Aena SA (AENA) AI Stock Analysis

• Market Cap: €39.34B
• Dividend Yield: 4.09%
• Average Volume (3M): 1.63M
• Price to Earnings (P/E): 19.1
• Beta (1Y): 0.72
• Revenue Growth: 9.47%
• EPS Growth: 6.30%
• Country: ES
• Employees: 9,511
• Sector: Industrials
• Sector Strength: 72
• Industry: Airlines, Airports & Air Services
• EPS (TTM): 0.44
• Shares Outstanding: 1,500,000,000
• 10 Day Avg. Volume: 1,399,675
• 30 Day Avg. Volume: 1,627,061
• PEG Ratio: 0.83
• Price to Book (P/B): 3.58
• Price to Sales (P/S): 5.12
• P/FCF Ratio: 15.41
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: €27.10
• Price Target Upside: 3.32% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 77 Outperform
• Price Target: €29.00 ▲(10.56% Upside)

The score is primarily supported by strong financial performance (high margins and sustained profitability with improving leverage), partially offset by balance-sheet debt and softer cash-flow conversion. Technicals are bullish but appear overextended (RSI/Stoch high), and valuation is reasonable with a solid dividend yield.

Positive Factors

High profitability (net margins ~33%)

Sustained net margins near 33% indicate durable pricing power and operational efficiency in airport operations. High margins support cash generation for reinvestment, dividend capacity and resilience through traffic cycles, underpinning long-term shareholder returns and strategic investments.

Improving leverage and equity growth

Material improvement in leverage versus the pandemic-era peak and equity growth strengthen financial flexibility. Lower relative leverage reduces refinancing risk and supports capacity for capex and network investments, improving the firm's ability to fund longer-term airport development projects.

Solid operating cash flow and positive FCF

Consistent operating cash flow and positive FCF provide a durable funding source for maintenance capex, concessions expansion and shareholder returns. Reliable cash conversion from operations underpins balance-sheet repair and the ability to invest in productivity-enhancing airport infrastructure.

Negative Factors

Sizable absolute debt load remains a risk

Large absolute debt increases vulnerability to demand shocks and rising interest rates. Even with improved ratios, heavy nominal debt can constrain discretionary capex, limit liquidity buffers during downturns and force tougher trade-offs between investment, maintenance and shareholder distributions.

Weaker free cash flow conversion

Declining FCF and sub-100% conversion versus net income signal higher reinvestment or working-capital needs. Over time weaker conversion can pressure funding for growth, increase reliance on external financing and reduce capacity for dividends or debt paydown if not reversed.

Deceleration in revenue growth

A marked slowdown from prior double-digit expansion to low-single-digit growth may limit future earnings and margin expansion. For capital-intensive airport operations, slower top-line momentum reduces return on new investments and heightens reliance on cost efficiencies to sustain profitability.

Aena SA Business Overview & Revenue Model

Company Description

Aena S.M.E., S.A., together with its subsidiaries, engages in the operation, maintenance, management, and administration of airport infrastructures and heliports in Spain, Brazil, the United Kingdom, Mexico, and Colombia. The company operates through Airports, Real Estate Services, International, and SCAIRM segments. It also manages commercial spaces in airport terminals and car parks network; and rents areas in airport terminals for duty-free shops, specialty shops, food and beverage establishments, commercial operations, and advertising, as well as financial services. In addition, the company leases office buildings, warehouses, hangars, and cargo storage facilities to airlines, air cargo operators, handling agents, and other airport service providers. It manages 46 airports in Spain; 12 airports in Mexico; 2 airports in Colombia; 1 airport in the United Kingdom; and 6 airports in Brazil. The company was formerly known as Aena, S.A. and changed its name to Aena S.M.E., S.A. in April 2017. The company was founded in 2010 and is headquartered in Madrid, Spain. Aena S.M.E., S.A. is a subsidiary of ENAIRE.

