Flughafen Zurich (FLGZY)
OTHER OTC:FLGZY
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Flughafen Zurich
(OTC:FLGZY)
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Rating:69Neutral
Price Target:
$12.50
▼(-2.11% Downside)
Action:Downgraded
Date:05/11/26
The score is driven primarily by solid financial performance and a favorable valuation (low P/E with a meaningful dividend). These positives are tempered by cautious 2026 guidance with profit headwinds and heavy CapEx/FCF pressure, alongside weak-to-neutral technical momentum.
Positive Factors
Strong profitability and operating cash flow
Sustained high EBITDA and margins reflect durable operating leverage in airport operations and resilient demand post-recovery. Strong operating cash flow underpins dividend policy and funds reinvestment, giving the company financial flexibility to weather cyclical travel variations over the next 2–6 months and beyond.
Negative Factors
Regulated tariff cut (~10%)
A structural reduction in regulated airport charges directly lowers predictable aeronautical revenue flowing from airlines. Even with a higher WACC, a ~10% tariff cut is a lasting headwind that compresses regulated cash flows and forces either higher non-aero extraction or cost cuts to preserve returns over the medium term.
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Positive Factors
Negative Factors
Strong profitability and operating cash flow
Sustained high EBITDA and margins reflect durable operating leverage in airport operations and resilient demand post-recovery. Strong operating cash flow underpins dividend policy and funds reinvestment, giving the company financial flexibility to weather cyclical travel variations over the next 2–6 months and beyond.
Read all positive factors
Flughafen Zurich (FLGZY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.89B
Dividend Yield2.15%
Average Volume (3M)63.00
Price to Earnings (P/E)10.2
Beta (1Y)0.36
Revenue Growth9.10%
EPS Growth12.78%
CountryUS
Employees1,764
SectorIndustrials
Sector Strength72
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)0.45
Shares Outstanding767,550,000
10 Day Avg. Volume0
30 Day Avg. Volume63
Financial Highlights & Ratios
PEG Ratio34.39
Price to Book (P/B)2.38
Price to Sales (P/S)5.76
P/FCF Ratio54.26
Enterprise Value/Market Cap0.96
Enterprise Value/Revenue6.26
Enterprise Value/Gross Profit12.12
Enterprise Value/Ebitda11.12
Forecast
1Y Price Target
$303.53Price Target Upside2276.87% Upside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Flughafen Zurich 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 handli...
How the Company Makes Money
Flughafen Zürich AG generates revenue from a mix of aviation (airport operation) and non-aviation (commercial) activities. Aviation revenue primarily comes from charges and fees paid by airlines and related users for the use of airport infrastruct...
Flughafen Zurich 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 presented a broadly positive operating and financial picture for 2025: record passenger volumes, record revenue/EBITDA/consolidated profit, a strong EBITDA margin, S&P rating upgrade, material sustainability progress, and Noida reaching operational readiness. Management also demonstrated improved cost discipline and secured strategic commercial/real estate wins. However, near‑term headwinds temper the outlook: negotiated tariff reductions (~10%) for Zurich users, elevated and sustained CapEx (including Noida), expected negative net profit contribution from Noida in 2026 due to depreciation and interest (~CHF 75–80m annualized), a small impairment, landside commercial disruption from construction, and geopolitical uncertainty prompting conservative 2026 guidance. On balance the positives (record results, operational milestones, rating upgrade, international momentum) outweigh the negatives, but investors should watch Noida's early performance, tariff impacts, and high CapEx.Positive Updates
Record Passenger Traffic
Zurich Airport handled a record 32.6 million passengers in FY2025, a 4% year‑on‑year increase; local market grew ~6%, Europe +4%, intercontinental +6%, seat load factor remained high at 80% and flight movements rose 3%.
Negative Updates
Reduction in Airport Charges
Agreed new airport charges to commence Oct 2026 that reduce charges for users by approximately 10% (passenger charges reduction referenced up to ~13% in Q&A context), creating revenue headwinds for regulated aviation income despite WACC uplift.
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Q4-2025 Updates
Positive
Negative
Record Passenger Traffic
Zurich Airport handled a record 32.6 million passengers in FY2025, a 4% year‑on‑year increase; local market grew ~6%, Europe +4%, intercontinental +6%, seat load factor remained high at 80% and flight movements rose 3%.
