Avolta AG

AVOL.SW

Specialty Retail · Consumer Cyclical

Also trades as: 0QK3.L

Price

CHF 49.10

+0.16 (+0.33%)

Market Cap

CHF 6.95B

Exchange

SIX Swiss Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 12, 2026 · filings through Jun 30, 2026

Share count rising — dilution

+66.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 87.8M (2021) → 146.3M (2025)

Avolta AG is a Swiss company that runs shops, restaurants, and convenience stores inside airports, train stations, and other travel hubs around the world. Its stores sell things like food, drinks, luxury goods, books, and duty-free items to travelers passing through. Avolta was formed when Dufry, one of the world's largest travel retailers, merged with Autogrill in 2023, making it one of the biggest travel food and retail operators globally.

Avolta makes money by selling products directly to customers in its stores and restaurants, taking a share of sales after paying rent to the airports and transit operators that own the space. It operates in over 75 countries, with a large presence in Europe, the Americas, and Asia-Pacific. Its main competitive advantage is its scale and long-term concession contracts with major airports, which are hard for smaller rivals to win. The biggest risk is that any slowdown in global air travel — from economic downturns or health crises — can quickly reduce the number of customers walking through its doors.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-2.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+44.4% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

34.4%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

$1.0B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Avolta AG's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

29.3%

Modest — 29.3% gross margin

Operating Margin

5.8%

Thin — 5.8% operating margin

ROCE

5.7%

Weak — 5.7% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

N/A

Data not available

EPS YoY

N/A

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

1364%

Turns 1364% of profit into real cash

FCF Margin

17.4%

Converts sales into free cash efficiently (17.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

3.17

Heavy debt load (3.17)

Interest Cover

1.55x

Dangerous — barely covers interest (1.5x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

33.6x

Pricey — P/E 33.6

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+21.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (33.6 → 11.9)

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Dividends

Dividend Yield

2.32%

Moderate income — 2.32% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

-31.0%

Dividend cut (-31.0% YoY) — warning sign

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