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Flughafen Zurich AG
(FHZN)
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Rating:66Neutral
Price Target:
CHF248.00
▲(6.62% Upside)
Action:Downgraded
Date:08/17/26
The score is driven by solid financial performance (strong margins, steady ROE, and manageable leverage), tempered by weak technical momentum (below key moving averages with negative MACD and low RSI). Valuation is supportive via a ~3.7% dividend yield, while the earnings call adds balanced risk: record results and regulatory certainty offset by guidance for lower 2026 profit and Noida-related near-term drag.
Positive Factors
Airport scale and traffic growth
Zurich Airport’s scale, high 80% seat loads and continued passenger growth support resilient aeronautical fees and commercial spending. Its leading position in Switzerland provides a durable platform for airlines, passengers and airport-related businesses.
Negative Factors
Lower regulated airport charges
The regulatory settlement creates a lasting headwind for aeronautical revenue and pricing power. Although the higher WACC and rollover mechanism provide some offset, lower charges could constrain aviation margins and earnings growth across the new period.
Read all positive and negative factors
Positive Factors
Negative Factors
Airport scale and traffic growth
Zurich Airport’s scale, high 80% seat loads and continued passenger growth support resilient aeronautical fees and commercial spending. Its leading position in Switzerland provides a durable platform for airlines, passengers and airport-related businesses.
Read all positive factors
Flughafen Zurich AG (FHZN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF6.99B
Dividend Yield3.73%
Average Volume (3M)38.43K
Price to Earnings (P/E)21.0
Beta (1Y)0.60
Revenue Growth2.62%
EPS Growth6.06%
CountryCH
Employees2,322
SectorIndustrials
Sector Strength72
IndustryGeneral Transportation
Share Statistics
EPS (TTM)11.28
Shares Outstanding30,701,876
10 Day Avg. Volume35,275
30 Day Avg. Volume38,426
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
CHF246.25Price Target Upside5.87% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)10.4
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:Mar 10, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 28, 2026
Earnings Call Sentiment Positive
The call presents a largely positive picture: record passenger volumes and record financials (revenues, EBITDA, consolidated result), strong international growth (notably in Brazil), successful large-scale investments and a credit rating upgrade. Management also demonstrated improved cost discipline and provided clarity on regulatory outcomes (WACC increase and rollover mechanism). However, there are measurable near-term headwinds: negotiated charge reductions (~10%), Noida's negative net profit impact in 2026 due to depreciation and interest (~CHF 75–80m), construction-related disruption depressing landside commercial revenue, and specific impairments/weakness at some international airports. On balance, the highlights (record results, expansion milestones, cost control, and regulatory certainty) significantly outweigh the lowlights, though the company faces notable transitional and external risks in the near term.Positive Updates
Record Passenger Traffic
Zurich Airport handled a record 32.6 million passengers in FY2025, up 4% year-on-year; local market grew ~6% and Europe grew 4%. Average seat load factor remained high at 80% and flight movements rose 3%.
Negative Updates
Reduction in Airport Charges
Negotiated airport charges are being reduced by approximately 10% (passenger charges reported up to ~13% in Q&A), which will pressure regulated aviation revenue despite WACC uplift and the rollover mechanism.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Passenger Traffic
Zurich Airport handled a record 32.6 million passengers in FY2025, up 4% year-on-year; local market grew ~6% and Europe grew 4%. Average seat load factor remained high at 80% and flight movements rose 3%.
Read all positive updates
Company Guidance
Guidance for 2026: Zurich passenger growth is guided at 2–3% (implying >33.0 million pax), while Noida is expected to handle up to 4 million passengers in calendar‑year 2026 with a 3–4 month ramp‑up; group EBITDA is expected to be roughly flat versus 2025 (CHF 762 million in 2025) but consolidated profit is likely to be lower than the CHF 346 million reported for 2025 (Noida’s 2026 EBITDA is expected to be neutral while net profit will be negative due to depreciation and interest — roughly CHF 25–30 million D&A and ~CHF 45 million interest, ~CHF 75–80 million on a full‑year basis); aviation revenue at Zurich is expected to remain stable despite an ~10% reduction in airport charges from October 2026 and a WACC increase to 5.5% (from 5.0%); commercial revenue is expected to be stable, real‑estate to rise slightly, and total non‑aviation revenue to be higher overall; investments are guided at CHF 350–400 million for the Zurich site and ~CHF 100 million for subsidiaries abroad (with ~CHF 100 million remaining for Noida out of a CHF 750 million construction budget); operating costs will increase mainly from Noida while Zurich cost growth is expected to be moderate, and energy procurement should limit short‑term energy cost exposure.Flughafen Zurich AG Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
78
Positive
Cash Flow
72
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.36B | 1.33B | 1.24B | 1.02B | 680.00M |
| Gross Profit | 563.00M | 707.10M | 476.40M | 339.80M | 77.40M |
| EBITDA | 769.80M | 704.00M | 679.50M | 536.30M | 273.10M |
| Net Income | 346.50M | 326.70M | 304.20M | 207.00M | -10.10M |
Balance Sheet | |||||
| Total Assets | 5.57B | 5.20B | 5.11B | 5.22B | 5.00B |
| Cash, Cash Equivalents and Short-Term Investments | 422.20M | 397.60M | 601.90M | 722.40M | 575.90M |
| Total Debt | 1.69B | 1.48B | 1.57B | 1.94B | 1.89B |
| Total Liabilities | 2.42B | 2.24B | 2.30B | 2.54B | 2.59B |
| Stockholders Equity | 3.15B | 2.97B | 2.80B | 2.68B | 2.41B |
Cash Flow | |||||
| Free Cash Flow | 144.50M | 75.40M | 253.10M | 281.80M | 49.80M |
| Operating Cash Flow | 683.60M | 641.60M | 680.60M | 475.20M | 218.50M |
| Investing Cash Flow | -940.60M | -344.10M | -170.00M | -569.80M | -87.20M |
| Financing Cash Flow | 93.50M | -267.20M | -469.10M | -54.50M | -70.70M |
Flughafen Zurich AG Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | CHF1.40B | 18.28 | 10.36% | 3.24% | 3.91% | 1.30% | |
71 Outperform | CHF1.30B | 19.77 | 10.96% | 3.22% | -1.31% | -17.69% | |
66 Neutral | CHF6.99B | 20.98 | 11.37% | 3.65% | 2.62% | 6.06% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
56 Neutral | CHF1.24B | 14.60 | 11.90% | 2.15% | -7.85% | -15.66% | |
48 Neutral | CHF273.04M | -11.48 | ― | 118.96% | 12.26% | -1205.35% | |
43 Neutral | CHF378.49M | -2.49 | ― | ― | 19.54% | -288.93% |
* Industrials Sector Average
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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.