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Flughafen Zürich AG

FHZN.SW
64
General Transportation · Industrials
Also trades as: 0RG6.L GBP 1.57 (+0.00%)
Price
CHF 188.00
-1.10 (-0.58%)
Market Cap
CHF 5.77B
Exchange
SIX Swiss Exchange
Winston Score
64
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 12, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
17/30
Growth
Strong
14/20
Cash Flow
Strong
8/10
Stability
Strong
8/10
Valuation
Mixed
4/10
Ownership
Good
10/15
Dividends
Good
3/5

64 of 100 counted points = Winston Score 64.

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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

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

Revenue Growth

+5.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+1.5% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

CHF 0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

38.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

CHF 1.2B 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 5% 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.

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: 30.7M (2021) → 30.7M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
35.5%
Modest — 35.5% gross margin
Profit after running costs
Operating Margin
32.9%
Excellent — 32.9% operating margin
Return on the money invested
ROCE
10.5%
Below par — 10.5% 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
+4.3%
Slow sales growth (+4.3% YoY)
Profit growth
EPS YoY
+3.7%
Modest earnings growth (+3.7% 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
200%
Turns 200% of profit into real cash
Spare cash per sale
FCF Margin
11.5%
Modest free cash flow (11.5%)

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
0.53
Conservative — low debt load (0.53)
Covers its interest
Interest Cover
14.50x
Comfortably covers interest (14.5x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
16.5x
Fair value — P/E 16.5

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
-2.1
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
4.25%
Healthy income — 4.25% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
-3.0%
Dividend cut (-3.0% YoY) — warning sign

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