Kuehne + Nagel International AG (CH:KNIN)
:KNIN
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Kuehne + Nagel International AG
(KNIN)
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Rating:62Neutral
Price Target:
CHF194.00
▲(4.50% Upside)
Action:Reiterated
Date:05/01/26
The score is driven primarily by steady financial quality (strong free cash flow but softer revenue/margins and higher leverage). Technicals are neutral with longer-term trend support but near-term weakness, while valuation is supported by the dividend but held back by a not-cheap P/E. Earnings call takeaways are moderately positive (raised guidance and cost progress) but tempered by FX, working-capital pressure, and year-over-year profit decline.
Positive Factors
Strong free cash flow generation
Consistent, high free cash flow (≈CHF1.48bn TTM and ~87% conversion) signals durable cash conversion. That persistent cash generation supports dividends, capex, strategic investment or debt reduction across cycles, giving the company financial flexibility despite modest recent FCF softening.
Negative Factors
Heightened leverage and balance-sheet risk
The marked step‑up in leverage (debt/equity ~1.47 TTM, ~1.82 in 2025) materially reduces financial flexibility. Higher indebtedness increases interest and refinancing risk, constrains capital allocation, and makes the business more sensitive to cyclical shocks or slower cash recovery.
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Positive Factors
Negative Factors
Strong free cash flow generation
Consistent, high free cash flow (≈CHF1.48bn TTM and ~87% conversion) signals durable cash conversion. That persistent cash generation supports dividends, capex, strategic investment or debt reduction across cycles, giving the company financial flexibility despite modest recent FCF softening.
Read all positive factors
Kuehne + Nagel International AG (KNIN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF20.78B
Dividend Yield4.81%
Average Volume (3M)257.52K
Price to Earnings (P/E)21.9
Beta (1Y)1.02
Revenue Growth-7.32%
EPS Growth-29.81%
CountryCH
Employees77,130
SectorGeneral
Sector StrengthN/A
IndustryIntegrated Freight & Logistics
Share Statistics
EPS (TTM)7.06
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
CHF182.45Price Target Upside-1.72% Downside
Rating ConsensusHold
Number of Analyst Covering11
EPS Forecast (FY)8.14
Revenue Forecast (FY)CHF24.24B
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 makes money primarily by acting as an intermediary and service provider that plans, books, and manages transportation and logistics operations for customers, earning revenue from the sale of logistics services. Key revenue streams i...
Kuehne + Nagel International AG Earnings Call Summary
Earnings Call Date:Apr 24, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Neutral
Balanced results: the quarter shows clear operational progress — a recurring EBIT beat, cost‑reduction program running ahead of plan, a raised lower end of guidance, and strong performances in Road and Contract Logistics. However, the positive operational momentum is tempered by significant headwinds: a 17% year‑over‑year group EBIT decline, an ~7% FX headwind, elevated working capital intensity, weaker underlying free cash flow (ex one‑offs), and ongoing market uncertainty from the Middle East conflict and potential jet fuel/capacity constraints. On balance the company is executing on margin and cost initiatives that mitigate cyclical volume and FX pressures, but material risks remain.Positive Updates
Recurring EBIT Beat and Guidance Raise
Recurring EBIT of CHF 308 million in Q1 exceeded the prior guidance and management expectations; company modestly raised the lower end of full‑year recurring EBIT guidance to CHF 1.25 billion–CHF 1.4 billion (previously CHF 1.2bn–CHF 1.4bn). Q2 recurring EBIT is expected to exceed Q1.
Negative Updates
Year‑on‑Year Group Profitability Decline
Net effect for Q1 was a year‑over‑year decline of 17% in group EBIT. Recurring group EPS declined ~18% year‑over‑year on a comparable basis (management excluded FX effects and a CHF 35 million one‑time gain for clarity).
