Grupo Aeroportuario del Pacifico (PAC) AI Stock Analysis

• Market Cap: $11.50B
• Dividend Yield: 4.46%
• Average Volume (3M): 109.61K
• Price to Earnings (P/E): 24.0
• Beta (1Y): 0.82
• Revenue Growth: 11.58%
• EPS Growth: 1.15%
• Country: US
• Employees: 3,541
• Sector: Industrials
• Sector Strength: 72
• Industry: Airlines, Airports & Air Services
• EPS (TTM): 2.06
• Shares Outstanding: 42,948,586
• 10 Day Avg. Volume: 105,303
• 30 Day Avg. Volume: 109,607
• PEG Ratio: 1.90
• Price to Book (P/B): 10.68
• Price to Sales (P/S): 7.38
• P/FCF Ratio: 40.99
• Enterprise Value/Market Cap: 18.27
• Enterprise Value/Revenue: 6.46
• Enterprise Value/Gross Profit: 19.80
• Enterprise Value/Ebitda: 10.43
• 1Y Price Target: $260.00
• Price Target Upside: 12.60% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): 14.35
• Revenue Forecast (FY): $2.54B

• Rating: 65 Neutral
• Price Target: $248.00 ▲(7.41% Upside)
• Action: Reiterated Date: 02/25/26
• Date: Action: Reiterated 02/25/26

PAC’s score is driven primarily by solid profitability and constructive 2026 guidance, but is held back by elevated leverage, recent revenue/margin softening and choppier free cash flow. Technicals add additional caution given weak near-term trend, while valuation is mixed (strong yield but a higher P/E).

Positive Factors

High EBITDA margins and profitability

Sustained high EBITDA margins reflect durable operating leverage from long-term airport concessions and fixed-cost spread. Strong profitability supports reinvestment and dividend capacity, provides a cushion against demand swings and underpins long-term cash generation and returns.

Robust non-aeronautical commercial revenue growth

Material growth in commercial income and higher revenue per passenger strengthens revenue diversification away from regulated aeronautical fees. Higher yields per traveler are stickier long-term drivers of profitability and reduce sensitivity to air traffic volatility.

Large, targeted capex program to expand capacity

A multi‑year Master Development Program increases capacity and commercial area, enabling sustainable revenue and passenger growth. Planned investments paired with concession terms provide structural upside from new routes and improved retail monetization over the medium term.

Negative Factors

Elevated financial leverage

High leverage reduces financial flexibility and increases interest expense sensitivity to rate moves, constraining the company's ability to absorb cyclical traffic shocks or accelerate capital programs without raising refinancing or covenant pressures.

Traffic and revenue softness in TTM

Sustained weaker passenger volumes—driven by weather and security disruptions in key markets—erode aeronautical throughput and limit commercial footfall. Prolonged softness slows revenue momentum and delays payback on recent capacity investments.

Volatile free cash flow and margin pressure

Inconsistent free cash flow and recent margin compression from higher concession fees and internalization of services weaken cash available for deleveraging and dividends. Persistent volatility increases execution risk for the Master Development Program and strategic integrations.

Grupo Aeroportuario del Pacifico Business Overview & Revenue Model

Company Description

Grupo Aeroportuario del Pacífico, S.A.B. de C.V., together with its subsidiaries, manages, operates, and develops airports primarily in Mexico's Pacific region. It operates 12 airports in Guadalajara, Puerto Vallarta, Tijuana, San Josédel Cabo, Guanajuato (Bajío), Hermosillo, Mexicali, Los Mochis, La Paz, Manzanillo, Morelia, and Aguascalientes. The company was incorporated in 1998 and is headquartered in Guadalajara, Mexico.

