Grupo Aeroportuario del Sureste (ASR) AI Stock Analysis

• Market Cap: $10.15B
• Dividend Yield: 11.85%
• Average Volume (3M): 69.26K
• Price to Earnings (P/E): 18.5
• Beta (1Y): 0.64
• Revenue Growth: 8.70%
• EPS Growth: -21.15%
• Country: US
• Employees: 1,936
• Sector: Industrials
• Sector Strength: 72
• Industry: Airlines, Airports & Air Services
• EPS (TTM): 5.27
• Shares Outstanding: 27,705,000
• 10 Day Avg. Volume: 76,862
• 30 Day Avg. Volume: 69,263
• PEG Ratio: -0.74
• Price to Book (P/B): 4.42
• Price to Sales (P/S): 4.69
• P/FCF Ratio: 34.60
• Enterprise Value/Market Cap: 17.67
• Enterprise Value/Revenue: 4.82
• Enterprise Value/Gross Profit: 7.20
• Enterprise Value/Ebitda: 9.61
• 1Y Price Target: $365.00
• Price Target Upside: 8.63% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): 23.97
• Revenue Forecast (FY): $2.32B

• Rating: 69 Neutral
• Price Target: $368.00 ▲(9.52% Upside)
• Action: Downgraded Date: 03/04/26
• Date: Action: Downgraded 03/04/26

The score is driven primarily by solid underlying financial quality (strong margins/returns) but tempered by weaker cash flow and higher leverage versus last year. Valuation is supportive thanks to a reasonable P/E and very high dividend yield, while technical signals are soft in the near term. Earnings-call commentary adds moderate optimism from expansion initiatives, offset by clear near-term cost and profitability pressures.

Positive Factors

Diversified revenue model

ASR combines aeronautical fees, growing non-aeronautical retail and advertising, and real estate development. Expanded retail (41 new units) and rising commercial revenue per passenger provide durable, higher-margin cash flows that reduce reliance on cyclical airline volumes and support long-term profitability.

High margins and returns

ASR reports sector-leading gross and net margins and historically high returns, underpinned by regulated aeronautical fees and profitable commercial operations. These structural margins support cash generation and shareholder returns even as near-term profits normalize from 2024 peaks.

Strategic M&A scale gains

Recent acquisitions (ASUR U.S. and the proposed Motiva/CPC deal) materially expand network scale and dollar‑denominated commercial exposure. Larger system throughput and U.S. retail presence create cross‑selling, procurement and commercial leverage that can sustainably uplift revenues and diversify geographic risk.

Negative Factors

Rising leverage

Leverage has increased materially year‑over‑year due to acquisitions and higher capex. While still moderate versus peers, higher debt (and planned debt‑funded Motiva purchase) reduces financial flexibility, raises interest and refinancing risk, and limits capacity to absorb shocks or fund opportunistic investments.

Weakening free cash flow

FCF contraction reflects heavier reinvestment, working‑capital drag and timing effects. Lower free cash reduces the firm's ability to fund dividends, deleverage after acquisitions, and finance growth internally, increasing reliance on external financing for strategic initiatives.

Rising operating costs & accounting shifts

A sustained increase in operating costs (wage/service inflation, transaction fees) plus an accounting change that raises concession amortization in Colombia structurally pressures margins. These factors can permanently raise the cost base and complicate comparability and forecasting for future profitability.

Grupo Aeroportuario del Sureste Business Overview & Revenue Model

Company Description

Grupo Aeroportuario del Sureste, S. A. B. de C. V. holds concessions to operate, maintain, and develop airports in the southeast region of Mexico. The company operates nine airports that are located in the cities of Cancún, Cozumel, Mérida, Huatulco, Oaxaca, Veracruz, Villahermosa, Tapachula, and Minatitlan. It provides aeronautical services, which include passenger, aircraft landing and parking, passenger walkway, and airport security services. The company also offers non-aeronautical services, such as leasing of space at its airports to retailers, restaurants, airlines, and other commercial tenants; catering, handling, and ground transportation services. In addition, it operates the Luis Muñoz Marín International Airport in San Juan, Puerto Rico; and holds concessions to operate the various airports in Colombia, including the Enrique Olaya Herrera Airport in Medellín and José María Córdova International Airport in Rionegro, the Los Garzones Airport in Montería, the Antonio Roldán Betancourt Airport in Carepa, the El Caraño Airport in Quibdó, and the Las Brujas Airport in Corozal. The company was incorporated in 1998 and is headquartered in Mexico City, Mexico.