Read all updates
Q1-2026 Updates
Positive
Negative
Recurring EBIT Beat and Guidance Raise
Recurring EBIT of CHF 308 million in Q1 exceeded the prior guidance and management expectations; company modestly raised the lower end of full‑year recurring EBIT guidance to CHF 1.25 billion–CHF 1.4 billion (previously CHF 1.2bn–CHF 1.4bn). Q2 recurring EBIT is expected to exceed Q1.
Read all positive updates
Company Guidance
Kuehne + Nagel modestly raised the lower end of its 2026 recurring EBIT guidance to CHF 1.25–1.40 billion (up from CHF 1.20–1.40 billion) after Q1 recurring EBIT of CHF 308 million and said Q2 recurring EBIT should exceed Q1; the guidance still embeds a 5% currency translation headwind to EBIT and a 25% effective tax rate. Management reiterated its cost‑reduction program is on track to deliver at least CHF 200 million of annualised gross savings by year‑end 2026 (with an estimated impact of ≥CHF 100 million in 2026) and indicated they are already past ~50% of the quarterly run‑rate toward the CHF 50 million/quarter ambition. Q1 free cash flow was CHF 194 million (CHF 89 million excluding CHF 105 million of real‑estate proceeds) with underlying Q1 free‑cash‑flow conversion at 40% (versus a historical Q1 average of 48%); net working capital increased to >CHF 1.5 billion and NWC intensity sits at 6% (above the 4.5–5.5% corridor). The company’s base assumptions remain that global GDP will grow amid uncertainty and sea/air volumes will grow no faster than GDP, and it expects material AI productivity gains from 2027.Kuehne + Nagel International AG Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
53
Neutral
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 23.75B | 24.48B | 24.80B | 23.85B | 39.40B | 32.80B |
| Gross Profit | 5.56B | 2.74B | 8.67B | 3.15B | 5.96B | 5.38B |
| EBITDA | 2.10B | 2.13B | 2.49B | 2.75B | 4.59B | 3.69B |
| Net Income | 836.00M | 882.00M | 1.18B | 1.43B | 2.64B | 2.03B |
Balance Sheet | ||||||
| Total Assets | 11.86B | 11.93B | 11.72B | 10.97B | 14.75B | 14.65B |
| Cash, Cash Equivalents and Short-Term Investments | 749.00M | 750.00M | 1.15B | 2.01B | 3.78B | 2.31B |
| Total Debt | 3.62B | 3.96B | 2.35B | 1.82B | 1.70B | 1.89B |
| Total Liabilities | 9.36B | 9.71B | 8.46B | 7.81B | 10.60B | 11.44B |
| Stockholders Equity | 2.47B | 2.18B | 3.26B | 3.15B | 4.14B | 3.20B |
Cash Flow | ||||||
| Free Cash Flow | 1.48B | 1.55B | 1.18B | 1.39B | 4.16B | 2.26B |
| Operating Cash Flow | 1.69B | 1.79B | 1.48B | 1.70B | 4.40B | 2.46B |
| Investing Cash Flow | -1.04B | -1.65B | -452.00M | -243.00M | -223.00M | -1.08B |
| Financing Cash Flow | -681.00M | -673.00M | -1.91B | -3.12B | -2.64B | -800.00M |
Kuehne + Nagel International AG Technical Analysis
Positive
185.65
Price Trends
172.84
Positive
172.35
Positive
163.60
Positive
Market Momentum
-0.42
Positive
48.71
Neutral
36.98
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 185.65 is above the 20-day moving average (MA) of 176.68, above the 50-day MA of 172.84, and above the 200-day MA of 163.60, indicating a neutral trend. The MACD of -0.42 indicates Positive momentum. The RSI at 48.71 is Neutral, neither overbought nor oversold. The STOCH value of 36.98 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 (55)
CH:KNIN
Kuehne + Nagel International AG
173.90
-14.34
-7.62%
CH:ADEN
Adecco Group AG
15.46
-6.86
-30.73%
CH:DKSH
DKSH Holding AG
61.80
-0.09
-0.14%
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.