Flughafen Zurich (FHZN) Fair Value & Analysis
Industrials · CH · Market cap CHF 7.2B · ISIN CH0319416936
What is Flughafen Zurich really worth?
A solid business, but trading 71% above our fair value of CHF 121.30.
Strengths
Risks
For context
Fair value as of: Sep 1, 2026
From 25 valuation models · updated 4 days ago
Share price −13.2% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (CHF 94.45 to CHF 205.32) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 1, 2026.
How to read this chart
60‑month range CHF 132.38 – CHF 255.02 · fair‑value band CHF 94.45 – CHF 205.32 · the CHF 207.20 price screens above the CHF 121.30 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 1, 2026.
Analysis
Flughafen Zurich (FHZN) currently trades at CHF 207.20, while our model-based Fair Value estimate is CHF 121.30, implying the stock looks roughly 70.8% overvalued today. The Quality Score stands at 60/100 (solid quality), in the Industrials sector. Bull case: the Growth Earnings group reads highest at a median of CHF 198.84 per share, and 4 of the 24 models we run sit above the CHF 207.20 price. Bear case: the Growth DCF group reads lowest at CHF 25.11, and 20 of the 24 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Flughafen Zurich generated revenue of CHF 1.4B at a net margin of 25.5%. Revenue grew 3.6% year over year. It earns a return on equity of 11.3%. Net debt stands at CHF 1.5B. Fundamentals as of Sep 1, 2026
Our scenario range runs from CHF 94.45 (bear case) to CHF 205.32 (bull case); at CHF 207.20, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 19% below its 52-week high, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at −20% fair-value upside, at −41%, FHZN screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly CHF 1.89 per share, which is 1.6 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 25 models by family
Widest divergence: Growth Earnings (CHF 198.84) versus Growth DCF (CHF 25.11). Highest evidence: Residual Income (75).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 1, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 60 · Market factors (momentum, volatility) 44
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Flughafen Zürich AG owns and operates the Zurich Airport in Switzerland. The company operates through Aviation; Passengers with Reduced Mobility (PRM); Usage Fees; Air Security; Access Fees; Noise; Non-Regulated Business; and International segments.
Full company description
Flughafen Zürich AG owns and operates the Zurich Airport in Switzerland. The company operates through Aviation; Passengers with Reduced Mobility (PRM); Usage Fees; Air Security; Access Fees; Noise; Non-Regulated Business; and International segments. It provides infrastructure and services related to flight operations, including the runway system, apron zones, passenger zones in the terminals, freight operations, passenger handling and services, and safety; support for passengers with reduced mobility; and check-in areas and facilities, baggage sorting and handling system, aircraft power supply system, handling apron areas, and the related services and fees. The company also offers passenger and aircraft security measures consisting of systems, operation, and maintenance to prevent actions that affect the security of commercial civil aviation, such as facilities for checks on passengers, hand luggage, checked baggage, and freight. In addition, it provides air security-related equipment and services comprising relevant systems, operation, and maintenance; and airport policing duties, surveillance patrols, and other security-related duties. Further, the company develops, markets, and operates commercial infrastructure at Zurich Airport, including retail and restaurant/catering operations at the airport, renting premises, parking services, and various commercial services; and provides consulting services. Additionally, it develops and operates other airports in Brazil, Chile, Curaçao, Colombia, and India. Flughafen Zürich AG was incorporated in 1986 and is based in Zurich, Switzerland.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Flughafen Zurich reported revenue of CHF 1.4B in FY2025 versus CHF 680M in FY2021, a compound +18.9%/yr. Reported net income was CHF 347M in FY2025.
of which total revenue +3.2 % · buybacks/dilution +0.0 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
FHZN screens 71% overvalued. Compare with Aena S.M.E., S.A →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Flughafen Zuerich AG (FLGZY) (Q2 2026) Earnings Call Highlights: Record H1 Results Amid ...
- Flughafen Zuerich AG (FLGZY) Full Year 2025 Earnings Call Highlights: Record Passenger Growth ...
- Flughafen Zürich (SWX:FHZN) Valuation: Exploring What Recent Moves Might Mean for Investors
- Flughafen Zuerich AG (FLGZY) (FY 2024) Earnings Call Highlights: Record Revenue and Strategic ...
Peer Group
Airports & Air Services · 54 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Airports & Air Services median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 30/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Airports & Air Services stocks, each showing price versus our Fair Value estimate (as of Sep 1, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Aena S.M.E., S.A AENA | €26.42 | €26.90 | +2% |
| Airports of Thailand Public Company TATD | 2.58 SGD | 1.25 SGD | −52% |
| Grupo Aeroportuario del Pacífico, S.A. PAC | $214.87 | $253.64 | +18% |
| GMR Airports Limited GMRINFRA | ₹102.70 | ₹22.29 | −78% |
| Shanghai International Airport Co 600009 | ¥23.41 | ¥17.09 | −27% |
| Auckland International Airport Limited AIA | A$7.09 | A$2.76 | −61% |
| Fraport AG FRA | €62.40 | €49.83 | −20% |
| Københavns Lufthavne A/S KBHL | kr 5,440 | kr 1,821 | −67% |
| SATS Ltd S58 | 4.07 SGD | 4.03 SGD | −1% |
| Flughafen Wien Aktiengesellschaft, FLU | €53.00 | €46.33 | −13% |
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