Jungfraubahn Holding AG

JFN.SW

Railroads · Industrials

Also trades as: 0QNG.L

Price

CHF 251.50

-7.00 (-2.71%)

Market Cap

CHF 1.47B

Exchange

SIX Swiss Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 10, 2026 · filings through Dec 31, 2025

Share count falling — buybacks

−2.0% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 5.8M (2021) → 5.7M (2025)

Jungfraubahn Holding AG is a Swiss company that runs mountain railways and tourist attractions in the Bernese Oberland region of Switzerland. Its most famous asset is the Jungfraubahn railway, which carries visitors to the "Top of Europe" station at 3,454 meters — the highest railway station in Europe. The company serves tourists from around the world, along with some local commuters, and also operates ski lifts, restaurants, and hotels in the region.

The company earns money mainly through ticket sales for its trains and cable cars, plus food, lodging, and retail at its mountain venues. It operates almost entirely in Switzerland, making it a very geographically concentrated business. Its moat comes from owning irreplaceable infrastructure — no competitor can simply build another railway to the Jungfraujoch. The biggest risk the company faces is its heavy dependence on international tourism, particularly visitors from Asia, meaning a slowdown in global travel or a strong Swiss franc can quickly hurt revenue.

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

+51.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+43.2% 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

11.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$208M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

Jungfraubahn Holding AG grew revenue 52% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

32.4%

Modest — 32.4% gross margin

Operating Margin

14.4%

Healthy — 14.4% operating margin

ROCE

3.2%

Weak — 3.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+0.2%

Nearly flat sales (+0.2% YoY)

EPS YoY

+2.5%

Flat earnings

Single-digit earnings growth — steady but not exciting.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

148%

Turns 148% of profit into real cash

FCF Margin

33.5%

Converts sales into free cash efficiently (33.5%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.15

Conservative — low debt load (0.15)

Interest Cover

194.86x

Comfortably covers interest (194.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

18.4x

Fair value — P/E 18.4

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

-0.7

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

3.38%

Moderate income — 3.38% yield

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

Dividend Growth

+180.6%

Dividend growing fast (180.6% YoY)

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