Flughafen Zuerich AG FLGZY

IndustrialsTransport InfrastructureSwitzerland

Last close 9.25 USD on Nov 2, 2026, −22.0% year to date

Quant rating

Quant rating C Rank 279 of 418 in Industrials

Growth B 122 of 418
Valuation C 290 of 418
Quality C 191 of 418
Revisions D 301 of 418
Momentum D 315 of 418

Wall Street consensus Hold (2.56)Average target 292.16 USD +3,058.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 7.8B
Enterprise value: 9.6B
52-week range: 9.01 – 13.66
3-year range: 7.67 – 13.66
Dividend yield: 4.67%
Beta (5 years): 0.65
Shares outstanding: 30.7M
Next earnings: Mar 8, 2027

About the company

Flughafen Zuerich AG is a Switzerland-based company that is engaged in the operation of Zurich Airport in Switzerland on behalf of the federal government. The Company offers access to international, national and regional transport networks. The Company operates in four segments: the Aviation flight operations segment encompasses the construction, operation and maintenance of the airport operating infrastructure; the Aviation security segment covers the installation, operation and maintenance of security infrastructure and all processes of direct relevance to security, which includes all systems and their operation and maintenance designed to prevent actions of any kind that affect the security of commercial civil aviation; the Non-aviation segment encompasses all activities relating to the development, marketing and operation of the commercial infrastructure at Zurich Airport, and the Aviation aircraft noise segment.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,718	1,462	1,469	1,107	745	–
Revenue growth	17.5%	−0.5%	32.7%	48.5%	5.7%	19.5%
EPS (basic, normalized)	14.49	12.10	11.29	7.37	−0.36	–
EPS growth	19.8%	7.1%	53.1%	–	–	–
Gross margin	85.5%	84.9%	84.5%	83.8%	81.8%	84.1%
Net margin	25.5%	24.6%	24.6%	20.2%	−1.5%	18.7%
ROE	11.3%	11.3%	11.1%	8.1%	−0.4%	8.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,718	+17.5%	5.6x	979	+19.8%	9.8x	14.49	+19.8%	0.6x
2026	1,680	−2.2%	5.7x	928	−5.3%	10.3x	12.35	−14.8%	0.7x
2027	1,694	+0.8%	5.7x	915	−1.4%	10.5x	10.95	−11.4%	0.8x
2028	1,784	+5.3%	5.4x	980	+7.1%	9.8x	12.30	+12.3%	0.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,680	−0.1%	−0.8%	−0.8%	12.35	−0.1%	+0.1%	+0.1%
2027	1,694	−0.2%	−1.9%	−2.3%	10.95	−1.2%	−5.5%	−6.8%
2028	1,784	−0.3%	−2.2%	−1.8%	12.30	−1.7%	−7.1%	−7.4%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	481	514	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	2.61	3.06	3.03	3.51	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Transport Infrastructure

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
FLGZY Flughafen Zuerich AG	7.8B	–	25.5%	2.11x	0.7x	0.8x	10.3x	10.5x
CMHHY China Merchants Port Holdings Co Ltd	8.8B	–	48.4%	0.60x	94.0x	88.3x	12.4x	12.0x
AUKNY Auckland International Airport Limited	8.2B	–	32.3%	1.35x	228.0x	198.8x	22.5x	19.4x
ASR Grupo Aeroportuario del Sureste SAB de CV	6.9B	3.37x	28.2%	3.17x	14.1x	11.5x	8.9x	7.5x
FPRUY Fraport AG	6.9B	6.84x	9.7%	1.19x	10.5x	9.9x	11.1x	10.2x
PUODY Promotora y Operadora de Infraestructura SAB de CV	6.7B	–	73.0%	–	–	–	–	–
Mean		5.10x	36.2%	1.68x	69.5x	61.9x	13.0x	11.9x
Median		5.10x	30.2%	1.35x	14.1x	11.5x	11.1x	10.5x

