# Fraport AG (FRA.XETRA)

Canonical: https://gigainvestors.com/s/FRA.XETRA

Analysis as of: 2026-10-16T07:36:58.855Z. Financial observations: FY2002–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## 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: EUR 59.80 per share; close as of 2026-10-15.

Estimated value: low EUR 41.05 per share, central EUR 45.31 per share, high EUR 48.81 per share. Buy at or below the central value EUR 45.31 per share. Valuation as of 2026-10-16T07:36:58.855Z; scenarios are not confidence intervals.

Expected annual return: 7.1% at the stated quote. About 7.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DE 10-year bond 3.4% + 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: 1

- Operating margin variation: 1.42×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.26×

- FY2017: 0.22×

- FY2018: 0.21×

- FY2019: 0.19×

- FY2020: -0.42×

- FY2021: 0.15×

- FY2022: 0.18×

- FY2023: 0.18×

- FY2024: 0.17×

- FY2025: 0.19×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 4.3%

- ROIC, second-lowest year: 2.4%

- Typical minus recent gross margin: 0.2 pp

- Typical gross margin (annual median): 24.1%

- Recent gross margin (lower of latest and 3-year median): 23.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 22.9%

- ROIC including acquisitions, ten-year median: 3.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.4%

- FY2017: 6.0%

- FY2018: 6.9%

- FY2019: 6.5%

- FY2020: -6.3%

- FY2021: 2.4%

- FY2022: 3.6%

- FY2023: 4.2%

- FY2024: 4.4%

- FY2025: 4.2%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.58×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 867M

- Net income, five-year total: EUR 1.5B

- Return on incremental invested capital: 8.1%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -0.6 pp

- Working capital / revenue, final three-year average: 0.8%

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

- FY2021: 0.42×

- FY2022: 0.68×

- FY2023: 0.91×

- FY2024: 0.93×

- FY2025: -0.09×

### management: fail

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 6.9% vs 4.2%

- Per-share earnings: 3.57 to 4.67 (three-year endpoint medians)

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- 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: EUR 1.3B

- Cumulative retained earnings: EUR 1.6B

- 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: 3.4%

- Per-share value change: EUR 1.10

- Per-share value, starting three-year median: EUR 3.57

- Per-share value, ending three-year median: EUR 4.67

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 4.4B

- Cumulative net income, 10 years: EUR 2.4B

- ROIC, first three-year median: 6.9%

- ROIC, last three-year median: 4.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 4.06

- FY2017: EUR 3.57

- FY2018: EUR 5.13

- FY2019: EUR 4.55

- FY2020: EUR -7.11

- FY2021: EUR 0.90

- FY2022: EUR 1.43

- FY2023: EUR 4.26

- FY2024: EUR 4.88

- FY2025: EUR 4.67

### accounting: pass

- Sloan accruals: -4.7%

- Receivables to sales index (DSRI): 0.93×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.26×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.87×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.3%

- FY2017: -4.3%

- FY2018: -2.9%

- FY2019: -4.2%

- FY2020: -3.0%

- FY2021: -1.9%

- FY2022: -3.7%

- FY2023: -2.5%

- FY2024: -3.6%

- FY2025: -4.7%

## Holders

## Price story

Down 28% since Feb 2026 · sales +0.1%

Story as of 2026-10-16T10:00:08.438Z; price observation 2026-10-15.

Price needs cash profits to grow 10% a year for ten years

### Sales · FY2024–2025

sales +0.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 2.6B 

- FY2017: EUR 2.9B 

- FY2018: EUR 3.5B 

- FY2019: EUR 3.7B 

- FY2020: EUR 1.7B 

- FY2021: EUR 2.1B 

- FY2022: EUR 3.2B 

- FY2023: EUR 4.0B 

- FY2024: EUR 4.4B 

- FY2025: EUR 4.4B 

### Gross margin · FY2025

gross margin 23.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 23.0% 

- FY2017: 27.5% 

- FY2018: 24.3% 

- FY2019: 22.9% 

- FY2021: 12.4% 

- FY2022: 25.8% 

- FY2023: 25.8% 

- FY2024: 25.4% 

- FY2025: 23.9% 

## Owner memo

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

### How it makes money

Operates in airports & air services; annual sales are EUR 4.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.855Z); FY2025: revenue 4432200000; grossProfit 1060400000; margin = grossProfit / revenue.

