Corporacion America Airports (CAAP)
NYSE:CAAP
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Corporacion America Airports SA
(NYSE:CAAP)
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Rating:69Neutral
Price Target:
$27.00
▲(10.70% Upside)
Action:DowngradedDate:03/23/26
The score is driven primarily by strong financial performance (profitability recovery, robust free cash flow, and improved leverage) and a constructive earnings outlook with continued traffic and commercial growth. These positives are tempered by weak technical momentum (below key moving averages with negative MACD) and remaining cyclical/geopolitical risks, while valuation appears reasonable at ~13.3x earnings.
Positive Factors
Cash generation & FCF conversion
Sustained improvement in operating cash flow and robust free cash flow from 2021–2025 implies high earnings quality and internal funding capacity. Over a multi‑quarter horizon this supports capex for concessions, debt repayment, and reinvestment without relying heavily on external capital, strengthening resilience across cycles.
Negative Factors
Geopolitical & regional execution risk
Material geopolitical exposure in Armenia and nearby regions can persistently reduce international travel demand and delay planned capital programs or concession execution. For an operator whose revenues are traffic‑linked, prolonged regional instability can depress aeronautical and commercial revenue and complicate project timelines and insurance/contractual outcomes.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation & FCF conversion
Sustained improvement in operating cash flow and robust free cash flow from 2021–2025 implies high earnings quality and internal funding capacity. Over a multi‑quarter horizon this supports capex for concessions, debt repayment, and reinvestment without relying heavily on external capital, strengthening resilience across cycles.
Read all positive factors
Corporacion America Airports SA (CAAP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.17B
Dividend YieldN/A
Average Volume (3M)280.72K
Price to Earnings (P/E)17.0
Beta (1Y)0.86
Revenue Growth14.87%
EPS Growth-47.71%
CountryUS
Employees6,100
SectorIndustrials
Sector Strength72
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)0.65
Shares Outstanding163,178,330
10 Day Avg. Volume296,977
30 Day Avg. Volume280,722
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 Cap1.12
Enterprise Value/Revenue2.32
Enterprise Value/Gross Profit6.70
Enterprise Value/Ebitda6.29
Forecast
1Y Price Target
$30.50Price Target Upside25.05% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)2.24
Revenue Forecast (FY)$2.07B
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 53 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:Mar 17, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 21, 2026
Earnings Call Sentiment Positive
The call conveyed a strongly positive operational and financial picture: record passenger traffic, revenues growing faster than traffic, substantial commercial revenue upside, meaningful adjusted EBITDA growth and margin expansion, improved liquidity and lower net debt, plus strategic concession extensions and new awards. Weaknesses were localized: Ecuador and parts of Italy and Uruguay showed lower EBITDA, cargo volumes were mixed, and geopolitical risks (notably the war affecting Armenia and Middle East tensions) create execution and demand uncertainty. On balance, highlights materially outweigh the lowlights.Positive Updates
Record Passenger Traffic
Total passenger traffic reached a record 22,300,000 for the year with Q4 passenger traffic up just over 9% year-over-year; international traffic +12% and domestic traffic +~7%.
Negative Updates
Ecuador Underperformance and Higher Maintenance Costs
Ecuador passenger traffic was only +1% in Q4; adjusted EBITDA declined 12% year-over-year, driven by elevated maintenance expenses concentrated in the quarter.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Passenger Traffic
Total passenger traffic reached a record 22,300,000 for the year with Q4 passenger traffic up just over 9% year-over-year; international traffic +12% and domestic traffic +~7%.
