# Flughafen Zurich (FHZN.SW)

Canonical: https://gigainvestors.com/s/FHZN.SW

Analysis as of: 2026-10-16T07:36:36.676Z. Financial observations: FY2005–FY2025.

Listing currency: CHF. Reporting currency: CHF.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CHF 194.60 per share; close as of 2026-10-15.

Estimated value: low CHF 114.90 per share, central CHF 129.67 per share, high CHF 149.32 per share. Buy at or below the central value CHF 129.67 per share. Valuation as of 2026-10-16T07:36:36.676Z; scenarios are not confidence intervals.

Expected annual return: 7.5% at the stated quote. About 7.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CH 10-year bond 0.5% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 2

- Operating margin variation: 0.52×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.32×

- FY2017: 0.32×

- FY2018: 0.33×

- FY2019: 0.34×

- FY2020: -0.06×

- FY2021: 0.06×

- FY2022: 0.28×

- FY2023: 0.34×

- FY2024: 0.33×

- FY2025: 0.36×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 8.9%

- ROIC, second-lowest year: 0.8%

- Typical minus recent gross margin: -1.4 pp

- Typical gross margin (annual median): 39.9%

- Recent gross margin (lower of latest and 3-year median): 41.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 29.7%

- ROIC including acquisitions, ten-year median: 6.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 9.6%

- FY2017: 9.4%

- FY2018: 10.3%

- FY2019: 9.2%

- FY2020: -0.8%

- FY2021: 0.8%

- FY2022: 6.2%

- FY2023: 9.0%

- FY2024: 8.5%

- FY2025: 8.9%

### economics: pass

- Owner earnings / net income, 5-yr: 0.88×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CHF 1.0B

- Net income, five-year total: CHF 1.2B

- Return on incremental invested capital: 18.0%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 0.1 pp

- Working capital / revenue, final three-year average: 8.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: -6.27×

- FY2022: 1.20×

- FY2023: 0.90×

- FY2024: 0.90×

- FY2025: 0.45×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 9.6% vs 8.9%

- Per-share earnings: 8.07 to 10.64 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.0%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: CHF 1.9B

- Cumulative retained earnings: CHF 1.5B

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 3.5%

- Per-share value change: CHF 2.57

- Per-share value, starting three-year median: CHF 8.07

- Per-share value, ending three-year median: CHF 10.64

- Buybacks concentrated in cheaper years (correlation): 0.53

- Average buyback yield: 0.0%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: CHF 338M

- Cumulative net income, 10 years: CHF 2.2B

- ROIC, first three-year median: 9.6%

- ROIC, last three-year median: 8.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: CHF 8.07

- FY2017: CHF 9.29

- FY2018: CHF 7.75

- FY2019: CHF 10.07

- FY2020: CHF -2.25

- FY2021: CHF -0.33

- FY2022: CHF 6.74

- FY2023: CHF 9.91

- FY2024: CHF 10.64

- FY2025: CHF 11.28

### accounting: pass

- Sloan accruals: -6.0%

- Receivables to sales index (DSRI): 1.29×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.97×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.12×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.5%

- FY2017: -5.7%

- FY2018: -6.9%

- FY2019: -4.0%

- FY2020: -3.9%

- FY2021: -4.6%

- FY2022: -5.1%

- FY2023: -7.1%

- FY2024: -6.1%

- FY2025: -6.0%

## Holders

## Price story

Down 26% since Feb 2026 · sales +2.6%

Story as of 2026-10-16T10:00:07.748Z; price observation 2026-10-15.

Price needs cash profits to grow 6.3% a year for ten years

### Sales · FY2024–2025

sales +2.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CHF 1.0B 

- FY2017: CHF 1.0B 

- FY2018: CHF 1.2B 

- FY2019: CHF 1.2B 

- FY2020: CHF 624M 

- FY2021: CHF 680M 

- FY2022: CHF 1.0B 

- FY2023: CHF 1.2B 

- FY2024: CHF 1.3B 

- FY2025: CHF 1.4B 

### Gross margin · FY2025

gross margin 41.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 64.4% 

- FY2017: 64.4% 

- FY2018: 63.1% 

- FY2019: 37.9% 

- FY2020: 1.4% 

- FY2021: 11.4% 

- FY2022: 33.2% 

- FY2023: 38.5% 

- FY2024: 53.3% 

- FY2025: 41.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in airports & air services; annual sales are CHF 1.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:36.676Z); FY2025: revenue 1361100000; grossProfit 563000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FHZN.SW: 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.

