Kuehne + Nagel International AG (CH:KNIN)
:KNIN
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Kuehne + Nagel International AG
(KNIN)
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Rating:63Neutral
Price Target:
CHF184.00
▲(5.81% Upside)
Action:ReiteratedDate:03/09/26
The score is driven primarily by solid cash-flow resilience but tempered by weaker earnings since 2022 and a less conservative 2025 balance sheet (higher debt, lower equity). The earnings call adds support via 2026 EBIT guidance and cost savings, while technical signals remain mixed-to-soft. Valuation is helped by the strong dividend yield but not enough to outweigh the fundamental and near-term momentum risks.
Positive Factors
Strong cash generation and FCF conversion
Kuehne + Nagel consistently converts earnings into cash (2025 OCF CHF1.79bn; FCF CHF1.55bn and strong Q4 conversion), giving durable internal funding for dividends, buybacks and deleveraging. Solid FCF underpins financial flexibility across cycles and funds strategic investments.
Negative Factors
Higher leverage and weaker balance-sheet cushion
Rising debt and lower equity have materially reduced the company’s balance-sheet conservatism, narrowing cushions against shocks. Higher leverage limits financial flexibility for opportunistic capital allocation and increases refinancing and covenant sensitivity if volumes or margins deteriorate in a downturn.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation and FCF conversion
Kuehne + Nagel consistently converts earnings into cash (2025 OCF CHF1.79bn; FCF CHF1.55bn and strong Q4 conversion), giving durable internal funding for dividends, buybacks and deleveraging. Solid FCF underpins financial flexibility across cycles and funds strategic investments.
Read all positive factors
Kuehne + Nagel International AG (KNIN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF20.65B
Dividend Yield4.81%
Average Volume (3M)257.52K
Price to Earnings (P/E)23.0
Beta (1Y)0.94
Revenue Growth6.54%
EPS Growth-10.57%
CountryCH
Employees77,130
SectorIndustrials
Sector Strength72
IndustryIntegrated Freight & Logistics
Share Statistics
EPS (TTM)1.32
Shares Outstanding120,753,784
10 Day Avg. Volume223,760
30 Day Avg. Volume257,519
Financial Highlights & Ratios
PEG Ratio-0.90
Price to Book (P/B)9.32
Price to Sales (P/S)0.83
P/FCF Ratio13.08
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF170.40Price Target Upside-2.01% Downside
Rating ConsensusHold
Number of Analyst Covering10
EPS Forecast (FY)7.86
Revenue Forecast (FY)CHF24.75B
Kuehne + Nagel International AG Business Overview & Revenue Model
Company Description
Kuehne + Nagel International AG, together with its subsidiaries, provides integrated logistics services worldwide. The company operates through Sea Logistics, Air Logistics, Road Logistics, and Contract Logistics segments. It provides less-than-co...
How the Company Makes Money
Kuehne + Nagel generates revenue primarily through its logistics services, which are segmented into several key areas: sea freight, air freight, and contract logistics. Sea and air freight services contribute significantly to the company's earning...
Kuehne + Nagel International AG Earnings Call Summary
Earnings Call Date:Mar 03, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 23, 2026
Earnings Call Sentiment Neutral
The call portrayed a balanced picture: strong executional positives (market share gains in air, record contract logistics results, robust Q4 free cash flow, cloud migration and early AI wins, and an implemented CHF 200m cost program) contrasted with material full-year profitability declines, sea yield pressures, one-off provisions, working capital and currency headwinds, and geopolitical uncertainty. Management provided constructive 2026 guidance (recurring EBIT CHF 1.2–1.4bn), reiterated cost savings and emphasized AI-driven productivity potential (primarily from 2027), but also acknowledged the near-term uncertainties and unquantified AI upside.Positive Updates
Market Share and Segment Leadership
Reinforced #1 position in sea and airfreight globally; continued market share expansion in Air Logistics and SME share gains in Sea Logistics, with market share gains centered in hyperscalers, health care and aerospace.
