BVZ Holding AG (BVZN) AI Stock Analysis

• Market Cap: CHF286.05M
• Dividend Yield: 1.51%
• Average Volume (3M): 59.00
• Price to Earnings (P/E): 7.7
• Beta (1Y): -0.05
• Revenue Growth: 2.43%
• EPS Growth: 9.82%
• Country: CH
• Employees: 694
• Sector: Financial
• Sector Strength: 70
• Industry: Railroads
• EPS (TTM): N/A
• Shares Outstanding: 197,278
• 10 Day Avg. Volume: 25
• 30 Day Avg. Volume: 59
• PEG Ratio: 0.16
• Price to Book (P/B): 0.94
• Price to Sales (P/S): 1.28
• P/FCF Ratio: 10.97
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 73 Outperform
• Price Target: CHF1,606.00 ▲(28.48% Upside)
• Action: Reiterated Date: 03/18/26
• Date: Action: Reiterated 03/18/26

The score is driven primarily by improved profitability and margins, supported by a strong technical uptrend and attractive valuation (low P/E with a dividend). Offsetting factors are leverage and inconsistent free-cash-flow conversion, which reduce financial flexibility despite better recent earnings.

Positive Factors

Improved Profitability

Sustained margin expansion and double-digit EBITDA margin indicate stronger underlying earnings power and operating leverage. Over a multi-year horizon, higher margins support reinvestment in service quality and stability of cash earnings, improving resilience to demand shocks.

Operating Cash Generation

Consistent positive operating cash flow that covers net income shows core operations generate real cash. Durable OCF supports ongoing capex for infrastructure, routine maintenance and service continuity, and helps service debt even if free cash flow remains variable.

Diversified Transport Revenue Mix

A mix of commuter, scenic tourist and freight services plus partnerships reduces reliance on a single demand source. This structural diversification stabilizes revenue across cycles, enables cross-selling and local contracts, and supports long-term utilization of rolling stock.

Negative Factors

High Leverage

Elevated absolute debt and a >1x debt/equity position constrain financial flexibility. In a capital-intensive transport business, high leverage raises refinancing and interest burden risks, limiting ability to fund growth or absorb revenue shocks without higher borrowing costs.

Weak Free Cash Flow Conversion

Inconsistent and generally weak free cash flow conversion versus earnings suggests substantial reinvestment needs or timing volatility. Over months to years, this can limit debt paydown, dividend flexibility and capacity to fund strategic investments without raising external capital.

Earnings Volatility

Historic swings in revenue and episodic negative profitability point to sensitivity to demand cycles (tourism, commuter volumes) and operating disruptions. Persistent volatility complicates long-term planning, forecasting and could pressure margins in weaker economic periods.

BVZ Holding AG Business Overview & Revenue Model

Company Description

BVZ Holding AG, through its subsidiaries, provides rail-related services. The company offers public transport, rolling stock, and maintenance services; tourism services; and automobile and freight transport services. It also engages in the management, infrastructure, and real estate activities. The company was founded in 1891 and is based in Brig, Switzerland.

How the Company Makes Money

BVZ Holding AG generates revenue primarily through its transportation services, including ticket sales from passenger travel and freight services. The company operates a network of scenic and commuter rail services, which attract both local commuters and tourists, contributing significantly to its revenue stream. Additionally, BVZN may receive income from partnerships with regional transport authorities and tourism agencies, enabling them to expand their service offerings and reach. The company might also benefit from ancillary services such as advertising, leasing of rolling stock, and collaborations with other transport operators, further diversifying its income sources.

BVZ Holding AG Financial Statement Overview

Summary

Income statement strength is notable (2025 revenue +~9.1%, net margin ~16.7%, EBITDA margin ~41.8%), but this is tempered by a still-leveraged balance sheet (debt-to-equity ~1.45; total debt ~380M vs. equity ~262M) and uneven free-cash-flow conversion (FCF negative in 2021–2023; modest in 2024–2025 with 2025 FCF down ~14.2% and ~0.34x of net income).

Income Statement

Profitability has improved meaningfully versus earlier years: 2025 revenue grew ~9.1% and the company posted a solid net margin (~16.7%) with strong EBITDA margin (~41.8%). Results are somewhat volatile across the period (e.g., revenue declined in 2024 and profitability was negative in 2020), but the recent two-year trajectory shows stronger and more resilient earnings power than the earlier base.

Balance Sheet

The balance sheet is workable but leveraged. Debt-to-equity improved to ~1.45 in 2025 from higher levels in 2023–2024, and return on equity strengthened to ~12.3% in 2025. However, absolute debt remains high (2025 total debt ~380M vs. equity ~262M), which can limit flexibility if operating conditions soften.

Cash Flow

Operating cash flow is solid and improving (2025 operating cash flow ~66.3M; cash generation slightly exceeded net income with ~1.12x coverage), but free cash flow is less consistent. Free cash flow was negative in 2021–2023, turned positive in 2024–2025, yet declined in 2025 (free cash flow growth ~-14.2%) and remains modest versus earnings (free cash flow to net income ~0.34), suggesting ongoing reinvestment or capital intensity.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	192.52M	169.39M	199.32M	177.25M	139.16M
Gross Profit	53.14M	18.62M	63.39M	49.20M	26.85M
EBITDA	80.56M	68.22M	69.02M	51.39M	29.46M
Net Income	32.19M	21.58M	26.26M	20.59M	3.59M
Balance Sheet
Total Assets	707.21M	700.36M	693.04M	564.77M	443.20M
Cash, Cash Equivalents and Short-Term Investments	74.96M	74.26M	59.06M	40.30M	15.90M
Total Debt	379.65M	399.78M	417.82M	314.19M	232.70M
Total Liabilities	421.74M	445.38M	457.96M	356.28M	257.64M
Stockholders Equity	262.08M	233.44M	214.91M	191.61M	171.62M
Cash Flow
Free Cash Flow	22.47M	33.08M	-86.60M	-57.28M	-44.73M
Operating Cash Flow	66.26M	60.79M	61.44M	62.85M	13.89M
Investing Cash Flow	-40.99M	-27.48M	-144.52M	-115.09M	-56.34M
Financing Cash Flow	-24.56M	-18.11M	101.84M	76.64M	38.76M

BVZ Holding AG Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1250.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:BVZN, the sentiment is Positive. The current price of 1250 is below the 20-day moving average (MA) of 1401.00, below the 50-day MA of 1371.40, and above the 200-day MA of 1131.78, indicating a bullish trend. The MACD of 29.49 indicates Negative momentum. The RSI at 57.42 is Neutral, neither overbought nor oversold. The STOCH value of 45.30 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CH:BVZN.

BVZ Holding AG Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BVZN	73 Outperform	CHF286.05M	7.66	―	1.51%	2.43%	9.82%
JFN	69 Neutral	CHF1.51B	15.54	8.32%	2.68%	5.88%	-1.53%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
SRAIL	58 Neutral	CHF1.95B	28.75	―	1.00%	-6.87%	-74.29%