Loading…
Operator of Frankfurt Airport, Germany's largest international air hub, plus stakes in airports worldwide.
Operator of Frankfurt Airport, Germany's largest international air hub, plus stakes in airports worldwide.
Charges airlines fees for each landing and passenger, regulated by the state, and earns more from shops, parking and property that passengers use at Frankfurt. International airports it runs under long concessions, in Greece, Brazil, Peru and Turkey among others, add income. The State of Hesse and the city of Frankfurt are its largest shareholders.
Moat: wide (regulatory licence, scale, installed base). Operates Germany's primary international hub airport, a natural regional monopoly.
Headquarters: Frankfurt, Germany · Founded: 1924 · Employees: 19,252
Size Fraport (FRA.DE) is a Germany Industrials company (Other Transportation) with a market value of $7.09B, the 59th largest of 205 Germany companies the cockpit tracks. Shares closed at €68.40 on 6 Nov 2026.
Performance Over six months the shares gained 1.0%, against -1.3% for the median peer and +2.6% for the Germany market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 3.0% over the last twelve months (peer median +9.6%); the operating margin is 18.7% (peer median 23.1%).
Valuation It trades at 21.2× forward earnings against a peer median of 16.4× (5th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +21%, so the hurdle is -15 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.5 points below its cost of capital (5.3% WACC).
Credit Fraport has 4 bonds outstanding ($2.34B) and trading like A- at a weighted spread of 79 bp.
Next results Next results expected around 17 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €4.51B | €4.43B | €4.43B | €4.00B | €3.19B |
| Revenue growth | — | 0% | +11% | +25% | — |
| Gross profit | €1.02B | €1.06B | €903M | €836M | €631M |
| EBITDA | €1.46B | €1.39B | €1.22B | €1.15B | €894M |
| Net income | €388M | €432M | €451M | €393M | €132M |
| Free cash flow | €337M | €419M | €9.20M | -€22.6M | €96.4M |
| Capital expenditure | €1.22B | €1.33B | €1.89B | €1.53B | €1.15B |
| Total debt | €12.1B | €12.3B | €12.5B | €11.9B | €11.1B |
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 |
|---|---|---|---|---|---|---|
| Fraport FRA.DE | $7.09B | +1% | +3% | 19% | 21.2× | 6.3% |
| Aena SME AENA.MC | $47.6B | +21% | +11% | 46% | 18.1× | 7.0% |
| Vinci DG.PA | $69.8B | -12% | +4% | 12% | 12.2× | -1.5% |
| Kobenhavns Lufthavne A/S KBHL.CO | $6.60B | -6% | +9% | 34% | n/a | 6.7% |
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 | FRA.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +19.4% | +4.9% | 3rd highest of 21 |
| 6-month return | +1.0% | -1.3% | 10th highest of 21 |
| Distance from 52-week high | -21.3% | -18.8% | 7th lowest of 21 |
| Revenue growth (TTM) | +3.0% | +9.6% | 3rd lowest of 21 |
| Operating margin | 18.7% | 23.1% | 8th lowest of 21 |
| Forward P/E | 21.2× | 16.4× | 5th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 6.3% | 0.3% | 4th most demanding of 16 |
| Growth delivered (Del g) | +21.5% | +13.7% | 7th highest of 16 |
| Hurdle (Req g minus delivered) | -15.2 pp | -16.6 pp | 8th most demanding of 16 |
| ROIC minus cost of capital | -1.5 pp | +0.6 pp | 7th lowest of 21 |
| EV / EBITDA | 11.3× | 10.9× | 5th most expensive of 11 |
| Net debt / EBITDA | 6.7× | 3.0× | 2nd most indebted of 12 |
| Bond spread | 79 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Fraport FRA.DE | Germany | $7.09B | +1% | +3% | 19% | 21.2× | 6.3% | +21.5% |
| Hankyu Hanshin 9042.T | Japan | $7.03B | +3% | +6% | 10% | 13.2× | 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% |
| 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% |
| China Merchants Port 0144.HK | Hong Kong | $8.93B | +5% | +14% | 38% | 9.3× | 4.1% | +8.3% |
| 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% |
| Tokyo Metro 9023.T | Japan | $5.31B | -8% | +3% | 21% | 16.5× | 4.8% | +7.4% |
| Jiangsu Expressway 0177.HK | Hong Kong | $9.54B | +6% | +8% | 26% | 10.1× | n/a | n/a |
| 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 |
| China Merchants Expressway Network & Technology 001965.SZ | China | $10.6B | +10% | +26% | 15% | 14.6× | 6.7% | +13.7% |
| 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% |
| GMR Airports GMRAIRPORT.NS | India | $11.1B | -2% | +29% | 27% | 296.2× | n/a | n/a |
| Taiwan High Speed Rail 2633.TW | Taiwan | $4.36B | -3% | +4% | 39% | 19.2× | 0.8% | +6.9% |
| SATS S58.SI | Singapore | $4.34B | +15% | +9% | 9% | 17.6× | -0.2% | +45.6% |
Fraport has 4 bonds outstanding with $2.34B face value. Weighted yield 3.77%, a spread of 79 bp over government bonds.