Flughafen Zurich (FHZN) fair value: what the stock is really worth
We calculate from audited financials what Flughafen Zurich is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 19, 2026.
How to read this chart
60‑month range CHF 132.38 – CHF 255.02 · fair‑value band CHF 76.75 – CHF 202.43 · the CHF 199.90 price screens above the CHF 121.30 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 19, 2026.
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.
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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.
Stock analysis
Flughafen Zurich (FHZN) currently trades at CHF 199.90, while our model-based Fair Value estimate is CHF 121.30, implying the stock looks roughly 64.8% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of CHF 198.84 per share, and 5 of the 24 models we run sit above the CHF 199.90 price.
Bear case: the Growth DCF group reads lowest at CHF 25.11, and 19 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: CHF 76.75 (bear) to CHF 202.43 (bull), the price of CHF 199.90 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 60/100 (solid quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Flughafen Zurich reported revenue of CHF 1.4B in FY2025 versus CHF 680M in FY2021, a compound +18.9%/yr. Reported net income was CHF 347M in FY2025.
Key figures
Market cap CHF 7.2B · P/E ratio 17.7 · P/S ratio 4.51 · EPS (TTM) CHF 11.28 · Dividend yield 4.3% · Net margin 25.5% · Return on equity 11.3% · Return on assets (EBIT) 6.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 49 out of 100 (low confidence).
What moves the price
The share trades about 22% below its 52-week high, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 10% fair-value upside, at −39%, FHZN screens richer than that median.
Fair Value models
Bear CHF 76.75Fair Value CHF 121.30Bull CHF 202.43
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (CHF 2.02 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+2.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.9%
Revenue growth 20 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.4%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+6.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+2.3%
Dividend (yield on the price)4.3%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.2% vs 5%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−6% → 36%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+22.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+2.2%
Yearly sales growth analysts expect, extended to five years.
News mood ⓘNews mood, the average tone of recent news (29 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Airports & Air Services · 53 stocks
Beats the industry median on 7/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score60 · Above median
Fair Value upside−42% · Bottom 25%
Profitability
Return on equity (TTM)11% · Above median
Return on assets5% · Above median
Net margin (TTM)25% · Top 25%
Operating margin (TTM)35% · Top 25%
Growth and dividend
Revenue growth4% · Below median
Dividend yield (TTM)4.3% · Above median
Balance sheet
Debt / equity0.49× · Above median
Valuation Multiplesvs Airports & Air Services median · lower = cheaper
P/E (TTM)17.7× · Cheaper than median
P/B2.84× · Pricier than median
P/S (TTM)6.57× · Priciest 25%
P/FCF61.9× · Priciest 25%
EV/EBITDA13.6× · Priciest 25%
PEG6.73× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 49
FUTURE (revenue growth)18· sector 33
PAST (return on equity)45· sector 45
HEALTH (low debt)76· sector 87
DIVIDEND (yield)85· sector 56
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Flughafen Zurich Fair Value". https://www.fairvalue-calculator.com/stock/FHZN
Frequently asked questions
Is Flughafen Zurich (FHZN) overvalued or undervalued?
As of Sep 19, 2026, our model estimates a fair value of CHF 121.30 versus a price of CHF 199.90, about −39% upside (overvalued).
What is the fair value of FHZN?
Our model-based fair value for Flughafen Zurich is CHF 121.30 (as of Sep 19, 2026), built from audited fundamentals. The current price: CHF 199.90.
What is the quality score of FHZN?
Flughafen Zurich has a Quality Score of 60/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Flughafen Zurich (FHZN)?
Our model-based price target is the fair value of CHF 121.30 (as of Sep 19, 2026) from 25 valuation models. Cautious scenario CHF 76.75, optimistic scenario CHF 202.43. It is a calculation from audited fundamentals, not an analyst target.
What is the Flughafen Zurich stock forecast for 2026?
Our models put fair value at CHF 121.30, about −39% upside versus a price of CHF 199.90 (overvalued). Cautious scenario CHF 76.75, optimistic scenario CHF 202.43. The calculation is refreshed regularly with new filings.
What is the revenue of Flughafen Zurich (FHZN)?
Flughafen Zurich reported trailing-twelve-month revenue of about CHF 1.4B (latest available figure, as of Sep 19, 2026).
Does Flughafen Zurich pay a dividend?
Flughafen Zurich currently shows a dividend yield of about 4.25% relative to its recent price (as of Sep 19, 2026).
What growth is priced into Flughafen Zurich (FHZN)?
For today's price to be fair in a discounted-cash-flow model, Flughafen Zurich would have to grow free cash flow by +22.9 % per year for five years (discount rate 8.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +16.9 % per year. As of Sep 19, 2026.
What discount rate (WACC) does the fair value of FHZN use?
Our models discount Flughafen Zurich at 8.4 %: a base by market capitalisation (mid), damped by beta 0.55, country premium for Switzerland. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Flughafen Zurich that is +22.9 % per year a year over ten years, using the same discount rate (8.4 %) and the same formula as our fair value.
