Grupo Aeroportuario Del Centro (OMAB)
NASDAQ:OMAB
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Grupo Aeroportuario Del Centro
(NASDAQ:OMAB)
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Rating:72Outperform
Price Target:
$118.00
â–˛(1.09% Upside)
Action:ReiteratedDate:04/30/26
The score is driven primarily by strong underlying profitability and solid cash generation, supported by constructive guidance and regulatory/tariff visibility from the latest call. These positives are partially offset by a weak technical setup (price below key moving averages with negative MACD) and financial risk watch-items including rising leverage and softer TTM free-cash-flow momentum.
Positive Factors
High EBITDA margins
Sustained, very high EBITDA margins indicate durable operating leverage and strong pricing or cost structure in regulated airport operations. This underpins consistent cash flow generation, resilience to demand swings, and long-term ability to fund capex, dividends and strategic growth initiatives.
Negative Factors
Rising leverage
Material increase in leverage reduces financial flexibility and raises sensitivity to higher interest rates or refinancing conditions. With debt now above equity, unexpected traffic weakness or capex overruns would more quickly strain coverage metrics and constrain strategic options.
Read all positive and negative factors
Positive Factors
Negative Factors
High EBITDA margins
Sustained, very high EBITDA margins indicate durable operating leverage and strong pricing or cost structure in regulated airport operations. This underpins consistent cash flow generation, resilience to demand swings, and long-term ability to fund capex, dividends and strategic growth initiatives.
Read all positive factors
Grupo Aeroportuario Del Centro (OMAB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.13B
Dividend Yield4.03%
Average Volume (3M)92.29K
Price to Earnings (P/E)20.1
Beta (1Y)0.62
Revenue Growth12.55%
EPS Growth6.09%
CountryUS
Employees1,163
SectorIndustrials
Sector Strength72
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)1.47
Shares Outstanding42,543,194
10 Day Avg. Volume80,326
30 Day Avg. Volume92,292
Financial Highlights & Ratios
PEG Ratio-1.65
Price to Book (P/B)8.40
Price to Sales (P/S)5.92
P/FCF Ratio12.84
Enterprise Value/Market Cap19.25
Enterprise Value/Revenue6.09
Enterprise Value/Gross Profit8.82
Enterprise Value/Ebitda9.87
Forecast
1Y Price Target
$134.00Price Target Upside14.79% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)7.77
Revenue Forecast (FY)$972.30M
Grupo Aeroportuario Del Centro Business Overview & Revenue Model
Company Description
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., together with its subsidiaries, holds concessions to develop, operate, and maintain airports in Mexico. The company operates 13 international airports in Monterrey, Acapulco, Mazatlán, Zihuatan...
How the Company Makes Money
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Grupo Aeroportuario Del Centro Earnings Call Summary
Earnings Call Date:Feb 23, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 28, 2026
Earnings Call Sentiment Positive
Overall the call was constructive: the company demonstrated strong traffic recovery, notable commercial and diversification revenue growth, high EBITDA margins and conservative leverage, supported by the approval of a disciplined MXN 16 billion MDP that should improve capital efficiency. Headwinds include a sizable noncash increase in major maintenance provisions tied to the MDP, cost pressures (contracted services, maintenance and utilities), and FX-related revenue impacts from peso appreciation, plus lingering airline fleet constraints. On balance the operational and financial positives and clear investment plan outweigh the challenges, with management providing visibility on tariff pass-through and expectations for continued growth.Positive Updates
Approval of 2026-2030 Master Development Program (MDP)
Federal Civil Aviation Agency approved an MDP with an investment commitment of approximately MXN 16 billion (December 2024 pesos) focused on capacity expansion, terminal and airside works, equipment upgrades, pavement rehabilitation, and sustainability; approval provides long-term regulatory visibility and is comparable in real terms to the 2021-2025 cycle, implying improved capital efficiency per passenger.
Negative Updates
Major Maintenance Provision Increase
Major maintenance provision increased to MXN 216 million in 4Q25 (from MXN 39 million in 4Q24) due to reassessment tied to the MDP; approximately 17% of the MDP is major maintenance and the company expects full-year 2026 provisioning of about MXN 400 million (noncash P&L impact).