How the Company Makes Money

Aena generates revenue through several key streams, primarily from aeronautical and non-aeronautical activities. Aeronautical revenues are derived from fees charged to airlines for landing and takeoff services, passenger services, and other related airport operations. Non-aeronautical revenues come from retail concessions, duty-free shops, restaurants, and parking services within the airports. Additionally, AENA benefits from real estate operations and commercial leases within airport premises. Strategic partnerships with airlines and other stakeholders in the aviation industry further bolster its revenue, as well as its ongoing investments in infrastructure and technology that enhance operational efficiency and passenger experience.

Aena SA Financial Statement Overview

Summary

Strong overall fundamentals driven by high profitability and a clear post-pandemic earnings recovery (Income Statement score 86). Balance sheet is improved but still carries sizable absolute debt (Balance Sheet score 72). Cash generation is solid with positive free cash flow, though FCF declined YoY and conversion vs. net income is weaker than peak (Cash Flow score 78).

Income Statement

TTM (Trailing-Twelve-Months) results show strong profitability with high operating and net margins (net margin ~33%), and revenue growth remains positive (TTM ~2.5% after double-digit growth in 2023–2024). The business has clearly rebounded from 2020–2021 losses to consistently strong earnings. A key watch-out is the sharp deceleration in top-line growth versus prior years, which could limit further margin/earnings expansion if demand normalizes.

Balance Sheet

Leverage is moderate for the sector: debt-to-equity is below 1.0 in TTM (and improved materially versus 2020–2022 when it was above 1.0), while equity has grown. Returns on equity are strong (TTM ~25%), consistent with high profitability. The main risk is still the sizable absolute debt load, which can reduce flexibility in weaker traffic or higher-rate environments despite the improving leverage trend.

Cash Flow

Cash generation is solid: TTM operating cash flow is strong and comfortably supports earnings (cash flow exceeds net income), and free cash flow is meaningfully positive. However, TTM free cash flow declined (~13% YoY), and free cash flow covers only about ~70% of net income, suggesting higher reinvestment needs and/or working-capital/capex pressure versus peak conversion.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	6.18B	5.78B	5.05B	4.19B	2.44B	2.19B
Gross Profit	4.17B	3.94B	3.33B	2.56B	912.37M	688.49M
EBITDA	3.71B	3.69B	3.23B	2.06B	145.54M	678.56M
Net Income	2.06B	1.93B	1.63B	901.50M	-475.45M	-126.79M
Balance Sheet
Total Assets	17.39B	16.98B	17.56B	15.85B	16.33B	15.66B
Cash, Cash Equivalents and Short-Term Investments	1.75B	1.82B	2.40B	1.57B	1.47B	1.22B
Total Debt	6.88B	6.99B	8.34B	7.63B	8.72B	8.11B
Total Liabilities	8.74B	8.77B	10.00B	9.21B	10.31B	9.60B
Stockholders Equity	8.68B	8.28B	7.63B	6.72B	6.10B	6.12B
Cash Flow
Free Cash Flow	1.71B	1.92B	1.67B	1.14B	-390.61M	-356.88M
Operating Cash Flow	2.74B	2.75B	2.22B	1.86B	280.47M	146.24M
Investing Cash Flow	-660.31M	-804.35M	-1.42B	-664.16M	-660.91M	-534.70M
Financing Cash Flow	-2.86B	-2.43B	-19.61M	-1.09B	619.81M	1.38B

Aena SA Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 26.23
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:AENA, the sentiment is Positive. The current price of 26.23 is above the 20-day moving average (MA) of 25.26, above the 50-day MA of 24.16, and above the 200-day MA of 23.68, indicating a bullish trend. The MACD of 0.47 indicates Negative momentum. The RSI at 67.73 is Neutral, neither overbought nor oversold. The STOCH value of 56.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ES:AENA.

Aena SA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AENA	77 Outperform	€39.34B	19.06	―	4.09%	9.47%	6.30%
MEL	72 Outperform	€1.66B	9.62	23.93%	1.84%	3.31%	44.82%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%