How the Company Makes Money

ASR generates revenue through various streams primarily linked to airport operations. Key revenue sources include aeronautical services, such as landing fees, passenger service charges, and cargo handling fees, which are collected from airlines and passengers using the airports. Additionally, the company earns significant income from non-aeronautical activities, including retail concessions, food and beverage sales, advertising, and parking services available to travelers. ASR also benefits from real estate development around airport facilities, which can provide further financial returns. Strategic partnerships with airlines and other service providers bolster its operational efficiency and enhance service offerings, contributing to its overall revenue generation.

Grupo Aeroportuario del Sureste Financial Statement Overview

Summary

Strong profitability and returns with continued revenue growth, but fundamentals are less clean than 2024: net margin has normalized, leverage has risen meaningfully year-over-year, and free cash flow dropped sharply (weaker cash conversion).

Income Statement

ASR shows strong profitability and resilient growth. Revenue in TTM (Trailing-Twelve-Months) grew 5.5%, while margins remain exceptionally high for the sector (TTM gross margin ~71% and net margin ~32%). That said, profitability has eased from 2024’s peak (net margin ~43% in 2024 vs. ~32% in TTM), indicating some normalization/pressure despite continued top-line expansion.

Balance Sheet

The balance sheet is solid with strong shareholder equity and healthy returns (return on equity ~30% in TTM). The key concern is leverage moving higher: debt-to-equity rose to ~0.58 in TTM from ~0.25 in 2024, reflecting a sizable increase in total debt and reducing financial flexibility versus last year, even though leverage remains manageable overall.

Cash Flow

Cash generation is positive, with TTM operating cash flow of ~8.6B and free cash flow of ~3.4B. However, free cash flow fell sharply (down ~51% in TTM) and is covering a smaller portion of earnings than in prior years, suggesting heavier reinvestment, working-capital drag, or less favorable timing versus the very strong 2023–2024 cash conversion.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	37.24B	31.33B	25.82B	25.31B	18.78B
Gross Profit	20.60B	20.16B	15.56B	18.77B	12.26B
EBITDA	20.25B	23.52B	17.82B	17.00B	10.64B
Net Income	10.49B	13.55B	10.20B	9.99B	5.98B
Balance Sheet
Total Assets	88.14B	83.64B	70.34B	70.92B	65.83B
Cash, Cash Equivalents and Short-Term Investments	11.12B	20.08B	13.87B	13.17B	8.77B
Total Debt	34.01B	13.38B	12.25B	15.20B	13.78B
Total Liabilities	41.73B	22.02B	18.75B	21.90B	20.06B
Stockholders Equity	39.51B	54.21B	44.95B	41.62B	37.18B
Cash Flow
Free Cash Flow	5.05B	11.17B	12.07B	10.68B	6.59B
Operating Cash Flow	12.86B	15.57B	13.45B	13.46B	10.26B
Investing Cash Flow	-10.46B	-2.75B	-2.45B	-3.79B	-3.41B
Financing Cash Flow	-10.28B	-8.92B	-9.32B	-4.83B	-3.31B

Grupo Aeroportuario del Sureste Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 336.00
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ASR, the sentiment is Negative. The current price of 336 is below the 20-day moving average (MA) of 366.47, below the 50-day MA of 344.83, and above the 200-day MA of 314.45, indicating a neutral trend. The MACD of 2.56 indicates Positive momentum. The RSI at 37.56 is Neutral, neither overbought nor oversold. The STOCH value of 27.22 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ASR.

Grupo Aeroportuario del Sureste Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
OMAB	79 Outperform	$5.46B	19.58	49.49%	4.03%	-2.04%	-3.82%
CAAP	71 Outperform	$4.37B	23.67	13.25%	―	14.87%	-47.71%
ASR	69 Neutral	$10.15B	18.45	22.64%	11.85%	8.70%	-21.15%
PAC	65 Neutral	$12.23B	24.50	42.68%	4.46%	11.58%	1.15%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%

Grupo Aeroportuario del Sureste Corporate Events

Grupo Aeroportuario del Sureste Sets April 23, 2026 Shareholders’ Meeting and Dividend Proposal

Grupo Aeroportuario del Sureste, a Mexico-headquartered airport group listed in both Mexico and the U.S., announced on March 4, 2026 that it will hold its Ordinary Annual General Shareholders’ Meeting on April 23, 2026 in Mexico City. The company’s shareholders oversee a portfolio centered on major tourist and regional hubs, including Cancún and Medellín’s international airports, as well as commercial operations in key U.S. gateways.