Read all positive updates
Company Guidance
Guidance from the call was for continued positive momentum in passenger traffic—supported by January–February year‑to‑date growth of ~8.7% overall (international +14.5%, domestic +1.5%) and Q4 2025 traffic of 22.3 million (Q4 traffic +9% YoY)—with management expecting the business to grow in line with, or slightly above, passenger volumes; EBITDA margins are expected to remain broadly stable while the company prioritizes commercial optimization and revenue‑per‑passenger growth (RPP rose nearly 8% to $20.8 in the quarter). Financial flexibility underpins this guidance: total liquidity of $750 million (up 36% vs. $526M YE‑2024), total debt $1.1 billion, net debt $502 million (down from $780M), and net leverage of 0.7x; management also flagged inorganic opportunities (Baghdad, Luanda) and a $425 million investment program tied to Armenia’s 35‑year concession extension, while noting geopolitical risks in the Middle East could affect near‑term trends.Corporacion America Airports SA Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
72
Positive
Cash Flow
84
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.96B | 1.84B | 1.40B | 1.38B | 706.91M |
| Gross Profit | 677.88M | 602.39M | 483.42M | 411.80M | 80.86M |
| EBITDA | 701.95M | 613.58M | 497.39M | 407.90M | 142.47M |
| Net Income | 247.72M | 282.67M | 239.51M | 168.17M | -96.56M |
Balance Sheet | |||||
| Total Assets | 4.45B | 4.18B | 3.54B | 3.84B | 3.62B |
| Cash, Cash Equivalents and Short-Term Investments | 714.84M | 524.67M | 457.87M | 451.96M | 451.08M |
| Total Debt | 1.10B | 1.17B | 1.35B | 1.47B | 1.45B |
| Total Liabilities | 2.79B | 2.66B | 2.74B | 2.97B | 2.85B |
| Stockholders Equity | 1.59B | 1.37B | 724.98M | 716.10M | 469.73M |
Cash Flow | |||||
| Free Cash Flow | 446.50M | 393.08M | 346.75M | 278.84M | 97.80M |
| Operating Cash Flow | 465.22M | 405.30M | 356.42M | 287.93M | 105.46M |
| Investing Cash Flow | -71.91M | -32.49M | -66.40M | 9.39M | 9.63M |
| Financing Cash Flow | -234.66M | -271.19M | -201.63M | -234.29M | -3.67M |
Corporacion America Airports SA Technical Analysis
Positive
24.39
Price Trends
27.19
Negative
26.25
Negative
23.08
Positive
Market Momentum
-0.44
Negative
48.47
Neutral
69.32
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CAAP, the sentiment is Positive. The current price of 24.39 is below the 20-day moving average (MA) of 25.17, below the 50-day MA of 27.19, and above the 200-day MA of 23.08, indicating a neutral trend. The MACD of -0.44 indicates Negative momentum. The RSI at 48.47 is Neutral, neither overbought nor oversold. The STOCH value of 69.32 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | $5.54B | 19.42 | 52.26% | 4.03% | -2.04% | -3.82% | |
74 Outperform | $4.67B | 7.41 | 25.62% | 5.28% | 1.36% | 6.84% | |
74 Outperform | $3.75B | 9.45 | 16.35% | ― | 19.27% | 78.26% | |
69 Neutral | $4.17B | 17.03 | 17.03% | ― | 14.87% | -47.71% | |
69 Neutral | $10.18B | 16.66 | 30.03% | 11.85% | 8.70% | -21.15% | |
65 Neutral | $12.49B | 23.99 | 44.97% | 4.46% | 11.58% | 1.15% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
* Industrials Sector Average
CAAP
Corporacion America Airports SA
25.56
9.59
60.05%
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247.27
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ASR
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SKYW
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16.82%
Corporacion America Airports SA Corporate Events
Corporación América Airports Posts Record 2025 Traffic and Strong Margin Gains as New Concessions Extend Growth Runway
Mar 17, 2026
Corporación América Airports reported on March 17, 2026, that fourth-quarter 2025 revenue excluding construction services rose 17.3% year over year to $464.8 million, with passenger traffic up 9.1% to 22.3 million and adjusted EBITDA ex-...
Corporación América Airports Posts 6.7% Passenger Growth for February 2026 on Strong International Demand
Mar 16, 2026
Corporación América Airports S.A., a major private airport operator with assets across Latin America and Europe, reported higher traffic across most of its network in February 2026, underscoring its exposure to recovering international t...
Corporación América Airports Files AA2000 2025 Results in Form 6-K, Cautions on Comparability
Mar 6, 2026
Corporación América Airports has filed a Form 6-K dated March 6, 2026, to furnish English translations of Aeropuertos Argentina 2000’s stand-alone condensed consolidated and individual financial statements for the quarter and twelv...
Corporación América Airports Posts 8.8% Passenger Growth in January 2026 as Argentina Hits Record Traffic
Feb 24, 2026
Corporación América Airports S.A. reported on February 24, 2026 that total passenger traffic across its network rose 8.8% year-on-year in January 2026 to 7.6 million, driven by a 14.8% jump in international passengers and strong gains in...
Corporación América Airports Extends Seymour Airport Concession in Galápagos to 2032
Jan 27, 2026
On January 27, 2026, Corporación América Airports announced that its Ecuadorian subsidiary, Aeropuertos Ecológicos de Galápagos (Ecogal), signed an addendum to the concession agreement for Seymour Airport on Baltra Island in th...
Corporación América Airports Secures 35-Year Extension of Armenia Airport Concession and Commits $425 Million Investment
Jan 23, 2026
On January 23, 2026, Corporación América Airports announced that its Armenian subsidiary, Armenia International Airports CJSC, had amended its concession agreement with the Government of Armenia for the operation of Zvartnots and Gyumri ...
Corporación América Airports Receives US$91.2 Million ICSID Award Payment from Peru
Jan 20, 2026
On January 20, 2026, Corporación América Airports S.A. announced that Sociedad Aeroportuaria Kuntur Wasi S.A., in which it holds an indirect 50% equity stake, received a payment of about US$91.2 million from the Republic of Peru, executi...
Corporación América Airports Sets Record 2025 Passenger Traffic With Strong December Growth
Jan 20, 2026
On January 20, 2026, Corporación América Airports reported that passenger traffic rose 8.5% year on year in December 2025 and 9.8% for full-year 2025, with international traffic up 12.1% in December and 11.0% for the year. The company se...
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.