How the Company Makes Money

GAP generates revenue mainly through two broad streams: aeronautical and non-aeronautical (commercial) income, underpinned by long-term airport concession arrangements. 1) Aeronautical revenue (regulated/fee-based): GAP charges airlines and airport users for the use of airport infrastructure and services tied directly to flight and passenger activity. This typically includes passenger-related charges (e.g., fees assessed per enplaned/passenger served) and aircraft/airside charges (e.g., landing, parking, and related airfield service fees). These revenues generally scale with traffic volumes (passengers, aircraft movements) and are influenced by the regulatory framework and tariff-setting mechanisms applicable to the airports under concession. 2) Non-aeronautical / commercial revenue (market-based): GAP monetizes terminal and airport real estate by leasing and operating commercial spaces and services. Key sources commonly include rental and revenue-sharing arrangements with concessionaires for retail stores and duty-free (where applicable), food and beverage outlets, car rental operators, parking facilities, advertising/media placements, and other service providers within the airport footprint. It may also earn from property leasing and development opportunities on or near airport land (where permitted under concession terms). Non-aeronautical income tends to benefit from passenger footfall, dwell time, mix of routes (domestic vs. international), and the company’s ability to optimize commercial space and negotiate concession terms. 3) Jamaica operations and other factors: For airports operated outside Mexico (e.g., in Jamaica), GAP similarly earns a mix of aeronautical charges and commercial income according to the applicable concession and local regulatory/contractual arrangements. Across the portfolio, passenger traffic growth, route development by airline partners, tourism and business travel demand, and successful expansion/modernization projects can increase capacity and improve both aeronautical volumes and commercial yields. 4) Capital programs and concession economics: As a concessionaire, GAP invests in airport infrastructure improvements and expansions, which can support higher future traffic and commercial opportunities. The timing and magnitude of such investments, along with regulatory/tariff rules and contract terms (including any required revenue sharing, fees, or taxes), are significant determinants of net earnings.

Grupo Aeroportuario del Pacifico Financial Statement Overview

Summary

Strong underlying profitability (high operating/EBITDA margins and solid net margins) supports the score, but it is tempered by higher leverage (debt-to-equity ~2.5x in TTM), softer recent revenue (TTM down ~5% YoY), margin compression versus 2024, and less consistent free cash flow (TTM FCF down ~27% and below half of net income).

Income Statement

PAC shows strong profitability for an airport operator, with high operating and EBITDA margins across the period and solid net margins. Earnings power remains healthy in TTM (Trailing-Twelve-Months), but the revenue trajectory has softened recently (TTM revenue down ~5% vs. the prior year), and margins in TTM are notably lower than 2024, indicating some pressure on pricing, costs, or mix.

Balance Sheet

The balance sheet is functional but levered. Debt has risen over time and leverage is elevated (debt-to-equity ~2.5x in TTM (Trailing-Twelve-Months) versus ~1.1x in 2020), which reduces flexibility in a cyclical travel environment. Offsetting this, returns on equity are strong (roughly mid-30% to high-40% range in recent years), suggesting the asset base is generating attractive profits, albeit with meaningful financial leverage.

Cash Flow

Cash generation is generally solid with strong operating cash flow, but free cash flow is more volatile. In TTM (Trailing-Twelve-Months), free cash flow fell ~27% and equates to less than half of net income, implying heavier reinvestment needs and/or working-capital swings. Free cash flow improved in 2024 and is higher than 2022–2023 levels, but consistency remains the key weakness.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	32.53B	26.78B	33.22B	27.38B	19.01B
Gross Profit	25.06B	20.67B	19.41B	14.54B	9.38B
EBITDA	21.33B	18.11B	18.68B	16.10B	10.90B
Net Income	10.00B	8.61B	9.54B	9.01B	6.00B
Balance Sheet
Total Assets	88.14B	81.65B	67.44B	60.51B	55.32B
Cash, Cash Equivalents and Short-Term Investments	10.45B	13.47B	10.06B	12.37B	13.33B
Total Debt	46.66B	48.03B	40.62B	34.41B	27.92B
Total Liabilities	63.30B	57.03B	46.50B	40.68B	34.89B
Stockholders Equity	22.47B	22.35B	19.78B	18.64B	19.29B
Cash Flow
Free Cash Flow	5.85B	8.83B	3.49B	4.09B	6.15B
Operating Cash Flow	18.25B	16.67B	13.93B	12.52B	11.10B
Investing Cash Flow	-12.27B	-8.78B	-11.09B	-8.48B	-4.97B
Financing Cash Flow	-9.43B	-5.02B	-4.79B	-4.93B	-7.35B

