Flughafen Zuerich AG (XSWX:FHZN) Beneish M-Score: -2.76 (As of Jun. 29, 2026)


XSWX:FHZN Flughafen Zuerich AG XSWX:FHZN
86 GF Score
Price CHF253.80
GF Value CHF226.89
Valuation Modestly Overvalued
! 4 Warning Signs
View Full Analysis

What is Flughafen Zuerich AG Beneish M-Score?

Flughafen Zuerich AG XSWX:FHZN +0.08% 86 Beneish M-Score is -2.76 as of Jun. 29, 2026. GuruFocus rates XSWX:FHZN with a GF Score™ of 86/100 and a GF Value™ of CHF226.89 (Modestly Overvalued). The stock has 4 warning signs investors should review. Among 960 Transportation companies, Flughafen Zuerich AG ranks better than 66.56% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.76 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Flughafen Zuerich AG's Beneish M-Score or its related term are showing as below:

XSWX:FHZN' s Beneish M-Score Range Over the Past 10 Years
Min: -2.8   Med: -2.68   Max: -2.44
Current: -2.76

During the past 13 years, the highest Beneish M-Score of Flughafen Zuerich AG was -2.44. The lowest was -2.80. And the median was -2.68.

Flughafen Zuerich AG Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Flughafen Zuerich AG's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Flughafen Zuerich AG Beneish M-Score Chart

Flughafen Zuerich AG Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.44 -2.72 -2.77 -2.76 -2.76

Flughafen Zuerich AG Semi-Annual Data
Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.77 0.00 -2.76 0.00 -2.76

XSWX:FHZN vs JOBY, CAAP: Beneish M-Score Comparison

For the Airports & Air Services subindustry, Flughafen Zuerich AG's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Flughafen Zuerich AG Beneish M-Score vs Transportation Industry

For the Transportation industry and Industrials sector, Flughafen Zuerich AG's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Flughafen Zuerich AG's Beneish M-Score falls into.


XSWX:FHZN
86GF Score
Flughafen Zuerich AG XSWX:FHZN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Flughafen Zuerich AG Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Flughafen Zuerich AG for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1.0109+0.528 * 0.9772+0.404 * 1.0377+0.892 * 1.0262+0.115 * 1.0221
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.055+4.679 * -0.061346-0.327 * 1.0543
=-2.76

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was CHF164 Mil.
Revenue was CHF1,361 Mil.
Gross Profit was CHF745 Mil.
Total Current Assets was CHF762 Mil.
Total Assets was CHF5,573 Mil.
Property, Plant and Equipment(Net PPE) was CHF3,441 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF312 Mil.
Selling, General, & Admin. Expense(SGA) was CHF71 Mil.
Total Current Liabilities was CHF356 Mil.
Long-Term Debt & Capital Lease Obligation was CHF1,668 Mil.
Net Income was CHF347 Mil.
Gross Profit was CHF0 Mil.
Cash Flow from Operations was CHF688 Mil.
 Total Receivables was CHF158 Mil.
Revenue was CHF1,326 Mil.
Gross Profit was CHF709 Mil.
Total Current Assets was CHF739 Mil.
Total Assets was CHF5,203 Mil.
Property, Plant and Equipment(Net PPE) was CHF3,230 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF300 Mil.
Selling, General, & Admin. Expense(SGA) was CHF65 Mil.
Total Current Liabilities was CHF339 Mil.
Long-Term Debt & Capital Lease Obligation was CHF1,453 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(163.8 / 1361.1) / (157.9 / 1326.4)
=0.120344 / 0.119044
=1.0109

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(709.1 / 1326.4) / (744.6 / 1361.1)
=0.534605 / 0.547058
=0.9772

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (761.6 + 3440.7) / 5573.3) / (1 - (739 + 3230.2) / 5202.5)
=0.245994 / 0.237059
=1.0377

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=1361.1 / 1326.4
=1.0262

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(299.5 / (299.5 + 3230.2)) / (311.5 / (311.5 + 3440.7))
=0.084851 / 0.083018
=1.0221

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(70.8 / 1361.1) / (65.4 / 1326.4)
=0.052017 / 0.049306
=1.055

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((1667.9 + 355.7) / 5573.3) / ((1452.9 + 338.7) / 5202.5)
=0.363088 / 0.344373
=1.0543

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(346.5 - 0 - 688.4) / 5573.3
=-0.061346

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Flughafen Zuerich AG has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.76 mean?
Flughafen Zuerich AG (XSWX:FHZN) has a Beneish M-Score of -2.76 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Flughafen Zuerich AG and its competitors. According to the industry distribution chart, Flughafen Zuerich AG ranks #321 out of 960 companies in the Transportation industry, placing it in the top 33.4%.
Is Flughafen Zuerich AG's Beneish M-Score too high?
Flughafen Zuerich AG's current Beneish M-Score is -2.76. Based on the distribution chart, Flughafen Zuerich AG ranks #321 out of 960 companies in the Transportation industry, which is above the industry midpoint. Overall, Flughafen Zuerich AG has a GF Score™ of 86/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Flughafen Zuerich AG's Beneish M-Score compare to JOBY and CAAP?
According to the Transportation industry distribution chart, Flughafen Zuerich AG ranks #321 out of 960 companies for Beneish M-Score. This puts Flughafen Zuerich AG in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Transportation company?
A good Beneish M-Score depends on the Transportation industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Flughafen Zuerich AG and its competitors. Flughafen Zuerich AG's current Beneish M-Score is -2.76. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Flughafen Zuerich AG stock overvalued right now?
Based on GuruFocus' analysis, Flughafen Zuerich AG (XSWX:FHZN) is currently considered Modestly Overvalued. The stock's GF Value™ is CHF226.89, compared to a current price of CHF253.80 — trading 11.9% above its estimated fair value. The current Beneish M-Score is -2.76. Flughafen Zuerich AG's overall GF Score™ is 86/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Flughafen Zuerich AG (XSWX:FHZN), the current Beneish M-Score is -2.76 as of Jun. 29, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Flughafen Zuerich AG (XSWX:FHZN) Overvalued in 2026?

Based on GuruFocus' analysis, Flughafen Zuerich AG stock appears to be overvalued. The current stock price of CHF253.80 is trading 11.9% above its estimated GF Value™ of CHF226.89. GuruFocus considers Flughafen Zuerich AG to be Modestly Overvalued.

Key valuation signals for XSWX:FHZN:

  • Beneish M-Score: -2.76
  • GF Value™: CHF226.89 vs. price of CHF253.80 (11.9% above fair value)
  • GF Score™: 86/100 with 4 warning signs

No single metric tells the full story. See the XSWX:FHZN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Flughafen Zuerich AG Business Description

Address Zurich Airport Ltd, P.O. Box, Zurich, CHE, CH-8058
Flughafen Zurich owns and operates Zurich Airport, Switzerland's main international hub, as well as select overseas airport concessions, including Noida International Airport in the Delhi Metropolitan Area. Zurich Airport operates under a hybrid-till regime, whereby 30% of the economic added value from commercial activities must be used as a transfer payment to subsidize the costs of the regulated business. The Swiss business is split into regulated aviation activities (airport charges, security, and passenger-related fees) and nonregulated commercial activities (retail, F&B, parking advertising, rental agreements, and energy services). In 2024, nonregulated businesses contributed 55% of the group's operating profit, despite generating only 40% of the group's total sales.
86GF Score

Get the complete analysis for XSWX:FHZN

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

CHF253.80
Price
CHF226.89
GF Value