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Corporacion America Airports SA
(NYSE:CAAP)
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Rating:73Outperform
Price Target:
$31.00
▲(17.74% Upside)
Action:Reiterated
Date:05/23/26
The score is driven primarily by strong financial performance (especially cash flow) and a positive latest earnings update featuring robust revenue/EBITDA growth and low net leverage. These positives are tempered by a mixed technical backdrop (negative MACD and price below key moving averages) and only moderate valuation support with no dividend yield data.
Positive Factors
Consistent free cash flow
Consistent positive free cash flow and strong operating cash generation indicate durable earnings quality and high cash conversion. This supports ongoing capex for terminal upgrades, funds concessions, and gives the company flexibility to fund M&A or return capital, reducing reliance on external financing.
Negative Factors
Absolute debt remains sizable
Although leverage metrics improved, a sizable absolute debt stock keeps refinancing and interest risk elevated versus peers. In case of traffic deterioration or currency swings, high nominal debt can strain cash flow, limit capital allocation, and increase sensitivity to macro shocks over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent free cash flow
Consistent positive free cash flow and strong operating cash generation indicate durable earnings quality and high cash conversion. This supports ongoing capex for terminal upgrades, funds concessions, and gives the company flexibility to fund M&A or return capital, reducing reliance on external financing.
Read all positive factors
Corporacion America Airports SA (CAAP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.49B
Dividend YieldN/A
Average Volume (3M)207.45K
Price to Earnings (P/E)15.6
Beta (1Y)0.86
Revenue Growth16.95%
EPS Growth99.42%
CountryUS
Employees6,527
SectorIndustrials
Sector Strength72
IndustryIndustrial - Infrastructure Operations
Share Statistics
EPS (TTM)1.77
Shares Outstanding163,178,330
10 Day Avg. Volume193,443
30 Day Avg. Volume207,451
Financial Highlights & Ratios
PEG Ratio-1.30
Price to Book (P/B)2.66
Price to Sales (P/S)2.15
P/FCF Ratio9.45
Enterprise Value/Market Cap1.08
Enterprise Value/Revenue2.31
Enterprise Value/Gross Profit6.49
Enterprise Value/Ebitda6.67
Forecast
1Y Price Target
$33.00Price Target Upside25.33% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)1.95
Revenue Forecast (FY)$2.09B
Corporacion America Airports SA Business Overview & Revenue Model
Company Description
Corporación América Airports S.A., through its subsidiaries, acquires, develops, and operates airport concessions. It operates 52 airports in Latin America, Europe, and Eurasia. The company was formerly known as A.C.I. Airports International S.à r...
How the Company Makes Money
CAAP primarily makes money by operating airports and charging for the use of airport infrastructure and commercial space. Its revenue model typically includes: (1) Aeronautical revenues: fees and charges paid by airlines and/or passengers for airp...
Corporacion America Airports SA Earnings Call Summary
Earnings Call Date:May 13, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 13, 2026
Earnings Call Sentiment Positive
The call presented a predominantly positive operational and financial picture: strong revenue growth (19%), meaningful EBITDA expansion (26%), improved revenue per passenger (+11%), and a stronger balance sheet (liquidity $772M, net leverage 0.5x). Commercial execution and international demand were clear strengths, and strategic progress (Armenia concession extension and $425M investment, Galapagos extension, Iraq/Angola awards) supports future growth. Headwinds included localized domestic softness (Argentina, Italy), mixed cargo volumes, rising SG&A and fuel costs in some markets, and free cash flow pressure in Italy and Ecuador. Overall, positives materially outweigh the negatives.Positive Updates
Strong Top-Line Growth
Total revenues (ex-IFRIC 12) increased 19% year over year, nearly 3x passenger growth. Country highlights: Argentina +16%, Armenia +31%, Brazil +39%. Revenue per passenger rose 11% to $22.70 (from $20.50).
Negative Updates
Domestic Traffic Softness in Some Markets
Domestic volumes were broadly stable overall but weaker in key markets: Argentina domestic slightly down (temporary fleet constraints and a 24-hour national strike in February); Italy domestic modestly lower (reduced activity at Florence and adverse weather). These domestic headwinds partially offset international gains.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Top-Line Growth
Total revenues (ex-IFRIC 12) increased 19% year over year, nearly 3x passenger growth. Country highlights: Argentina +16%, Armenia +31%, Brazil +39%. Revenue per passenger rose 11% to $22.70 (from $20.50).
