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Kuehne + Nagel International AG
(KNIN)
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Rating:62Neutral
Price Target:
CHF218.00
▲(17.43% 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
Cash generation
Stable, high free cash flow (~CHF1.48bn TTM and ~87% of net income) indicates durable cash conversion. This provides recurring funding for capex, dividends, debt servicing or buybacks, improving financial resilience and strategic optionality across business cycles.
Negative Factors
Elevated leverage
A step‑up in leverage to ~1.47x debt/equity reduces financial flexibility and heightens interest‑rate and refinancing risk. Higher leverage limits room for opportunistic investments or larger contract rollouts and increases vulnerability to prolonged demand weakness or margin pressure.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Stable, high free cash flow (~CHF1.48bn TTM and ~87% of net income) indicates durable cash conversion. This provides recurring funding for capex, dividends, debt servicing or buybacks, improving financial resilience and strategic optionality across business cycles.
Read all positive factors
Kuehne + Nagel International AG (KNIN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF24.27B
Dividend Yield4.81%
Average Volume (3M)257.52K
Price to Earnings (P/E)29.1
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
CHF186.50Price Target Upside0.46% Upside
Rating ConsensusHold
Number of Analyst Covering10
EPS Forecast (FY)8.31
Revenue Forecast (FY)CHF24.12B
Kuehne + Nagel International AG Business Overview & Revenue Model
Company Description
Kuehne + Nagel International AG, supported by its global network of subsidiaries, delivers a comprehensive suite of logistics solutions worldwide. The company structures its operations across four primary divisions: Sea Logistics, Air Logistics, R...
How the Company Makes Money
Kuehne + Nagel primarily makes money by selling logistics services that organize, manage, and execute the transportation and handling of customers’ goods, earning revenue across several main business lines:
1) Sea freight (ocean freight forwardin...
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
185.84
Positive
178.97
Positive
169.04
Positive
Market Momentum
5.77
Negative
65.43
Neutral
65.71
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 below the 20-day moving average (MA) of 195.05, below the 50-day MA of 185.84, and above the 200-day MA of 169.04, indicating a bullish trend. The MACD of 5.77 indicates Negative momentum. The RSI at 65.43 is Neutral, neither overbought nor oversold. The STOCH value of 65.71 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
205.50
39.62
23.89%
CH:ADEN
Adecco Group AG
17.37
-6.51
-27.25%
CH:DKSH
DKSH Holding AG
65.80
4.87
8.00%
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.