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Owns and operates Zurich Airport, earning aviation fees plus retail, real-estate and parking revenue from passengers and airlines.
Owns and operates Zurich Airport, earning aviation fees plus retail, real-estate and parking revenue from passengers and airlines.
Airlines and passengers pay regulated charges for landing, passenger handling and security, which carry the business, while retail concessions, parking and property add non-aviation income. Swiss, the Lufthansa Group carrier, uses Zurich as its main hub, so the airport depends heavily on one airline. The Canton of Zurich is the largest shareholder, and the company holds airport interests abroad, India's Noida the most prominent.
In one line: A privately-run version of a US airport authority.
Moat: wide (regulatory licence, scale, installed base). Sole regulated operator of Switzerland's largest airport, a licence-protected local monopoly.
Headquarters: Zurich, Switzerland · Founded: 1948 · Employees: 2,479
Size Flughafen Zurich (FHZN.SW) is a Switzerland Industrials company (Other Transportation) with a market value of $7.94B, the 40th largest of 158 Switzerland companies the cockpit tracks. Shares closed at CHF 211.20 on 6 Nov 2026.
Performance Over six months the shares fell 3.2%, against +1.1% for the median peer and +11.6% for the Switzerland market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 4.3% over the last twelve months (peer median +10.3%); the operating margin is 35.2% (peer median 20.7%).
Valuation It trades at 20.3× forward earnings against a peer median of 16.4× (6th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +17%, so the hurdle is -17 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.6 points above its cost of capital (5.0% WACC).
Next results Next results expected around 5 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CHF 1.39B | CHF 1.36B | CHF 1.33B | CHF 1.24B | CHF 1.02B |
| Revenue growth | — | +3% | +7% | +21% | — |
| Gross profit | CHF 530M | CHF 563M | CHF 529M | CHF 476M | CHF 332M |
| EBITDA | CHF 789M | CHF 770M | CHF 736M | CHF 680M | CHF 551M |
| Net income | CHF 349M | CHF 346M | CHF 327M | CHF 304M | CHF 207M |
| Free cash flow | CHF 161M | CHF 144M | CHF 159M | CHF 287M | CHF 295M |
| Capital expenditure | CHF 560M | CHF 557M | CHF 566M | CHF 428M | CHF 193M |
| Total debt | n/a | CHF 1.69B | CHF 1.48B | CHF 1.57B | CHF 1.92B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Flughafen Zurich FHZN.SW | $7.94B | -3% | +4% | 35% | 20.3× | 0.3% |
| Fraport FRA.DE | $7.09B | +1% | +3% | 19% | 21.2× | 6.3% |
| Aeroports de Paris ADP.PA | $13.0B | +9% | +5% | 18% | 18.1× | 11.5% |
| Aena SME AENA.MC | $47.6B | +21% | +11% | 46% | 18.1× | 7.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FHZN.SW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.2% | +8.1% | 7th highest of 21 |
| 6-month return | -3.2% | +1.1% | 8th lowest of 21 |
| Distance from 52-week high | -20.8% | -18.2% | 7th lowest of 21 |
| Revenue growth (TTM) | +4.3% | +10.3% | 5th lowest of 21 |
| Operating margin | 35.2% | 20.7% | 5th highest of 21 |
| Forward P/E | 20.3× | 16.4× | 6th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 0.3% | 4.7% | 7th least demanding of 16 |
| Growth delivered (Del g) | +16.9% | +21.5% | 8th lowest of 16 |
| Hurdle (Req g minus delivered) | -16.6 pp | -15.2 pp | 8th least demanding of 16 |
| ROIC minus cost of capital | +3.6 pp | -0.1 pp | 6th highest of 21 |
| EV / EBITDA | 10.2× | 12.1× | 4th cheapest of 11 |
| Net debt / EBITDA | 1.9× | 3.3× | 4th least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Flughafen Zurich FHZN.SW | Switzerland | $7.94B | -3% | +4% | 35% | 20.3× | 0.3% | +16.9% |
| Grupo Aeroportuario del Sureste SAB de CV Sponsored ADR ASR | United States | $7.95B | -15% | +26% | 41% | 12.2× | -2.3% | +27.0% |
| Shandong Hi-speed 600350.SS | China | $8.06B | +4% | -4% | 20% | 18.0× | 4.7% | +13.0% |
| Qingdao Port International 6198.HK | Hong Kong | $8.84B | -1% | +10% | 32% | 8.0× | -12.2% | +6.5% |
| Fraport FRA.DE | Germany | $7.09B | +1% | +3% | 19% | 21.2× | 6.3% | +21.5% |
| China Merchants Port 0144.HK | Hong Kong | $8.93B | +5% | +14% | 38% | 9.3× | 4.1% | +8.3% |
| Hankyu Hanshin 9042.T | Japan | $7.03B | +3% | +6% | 10% | 13.2× | n/a | n/a |
| StandardAero SARO | United States | $9.14B | +10% | +13% | 10% | 16.4× | 10.9% | +13.5% |
| Shanghai International Airport 600009.SS | China | $9.22B | -9% | +7% | 19% | 23.7× | -2.6% | +25.4% |
| Jiangsu Expressway 0177.HK | Hong Kong | $9.54B | +6% | +8% | 26% | 10.1× | n/a | n/a |
| Kobenhavns Lufthavne A/S KBHL.CO | Denmark | $6.60B | -6% | +9% | 34% | n/a | 6.7% | +28.5% |
| Lyft LYFT | United States | $6.47B | +19% | +11% | -2% | 21.9× | -6.1% | +21.7% |
| China Merchants Expressway Network & Technology 001965.SZ | China | $10.6B | +10% | +26% | 15% | 14.6× | 6.7% | +13.7% |
| GMR Airports GMRAIRPORT.NS | India | $11.1B | -2% | +29% | 27% | 296.2× | n/a | n/a |
| Tokyo Metro 9023.T | Japan | $5.31B | -8% | +3% | 21% | 16.5× | 4.8% | +7.4% |
| Grupo Aeroportuario del Centro Norte SAB de CV Sponsored ADR OMAB | United States | $5.21B | +2% | +21% | 53% | 13.2× | -5.1% | +27.2% |
| Zhejiang Expressway 0576.HK | Hong Kong | $4.86B | -13% | +18% | 33% | 5.9× | n/a | n/a |
| Aeroports de Paris ADP.PA | France | $13.0B | +9% | +5% | 18% | 18.1× | 11.5% | +25.7% |
| Hainan Airport Infrastructure 600515.SS | China | $4.56B | -26% | +25% | -5% | 133.0× | n/a | n/a |
| Liaoning Port 601880.SS | China | $4.54B | -10% | -3% | 21% | n/a | -10.7% | -1.3% |
| Grupo Aeroportuario del Pacifico SAB de CV Sponsored ADR PAC | United States | $14.5B | +1% | +20% | 44% | 17.1× | 8.2% | +31.3% |