Flughafen Zurich AG (FHZN) AI Stock Analysis

• Market Cap: CHF7.36B
• Dividend Yield: 2.28%
• Average Volume (3M): 38.43K
• Price to Earnings (P/E): 21.8
• Beta (1Y): 0.52
• Revenue Growth: 3.50%
• EPS Growth: 5.74%
• Country: CH
• Employees: 1,764
• Sector: Industrials
• Sector Strength: 72
• Industry: Airlines, Airports & Air Services
• EPS (TTM): 5.28
• Shares Outstanding: 30,701,876
• 10 Day Avg. Volume: 35,275
• 30 Day Avg. Volume: 38,426
• PEG Ratio: 2.78
• Price to Book (P/B): 2.25
• Price to Sales (P/S): 5.04
• P/FCF Ratio: 88.60
• 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: CHF249.86
• Price Target Upside: 4.28% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 6
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 67 Neutral
• Price Target: CHF277.00 ▲(15.61% Upside)

Flughafen Zurich AG's strong financial performance is the most significant factor, driven by robust revenue and profit growth and efficient cash flow management. Technical analysis indicates potential for a bullish reversal, although current momentum is weak. The valuation is moderate, with a reasonable dividend yield enhancing its appeal.

Positive Factors

Diversified revenue streams

A wide mix of aeronautical and non-aeronautical income plus property leasing and development supports recurring cash and reduces reliance on any single revenue source. Over months, diversification cushions passenger swings and underpins predictable commercial revenues and long-term cash generation.

Strong revenue and margin expansion

Sustained top-line growth alongside materially higher gross and net margins signals improved commercial performance and cost control. These durable margin gains imply pricing power and operational efficiency that support long-term profitability and reinvestment capacity across business cycles.

Solid balance-sheet metrics

An elevated equity ratio, manageable leverage and improving ROE indicate financial resilience. This structural strength enhances capacity to fund capex, absorb shocks and maintain strategic investments or distributions over the medium term without immediate financing stress.

Negative Factors

Inconsistent free cash flow

Volatile and declining free cash flow limits the firm's ability to consistently fund capital projects, reduce leverage, or sustain distributions without external financing. Over several months this uncertainty can constrain strategic investments and weaken financial flexibility when funding large infrastructure needs.

Elevated absolute debt levels

While leverage ratios look manageable, persistently high absolute debt can restrict strategic options and increase sensitivity to refinancing needs. Over a multi-month horizon, elevated debt may limit capacity for new development projects and raise the firm's exposure to adverse funding conditions.

Absence of reported EBIT in 2024

A missing EBIT figure despite healthy EBITDA suggests atypical non-operating or depreciation/amortization impacts that could mask sustainable operating profitability. Structurally, such items may depress operating income over time, complicating assessment of core earnings power and cash conversion.

Flughafen Zurich AG Business Overview & Revenue Model

Company Description

Flughafen Zürich AG owns and operates the Zurich in Switzerland. It provides infrastructure and services related to flight operations, including the runway system, apron zones, passenger zones in the terminals, freight operations, passenger handling and services, and safety; support for passengers with reduced mobility; and check-in areas and facilities, baggage sorting and handling system, aircraft power supply system, handling apron areas, and the related services. The company also offers passenger and aircraft security measures with systems and their operation and maintenance designed to prevent actions that affect the security of commercial civil aviation primarily facilities for checks on passengers, hand luggage, checked baggage, and freight. In addition, it provides air security-related equipment and services comprising relevant systems and their operation and maintenance; and airport policing duties, con surveillance patrols and other security-related duties. Further, the company is involved in the development, marketing, and operation of the commercial infrastructure at Zurich Airport, including retail and restaurant/catering operations at the airport, renting premises, parking services, and various commercial services; and shopping centers, service centers, leisure, and experiential activities. Flughafen Zürich AG was founded in 2000 and is headquartered in Zurich, Switzerland.

