# Kuehne & Nagel (KNIN.SW)

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

Analysis as of: 2026-10-16T07:34:14.673Z. Financial observations: FY2002–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 230.80 per share; close as of 2026-10-15.

Estimated value: low CHF 148.49 per share, central CHF 168.81 per share, high CHF 195.86 per share. Buy at or below the central value CHF 168.81 per share. Valuation as of 2026-10-16T07:34:14.673Z; scenarios are not confidence intervals.

Expected annual return: 8.1% at the stated quote. About 8.1% 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: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.29×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.05×

- FY2017: 0.05×

- FY2018: 0.05×

- FY2019: 0.05×

- FY2020: 0.05×

- FY2021: 0.09×

- FY2022: 0.10×

- FY2023: 0.08×

- FY2024: 0.07×

- FY2025: 0.05×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- Recent gross margin fell 4.8pp below the typical margin (limit 4pp)

- ROIC, median of available years: 65.5%

- ROIC, second-lowest year: 32.4%

- Typical minus recent gross margin: 4.8 pp

- Typical gross margin (annual median): 16.1%

- Recent gross margin (lower of latest and 3-year median): 11.2%

- Years with nonpositive capital: 1

- Capital spending / revenue: 1.3%

- ROIC including acquisitions, ten-year median: 34.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: >100%

- FY2017: 93.4%

- FY2018: 72.7%

- FY2019: 29.4%

- FY2020: 51.3%

- FY2021: >100%

- FY2022: 48.0%

- FY2023: >100%

- FY2024: 58.2%

- FY2025: 32.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.11×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CHF 9.0B

- Net income, five-year total: CHF 8.2B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -0.8 pp

- Working capital / revenue, final three-year average: 4.0%

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

- FY2021: 1.11×

- FY2022: 1.08×

- FY2023: 1.10×

- FY2024: 1.08×

- FY2025: 1.21×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 93.4% vs 58.2%

- Per-share earnings: 6.00 to 9.95 (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: -0.1%

- Market cap gain: CHF 4.3B

- Cumulative retained earnings: CHF 3.8B

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

- Diluted shares, 5-year annual growth: -0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 6.5%

- Per-share value change: CHF 3.95

- Per-share value, starting three-year median: CHF 6.00

- Per-share value, ending three-year median: CHF 9.95

- Buybacks concentrated in cheaper years (correlation): 0.37

- Average buyback yield: 0.6%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: CHF 2.3B

- Cumulative net income, 10 years: CHF 12B

- ROIC, first three-year median: 93.4%

- ROIC, last three-year median: 58.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: CHF 6.00

- FY2017: CHF 6.20

- FY2018: CHF 6.44

- FY2019: CHF 6.67

- FY2020: CHF 6.58

- FY2021: CHF 16.93

- FY2022: CHF 21.93

- FY2023: CHF 11.95

- FY2024: CHF 9.95

- FY2025: CHF 7.39

### accounting: pass

- Sloan accruals: -7.6%

- Receivables to sales index (DSRI): 1.00×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.02×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.21×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.1%

- FY2017: -0.6%

- FY2018: 1.2%

- FY2019: -9.4%

- FY2020: -9.4%

- FY2021: -2.9%

- FY2022: -11.9%

- FY2023: -2.4%

- FY2024: -2.6%

- FY2025: -7.6%

## Holders

## Price story

Down 22% since Feb 2024 · sales -1.3%

Story as of 2026-10-16T09:59:59.803Z; price observation 2026-10-15.