Read all updates
Q4-2025 Updates
Positive
Negative
Approval of 2026-2030 Master Development Program (MDP)
Federal Civil Aviation Agency approved an MDP with an investment commitment of approximately MXN 16 billion (December 2024 pesos) focused on capacity expansion, terminal and airside works, equipment upgrades, pavement rehabilitation, and sustainability; approval provides long-term regulatory visibility and is comparable in real terms to the 2021-2025 cycle, implying improved capital efficiency per passenger.
Read all positive updates
Company Guidance
OMA guided that its 2026–2030 Master Development Program commits approximately MXN 16 billion (Dec‑2024 pesos), with roughly 17% of that amount earmarked for major maintenance (implying provisioning of the present value of those spends) and management forecasting a full‑year major‑maintenance provision of ~MXN 400 million in 2026 (non‑cash); the regulator approved a 6.9% real increase in maximum tariffs (effective April 10 — company referenced a ~6.1% nominal increase) that management expects to reach 100% of the maximum tariff in 2–3 years (about 93% by year‑end); traffic is guided to low‑ to mid‑single‑digit growth in 2026; about 20 new routes are already confirmed (17 domestic, 3 international, mostly starting in June), Monterrey’s new commercial area should open mid‑next year and Culiacán’s by year‑end, driving an expected 10–15% real increase in spend per passenger in Monterrey once fully ramped (full effect reflected in 2028), while near‑term commercial revenue per passenger is expected to remain around MXN 62; Q4 capex was MXN 755 million, construction revenues MXN 613 million, year‑end cash was MXN 3.1 billion, total debt MXN 13.6 billion and net debt/adjusted‑EBITDA stood at ~1.0x, with refinancings likely via the CEBURES market.Grupo Aeroportuario Del Centro Financial Statement Overview
Summary
Income Statement
88
Very Positive
Balance Sheet
71
Positive
Cash Flow
76
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 16.21B | 15.96B | 15.07B | 14.46B | 11.93B | 8.72B |
| Gross Profit | 11.19B | 11.19B | 10.08B | 9.51B | 7.34B | 5.15B |
| EBITDA | 10.00B | 9.98B | 9.16B | 8.97B | 6.78B | 4.84B |
| Net Income | 5.29B | 5.34B | 4.93B | 5.01B | 3.90B | 2.86B |
Balance Sheet | ||||||
| Total Assets | 32.11B | 30.94B | 27.23B | 25.24B | 23.07B | 22.89B |
| Cash, Cash Equivalents and Short-Term Investments | 3.66B | 3.10B | 1.66B | 2.58B | 3.34B | 5.99B |
| Total Debt | 13.58B | 13.59B | 11.46B | 10.88B | 10.39B | 7.92B |
| Total Liabilities | 19.44B | 19.51B | 16.69B | 15.40B | 14.52B | 11.65B |
| Stockholders Equity | 12.49B | 11.26B | 10.38B | 9.67B | 8.37B | 11.06B |
Cash Flow | ||||||
| Free Cash Flow | 5.28B | 7.36B | 5.88B | 5.93B | 2.08B | 2.52B |
| Operating Cash Flow | 7.34B | 7.53B | 6.20B | 6.33B | 4.99B | 4.45B |
| Investing Cash Flow | -2.51B | -2.50B | -2.51B | -2.79B | -2.75B | -1.79B |
| Financing Cash Flow | -3.41B | -3.56B | -4.66B | -4.30B | -4.88B | 292.27M |
Grupo Aeroportuario Del Centro Technical Analysis
Positive
116.73
Price Trends
117.56
Negative
113.67
Positive
108.55
Positive
Market Momentum
0.03
Negative
53.93
Neutral
57.70
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For OMAB, the sentiment is Positive. The current price of 116.73 is above the 20-day moving average (MA) of 113.97, below the 50-day MA of 117.56, and above the 200-day MA of 108.55, indicating a neutral trend. The MACD of 0.03 indicates Negative momentum. The RSI at 53.93 is Neutral, neither overbought nor oversold. The STOCH value of 57.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for OMAB.