Grupo Aeroportuario del Pacifico Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 230.90
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PAC, the sentiment is Negative. The current price of 230.9 is below the 20-day moving average (MA) of 253.56, below the 50-day MA of 267.21, and below the 200-day MA of 242.35, indicating a bearish trend. The MACD of -12.50 indicates Positive momentum. The RSI at 35.45 is Neutral, neither overbought nor oversold. The STOCH value of 17.96 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PAC.

Grupo Aeroportuario del Pacifico Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
OMAB	79 Outperform	$5.13B	19.42	52.26%	4.03%	-2.04%	-3.82%
CAAP	71 Outperform	$4.07B	13.32	12.78%	―	14.87%	-47.71%
ASR	69 Neutral	$9.64B	16.66	30.03%	11.85%	8.70%	-21.15%
PAC	65 Neutral	$11.50B	23.99	44.97%	4.46%	11.58%	1.15%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%

Grupo Aeroportuario del Pacifico Corporate Events

Grupo Aeroportuario del Pacífico Calls April 22, 2026 Shareholders’ Meeting, Proposes MXN 20.80 Dividend and Buyback Renewal

Grupo Aeroportuario del Pacífico has called its Annual Ordinary General Shareholders’ Meeting for April 22, 2026 in Guadalajara, following a February 23, 2026 board resolution. The meeting will review 2025 operating and financial results under Mexican and international standards, board and committee reports, tax compliance for 2024 and 2025, and the company’s 2025 sustainability performance.

Shareholders will be asked to approve 2025 financial statements, allocate 2025 net income of MXN 9.34 billion to retained earnings, and declare a dividend of MXN 20.80 per share from retained earnings, payable within 12 months after April 22, 2026. The agenda also includes renewal of a MXN 2.5 billion share repurchase program, ratification and appointment of board members and committee heads, confirmation of directors’ fees, and formal authorization to implement all approved resolutions.

The most recent analyst rating on (PAC) stock is a Hold with a $253.00 price target. To see the full list of analyst forecasts on Grupo Aeroportuario del Pacifico stock, see the PAC Stock Forecast page.

Grupo Aeroportuario del Pacífico Passenger Traffic Falls 5.5% in February 2026 on Weather and Security Disruptions

On March 6, 2026, Grupo Aeroportuario del Pacífico reported that total terminal passenger traffic in February 2026 fell 5.5% year-on-year to 4.61 million, with a 4.5% decline in domestic passengers and a 6.6% drop in international traffic. The company also noted a 3.4% reduction in available seats and a lower load factor of 79.4%, and highlighted that flight cancellations in Jalisco on February 22–23 and hurricane-related disruptions in Jamaica, particularly at Montego Bay, weighed on volumes at several of its key airports, partly offset by growth in locations such as Los Cabos, Morelia, and La Paz.

Within its Mexican network, Tijuana, Puerto Vallarta, and Guadalajara all experienced year-on-year traffic declines in February, while Los Cabos saw a modest 0.8% increase in total passengers. In Jamaica, Montego Bay and Kingston posted traffic decreases of 31.4% and 2.1%, respectively, reflecting the operational impact of Hurricane Melissa and underscoring the company’s exposure to weather and security events that can pressure throughput and capacity utilization across its portfolio.

The most recent analyst rating on (PAC) stock is a Hold with a $284.00 price target. To see the full list of analyst forecasts on Grupo Aeroportuario del Pacifico stock, see the PAC Stock Forecast page.

