Flughafen Zürich AG

FHZN.SW

Airlines, Airports & Air Services · Industrials

Also trades as: 0RG6.L

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

Strong

Growth

Good

Cash Flow

Strong

Stability

Exceptional

Valuation

Mixed

Dividends

Mixed

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Winston Score History

The full picture

Flughafen Zürich AG owns and operates Zurich Airport, the largest airport in Switzerland and one of the busiest in Europe. It serves airlines, passengers, and cargo customers, handling tens of millions of travelers each year. The company also develops and manages retail, dining, and real estate spaces inside the airport terminal.

The company earns money in two main ways: fees charged to airlines for landing and using the airport, and revenue from shops, restaurants, parking, and property inside the terminal. It also licenses its airport management expertise to run or advise airports in other countries, including in Latin America and the Middle East. Zurich Airport benefits from a near-monopoly position as Switzerland's primary international hub, which gives it stable, recurring revenue — but its main risk is that passenger volumes are sensitive to economic downturns, geopolitical disruptions, and changes in airline route decisions.

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

+3.6% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+5.8% YoY

YoY Growth Rate

Slow EPS growth

Insider Activity

38.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

CHF 1.4B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

Flughafen Zürich AG is growing revenue at 4% 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

40.4%

Healthy — 40.4% gross margin

Profit after running costs

Operating Margin

37.3%

Excellent — 37.3% operating margin

Return on the money invested

ROCE

13.9%

Good — 13.9% 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

+2.6%

Nearly flat sales (+2.6% YoY)

Profit growth

EPS YoY

+6.0%

Modest earnings growth (+6.0% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

198%

Turns 198% of profit into real cash

Spare cash per sale

FCF Margin

10.9%

Modest free cash flow (10.9%)

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

0.49

Conservative — low debt load (0.49)

Covers its interest

Interest Cover

24.19x

Comfortably covers interest (24.2x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

20.2x

no trend

Growth-priced — P/E 20.2

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

Cheaper or dearer next year

P/E vs Forward

-0.3

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

3.70%

no trend

Moderate income — 3.70% yield

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

Dividend record

Dividend Growth

-3.0%

no trend

Dividend cut (-3.0% YoY) — warning sign

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