Aena SA (AENA) AI Stock Analysis

• Market Cap: €38.18B
• Dividend Yield: 4.09%
• Average Volume (3M): 1.63M
• Price to Earnings (P/E): 16.7
• Beta (1Y): 0.68
• Revenue Growth: 9.47%
• EPS Growth: 6.30%
• Country: ES
• Employees: 9,511
• Sector: General
• Sector Strength: N/A
• Industry: Airlines, Airports & Air Services
• EPS (TTM): 0.42
• Shares Outstanding: 1,500,000,000
• 10 Day Avg. Volume: 1,399,675
• 30 Day Avg. Volume: 1,627,061
• PEG Ratio: 1.66
• Price to Book (P/B): 3.88
• Price to Sales (P/S): 5.69
• P/FCF Ratio: 16.98
• 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: €26.42
• Price Target Upside: 1.97% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): 1.54
• Revenue Forecast (FY): €6.73B

• Rating: 73 Outperform
• Price Target: €30.00 ▲(15.79% Upside)
• Action: Reiterated Date: 02/27/26
• Date: Action: Reiterated 02/27/26

The score is driven primarily by strong financial performance (high profitability and cash generation with improving leverage). Offsetting this are only moderately supportive technicals (near-term softness despite longer-term support) and a fair-to-moderate valuation (P/E ~20 with a ~3.6% yield).

Positive Factors

Strong cash generation

Consistent, improving operating and free cash flow since 2022 creates durable internal funding for capex, dividends and debt reduction. Strong FCF supports reinvestment in terminals and commercial areas and underpins resilience to cyclical traffic shocks over the medium term.

Improving leverage and equity base

Meaningful equity and a clear deleveraging trend strengthen financial flexibility and credit resilience. A lower leverage ratio reduces refinancing pressure and gives the company structural capacity to invest in infrastructure, partnerships, or weather downturns without immediate reliance on external capital.

High profitability margins

Very strong EBIT and net margins indicate durable operational leverage and pricing power across aeronautical and commercial segments. High margins enhance cash conversion potential and provide buffer to absorb passenger volatility while funding commercial development and service upgrades over multiple years.

Negative Factors

High absolute debt

Despite improving ratios, a €7.3B nominal debt load keeps interest and refinancing exposure elevated. In an industry exposed to traffic shocks or slower pricing, high absolute debt can constrain capital allocation, limit strategic flexibility, and increase vulnerability to rate or liquidity stress.

Slowing revenue growth

After rapid post-pandemic recovery, a moderation in top-line growth reduces the pace at which fixed-cost leverage and commercial monetization can expand earnings. Slower revenue momentum constrains incremental margin improvement and prolongs timelines for further balance-sheet repair or new investments.

Asset-heavy business and capex needs

Large, ongoing capex and working-capital demands required to maintain and expand airport infrastructure limit free-cash-flow conversion. The asset-heavy model means sustained reinvestment cycles and periodic heavy outflows, which can pressure free cash flow variability and financing needs over time.

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 post-pandemic recovery with excellent profitability (very strong 2023–2024 margins), robust operating and free cash flow, and improving leverage. Key risks are still-high absolute debt (~€7.3B) and signs that revenue growth is normalizing in 2025.

Income Statement

Profitability has strengthened materially since the 2020–2021 downturn, with a clear return to strong earnings in 2022–2025. Revenue rose from 2023 to 2025 (2024 revenue growth ~14.6%, with further growth in 2025), while margins in 2023–2024 were very strong (2024 net margin ~33% and EBIT margin ~49%). A key watch-out is that 2025 shows slower top-line growth versus 2024, suggesting the pace of recovery may be moderating.

Balance Sheet

The balance sheet is solid with meaningful equity (~€9.2B in 2025) and improving leverage versus prior years. Debt-to-equity improved from ~1.43 (2021) to ~0.84 (2024), indicating deleveraging and better capital structure resilience. However, absolute debt remains high (about €7.3B in 2025), which can limit flexibility if traffic or pricing weakens, and the business remains inherently asset-heavy.

Cash Flow

Cash generation is strong and improving: operating cash flow increased from ~€2.22B (2023) to ~€2.75B (2024) and ~€2.83B (2025), with free cash flow rising to ~€2.10B in 2025 (up ~23%). Free cash flow has been consistently positive since 2022 after negative levels in 2020–2021, supporting reinvestment and balance sheet repair. The main weakness is that free cash flow conversion relative to profits in 2024 was moderate (free cash flow below net income), implying working-capital/capex demands can still be meaningful.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	6.28B	5.78B	5.05B	4.19B	2.44B
Gross Profit	4.64B	3.94B	3.33B	2.56B	912.37M
EBITDA	3.68B	3.69B	3.23B	2.06B	145.54M
Net Income	2.14B	1.93B	1.63B	901.50M	-475.45M
Balance Sheet
Total Assets	18.19B	16.98B	17.56B	15.85B	16.33B
Cash, Cash Equivalents and Short-Term Investments	2.45B	1.82B	2.40B	1.57B	1.47B
Total Debt	7.28B	6.99B	8.34B	7.63B	8.72B
Total Liabilities	8.74B	8.77B	10.00B	9.21B	10.31B
Stockholders Equity	9.21B	8.28B	7.63B	6.72B	6.10B
Cash Flow
Free Cash Flow	2.10B	1.92B	1.67B	1.14B	-390.61M
Operating Cash Flow	2.83B	2.75B	2.22B	1.86B	280.47M
Investing Cash Flow	-1.38B	-804.35M	-1.42B	-664.16M	-660.91M
Financing Cash Flow	-1.21B	-2.43B	-19.61M	-1.09B	619.81M

Aena SA Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 25.91
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:AENA, the sentiment is Neutral. The current price of 25.91 is below the 20-day moving average (MA) of 27.24, below the 50-day MA of 25.93, and above the 200-day MA of 24.19, indicating a neutral trend. The MACD of 0.03 indicates Positive momentum. The RSI at 42.48 is Neutral, neither overbought nor oversold. The STOCH value of 17.12 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for ES:AENA.

Aena SA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AENA	73 Outperform	€38.18B	16.72	―	4.09%	9.47%	6.30%
MEL	66 Neutral	€1.72B	10.25	23.93%	1.84%	3.31%	44.82%
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%