Negative Updates
Full-Year Profitability Declines
Underlying group EBIT declined 14% year-over-year for full year 2025, primarily due to yield pressure in Sea Logistics across Q2 and Q3; Group EPS declined 25% YoY (or 15% YoY excluding nonrecurring items and a currency headwind of ~3%).
Read all updates
Q4-2025 Updates
Positive
Negative
Market Share and Segment Leadership
Reinforced #1 position in sea and airfreight globally; continued market share expansion in Air Logistics and SME share gains in Sea Logistics, with market share gains centered in hyperscalers, health care and aerospace.
Read all positive updates
Company Guidance
The company guided recurring group EBIT for 2026 at CHF 1.2–1.4 billion, with Q1 expected to be broadly comparable to Q3 2025, an effective tax rate of ~25% and a currency-translation headwind of about 5% from U.S. dollar depreciation; management reaffirmed its cost-reduction target of at least CHF 200 million gross savings (implemented prior to year-end 2025) with an estimated net impact of ~CHF 100 million in 2026 and a full run rate by year-end 2026, while noting a CHF 122 million nonrecurring EBIT charge (provisions) in Q4 and a CHF 72 million IMC GP reclassification; working-capital intensity was 5.2% at Q4 (vs 5.1% Q3 and 4.4% FY2024), the NWC corridor is adjusted to 4.5–5.5%, NWC rose ~8% YoY, and Q4 generated CHF 396 million free cash flow (147% conversion, vs CHF 306m/93% in Q4 2024) supporting a proposed dividend of CHF 6.00 per share and a comfortable net-debt/EBITDA of ~1.5x, while the company did not yet factor material AI-driven productivity into 2026 (expecting material gains within ~18 months and into 2027+).Kuehne + Nagel International AG Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
54
Neutral
Cash Flow
78
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 24.48B | 24.80B | 23.85B | 39.40B | 32.80B |
| Gross Profit | 2.74B | 8.67B | 3.15B | 5.96B | 5.38B |
| EBITDA | 2.13B | 2.49B | 2.75B | 4.59B | 3.69B |
| Net Income | 882.00M | 1.18B | 1.43B | 2.64B | 2.03B |
Balance Sheet | |||||
| Total Assets | 11.93B | 11.72B | 10.97B | 14.75B | 14.65B |
| Cash, Cash Equivalents and Short-Term Investments | 750.00M | 1.15B | 2.01B | 3.78B | 2.31B |
| Total Debt | 3.96B | 2.35B | 1.82B | 1.70B | 1.89B |
| Total Liabilities | 9.71B | 8.46B | 7.81B | 10.60B | 11.44B |
| Stockholders Equity | 2.18B | 3.26B | 3.15B | 4.14B | 3.20B |
Cash Flow | |||||
| Free Cash Flow | 1.55B | 1.18B | 1.39B | 4.16B | 2.26B |
| Operating Cash Flow | 1.79B | 1.48B | 1.70B | 4.40B | 2.46B |
| Investing Cash Flow | -1.65B | -452.00M | -243.00M | -223.00M | -1.08B |
| Financing Cash Flow | -673.00M | -1.91B | -3.12B | -2.64B | -800.00M |
Kuehne + Nagel International AG Technical Analysis
Positive
173.90
Price Trends
177.07
Negative
170.21
Positive
168.20
Positive
Market Momentum
-1.92
Positive
48.31
Neutral
46.83
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:KNIN, the sentiment is Positive. The current price of 173.9 is above the 20-day moving average (MA) of 173.65, below the 50-day MA of 177.07, and above the 200-day MA of 168.20, indicating a neutral trend. The MACD of -1.92 indicates Positive momentum. The RSI at 48.31 is Neutral, neither overbought nor oversold. The STOCH value of 46.83 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CH:KNIN.
Kuehne + Nagel International AG Peers Comparison
UnderperformOutperform
Sector (63)
CH:KNIN
Kuehne + Nagel International AG
173.90
-20.85
-10.70%
CH:ADEN
Adecco Group AG
18.21
-7.82
-30.04%
CH:DKSH
DKSH Holding AG
58.40
-11.54
-16.50%
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.