Price needs cash profits to grow 4.8% a year for ten years

### Sales · FY2024–2025

sales -1.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CHF 17B 

- FY2017: CHF 19B 

- FY2018: CHF 21B 

- FY2019: CHF 21B 

- FY2020: CHF 20B 

- FY2021: CHF 33B 

- FY2022: CHF 39B 

- FY2023: CHF 24B 

- FY2024: CHF 25B 

- FY2025: CHF 24B 

### Gross margin · FY2025

gross margin 11.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 15.7% 

- FY2017: 15.0% 

- FY2018: 18.7% 

- FY2019: 16.9% 

- FY2020: 16.7% 

- FY2021: 16.4% 

- FY2022: 15.1% 

- FY2023: 13.2% 

- FY2024: 35.0% 

- FY2025: 11.2% 

## Owner memo

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

### How it makes money

Operates in integrated freight & logistics; annual sales are CHF 24.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:14.673Z); FY2025: revenue 24476000000; grossProfit 2743000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KNIN.SW: Kuehne + Nagel International AG, together with its subsidiaries, provides integrated logistics services in Europe, the Middle East, Africa, the Americas, and the Asia-Pacific. The company operates through four segments: Sea Logistics, Air Logistics, Road Logistics, and Contract Logistics. It offers full loads and less than container loads, reefer cold chain solutions for temperature-sensitive goods, order management, and VinLog, a wine, spirits, and drinks logistics solutions, as well as cargo insurance and customs brokerage; and air freight services, such as air charter services, time-critical logistics, sea-air logistics, airside logistics, customs clearance, and smart labels. The company also provides road logistics include full truck load, less than truck load, and groupage services; and fulfillment, warehouse, and distribution services, such as fulfilment operation, distribution and last mile delivery, in-plant, inventory and order management, packaging, returns management, waste management, custom, quality inspections, and value-added services. In addition, it offers customs clearances services comprising export and import customs clearance and transit services, one-stop digital customs solution, and customs and trade consultancy services, as well as inbound logistics for e-commerce and cross-border e-commerce. Further, the company operates various logistic projects, such as industrial, renewable, energy, marine logistics, one global system, engineering, and chartering, and offers CO2e emissions calculator for project logistics. Additionally, it offers sustainable logistics; and supply chain management services comprising 4PL integrated logistics and order management. The company serves aerospace, automotive, mobility, consumer, healthcare, high-tech and semiconductor, industrial, and perishables industries. The company was founded in 1890 and is based in Schindellegi, Switzerland. Kuehne + Nagel International AG operates as a subsidiary of Kühne Holding AG.

### Why customers stay

Margins ranged from 11.2% to 35% during 2023–25; it earns 65.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:14.673Z); FY2023: grossProfit / revenue = 13.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:14.673Z); FY2024: grossProfit / revenue = 35%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:14.673Z); FY2025: grossProfit / revenue = 11.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:14.673Z); 10-year return on capital observations [[2016,1.1684491978609626],[2017,0.933868226014823],[2018,0.7271517551524286],[2019,0.293903090193955],[2020,0.5128214561642324],[2021,4.355227361057132],[2022,0.4799008216300219],[2023,1.497740794233394],[2024,0.5821270861158238],[2025,0.3235858238864079]]; median 0.6546394206341262. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back CHF 20 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:14.673Z); FY2016: growth capex 0; upkeep 252000000; owner earnings 658000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:14.673Z); FY2017: growth capex 25000000; upkeep 213000000; owner earnings 737000000. Growth capex / owner earnings = 0.033921302578018994.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:14.673Z); FY2018: growth capex 102000000; upkeep 222000000; owner earnings 770000000. Growth capex / owner earnings = 0.13246753246753246.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:14.673Z); FY2019: growth capex 0; upkeep 330000000; owner earnings 847600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:14.673Z); FY2020: growth capex 0; upkeep 186000000; owner earnings 1016400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:14.673Z); FY2021: growth capex 0; upkeep 204000000; owner earnings 2264200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:14.673Z); FY2022: growth capex 0; upkeep 247000000; owner earnings 2867600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:14.673Z); FY2023: growth capex 0; upkeep 306000000; owner earnings 1577000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:14.673Z); FY2024: growth capex 0; upkeep 304000000; owner earnings 1275200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:14.673Z); FY2025: growth capex 0; upkeep 232000000; owner earnings 1065200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:14.673Z); Dividend observations: [[2016,599000000],[2017,658000000],[2018,688000000],[2019,718000000],[2020,478000000],[2021,538000000],[2022,1186000000],[2023,1661000000],[2024,1182000000],[2025,979000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:14.673Z); FY2025: cash repurchases 20000000 CHF.

### Are managers owners

Insiders own 59.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KNIN.SW SharesStats.PercentInsiders = 59.315 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 4.8% yearly over ten years; actual growth was 5.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:14.673Z); Ten-year compound average after fade. Initial solved rate 0.05629803024620583. Price 230.8; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 5.144325992754376 → FY2025 8.922625624152404. Closing-price date 2026-10-15.