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

### Why customers stay

Margins ranged from 23.9% to 25.8% during 2023–25; it earns 4.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.855Z); FY2023: grossProfit / revenue = 25.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.855Z); FY2024: grossProfit / revenue = 25.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.855Z); FY2025: grossProfit / revenue = 23.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.855Z); 10-year return on capital observations [[2016,0.07421410697238437],[2017,0.05972123238592101],[2018,0.06921680431063247],[2019,0.06497073713690711],[2020,-0.06322678722803052],[2021,0.023556317228075677],[2022,0.036225068781281275],[2023,0.041795659796778226],[2024,0.043824940878061776],[2025,0.04200895434756345]]; median 0.04291694761281262. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 4 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.855Z); FY2016: growth capex 0; upkeep 273100000; owner earnings 462700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.855Z); FY2017: growth capex 0; upkeep 296100000; owner earnings 394300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.855Z); FY2018: growth capex 86400000; upkeep 398500000; owner earnings 473900000. Growth capex / owner earnings = 0.1823169445030597.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.855Z); FY2019: growth capex 295300000; upkeep 475300000; owner earnings 357200000. Growth capex / owner earnings = 0.8267077267637178.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.855Z); FY2021: growth capex 433100000; upkeep 443300000; owner earnings 35100000. Growth capex / owner earnings = 12.339031339031338.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.855Z); FY2022: growth capex 281000000; upkeep 465300000; owner earnings 90620000. Growth capex / owner earnings = 3.100860737144118.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.855Z); FY2023: growth capex 449400000; upkeep 501200000; owner earnings 358360000. Growth capex / owner earnings = 1.2540462105145664.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.855Z); FY2024: growth capex 733600000; upkeep 532300000; owner earnings 420360000. Growth capex / owner earnings = 1.7451708059758302.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.855Z); Dividend observations: [[2016,124600000],[2017,138500000],[2018,138600000],[2019,184800000],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 60.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FRA.XETRA SharesStats.PercentInsiders = 60.870000000000005 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 10% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.855Z); Ten-year compound average after fade. Initial solved rate 0.13023561734075584. Price 59.8; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.700017310022503 → FY2025 -0.40533772091785214. Closing-price date 2026-10-15.

