Deutsche Lufthansa AG

LHA.SW

Airlines, Airports & Air Services · Industrials

Exchange

SIX Swiss Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Good

Stability

Mixed

Valuation

Exceptional

Dividends

Mixed

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Winston Score History

The full picture

Deutsche Lufthansa AG is a German airline group that flies passengers and cargo around the world. Its main brands include Lufthansa, Swiss, Austrian Airlines, Brussels Airlines, and Eurowings, serving both leisure travelers and business customers across hundreds of destinations. It is one of the largest airline groups in Europe by passenger volume.

The company earns most of its revenue from selling plane tickets, with additional income from cargo transport, aircraft maintenance services, and catering. Lufthansa operates primarily across Europe, North America, Asia, and the Middle East, and its hub airports in Frankfurt and Munich give it a strong network advantage over smaller competitors. However, with an operating margin near zero and high exposure to fuel costs, labor expenses, and economic slowdowns, the company faces persistent pressure on profitability, and its ability to manage costs while rebuilding long-haul demand remains the central challenge ahead.

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

+8.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-88.1% YoY

YoY Growth Rate

Earnings declining

Insider Activity

15.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~3 years

CHF 9.4B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

CHF 9.4B cash & investments at current burn rate

Growth context

Deutsche Lufthansa AG is growing revenue at 8% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

10.0%

Thin — 10.0% gross margin

Profit after running costs

Operating Margin

3.1%

Thin — 3.1% operating margin

Return on the money invested

ROCE

2.1%

Weak — 2.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+6.2%

Slow sales growth (+6.2% YoY)

Profit growth

EPS YoY

-62.2%

Earnings shrinking (-62.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

521%

Turns 521% of profit into real cash

Spare cash per sale

FCF Margin

-3.4%

Burning cash (-3.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.90

Moderate — manageable debt (0.90)

Covers its interest

Interest Cover

0.97x

Dangerous — barely covers interest (1.0x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

13.8x

no trend

Attractive valuation — P/E 13.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+9.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (13.8 → 4.9)

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Dividends

Dividend

Dividend Yield

3.79%

no trend

Moderate income — 3.79% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

N/A

no trend

Data not available

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