Stock

Kuehne + Nagel International AG

KNIN.SW
54
Integrated Freight & Logistics · Industrials
Also trades as: 0QMW.L GBP 2.23 (+0.13%)
Price
CHF 224.30
+0.90 (+0.40%)
Market Cap
CHF 26.64B
Exchange
SIX Swiss Exchange
Winston Score
54
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 9, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
16/30
Growth
Weak
3/20
Cash Flow
Strong
7/10
Stability
Strong
8/10
Valuation
Good
6/10
Ownership
Good
10/15
Dividends
Strong
4/5

54 of 100 counted points = Winston Score 54.

Share count falling — buybacks

−1.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 120.4M (2021) → 118.9M (2025)

§Winston Score History

The full picture

Kuehne + Nagel is one of the world's largest freight and logistics companies. It helps businesses move goods around the globe by arranging sea freight, air freight, road transport, and warehouse storage. Its customers include manufacturers, retailers, and pharmaceutical companies that need their products shipped across countries and continents.

The company makes money by acting as a middleman — it books space on ships, planes, and trucks, then charges customers more than it pays the carriers, keeping the difference as profit. Headquartered in Switzerland, Kuehne + Nagel operates in over 100 countries and handles millions of shipments each year. Its scale and deep carrier relationships give it negotiating power that smaller logistics firms cannot easily match. The main risk is that the company's profits are sensitive to freight rate cycles — when shipping rates fall sharply, as they did after the pandemic boom, margins can compress quickly and earnings can drop significantly.

Score breakdown

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Quality

Profit per sale
Gross Margin
34.0%
Modest — 34.0% gross margin
Profit after running costs
Operating Margin
5.8%
Thin — 5.8% operating margin
Return on the money invested
ROCE
31.5%
Exceptional — 31.5% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
-5.9%
Shrinking sales (-5.9% YoY)
Profit growth
EPS YoY
-24.8%
Earnings shrinking (-24.8% YoY)

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

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
191%
Turns 191% of profit into real cash
Spare cash per sale
FCF Margin
6.0%
Thin free cash flow (6.0%)

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
0.88
Moderate — manageable debt (0.88)
Covers its interest
Interest Cover
18.68x
Comfortably covers interest (18.7x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
30.7x
Pricey — P/E 30.7

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

Cheaper or dearer next year
P/E vs Forward
+8.6
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (30.7 → 22.1)

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Dividends

Dividend
Dividend Yield
2.67%
Moderate income — 2.67% yield

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

Dividend record
Dividend Growth
+56.1%
Dividend growing fast (56.1% YoY)

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