BVZ Holding AG

BVZN.SW

Railroads · Industrials

Also trades as: 0QML.L

Price

CHF 1600.00

+0.00 (+0.00%)

Market Cap

CHF 315.6M

Exchange

SIX Swiss Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Mixed

Growth

Strong

Cash Flow

Strong

Stability

Good

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

BVZ Holding AG is a Swiss transportation company that runs mountain railways and related travel services in the Valais region of Switzerland. Its most well-known asset is the Matterhorn Gotthard Bahn, a narrow-gauge railway that carries tourists and locals through the Swiss Alps, including to the famous resort town of Zermatt. The company also has a stake in the Glacier Express, one of Switzerland's most recognized scenic train routes.

The company earns money primarily through ticket sales, freight transport, and tourism-related services along its rail network. It operates almost entirely within Switzerland, making it a highly regional business with a market cap of around $0.3 billion. Its main competitive advantage is that it holds concession rights to operate specific mountain rail lines, which are difficult for competitors to replicate. The key risk is that revenue depends heavily on tourist volumes, which can fall sharply during economic downturns, bad weather seasons, or global travel disruptions like pandemics.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+23.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+52.4% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

CHF 0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

34.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

CHF 101M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

BVZ Holding AG is a rare growth stock that's already generating positive cash flow while growing at 24%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 197K (2021) → 197K (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

17.5%

Thin — 17.5% gross margin

Profit after running costs

Operating Margin

32.1%

Excellent — 32.1% operating margin

Return on the money invested

ROCE

7.0%

Weak — 7.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+13.7%

Fast-growing sales (+13.7% YoY)

Profit growth

EPS YoY

+49.1%

Earnings growing fast (+49.1% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

206%

Turns 206% of profit into real cash

Spare cash per sale

FCF Margin

11.7%

Modest free cash flow (11.7%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

1.43

Elevated debt (1.43)

Covers its interest

Interest Cover

7.22x

Adequate interest coverage (7.2x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

9.8x

Attractive valuation — P/E 9.8

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

1.80%

Small dividend — 1.80% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+105.2%

Dividend growing fast (105.2% YoY)

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