Aena SA (ES:AENA)
BME:AENA
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Aena SA
(BME:AENA)
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Rating:70Outperform
Price Target:
€29.00
▲(8.86% Upside)
Action:Reiterated
Date:05/01/26
The score is driven primarily by strong financial performance (high margins, sustained profitability, and solid operating cash flow), partially offset by a recent decline in free cash flow and remaining balance-sheet leverage risk. Technical indicators are the main drag, showing a clear near-term downtrend and bearish momentum, while valuation is moderately supportive due to a reasonable P/E and an attractive dividend yield.
Positive Factors
High Profitability
Aena's very high operating and net margins, with net income above €2.1B, indicate structurally strong profitability and operational leverage. Durable margins provide a cushion versus traffic volatility, supporting reinvestment, dividends and long-term returns for shareholders.
Negative Factors
Meaningful Leverage
Despite improvement, leverage near industry-relevant levels (debt/equity ~0.79) leaves the company exposed to interest-rate and refinancing cycles. Meaningful debt can constrain capital allocation choices and reduce flexibility to pursue M&A or absorb traffic shocks over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability
Aena's very high operating and net margins, with net income above €2.1B, indicate structurally strong profitability and operational leverage. Durable margins provide a cushion versus traffic volatility, supporting reinvestment, dividends and long-term returns for shareholders.
Read all positive factors
Aena SA (AENA) vs. iShares MSCI Spain ETF (EWP)
Market Cap
€40.56B
Dividend Yield4.09%
Average Volume (3M)1.63M
Price to Earnings (P/E)18.7
Beta (1Y)0.79
Revenue Growth10.03%
EPS Growth9.63%
CountryES
Employees9,511
SectorGeneral
Sector StrengthN/A
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)1.44
Shares Outstanding1,500,000,000
10 Day Avg. Volume1,399,675
30 Day Avg. Volume1,627,061
Financial Highlights & Ratios
PEG Ratio1.66
Price to Book (P/B)3.88
Price to Sales (P/S)5.69
P/FCF Ratio16.98
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€27.56Price Target Upside3.44% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)1.55
Revenue Forecast (FY)€6.79B
Aena SA Business Overview & Revenue Model
Company Description
Aena S.M.E., S.A., along with its various subsidiaries, is a leading operator responsible for the oversight, maintenance, management, and administration of airport infrastructure and heliports. Its extensive global presence spans Spain, Brazil, th...
How the Company Makes Money
Aena makes money mainly by operating airports and earning revenue from two broad streams: (1) aeronautical revenue and (2) non-aeronautical (commercial) revenue. Aeronautical revenue comes from fees and charges paid by airlines and airport users f...
Aena SA Financial Statement Overview
Summary
Income Statement
90
Very Positive
Balance Sheet
72
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.43B | 6.28B | 5.78B | 5.05B | 4.19B | 2.44B |
| Gross Profit | 4.78B | 4.64B | 3.94B | 3.33B | 2.56B | 912.37M |
| EBITDA | 3.76B | 3.91B | 3.69B | 3.23B | 2.06B | 145.54M |
| Net Income | 2.16B | 2.14B | 1.93B | 1.63B | 901.50M | -475.45M |
Balance Sheet | ||||||
| Total Assets | 19.19B | 18.19B | 16.98B | 17.56B | 15.85B | 16.33B |
| Cash, Cash Equivalents and Short-Term Investments | 3.38B | 2.45B | 1.82B | 2.40B | 1.57B | 1.47B |
| Total Debt | 7.97B | 7.28B | 6.99B | 8.34B | 7.63B | 8.72B |
| Total Liabilities | 9.65B | 8.74B | 8.77B | 10.00B | 9.21B | 10.31B |
| Stockholders Equity | 9.60B | 9.21B | 8.28B | 7.63B | 6.72B | 6.10B |
Cash Flow | ||||||
| Free Cash Flow | 1.57B | 2.10B | 1.92B | 1.67B | 1.14B | -390.61M |
| Operating Cash Flow | 2.71B | 2.83B | 2.75B | 2.22B | 1.86B | 280.47M |
| Investing Cash Flow | -1.48B | -1.38B | -804.35M | -1.42B | -664.16M | -660.91M |
| Financing Cash Flow | -1.09B | -1.21B | -2.43B | -19.61M | -1.09B | 619.81M |
Aena SA Technical Analysis
Positive
26.64
Price Trends
24.54
Positive
25.01
Positive
23.95
Positive
Market Momentum
0.71
Negative
68.69
Neutral
93.41
Negative
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 26.64 is above the 20-day moving average (MA) of 25.18, above the 50-day MA of 24.54, and above the 200-day MA of 23.95, indicating a bullish trend. The MACD of 0.71 indicates Negative momentum. The RSI at 68.69 is Neutral, neither overbought nor oversold. The STOCH value of 93.41 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ES:AENA.
Aena SA Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | €2.14B | 10.81 | 21.55% | 2.28% | 6.53% | 41.63% | |
70 Outperform | €40.56B | 18.70 | 24.42% | 4.09% | 10.03% | 9.63% | |
68 Neutral | €22.55B | 16.60 | 26.71% | 2.24% | 4.61% | 3.06% | |
65 Neutral | €34.69B | 34.29 | 21.61% | 2.38% | 19.73% | 14.15% | |
60 Neutral | €14.58B | 21.40 | 14.59% | 2.87% | 5.45% | 90.20% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
ES:AENA
Aena SA
26.70
4.96
22.83%
ES:ANA
Acciona
281.20
136.30
94.07%
ES:ACS
Actividades de Construccion y Servicios SA
130.50
75.87
138.86%
ES:AMS
Amadeus IT Group S.A
51.58
-14.69
-22.16%
ES:CAF
Construcciones y Auxiliar de Ferrocarriles
62.50
17.36
38.47%
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.