Fraport AG (FRA) Fair Value & Analysis
Industrials · DE · Market cap €6.4B · ISIN DE0005773303
What is Fraport AG really worth?
Below-average quality, and trading another 25% above our fair value of €49.83.
Risks
For context
Fair value as of: Sep 2, 2026
From 21 valuation models · updated 2 days ago
Share price −7.6% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (€56.55). The favourable scenario is already priced in.
- Weak quality (43/100) and above fair value at the same time, the margin of safety is missing on both counts.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 2, 2026.
How to read this chart
60‑month range €34.93 – €84.37 · fair‑value band €43.43 – €56.55 · the €62.45 price screens above the €49.83 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 2, 2026.
Analysis
Fraport AG (FRA) currently trades at €62.45, while our model-based Fair Value estimate is €49.83, implying the stock looks roughly 25.3% overvalued today. The Quality Score stands at 43/100 (below-average quality), in the Industrials sector. Bull case: the Growth Earnings group reads highest at a median of €89.45 per share, and 7 of the 14 models we run sit above the €62.45 price. Bear case: the Earnings-Based group reads lowest at €35.02, and 7 of the 14 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Fraport AG generated revenue of €4.5B at a net margin of 9.5%. Revenue grew 1.8% year over year. It earns a return on equity of 8.7%. Net debt stands at €9.5B. Fundamentals as of Sep 2, 2026
Our scenario range runs from €43.43 (bear case) to €56.55 (bull case); at €62.45, 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 27% below its 52-week high and 8% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at −27% fair-value upside, at −20%, FRA screens cheaper 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 €2.48 per share, which is 5.0 % 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 21 models by family
Widest divergence: Growth Earnings (€89.45) versus Earnings-Based (€35.02). Highest evidence: FCF DCF (77).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 2, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 42 · Market factors (momentum, volatility) 35
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
Fraport AG owns and operates airports in Germany, the rest of Europe, Asia, and the America. It primarily focuses on the operation of Frankfurt Main airport. The company operates through four segments: Aviation, Retail & Real Estate, Ground Handling, and International Activities & Services.
Full company description
Fraport AG owns and operates airports in Germany, the rest of Europe, Asia, and the America. It primarily focuses on the operation of Frankfurt Main airport. The company operates through four segments: Aviation, Retail & Real Estate, Ground Handling, and International Activities & Services. The Aviation segment operates land and airside infrastructure, which covers the area of airport charges and related security services. The Retail & Real Estate segment engages in retail activities; and real estate activities, including development and rental of commercial real estate properties and land. This segment also manages buildings and facilities; develops and manages parking and retail areas; and rents advertising space. The Ground Handling segment provides ground services, such as loading, baggage, passenger, airmail and baggage transport, and freight handling services, as well as operates the central infrastructure and baggage transfer system at Frankfurt Airport. The International Activities & Services segment acquires, operates, develops, and expands airports and infrastructure facilities. This segment also offers consulting services; and integrated facility management, corporate infrastructure management, airport expansion south, and information and telecommunication services. Fraport AG was founded in 1924 and is headquartered in Frankfurt am Main, Germany.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Fraport AG reported revenue of €4.4B in FY2025 versus €2.1B in FY2021, a compound +19.9%/yr. Reported net income was €432M in FY2025, compounding +51.1%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
of which total revenue +6.0 % · 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).
FRA screens 25% 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
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.
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 2, 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% |
| Flughafen Zürich AG FHZN | CHF 208.80 | CHF 121.30 | −42% |
| Auckland International Airport Limited AIA | A$7.09 | A$2.76 | −61% |
| 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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