1 results, solid passenger growth in Zurich and robust performance in Brazil, successful opening of Noida and continued progress on major projects and sustainability. Offsetting factors include a slower-than-expected ramp-up at Noida (near-term negative EBITDA impact), Middle East-related traffic weakness on some routes, construction-related disruption to landside commercial revenue, modest OpEx increases and an expectation of lower consolidated profit and potentially lower dividends in 2026. Management maintains a constructive long-term view, targets ambitious 2040 goals, and expects 2026 EBITDA broadly stable versus prior year despite near-term headwinds.Positive Updates
Record Half-Year Financials
Revenues increased 5% to CHF 674 million in H1 2026; EBITDA rose 4% to CHF 374 million with EBITDA margin largely unchanged at 56%; consolidated net profit increased slightly to CHF 164 million.
Negative Updates
Temporary Weakness on Middle East Routes
Passenger numbers to/from the Middle East declined ~30% year-on-year in H1 2026 due to geopolitical tensions; while overall impact was largely offset by other markets, this reduced traffic on key routes.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Half-Year Financials
Revenues increased 5% to CHF 674 million in H1 2026; EBITDA rose 4% to CHF 374 million with EBITDA margin largely unchanged at 56%; consolidated net profit increased slightly to CHF 164 million.
Read all positive updates
Company Guidance
Management guidance for 2026 expects Zurich passenger growth of about 3% for the full year (vs H1 +6% to 15.8m), a ~10% reduction in airport charges from 1 Oct 2026 with aviation revenue expected to remain stable, group EBITDA roughly flat versus last year (H1 EBITDA CHF374m, margin 56%), consolidated profit to be lower than 2025 (H1 net profit CHF164m), and Noida to handle ~1m passengers in 2026 with a negative EBITDA this year and breakeven in 2027 (adding ~CHF80m p.a. of depreciation/financing once fully ramped); 2026 CapEx is guided at ~CHF400m for Zurich and ~CHF100m for subsidiaries (group H1 CapEx CHF269m), leverage is expected to stay below 2.5x (current ~2.1x), H1 operating cash flow was CHF324m and free cash flow CHF56m, and long‑term 2040 targets include revenues >CHF3bn (CAGR >5%), group ROIC >8%, International contributing up to 50% of revenue/EBITDA, and net‑zero Scope 1/2 by 2040.Flughafen Zurich AG Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
78
Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.39B | 1.36B | 1.33B | 1.24B | 1.02B | 680.00M |
| Gross Profit | 530.30M | 563.00M | 707.10M | 476.40M | 339.80M | 77.40M |
| EBITDA | 788.90M | 769.80M | 704.00M | 679.50M | 536.30M | 273.10M |
| Net Income | 348.90M | 346.50M | 326.70M | 304.20M | 207.00M | -10.10M |
Balance Sheet | ||||||
| Total Assets | 5.60B | 5.57B | 5.20B | 5.11B | 5.22B | 5.00B |
| Cash, Cash Equivalents and Short-Term Investments | 267.10M | 422.20M | 397.60M | 601.90M | 722.40M | 575.90M |
| Total Debt | 1.79B | 1.69B | 1.48B | 1.57B | 1.94B | 1.89B |
| Total Liabilities | 2.56B | 2.42B | 2.24B | 2.30B | 2.54B | 2.59B |
| Stockholders Equity | 3.04B | 3.15B | 2.97B | 2.80B | 2.68B | 2.41B |
Cash Flow | ||||||
| Free Cash Flow | 160.80M | 144.50M | 75.40M | 253.10M | 281.80M | 49.80M |
| Operating Cash Flow | 698.80M | 683.60M | 641.60M | 680.60M | 475.20M | 218.50M |
| Investing Cash Flow | -573.30M | -940.60M | -344.10M | -170.00M | -569.80M | -87.20M |
| Financing Cash Flow | -193.20M | 93.50M | -267.20M | -469.10M | -54.50M | -70.70M |
Flughafen Zurich AG Peers Comparison
UnderperformOutperform
Sector (63)
CH:FHZN
Flughafen Zurich AG
207.20
-27.93
-11.88%
CH:JFN
Jungfraubahn Holding AG
263.50
62.71
31.23%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.