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

- 2016-10: CHF 134.20 per share

- 2016-11: CHF 132.80 per share

- 2016-12: CHF 134.60 per share

- 2017-01: CHF 134.80 per share

- 2017-02: CHF 143.00 per share

- 2017-03: CHF 141.50 per share

- 2017-04: CHF 150.40 per share

- 2017-05: CHF 156.30 per share

- 2017-06: CHF 160.00 per share

- 2017-07: CHF 168.40 per share

- 2017-08: CHF 173.70 per share

- 2017-09: CHF 179.30 per share

- 2017-10: CHF 174.20 per share

- 2017-11: CHF 172.80 per share

- 2017-12: CHF 172.50 per share

- 2018-01: CHF 170.90 per share

- 2018-02: CHF 154.70 per share

- 2018-03: CHF 150.30 per share

- 2018-04: CHF 155.00 per share

- 2018-05: CHF 148.60 per share

- 2018-06: CHF 149.20 per share

- 2018-07: CHF 158.35 per share

- 2018-08: CHF 156.50 per share

- 2018-09: CHF 155.50 per share

- 2018-10: CHF 140.10 per share

- 2018-11: CHF 140.50 per share

- 2018-12: CHF 126.35 per share

- 2019-01: CHF 134.40 per share

- 2019-02: CHF 130.25 per share

- 2019-03: CHF 136.60 per share

- 2019-04: CHF 148.05 per share

- 2019-05: CHF 133.15 per share

- 2019-06: CHF 144.90 per share

- 2019-07: CHF 146.75 per share

- 2019-08: CHF 144.05 per share

- 2019-09: CHF 147.00 per share

- 2019-10: CHF 159.35 per share

- 2019-11: CHF 162.60 per share

- 2019-12: CHF 163.20 per share

- 2020-01: CHF 156.00 per share

- 2020-02: CHF 140.55 per share

- 2020-03: CHF 132.85 per share

- 2020-04: CHF 138.05 per share

- 2020-05: CHF 138.40 per share

- 2020-06: CHF 157.40 per share

- 2020-07: CHF 156.90 per share

- 2020-08: CHF 175.05 per share

- 2020-09: CHF 179.30 per share

- 2020-10: CHF 183.10 per share

- 2020-11: CHF 205.70 per share

- 2020-12: CHF 200.80 per share

- 2021-01: CHF 203.10 per share

- 2021-02: CHF 215.70 per share

- 2021-03: CHF 269.70 per share

- 2021-04: CHF 273.00 per share

- 2021-05: CHF 303.60 per share

- 2021-06: CHF 316.60 per share

- 2021-07: CHF 305.60 per share

- 2021-08: CHF 335.10 per share

- 2021-09: CHF 319.40 per share

- 2021-10: CHF 288.30 per share

- 2021-11: CHF 263.70 per share

- 2021-12: CHF 294.40 per share

- 2022-01: CHF 260.30 per share

- 2022-02: CHF 251.40 per share

- 2022-03: CHF 263.10 per share

- 2022-04: CHF 275.10 per share

- 2022-05: CHF 252.80 per share

- 2022-06: CHF 226.00 per share

- 2022-07: CHF 255.20 per share

- 2022-08: CHF 226.00 per share

- 2022-09: CHF 202.00 per share

- 2022-10: CHF 213.40 per share

- 2022-11: CHF 228.60 per share

- 2022-12: CHF 215.20 per share

- 2023-01: CHF 217.60 per share

- 2023-02: CHF 241.00 per share

- 2023-03: CHF 271.90 per share

- 2023-04: CHF 263.90 per share

- 2023-05: CHF 259.10 per share

- 2023-06: CHF 264.70 per share

- 2023-07: CHF 272.40 per share

- 2023-08: CHF 265.90 per share

- 2023-09: CHF 261.00 per share

- 2023-10: CHF 244.50 per share

- 2023-11: CHF 253.20 per share

- 2023-12: CHF 289.80 per share

- 2024-01: CHF 293.80 per share

- 2024-02: CHF 297.60 per share

- 2024-03: CHF 251.00 per share

- 2024-04: CHF 243.70 per share

- 2024-05: CHF 255.50 per share

- 2024-06: CHF 258.40 per share

- 2024-07: CHF 272.50 per share

- 2024-08: CHF 263.10 per share

- 2024-09: CHF 230.80 per share

- 2024-10: CHF 215.60 per share

- 2024-11: CHF 210.60 per share

- 2024-12: CHF 207.80 per share

- 2025-01: CHF 207.60 per share

- 2025-02: CHF 207.60 per share

- 2025-03: CHF 203.50 per share

- 2025-04: CHF 188.85 per share

- 2025-05: CHF 185.05 per share

- 2025-06: CHF 171.65 per share

- 2025-07: CHF 166.25 per share

- 2025-08: CHF 162.80 per share

- 2025-09: CHF 148.15 per share

- 2025-10: CHF 154.00 per share

- 2025-11: CHF 161.10 per share

- 2025-12: CHF 171.25 per share

- 2026-01: CHF 178.70 per share

- 2026-02: CHF 179.35 per share

- 2026-03: CHF 180.30 per share

- 2026-04: CHF 182.70 per share

- 2026-05: CHF 180.35 per share

- 2026-06: CHF 195.95 per share

- 2026-07: CHF 205.70 per share

- 2026-08: CHF 215.80 per share

- 2026-09: CHF 220.30 per share

- 2026-10: CHF 230.60 per share

## Annual estimated value (CHF per share)

- FY2016: low CHF 56.84 per share, central CHF 64.36 per share, high CHF 74.38 per share

- FY2017: low CHF 66.97 per share, central CHF 76.50 per share, high CHF 88.82 per share

- FY2018: low CHF 75.29 per share, central CHF 87.17 per share, high CHF 101.38 per share

- FY2019: low CHF 89.88 per share, central CHF 111.12 per share, high CHF 129.25 per share

- FY2020: low CHF 90.38 per share, central CHF 110.97 per share, high CHF 128.55 per share

- FY2021: low CHF 159.51 per share, central CHF 212.41 per share, high CHF 247.03 per share

- FY2022: low CHF 251.86 per share, central CHF 360.43 per share, high CHF 420.98 per share

- FY2023: low CHF 192.57 per share, central CHF 265.88 per share, high CHF 310.44 per share

- FY2024: low CHF 157.94 per share, central CHF 179.96 per share, high CHF 209.29 per share

- FY2025: low CHF 150.36 per share, central CHF 170.79 per share, high CHF 197.99 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 2026-10-15T06:40:01.487Z 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.