At the April meeting, shareholders will review and vote on 2025 financial and operating reports, the 2024 tax compliance report, and the application of 2025 results, including a proposed MXN 10.00 cash dividend per Series B and BB share payable in May 2026. They will also consider authorizing a 2026 share repurchase limit, ratifying or appointing board members and committee members, and formalizing governance mandates, decisions that will influence ASUR’s capital allocation, corporate oversight, and alignment with minority investors in the coming year.

The most recent analyst rating on (ASR) stock is a Buy with a $414.00 price target. To see the full list of analyst forecasts on Grupo Aeroportuario del Sureste stock, see the ASR Stock Forecast page.

ASUR Q4 2025 Results Show Profit Pressure as U.S. Retail Acquisition Reshapes Balance Sheet

On February 24, 2026, ASUR reported fourth-quarter 2025 results showing modest overall passenger growth of 0.9% year-on-year, driven by a 5.7% increase in Colombia and flat traffic in Mexico, while Puerto Rico posted a 3.1% decline. Total revenue rose 21.6% to Ps.10,969.1 million, but excluding construction services it was flat, highlighting pressure on profitability as consolidated EBITDA fell 4.8%, adjusted EBITDA margin contracted to 66.4% from 69.7%, and net income dropped 21.9% despite slightly higher commercial revenue per passenger.

The quarter also reflected a more leveraged balance sheet and heavier investment, with capex up 54.0%, cash and cash equivalents down 44.6%, and net debt moving from a net cash position to Ps.16,370.2 million, equivalent to 0.8 times last-twelve-month adjusted EBITDA. ASUR completed on December 11, 2025 the acquisition of its U.S. airport retail concessions at key terminals in JFK, Los Angeles, and Chicago O’Hare, which contributed Ps.133.1 million in revenue and Ps.86.1 million in EBITDA in the closing weeks of the year, signaling an expansion of its non-aeronautical revenue base but also contributing to the shift in its capital structure.

The most recent analyst rating on (ASR) stock is a Hold with a $383.00 price target. To see the full list of analyst forecasts on Grupo Aeroportuario del Sureste stock, see the ASR Stock Forecast page.

ASUR Posts 3.6% January Passenger Growth on Strong Colombia Traffic

On February 9, 2026, ASUR reported that total passenger traffic across its network reached 6.66 million travelers in January 2026, a 3.6% increase versus January 2025, underscoring continued recovery and growth in air travel demand. The performance was uneven across regions, with Colombia driving the expansion through a 15.0% surge in traffic, while Mexico posted modest 0.9% growth and Puerto Rico registered a 2.1% decline, highlighting stronger domestic dynamics in Colombia and softer domestic volumes in Mexico and San Juan despite resilient international flows.

Colombia’s growth was led by an 18.3% jump in domestic passengers and 5.2% in international travelers, particularly at Rionegro, reinforcing ASUR’s expanding foothold in that market. In contrast, Mexico saw international traffic rise 2.5% but domestic traffic slip 1.2%, and Puerto Rico recorded a 2.6% fall in domestic traffic partly offset by a 1.8% increase in international passengers, signaling a shift toward international tourism and mixed demand patterns that investors and airline partners will monitor for capacity and route planning decisions.

The most recent analyst rating on (ASR) stock is a Hold with a $383.00 price target. To see the full list of analyst forecasts on Grupo Aeroportuario del Sureste stock, see the ASR Stock Forecast page.

ASUR Shareholders Approve New Acquisition and Debt Powers to Support Expansion

On January 26, 2026, ASUR’s shareholders, meeting in a General Ordinary Shareholders’ Meeting in Mexico City, approved resolutions authorizing the company to acquire all or part of shares and airport operators, including Companhia de Participações em Concessões, either directly or through subsidiaries or special purpose vehicles. Shareholders also granted broad authorization for ASUR to contract debt through bank loans, securities issuances or other financing instruments and to enter into any related agreements, and appointed special delegates to formalize these decisions, positioning the group with additional financial and strategic flexibility for future expansion and consolidation across its airport portfolio.