Read all positive updates
Company Guidance
Management's guidance was cautious but constructive: they highlighted continued demand (Q1 passenger traffic +7% to nearly 22 million, international traffic ~+14%) and strong financial momentum (total revenues ex‑IFRIC12 +19%, revenue per passenger +11% to $22.70, adjusted EBITDA ex‑IFRIC12 +26% to $196M with margin expansion of 2.3 ppt), underpinned by a robust balance sheet (total liquidity $772M, total debt $1.1B, net debt $419M, net leverage 0.5x) that provides flexibility to invest (Armenia concession extended 35 years to 2067 and a $425M investment program, Galapagos extension), pursue modest‑equity M&A (Baghdad, Luanda) and to consider implementing a dividend policy in the near term while continuing to monitor Middle East geopolitical risks.Corporacion America Airports SA Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
71
Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.10B | 1.96B | 1.84B | 1.40B | 1.38B | 706.91M |
| Gross Profit | 749.06M | 689.77M | 605.93M | 485.36M | 415.69M | 84.53M |
| EBITDA | 729.23M | 652.59M | 917.20M | 449.00M | 527.29M | 195.50M |
| Net Income | 289.19M | 247.72M | 282.67M | 239.51M | 168.17M | -117.75M |
Balance Sheet | ||||||
| Total Assets | 4.79B | 4.45B | 4.18B | 3.54B | 3.84B | 3.62B |
| Cash, Cash Equivalents and Short-Term Investments | 772.38M | 714.84M | 524.67M | 457.87M | 451.96M | 451.08M |
| Total Debt | 1.09B | 1.10B | 1.17B | 1.35B | 1.47B | 1.45B |
| Total Liabilities | 2.91B | 2.79B | 2.66B | 2.74B | 2.97B | 2.85B |
| Stockholders Equity | 1.80B | 1.59B | 1.37B | 724.98M | 716.10M | 469.73M |
Cash Flow | ||||||
| Free Cash Flow | 468.03M | 446.50M | 393.08M | 346.75M | 278.84M | 97.80M |
| Operating Cash Flow | 487.27M | 465.22M | 405.30M | 356.42M | 287.93M | 105.46M |
| Investing Cash Flow | -57.89M | -71.91M | -32.49M | -66.40M | 9.39M | 9.63M |
| Financing Cash Flow | -205.36M | -234.66M | -271.19M | -201.63M | -234.29M | -3.67M |
Corporacion America Airports SA Technical Analysis
Negative
26.33
Price Trends
25.55
Negative
26.07
Negative
24.69
Positive
Market Momentum
-0.09
Positive
44.06
Neutral
15.67
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CAAP, the sentiment is Negative. The current price of 26.33 is above the 20-day moving average (MA) of 26.11, above the 50-day MA of 25.55, and above the 200-day MA of 24.69, indicating a neutral trend. The MACD of -0.09 indicates Positive momentum. The RSI at 44.06 is Neutral, neither overbought nor oversold. The STOCH value of 15.67 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CAAP.
Corporacion America Airports SA Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $6.28B | 8.90 | 26.01% | 5.28% | 9.30% | 16.70% | |
73 Outperform | $4.49B | 15.61 | 18.34% | ― | 16.95% | 99.42% | |
73 Outperform | $12.65B | 21.35 | 58.94% | 4.46% | 20.39% | 16.34% | |
70 Outperform | $3.67B | 8.63 | 16.00% | ― | 12.26% | 18.57% | |
65 Neutral | $5.42B | 17.76 | 49.96% | 4.03% | 12.55% | 6.09% | |
64 Neutral | $9.13B | 16.64 | 32.91% | 11.85% | 18.61% | -27.53% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
* Industrials Sector Average
CAAP
Corporacion America Airports SA
25.23
4.64
22.54%
CPA
Copa Holdings
152.65
46.88
44.33%
OMAB
Grupo Aeroportuario Del Centro
111.73
3.78
3.50%
PAC
Grupo Aeroportuario del Pacifico
253.71
26.95
11.88%
ASR
Grupo Aeroportuario del Sureste
310.81
14.04
4.73%
SKYW
SkyWest
96.88
-10.58
-9.85%
Corporacion America Airports SA Corporate Events
Corporación América Airports Sees Stable May Traffic as International Growth Offsets Domestic Weakness
Jun 18, 2026
Corporación América Airports reported that total passenger traffic in May 2026 was broadly stable, edging down 0.2% year-on-year to 6.9 million passengers, as an 8.5% decline in domestic volumes—driven largely by weaker traffic in ...
Corporación América Airports Posts April Gain on Strong International Traffic
May 20, 2026
Corporación América Airports reported that total passenger traffic rose 2.6% year on year in April 2026 to 7.1 million passengers, driven by a 7.6% increase in international traffic and a 15.0% gain in transit passengers, even as domesti...
Corporación América Airports Shareholders Approve 2025 Results and Renew Board Mandates
May 14, 2026
Corporación América Airports S.A. held its annual general meeting of shareholders in Luxembourg on May 13, 2026, where investors approved the 2025 annual and consolidated financial statements prepared under IASB and EU IFRS standards. Th...
Corporación América Airports Posts Strong Q1 2026 Growth and Higher Margins on Rising International Traffic
May 13, 2026
Corporación América Airports S.A., a major private airport operator with assets across Argentina, Brazil, Italy, Uruguay, Ecuador, Armenia and other markets, derives its income from aeronautical charges and a broad range of commercial ac...
Corporación América Airports Posts Strong Q1 2026 Profit and Revenue Growth
May 13, 2026
Corporación América Airports S.A. reported unaudited condensed consolidated interim financial results for the three-month periods ended March 31, 2026 and 2025, showing revenue rising to $537.6 million from $447.8 million and gross profi...
Corporación América Airports Publishes AA2000 Q1 2026 Financial Statements via Form 6-K
May 12, 2026
On May 11, 2026, Corporación América Airports reported that its Argentine subsidiary Aeropuertos Argentina 2000 has filed stand-alone condensed consolidated and individual financial statements for the quarter ended March 31, 2026, prepar...
Corporación América Airports Posts 5.5% Passenger Growth in March 2026 on Strong International Demand
Apr 21, 2026
On April 21, 2026, Corporación América Airports reported that total passenger traffic across its network rose 5.5% year-on-year in March 2026 to 7.4 million, driven by a 12.2% increase in international passengers and robust transit growt...
Corporación América Airports Sets May 13, 2026 AGM, Proposes Profit Allocation and Board Renewals
Apr 20, 2026
Corporación América Airports S.A. has called its annual general meeting of shareholders for May 13, 2026, in Luxembourg, setting April 17, 2026 as the record date for investors entitled to vote. Shareholders will receive reports on the c...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.