Read all positive updates
Company Guidance
Zurich Airport guided 2026 passenger growth of 2–3% in Zurich (implying >33 million passengers) while Noida is expected to handle up to 4 million passengers in calendar 2026 with a 3–4 month ramp‑up; group EBITDA is expected to be roughly flat versus 2025’s CHF 762 million while consolidated profit is likely to be lower than 2025’s CHF 346 million (Noida expected to be EBITDA‑neutral but net‑profit negative due to roughly CHF 25–30m depreciation and ~CHF 45m interest, ~CHF 75–80m total), aviation and commercial revenues in Zurich are expected to remain broadly stable (real estate slightly up), 2026 CapEx is guided at CHF 350–400m for the Zurich site and about CHF 100m for subsidiaries abroad (Noida total budget CHF 750m, with ~CHF 100m still to be invoiced), airport charges in Zurich will be reduced by ~10% from October 2026 while the WACC rises to 5.5% and a rollover mechanism will smooth surpluses/shortfalls, and the company expects to maintain its 75% payout dividend policy amid a leverage ratio of ~1.8x, ROIC of 7.8%, operating cash flow of CHF 688m (2025) and a 2025 free cash flow of CHF ‑28m.Flughafen Zurich Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
69
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.30B | 1.33B | 1.24B | 1.02B | 680.00M |
| Gross Profit | 537.69M | 707.10M | 476.40M | 339.80M | 77.40M |
| EBITDA | 735.19M | 731.30M | 679.50M | 536.30M | 292.70M |
| Net Income | 330.92M | 326.70M | 304.20M | 207.00M | -10.10M |
Balance Sheet | |||||
| Total Assets | 5.58B | 5.20B | 5.12B | 5.22B | 5.00B |
| Cash, Cash Equivalents and Short-Term Investments | 422.68M | 397.60M | 601.90M | 722.40M | 575.90M |
| Total Debt | 1.69B | 1.48B | 1.57B | 1.92B | 1.89B |
| Total Liabilities | 2.43B | 2.24B | 2.31B | 2.54B | 2.59B |
| Stockholders Equity | 3.15B | 2.97B | 2.80B | 2.68B | 2.41B |
Cash Flow | |||||
| Free Cash Flow | 138.00M | 75.40M | 253.10M | 281.80M | 49.80M |
| Operating Cash Flow | 652.87M | 641.60M | 680.60M | 475.20M | 218.50M |
| Investing Cash Flow | -898.31M | -344.10M | -170.00M | -569.80M | -86.60M |
| Financing Cash Flow | 89.30M | -267.20M | -469.10M | -54.50M | -84.50M |
Flughafen Zurich Technical Analysis
Neutral
12.77
Price Trends
11.85
Negative
12.25
Negative
12.06
Negative
Market Momentum
-0.17
Negative
51.32
Neutral
99.50
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FLGZY, the sentiment is Neutral. The current price of 12.77 is above the 20-day moving average (MA) of 11.26, above the 50-day MA of 11.85, and above the 200-day MA of 12.06, indicating a neutral trend. The MACD of -0.17 indicates Negative momentum. The RSI at 51.32 is Neutral, neither overbought nor oversold. The STOCH value of 99.50 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for FLGZY.
Flughafen Zurich Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $12.25B | 16.88 | 58.94% | 4.46% | 20.39% | 16.34% | |
73 Outperform | $4.05B | 10.00 | 18.34% | ― | 12.89% | -1.83% | |
72 Outperform | $5.03B | 20.13 | 49.96% | 4.03% | 12.55% | 6.09% | |
69 Neutral | $8.89B | 10.19 | 11.37% | 2.15% | 9.10% | 12.78% | |
68 Neutral | $28.46B | 12.06 | 24.66% | 1.37% | 19.66% | 49.49% | |
64 Neutral | $9.21B | 15.78 | 31.24% | 11.85% | 18.61% | -27.53% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
* Industrials Sector Average
FLGZY
Flughafen Zurich
11.53
0.63
5.76%
OMAB
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103.21
7.24
7.55%
PAC
Grupo Aeroportuario del Pacifico
240.40
15.62
6.95%
ASR
Grupo Aeroportuario del Sureste
301.76
-6.50
-2.11%
RYAAY
Ryanair Holdings
59.62
4.21
7.60%
CAAP
Corporacion America Airports SA
24.96
3.77
17.79%
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.