The most recent analyst rating on (ASR) stock is a Hold with a $370.00 price target. To see the full list of analyst forecasts on Grupo Aeroportuario del Sureste stock, see the ASR Stock Forecast page.

ASUR Reports Mixed December 2025 Traffic as Colombia Grows and Mexico, Puerto Rico Decline

On January 6, 2026, ASUR reported that total passenger traffic across its airports reached 6.7 million in December 2025, a modest 0.4% increase versus December 2024, with performance differing markedly by region. Traffic in Colombia rose 6.0% year-on-year, supported by balanced growth in domestic and international passengers, while Mexico posted a slight 0.4% decline and Puerto Rico fell 4.2% as weaker domestic volumes offset small gains in international flows. For full-year 2025, total traffic across ASUR’s network edged up 0.3% to 71.6 million passengers, highlighting resilience in Colombia and continued recovery in Puerto Rico against softer trends at key Mexican airports such as Cancun, a mix that may influence the group’s regional revenue profile and investment priorities going forward.

The most recent analyst rating on (ASR) stock is a Buy with a $365.00 price target. To see the full list of analyst forecasts on Grupo Aeroportuario del Sureste stock, see the ASR Stock Forecast page.

ASUR Expands U.S. Presence with Acquisition of URW Airports

On December 11, 2025, Grupo Aeroportuario del Sureste (ASUR) announced the completion of its acquisition of URW Airports, LLC for $295 million, marking a strategic expansion into major U.S. airport hubs. This acquisition allows ASUR to enhance its commercial capabilities and expand its footprint in the U.S. by managing retail operations at key terminals in Los Angeles, Chicago, and New York airports, positioning ASUR Airports as a significant player in the U.S. airport retail concessions market.

The most recent analyst rating on (ASR) stock is a Sell with a $300.00 price target. To see the full list of analyst forecasts on Grupo Aeroportuario del Sureste stock, see the ASR Stock Forecast page.

ASUR Reports November 2025 Passenger Traffic Growth

On December 8, 2025, ASUR reported a 1.5% increase in total passenger traffic for November 2025 compared to the same month in 2024, reaching 5.9 million passengers. This growth was driven by a 5.9% increase in Colombia and a 1% rise in Mexico, despite a 2.9% decline in Puerto Rico. The performance in Colombia was bolstered by significant increases in both international and domestic traffic, while Mexico saw a slight increase in international traffic but a minor decrease in domestic traffic. The announcement highlights ASUR’s ongoing efforts to enhance its market position in the international airport industry.

The most recent analyst rating on (ASR) stock is a Sell with a $300.00 price target. To see the full list of analyst forecasts on Grupo Aeroportuario del Sureste stock, see the ASR Stock Forecast page.

ASUR Expands with $936 Million Acquisition of CPC Aeroportos

On November 18, 2025, ASUR’s subsidiary, Aeropuerto de Cancún, S.A. de C.V., agreed to acquire Companhia de Participações em Concessões (CPC Aeroportos) for approximately $936 million. CPC Aeroportos operates 20 airports across Latin America, including Brazil, Costa Rica, Ecuador, and Curaçao. This strategic acquisition aligns with ASUR’s long-term growth and diversification strategy, enhancing its position as an international leader in airport infrastructure. The transaction is expected to increase ASUR’s passenger traffic and exposure to new markets, with financing support from JPMorgan Chase Bank, N.A.

The most recent analyst rating on (ASR) stock is a Sell with a $300.00 price target. To see the full list of analyst forecasts on Grupo Aeroportuario del Sureste stock, see the ASR Stock Forecast page.

ASUR Announces Shareholders’ Meeting for Strategic Decisions

On December 4, 2025, Grupo Aeroportuario del Sureste (ASUR) announced a General Ordinary Shareholders’ Meeting scheduled for January 26, 2026. The agenda includes discussions on acquiring shares or airport operators, contracting debt, and appointing delegates to formalize resolutions. This meeting reflects ASUR’s strategic focus on expansion and financial structuring, potentially impacting its operational capabilities and market positioning.

The most recent analyst rating on (ASR) stock is a Sell with a $300.00 price target. To see the full list of analyst forecasts on Grupo Aeroportuario del Sureste stock, see the ASR Stock Forecast page.