How the Company Makes Money

Flughafen Zurich AG generates revenue through multiple streams. The primary source of income comes from aeronautical services, including landing and take-off fees charged to airlines for using the airport facilities. Additionally, the company earns significant revenue from non-aeronautical activities, such as retail and food concessions within the airport, which benefit from high passenger foot traffic. The company also leases commercial spaces and properties, contributing to its earnings. Furthermore, Flughafen Zurich AG engages in real estate development projects which can provide additional long-term revenue. Strategic partnerships with airlines and travel service providers enhance its operational capabilities and customer offerings, further supporting its revenue generation.

Flughafen Zurich AG Financial Statement Overview

Summary

Flughafen Zurich AG demonstrates robust financial health with strong revenue and profit growth, stable balance sheet metrics, and efficient operational cash flow. While debt levels are high, they are effectively managed, and the company's profitability ratios indicate a positive trend. Continued focus on managing capital expenditures will be essential for sustaining free cash flow stability.

Income Statement

Flughafen Zurich AG has shown strong revenue growth with a noticeable increase from $680 million in 2021 to $1.33 billion in 2024. The gross profit margin improved significantly over the years, reaching 53.3% in 2024, indicating effective cost management. The net profit margin also improved to 24.6% in 2024. However, the absence of EBIT in 2024 is a concern, though EBITDA margins remain strong at 55.1%.

Balance Sheet

The company maintains a solid equity position with a debt-to-equity ratio of 0.50 in 2024, indicating manageable leverage. The equity ratio improved to 57.0% in 2024, showing a stable financial structure. Return on equity (ROE) increased to 11.0%, reflecting improved profitability. However, the total debt remains relatively high compared to historical levels.

Cash Flow

The free cash flow has seen fluctuations, with a notable decline to $75.4 million in 2024. The operating cash flow to net income ratio is strong at 1.96, indicating efficient cash generation from operations. However, the free cash flow growth rate has been inconsistent, highlighting potential challenges in capital expenditure management.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.34B	1.33B	1.24B	1.02B	680.00M	623.97M
Gross Profit	676.50M	707.10M	476.40M	339.80M	77.40M	8.50M
EBITDA	728.20M	704.00M	679.50M	536.30M	273.10M	191.09M
Net Income	336.20M	326.70M	304.20M	207.00M	-10.10M	-69.13M
Balance Sheet
Total Assets	5.32B	5.20B	5.11B	5.22B	5.00B	5.14B
Cash, Cash Equivalents and Short-Term Investments	280.70M	397.60M	601.90M	722.40M	575.90M	599.66M
Total Debt	1.66B	1.48B	1.57B	1.94B	1.89B	1.93B
Total Liabilities	2.37B	2.24B	2.30B	2.54B	2.59B	2.80B
Stockholders Equity	2.95B	2.97B	2.80B	2.68B	2.41B	2.34B
Cash Flow
Free Cash Flow	132.00M	75.40M	253.10M	281.80M	49.80M	-131.78M
Operating Cash Flow	669.50M	641.60M	680.60M	475.20M	218.50M	131.24M
Investing Cash Flow	-731.30M	-344.10M	-170.00M	-569.80M	-87.20M	-566.19M
Financing Cash Flow	100.10M	-267.20M	-469.10M	-54.50M	-70.70M	658.27M

Flughafen Zurich AG Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 239.60
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:FHZN, the sentiment is Negative. The current price of 239.6 is below the 20-day moving average (MA) of 250.77, below the 50-day MA of 245.58, and above the 200-day MA of 234.55, indicating a neutral trend. The MACD of -1.48 indicates Positive momentum. The RSI at 35.16 is Neutral, neither overbought nor oversold. The STOCH value of 27.75 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CH:FHZN.

Flughafen Zurich AG Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IMPN	72 Outperform	CHF1.37B	13.33	15.36%	1.19%	1.87%	-26.72%
JFN	69 Neutral	CHF1.70B	21.67	10.92%	2.68%	5.88%	-1.53%
FORN	69 Neutral	CHF1.29B	16.20	12.91%	2.90%	-2.80%	-14.35%
FHZN	67 Neutral	CHF7.36B	21.84	11.31%	2.28%	3.50%	5.74%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
ARBN	50 Neutral	CHF349.07M	-3.40	―	82.95%	―	―
RIEN	45 Neutral	CHF437.93M	-11.25	―	7.53%	-28.40%	-117.97%