### Why customers stay

Margins ranged from 38.5% to 53.3% during 2023–25; it earns 8.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:36.676Z); FY2023: grossProfit / revenue = 38.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:36.676Z); FY2024: grossProfit / revenue = 53.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:36.676Z); FY2025: grossProfit / revenue = 41.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:36.676Z); 10-year return on capital observations [[2016,0.09608677740642449],[2017,0.09395677850139375],[2018,0.10332503323862612],[2019,0.09187250705944425],[2020,-0.007941988132547262],[2021,0.007950885668276973],[2022,0.06244534195837951],[2023,0.08984528687818279],[2024,0.08461916792147926],[2025,0.08877323980842478]]; median 0.08930926334330377. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 63.1% of cash earnings on expansion; earns 18% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:36.676Z); FY2016: growth capex 0; upkeep 135275000; owner earnings 353871000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:36.676Z); FY2017: growth capex 0; upkeep 162324000; owner earnings 367645000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:36.676Z); FY2018: growth capex 0; upkeep 228829000; owner earnings 253215000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:36.676Z); FY2019: growth capex 146788022.9647526; upkeep 522239977.0352474; owner earnings 8577622.964752614. Growth capex / owner earnings = 17.112902207049398.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:36.676Z); FY2021: growth capex 0; upkeep 168700000; owner earnings 63340000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:36.676Z); FY2022: growth capex 0; upkeep 193400000; owner earnings 248980000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:36.676Z); FY2023: growth capex 140700000; upkeep 286800000; owner earnings 273180000. Growth capex / owner earnings = 0.5150450252580716.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:36.676Z); FY2024: growth capex 266700000; upkeep 299500000; owner earnings 293880000. Growth capex / owner earnings = 0.907513270722744.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:36.676Z); FY2025: growth capex 99277132.78763938; upkeep 439822867.2123606; owner earnings 157257132.78763938. Growth capex / owner earnings = 0.631304482205609.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:36.676Z); Incremental return on capital 0.18008472066563216, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:36.676Z); Dividend observations: [[2016,190473000],[2017,196483000],[2018,199550000],[2019,211835000],[2020,0],[2021,800000],[2022,0],[2023,107500000],[2024,162700000],[2025,175000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:36.676Z); FY2025: cash repurchases 1800000 CHF.

### Are managers owners

Insiders own 38.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FHZN.SW SharesStats.PercentInsiders = 38.461 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 6.3% yearly over ten years; actual decline was 4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:36.676Z); Ten-year compound average after fade. Initial solved rate 0.07664745045825294. Price 194.6; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 7.696293447869075 → FY2025 5.121081053922436. Closing-price date 2026-10-15.