How much growth has Flughafen Zurich (FHZN) delivered so far?
Over the past 5 years revenue at Flughafen Zurich grew +16.9 % a year. The price currently implies +22.9 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Flughafen Zurich (FHZN) growing?
The median revenue growth in the sector is +4.6 % a year. That is the yardstick for the growth priced into Flughafen Zurich (+22.9 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Flughafen Zurich (FHZN)?
The free-cash-flow yield on the price is 2.35 %: that much free cash flow Flughafen Zurich produces per unit of market value. When it exceeds the discount rate of our models (8.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Flughafen Zurich (FHZN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Flughafen Zurich it is CHF 121.30 per share (as of Sep 19, 2026), against a price of CHF 199.90. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is Flughafen Zurich stock overvalued or undervalued in 2026?
As of Sep 19, 2026, FHZN trades above its calculated fair value: price CHF 199.90, fair value CHF 121.30, a gap of about −39% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FHZN?
No. The price is what the market pays today (CHF 199.90); the fair value is what the company's own numbers justify (CHF 121.30). For Flughafen Zurich the two are CHF 78.60 per share apart. That gap is exactly why we show both numbers side by side.
How much is Flughafen Zurich worth?
The market values Flughafen Zurich at about CHF 7.2B (market capitalisation, as of Sep 19, 2026). Per share that is CHF 199.90; our models calculate a fair value of CHF 121.30 per share.
What do the bullish and bearish scenarios say about FHZN?
Our models span a range for Flughafen Zurich: cautious scenario CHF 76.75, base CHF 121.30, optimistic CHF 202.43 per share (as of Sep 19, 2026, price CHF 199.90). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FHZN?
Flughafen Zurich trades at a price-to-earnings ratio of 17.7 (as of Sep 19, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of CHF 121.30 is built from several models across several years. Other multiples: PEG 6.7, P/B 2.8, P/S 6.6, EV/EBITDA 13.6.
What is the PEG ratio of FHZN?
The PEG ratio of Flughafen Zurich is 6.73 (P/E divided by earnings growth, as of Sep 19, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Flughafen Zurich (FHZN)?
Balance-sheet figures for Flughafen Zurich (as of Sep 19, 2026): return on equity 11.3%, debt of 0.49 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is FHZN from its 52-week high?
Flughafen Zurich trades at CHF 199.90, about 22% below its 52-week high of CHF 257.34 (as of Sep 19, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 121.30 is for.
Which stocks are comparable to Flughafen Zurich?
From the same area (Industrials) we also value Aena S.M.E., S.A, Airports of Thailand Public Company, Grupo Aeroportuario del Pacífico, S.A., GMR Airports Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Flughafen Zurich stock attractive at the current price?
The data as of Sep 19, 2026: price CHF 199.90, calculated fair value CHF 121.30 (−39%), Quality Score 60/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FHZN calculated?
We run Flughafen Zurich through 25 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of CHF 121.30, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 16.1 % above its aggregate fair value. Flughafen Zurich itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Flughafen Zurich (FHZN)?
The closing price on Sep 21, 2026 was CHF 199.90. Our model-based fair value is CHF 121.30, about −39% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Flughafen Zurich right now?
The model range is unusually wide (CHF 76.75 to CHF 202.43). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of Flughafen Zurich (FHZN) come from?
Earnings per share at Flughafen Zurich grew +4.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +3.2 %, EBIT margin +0.9 %, tax rate +0.2 %, residual (interest, one-offs) +0.6 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Flughafen Zurich
How large is the market capitalisation of Flughafen Zurich (FHZN)?
The market capitalisation of Flughafen Zurich is CHF 7.2B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Flughafen Zurich (FHZN)?
The price-to-sales ratio of Flughafen Zurich is 4.51 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Flughafen Zurich (FHZN)?
Earnings per share at Flughafen Zurich are CHF 11.28 (price ÷ EPS = P/E 17.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Flughafen Zurich (FHZN)?
The dividend yield of Flughafen Zurich is 4.3% (payout 75.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Flughafen Zurich (FHZN)?
The net margin of Flughafen Zurich is 25.5% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Flughafen Zurich (FHZN)?
The return on equity (ROE) of Flughafen Zurich is 11.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Flughafen Zurich (FHZN)?
On an EBIT basis the return on assets of Flughafen Zurich is 6.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Flughafen Zurich (FHZN)?
The operating margin of Flughafen Zurich is 34.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Flughafen Zurich (FHZN)?
Revenue at Flughafen Zurich is growing +3.6% versus a year earlier (3y avg +10.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Flughafen Zurich (FHZN)?
Earnings per share at Flughafen Zurich are growing +5.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Flughafen Zurich (FHZN) carry?
The net debt of Flughafen Zurich is CHF 1.5B (fiscal year 2025, ≈ 10.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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