Flughafen Zürich AG (FHZN) Fair Value & Analysis
Industrials · CH · Market cap CHF 7.2B
Fair value as of: Aug 13, 2026
From 25 valuation models · updated today
Share price −2.2% over the past month.
A solid business, but screening 48% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (CHF 205.32). The favourable scenario is already priced in.
- 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 Aug 13, 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 231.40 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 Aug 13, 2026.
Analysis
Flughafen Zürich AG (FHZN) currently trades at CHF 231.40, while our model-based Fair Value estimate is CHF 121.30, implying the stock looks roughly 47.6% overvalued today. The Quality Score stands at 60/100 (solid quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Flughafen Zürich AG 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 Aug 13, 2026
Our scenario range runs from CHF 94.45 (bear case) to CHF 205.32 (bull case); at CHF 231.40, 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 10% below its 52-week high and 9% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -25% fair-value upside, at -48%, FHZN screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted 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.
All 25 models by family
Widest divergence: Growth Earnings (CHF 198.84) versus Growth DCF (CHF 25.11). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 60 · Market factors (momentum, volatility) 56
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.
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 Zürich AG 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 pp · buybacks/dilution +0.0 pp
Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).
FHZN screens 48% overvalued. Compare with Aena S.M.E., S.A →
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
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.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Airports & Air Services stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Aena S.M.E., S.A AENA | €26.84 | €26.90 | +0% |
| Airports of Thailand Public Company TATD | 2.43 SGD | 1.25 SGD | -49% |
| Grupo Aeroportuario del Pacífico, S.A. PAC | $214.96 | $250.60 | +17% |
| 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$7.20 | A$2.77 | -62% |
| Fraport AG FRA | €66.85 | €49.83 | -25% |
| Københavns Lufthavne A/S KBHL | kr 5,500 | kr 1,821 | -67% |
| SATS Ltd S58 | 4.71 SGD | 4.03 SGD | -14% |
| Flughafen Wien Aktiengesellschaft, FLU | €51.60 | €46.33 | -10% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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