Grupo Aeroportuario del Pacífico Posts Higher 4Q25 Revenues but Profit Hit by Costs and Jamaica Disruptions

Grupo Aeroportuario del Pacífico reported unaudited consolidated results for the fourth quarter of 2025 on February 23, 2026, showing that combined aeronautical and non-aeronautical service revenues rose 12.8%, while total revenues increased 2.8% compared with 4Q24. Income from operations grew 8.4% and EBITDA rose 7.5% to Ps. 5,114.3 million, but a higher cost base pushed the EBITDA margin down and comprehensive income fell 34.3% year-on-year.

The group’s aeronautical revenues in 4Q25 benefited from Mexico’s newly implemented airport tariffs for the 2025–2029 period and from the launch of multiple new domestic and international routes, particularly via Guadalajara and key tourist destinations. However, total passenger traffic across its 14 airports slipped 0.9% after Hurricane Melissa forced temporary closures and caused damage at Montego Bay and disruptions at Kingston in October 2025, underscoring GAP’s exposure to weather and tourism-related shocks despite a solid cash position of Ps. 10,453.2 million at year-end 2025.

The most recent analyst rating on (PAC) stock is a Buy with a $305.00 price target. To see the full list of analyst forecasts on Grupo Aeroportuario del Pacifico stock, see the PAC Stock Forecast page.

Grupo Aeroportuario del Pacífico Posts 2.2% Passenger Decline in January on Jamaica Disruptions

On February 5, 2026, Grupo Aeroportuario del Pacífico reported that total passenger traffic across its network fell 2.2% in January 2026 versus January 2025, as a 1.2% increase at its 12 Mexican airports was more than offset by steep declines in Jamaica, where Montego Bay and Kingston saw traffic slump 37.7% and 6.9%, respectively, due to disruptions from Hurricane Melissa. While key Mexican hubs such as Guadalajara and Puerto Vallarta posted solid growth and domestic traffic rose 2.3%, international traffic across the system dropped 6.9%, load factors weakened to 79.7% from 83.9% despite a 3.0% increase in available seats, and traffic at Tijuana was hit by an 10%-plus drop in cross‑border CBX users, underscoring weather-related and demand pressures that could weigh on GAP’s near-term operating performance and regional tourism flows.

The most recent analyst rating on (PAC) stock is a Buy with a $305.00 price target. To see the full list of analyst forecasts on Grupo Aeroportuario del Pacifico stock, see the PAC Stock Forecast page.

Grupo Aeroportuario del Pacífico Refinances US$95.5 Million Bank Loan

On January 20, 2026, Grupo Aeroportuario del Pacífico refinanced a US$95.5 million bank loan that matured that same day with Scotiabank Inverlat, replacing it with a new 12‑month financing agreement with The Bank of Nova Scotia. The new facility, which matures on January 19, 2027 and allows for early repayment, carries a variable interest rate of one‑month SOFR plus 50 basis points with no additional fees, suggesting the company is proactively managing short‑term debt costs and liquidity while maintaining financial flexibility for its airport operations in Mexico and Jamaica.

The most recent analyst rating on (PAC) stock is a Buy with a $293.00 price target. To see the full list of analyst forecasts on Grupo Aeroportuario del Pacifico stock, see the PAC Stock Forecast page.

Grupo Aeroportuario del Pacífico Posts Flat December Traffic as Hurricane Melissa Hits Jamaican Operations

On January 6, 2026, Grupo Aeroportuario del Pacífico reported that total terminal passenger traffic across its network rose 0.1% year-on-year in December 2025, with its 12 Mexican airports posting a solid 4.2% increase driven by strong double-digit gains in Guadalajara and continued growth in Puerto Vallarta, Mexicali, La Paz and other regional facilities. However, this growth was largely offset by a 6.2% decline in international traffic, mainly due to a 43.8% plunge in passengers at Jamaica’s Montego Bay airport and a smaller drop in Kingston, reflecting significant operational disruption from Hurricane Melissa and underlining the company’s exposure to weather-related risks in its Caribbean assets.

The most recent analyst rating on (PAC) stock is a Hold with a $260.00 price target. To see the full list of analyst forecasts on Grupo Aeroportuario del Pacifico stock, see the PAC Stock Forecast page.