Grupo Aeroportuario Del Centro Risk Analysis
Grupo Aeroportuario Del Centro disclosed 61 risk factors in its most recent earnings report. Grupo Aeroportuario Del Centro reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
1.
We could be exposed to risks related to aircraft parts manufacturing. Q4, 2023
Grupo Aeroportuario Del Centro Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $12.68B | 16.88 | 58.94% | 4.46% | 20.39% | 16.34% | |
72 Outperform | $5.13B | 20.13 | 52.26% | 4.03% | 12.55% | 6.09% | |
69 Neutral | $4.07B | 17.03 | 17.03% | ― | 12.89% | -1.83% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | $9.15B | 15.78 | 31.24% | 11.85% | 18.61% | -27.53% |
* Industrials Sector Average
OMAB
Grupo Aeroportuario Del Centro
104.92
20.14
23.76%
PAC
Grupo Aeroportuario del Pacifico
249.40
50.53
25.41%
ASR
Grupo Aeroportuario del Sureste
302.94
22.89
8.18%
CAAP
Corporacion America Airports SA
24.29
4.77
24.44%
Grupo Aeroportuario Del Centro Corporate Events
Grupo Aeroportuario del Centro Norte Posts Higher 1Q26 Traffic but Lower Net Income on Rising Costs
Apr 28, 2026
In the first quarter of 2026, OMA reported a 4.7% year-on-year increase in passenger traffic to 6.7 million, driven mainly by domestic demand and new routes, while international traffic dipped slightly and some airports such as Mazatlán and C...
Grupo Aeroportuario del Centro Norte Says It Sees No Internal Cause for Unusual Trading Volume
Apr 16, 2026
OMA, the Mexican airport operator that runs 13 international airports in central and northern Mexico and hotels at Mexico City and Monterrey airports, reported on April 15, 2026, that it has no knowledge of any corporate event explaining an unusua...
Grupo Aeroportuario del Centro Norte Posts 2.8% Passenger Traffic Increase in March 2026
Apr 8, 2026
On April 7, 2026, OMA reported that terminal passenger traffic across its 13 airports rose 2.8% in March 2026 versus March 2025, with domestic traffic up 3.9% and international traffic down 2.8%. The mix remained overwhelmingly commercial at 99.3%...
Grupo Aeroportuario del Centro Norte Calls April 24 Shareholders’ Meeting with Ps.4.9 Billion Dividend Proposal
Apr 6, 2026
On April 6, 2026, Grupo Aeroportuario del Centro Norte (OMA) called its Annual General Ordinary Shareholders’ Meeting for April 24, 2026 in Mexico City, where the Board will present 2025 financial and management reports and propose a cash di...
Grupo Aeroportuario del Centro Norte Secures Ps.1.7 Billion in Short-Term Loans to Refinance Bond
Apr 2, 2026
On April 1, 2026, Grupo Aeroportuario del Centro Norte (OMA) announced it had secured short-term bank loans totaling Ps.1,700 million, with a six-month maturity and an annual weighted average rate of TIIEF plus 59 basis points. The operator of 13 ...
Grupo Aeroportuario del Centro Norte Posts 5.4% Passenger Traffic Growth in February 2026
Mar 6, 2026
Mexican airport operator Grupo Aeroportuario del Centro Norte, or OMA, runs 13 international airports in central and northern Mexico, including hubs such as Monterrey and tourist destinations like Acapulco, Mazatlán, and Zihuatanejo. The comp...
Grupo Aeroportuario del Centro Norte Posts Higher 4Q25 Traffic, EBITDA and 2025 Growth
Feb 24, 2026
OMA reported strong operating and financial performance for full-year 2025 and the fourth quarter, underscoring continued growth in Mexico’s airport sector. For 2025, passenger traffic rose 8.5% to 28.8 million travelers, adjusted EBITDA inc...
Grupo Aeroportuario del Centro Norte Reports 6% Passenger Traffic Growth in January 2026
Feb 6, 2026
On February 5, 2026, Grupo Aeroportuario del Centro Norte (OMA) reported that passenger traffic across its 13 airports rose 6.0% in January 2026 compared with January 2025, driven by a 7.0% increase in domestic traffic and a more modest 1.4% gain ...
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.