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

- 2016-10: EUR 54.07 per share

- 2016-11: EUR 54.80 per share

- 2016-12: EUR 56.17 per share

- 2017-01: EUR 55.26 per share

- 2017-02: EUR 59.11 per share

- 2017-03: EUR 66.33 per share

- 2017-04: EUR 72.20 per share

- 2017-05: EUR 72.17 per share

- 2017-06: EUR 77.30 per share

- 2017-07: EUR 84.62 per share

- 2017-08: EUR 82.89 per share

- 2017-09: EUR 80.34 per share

- 2017-10: EUR 81.46 per share

- 2017-11: EUR 83.68 per share

- 2017-12: EUR 91.86 per share

- 2018-01: EUR 95.24 per share

- 2018-02: EUR 84.14 per share

- 2018-03: EUR 80.10 per share

- 2018-04: EUR 80.40 per share

- 2018-05: EUR 80.02 per share

- 2018-06: EUR 82.62 per share

- 2018-07: EUR 85.38 per share

- 2018-08: EUR 77.44 per share

- 2018-09: EUR 76.10 per share

- 2018-10: EUR 68.30 per share

- 2018-11: EUR 64.94 per share

- 2018-12: EUR 62.46 per share

- 2019-01: EUR 68.94 per share

- 2019-02: EUR 70.62 per share

- 2019-03: EUR 68.24 per share

- 2019-04: EUR 73.84 per share

- 2019-05: EUR 70.50 per share

- 2019-06: EUR 75.60 per share

- 2019-07: EUR 75.72 per share

- 2019-08: EUR 75.98 per share

- 2019-09: EUR 77.82 per share

- 2019-10: EUR 74.94 per share

- 2019-11: EUR 77.32 per share

- 2019-12: EUR 75.78 per share

- 2020-01: EUR 67.34 per share

- 2020-02: EUR 56.94 per share

- 2020-03: EUR 36.90 per share

- 2020-04: EUR 40.04 per share

- 2020-05: EUR 44.62 per share

- 2020-06: EUR 38.82 per share

- 2020-07: EUR 33.02 per share

- 2020-08: EUR 38.16 per share

- 2020-09: EUR 33.78 per share

- 2020-10: EUR 31.02 per share

- 2020-11: EUR 47.58 per share

- 2020-12: EUR 49.36 per share

- 2021-01: EUR 44.78 per share

- 2021-02: EUR 52.30 per share

- 2021-03: EUR 51.85 per share

- 2021-04: EUR 55.22 per share

- 2021-05: EUR 58.10 per share

- 2021-06: EUR 57.46 per share

- 2021-07: EUR 55.50 per share

- 2021-08: EUR 54.66 per share

- 2021-09: EUR 60.12 per share

- 2021-10: EUR 61.70 per share

- 2021-11: EUR 55.12 per share

- 2021-12: EUR 59.18 per share

- 2022-01: EUR 59.86 per share

- 2022-02: EUR 60.84 per share

- 2022-03: EUR 50.50 per share

- 2022-04: EUR 51.36 per share

- 2022-05: EUR 52.70 per share

- 2022-06: EUR 41.50 per share

- 2022-07: EUR 44.49 per share

- 2022-08: EUR 43.12 per share

- 2022-09: EUR 37.19 per share

- 2022-10: EUR 39.04 per share

- 2022-11: EUR 41.43 per share

- 2022-12: EUR 38.05 per share

- 2023-01: EUR 52.06 per share

- 2023-02: EUR 51.26 per share

- 2023-03: EUR 46.31 per share

- 2023-04: EUR 48.67 per share

- 2023-05: EUR 47.56 per share

- 2023-06: EUR 48.86 per share

- 2023-07: EUR 48.03 per share

- 2023-08: EUR 50.06 per share

- 2023-09: EUR 50.24 per share

- 2023-10: EUR 46.73 per share

- 2023-11: EUR 52.36 per share

- 2023-12: EUR 54.76 per share

- 2024-01: EUR 54.78 per share

- 2024-02: EUR 51.40 per share

- 2024-03: EUR 48.86 per share

- 2024-04: EUR 47.08 per share

- 2024-05: EUR 53.10 per share

- 2024-06: EUR 48.20 per share

- 2024-07: EUR 46.98 per share

- 2024-08: EUR 45.72 per share

- 2024-09: EUR 50.05 per share

- 2024-10: EUR 49.70 per share

- 2024-11: EUR 51.95 per share

- 2024-12: EUR 58.50 per share

- 2025-01: EUR 57.50 per share

- 2025-02: EUR 55.50 per share

- 2025-03: EUR 57.85 per share

- 2025-04: EUR 58.25 per share

- 2025-05: EUR 61.10 per share

- 2025-06: EUR 63.95 per share

- 2025-07: EUR 65.35 per share

- 2025-08: EUR 73.15 per share

- 2025-09: EUR 73.55 per share

- 2025-10: EUR 74.20 per share

- 2025-11: EUR 72.35 per share

- 2025-12: EUR 69.95 per share

- 2026-01: EUR 78.10 per share

- 2026-02: EUR 83.25 per share

- 2026-03: EUR 74.20 per share

- 2026-04: EUR 69.75 per share

- 2026-05: EUR 72.05 per share

- 2026-06: EUR 72.85 per share

- 2026-07: EUR 67.65 per share

- 2026-08: EUR 63.35 per share

- 2026-09: EUR 62.00 per share

- 2026-10: EUR 58.00 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 45.77 per share, central EUR 51.00 per share, high EUR 57.78 per share

- FY2017: low EUR 52.91 per share, central EUR 59.20 per share, high EUR 67.58 per share

- FY2018: low EUR 71.71 per share, central EUR 90.25 per share, high EUR 103.98 per share

- FY2019: low EUR 77.74 per share, central EUR 101.68 per share, high EUR 117.64 per share

- FY2020: low EUR 47.35 per share, central EUR 51.02 per share, high EUR 55.91 per share

- FY2021: low EUR 54.08 per share, central EUR 57.46 per share, high EUR 61.95 per share

- FY2022: low EUR 39.85 per share, central EUR 41.33 per share, high EUR 43.30 per share

- FY2023: low EUR 48.83 per share, central EUR 53.86 per share, high EUR 57.36 per share

- FY2024: low EUR 48.52 per share, central EUR 53.14 per share, high EUR 56.71 per share

- FY2025: low EUR 49.98 per share, central EUR 54.17 per share, high EUR 57.60 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

## 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.