Flughafen Wien AG

0RHU.L

Airlines, Airports & Air Services · Industrials

Price

52.60 GBp

+0.60 (+1.15%)

Market Cap

£4.41B

Exchange

London Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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

How the score breaks down

Quality

Strong

Growth

Good

Cash Flow

Strong

Stability

Exceptional

Valuation

Good

Dividends

Mixed

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Winston Score History

The full picture

Flughafen Wien AG owns and operates Vienna International Airport, the main gateway for air travel in Austria. It serves airlines, passengers, and cargo customers, handling tens of millions of travelers each year. The company also holds stakes in other airports, including Košice Airport in Slovakia and Malta International Airport.

The company earns money in two main ways: airport fees charged to airlines for landing and using the terminals, and retail, parking, and real estate income from shops and services inside the airport. It operates primarily in Central Europe and generates roughly €900 million in annual revenue. Its main competitive advantage is that Vienna Airport is a regulated monopoly — no other airport competes directly for the same catchment area. The key growth driver is recovering and growing passenger volumes as European air travel continues to expand, though a slowdown in tourism or a rise in operating costs could pressure margins.

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

-4.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+6.2% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

€0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

94.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€318M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue declining

Flughafen Wien AG's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

−0.2% over 4y

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

Diluted shares outstanding: 83.9M (2021) → 83.7M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

47.6%

Healthy — 47.6% gross margin

Profit after running costs

Operating Margin

34.2%

Excellent — 34.2% operating margin

Return on the money invested

ROCE

18.4%

Strong — 18.4% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+3.4%

Slow sales growth (+3.4% YoY)

Profit growth

EPS YoY

-13.6%

Earnings shrinking (-13.6% YoY)

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

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

170%

Turns 170% of profit into real cash

Spare cash per sale

FCF Margin

2.4%

Thin free cash flow (2.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.00

Conservative — low debt load (0.00)

Covers its interest

Interest Cover

66.52x

Comfortably covers interest (66.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

23.1x

Growth-priced — P/E 23.1

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+2.7

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

3.14%

Moderate income — 3.14% yield

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

Dividend record

Dividend Growth

-73.6%

Dividend cut (-73.6% YoY) — warning sign

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