## Monthly share-price history (CHF per share)

- 2016-10: CHF 182.00 per share

- 2016-11: CHF 175.00 per share

- 2016-12: CHF 188.90 per share

- 2017-01: CHF 194.10 per share

- 2017-02: CHF 202.80 per share

- 2017-03: CHF 213.50 per share

- 2017-04: CHF 219.20 per share

- 2017-05: CHF 240.00 per share

- 2017-06: CHF 235.40 per share

- 2017-07: CHF 246.70 per share

- 2017-08: CHF 235.00 per share

- 2017-09: CHF 219.00 per share

- 2017-10: CHF 217.00 per share

- 2017-11: CHF 221.20 per share

- 2017-12: CHF 222.90 per share

- 2018-01: CHF 237.20 per share

- 2018-02: CHF 225.20 per share

- 2018-03: CHF 210.80 per share

- 2018-04: CHF 208.00 per share

- 2018-05: CHF 206.80 per share

- 2018-06: CHF 202.40 per share

- 2018-07: CHF 207.60 per share

- 2018-08: CHF 200.40 per share

- 2018-09: CHF 198.40 per share

- 2018-10: CHF 199.20 per share

- 2018-11: CHF 163.20 per share

- 2018-12: CHF 162.50 per share

- 2019-01: CHF 175.50 per share

- 2019-02: CHF 177.80 per share

- 2019-03: CHF 181.70 per share

- 2019-04: CHF 167.80 per share

- 2019-05: CHF 169.00 per share

- 2019-06: CHF 183.80 per share

- 2019-07: CHF 181.60 per share

- 2019-08: CHF 181.60 per share

- 2019-09: CHF 184.80 per share

- 2019-10: CHF 177.70 per share

- 2019-11: CHF 177.30 per share

- 2019-12: CHF 176.70 per share

- 2020-01: CHF 167.70 per share

- 2020-02: CHF 145.60 per share

- 2020-03: CHF 109.00 per share

- 2020-04: CHF 119.10 per share

- 2020-05: CHF 132.20 per share

- 2020-06: CHF 123.10 per share

- 2020-07: CHF 115.00 per share

- 2020-08: CHF 136.00 per share

- 2020-09: CHF 126.60 per share

- 2020-10: CHF 123.60 per share

- 2020-11: CHF 153.80 per share

- 2020-12: CHF 156.10 per share

- 2021-01: CHF 147.10 per share

- 2021-02: CHF 160.60 per share

- 2021-03: CHF 155.30 per share

- 2021-04: CHF 164.20 per share

- 2021-05: CHF 159.90 per share

- 2021-06: CHF 153.00 per share

- 2021-07: CHF 145.60 per share

- 2021-08: CHF 152.20 per share

- 2021-09: CHF 167.00 per share

- 2021-10: CHF 165.00 per share

- 2021-11: CHF 153.10 per share

- 2021-12: CHF 164.10 per share

- 2022-01: CHF 170.20 per share

- 2022-02: CHF 165.00 per share

- 2022-03: CHF 166.60 per share

- 2022-04: CHF 166.00 per share

- 2022-05: CHF 162.00 per share

- 2022-06: CHF 144.30 per share

- 2022-07: CHF 157.70 per share

- 2022-08: CHF 165.00 per share

- 2022-09: CHF 146.90 per share

- 2022-10: CHF 155.40 per share

- 2022-11: CHF 156.00 per share

- 2022-12: CHF 143.10 per share

- 2023-01: CHF 166.30 per share

- 2023-02: CHF 170.50 per share

- 2023-03: CHF 167.50 per share

- 2023-04: CHF 171.60 per share

- 2023-05: CHF 175.60 per share

- 2023-06: CHF 185.90 per share

- 2023-07: CHF 184.30 per share

- 2023-08: CHF 182.10 per share

- 2023-09: CHF 174.80 per share

- 2023-10: CHF 169.20 per share

- 2023-11: CHF 185.30 per share

- 2023-12: CHF 175.60 per share

- 2024-01: CHF 178.70 per share

- 2024-02: CHF 186.50 per share

- 2024-03: CHF 204.60 per share

- 2024-04: CHF 184.20 per share

- 2024-05: CHF 191.90 per share

- 2024-06: CHF 198.70 per share

- 2024-07: CHF 203.40 per share

- 2024-08: CHF 198.50 per share

- 2024-09: CHF 203.40 per share

- 2024-10: CHF 203.40 per share

- 2024-11: CHF 209.40 per share

- 2024-12: CHF 217.60 per share

- 2025-01: CHF 220.00 per share

- 2025-02: CHF 221.60 per share

- 2025-03: CHF 209.20 per share

- 2025-04: CHF 207.40 per share

- 2025-05: CHF 228.00 per share

- 2025-06: CHF 226.00 per share

- 2025-07: CHF 230.00 per share

- 2025-08: CHF 244.20 per share

- 2025-09: CHF 242.60 per share

- 2025-10: CHF 237.20 per share

- 2025-11: CHF 239.60 per share

- 2025-12: CHF 251.80 per share

- 2026-01: CHF 239.60 per share

- 2026-02: CHF 264.00 per share

- 2026-03: CHF 248.00 per share

- 2026-04: CHF 221.60 per share

- 2026-05: CHF 237.00 per share

- 2026-06: CHF 250.00 per share

- 2026-07: CHF 237.00 per share

- 2026-08: CHF 208.80 per share

- 2026-09: CHF 199.00 per share

- 2026-10: CHF 191.60 per share

## Annual estimated value (CHF per share)

- FY2016: low CHF 90.92 per share, central CHF 106.67 per share, high CHF 121.48 per share

- FY2017: low CHF 112.08 per share, central CHF 130.34 per share, high CHF 148.57 per share

- FY2018: low CHF 115.74 per share, central CHF 129.26 per share, high CHF 147.25 per share

- FY2019: low CHF 108.20 per share, central CHF 122.39 per share, high CHF 141.27 per share

- FY2020: low CHF 67.92 per share, central CHF 74.65 per share, high CHF 83.61 per share

- FY2021: low CHF 40.87 per share, central CHF 43.98 per share, high CHF 48.11 per share

- FY2022: low CHF 56.81 per share, central CHF 61.49 per share, high CHF 67.71 per share

- FY2023: low CHF 61.95 per share, central CHF 70.65 per share, high CHF 79.19 per share

- FY2024: low CHF 123.74 per share, central CHF 148.58 per share, high CHF 171.20 per share

- FY2025: low CHF 119.91 per share, central CHF 134.68 per share, high CHF 154.32 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:42:22.831Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.