Technical analysis

1M−2.4%
3M−22.5%
1Y−18.0%
3Y+27.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Flughafen Zuerich AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,718	1,462	1,469	1,107	745	705
Cost of revenue	250	221	228	179	136	141
Gross profit	1,468	1,241	1,241	928	610	564
Selling, general & administrative expenses	428	340	326	265	230	247
Research & development	–	–	–	–	–	–
Depreciation/amortization	393	330	341	319	307	285
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	77.5	92.6	111	62.6	51.4	94.9
Operating income	569	478	463	281	20.9	−63.9
Net interest income (expense)	−12.4	−9.3	−3.1	−31.8	−28.1	−23.7
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−8.0	−12.9	−11.4	10.3	−7.9	−7.8
Net income before taxes	549	456	449	260	−15.0	−95.4
Provision for taxes	111	95.7	87.3	36.0	−3.9	−17.4
Minority interest	–	0	0	0	0	0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	437	360	361	224	−11.1	−78.1
Extraordinary items	–	–	–	–	–	–
Net income	437	360	361	224	−11.1	−78.1
EBIT, normalized	577	487	463	286	20.9	−63.9
EBITDA, normalized	921	779	773	573	321	217
Basic EPS, normalized	14.49	12.10	11.29	7.37	−0.36	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Flughafen Zuerich AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	580	438	750	844	641	680
Receivables	232	185	176	136	118	134
Total inventory	19.8	20.9	23.4	11.8	11.2	13.4
Prepaid expenses	129	170	194	193	149	113
Other current assets	0	0	−0.1	0	0	0
Total current assets	961	815	1,144	1,185	919	940
Property, plant & equipment	4,343	3,561	3,536	3,087	3,091	3,302
Goodwill	–	–	–	–	–	–
Intangibles	488	441	414	378	387	416
Long-term investments	1,190	906	950	966	2,350	1,064
Note receivable	–	–	–	–	–	–
Other long-term assets	52.5	12.5	23.3	26.0	−1,305	9.3
Total assets	7,034	5,735	6,068	5,642	5,441	5,730
Liabilities
Accounts payable	90.6	69.9	62.4	48.0	62.5	68.9
Payable/accrued	–	–	–	–	–	–
Accrued expenses	12.7	8.9	12.5	13.2	11.9	14.1
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	31.4	29.7	389	456	16.7	8.4
Other current liabilities	314	265	256	198	159	246
Total current liabilities	449	373	720	715	250	338
Long-term debt	2,105	1,602	1,472	1,616	2,028	2,095
Minority interest	0.1	0.1	0.1	0.1	0.1	0.1
Other liabilities	506	490	544	412	519	657
Total liabilities	3,060	2,465	2,736	2,744	2,798	3,090
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	387	338	365	332	337	347
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	3,836	3,103	3,127	2,686	2,425	2,406
Treasury stock	−1.1	−0.3	−1.1	−0.1	0	−0.6
Other equity	−248	−172	−159	−120	−118	−112
Total equity	3,974	3,270	3,332	2,898	2,643	2,640
Total liabilities & shareholders' equity	7,034	5,735	6,068	5,642	5,441	5,730

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Flughafen Zuerich AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	437	360	361	224	−11.1	−78.1
Depreciation, depletion & amortization	350	300	309	290	282	280
Deferred taxes	–	–	–	–	–	–
Non-cash items	180	150	137	90.2	58.8	34.4
Changes in working capital	−99.2	−103	1.5	−76.0	−75.9	−69.9
Cash from operations	869	707	809	529	254	166
Investing activities
Capital expenditures	−703	−624	−508	−209	−185	−297
Other investing cash flows	−468	245	306	−404	90.0	−341
Cash from investing	−1,171	−379	−202	−613	−94.9	−638
Financing activities
Financing cash flow items	−22.0	−12.6	−25.3	−28.6	−16.0	−21.5
Cash dividends paid	−221	−179	−128	–	–	0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	339	−103	−404	−47.9	−76.6	746
Cash from financing	96.0	−295	−557	−76.5	−92.6	724
Foreign exchange effects	−0.3	−8.3	−2.7	1.2	−2.7	−5.1
Net change in cash	−207	25.1	46.6	−160	63.7	247
Free cash flow	166	83.1	301	319	69.1	−131

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.