Grupo Aeroportuario Del Pacifico (PAC)
NYSE:PAC
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Grupo Aeroportuario del Pacifico
(NYSE:PAC)
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Rating:73Outperform
Price Target:
$294.00
▲(16.54% Upside)
Action:ReiteratedDate:04/23/26
The score is driven primarily by strong profitability and solid cash generation, supported by constructive technicals (uptrend and positive momentum). It is held back by balance-sheet leverage and valuation (high P/E), plus near-term traffic and cost pressures highlighted on the latest earnings call despite maintained guidance.
Positive Factors
High Profitability & Margins
GAP's very high EBITDA margin and rising EBITDA demonstrate durable operating leverage in airport operations. Strong profitability supports reinvestment in terminals, dividend capacity and resilience to cyclical dips, enabling sustained cash generation over the next several quarters.
Negative Factors
Elevated Leverage
A roughly 2x debt-to-equity ratio leaves limited financial flexibility for a cyclical infrastructure operator. Higher leverage raises interest and refinancing risk during demand slowdowns and can constrain discretionary capex or pace of deleveraging over the coming 2-6 months.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability & Margins
GAP's very high EBITDA margin and rising EBITDA demonstrate durable operating leverage in airport operations. Strong profitability supports reinvestment in terminals, dividend capacity and resilience to cyclical dips, enabling sustained cash generation over the next several quarters.
Read all positive factors
Grupo Aeroportuario del Pacifico (PAC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$13.55B
Dividend Yield4.46%
Average Volume (3M)118.31K
Price to Earnings (P/E)16.9
Beta (1Y)0.70
Revenue Growth20.39%
EPS Growth16.34%
CountryUS
Employees3,541
SectorIndustrials
Sector Strength72
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)3.78
Shares Outstanding42,948,586
10 Day Avg. Volume137,973
30 Day Avg. Volume118,307
Financial Highlights & Ratios
PEG Ratio1.90
Price to Book (P/B)10.68
Price to Sales (P/S)7.38
P/FCF Ratio40.99
Enterprise Value/Market Cap14.77
Enterprise Value/Revenue6.10
Enterprise Value/Gross Profit18.32
Enterprise Value/Ebitda9.75
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)13.41
Revenue Forecast (FY)$2.54B
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, Gu...
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 airpo...
Grupo Aeroportuario del Pacifico Earnings Call Summary
Earnings Call Date:Apr 20, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 27, 2026
Earnings Call Sentiment Positive
The call presents a generally positive financial and strategic picture: revenues grew (+2.8%), EBITDA expanded (+6.4%) and liquidity was strengthened (MXN 23.2 billion cash; MXN 10.7 billion bond). Management highlighted strong non-aeronautical/cargo performance and progress on the strategic CBX acquisition, while acknowledging significant near-term operational headwinds — a 5.5% decline in passenger traffic, higher operating costs (+6.5%), hurricane-related disruption in Jamaica, a security incident in Jalisco affecting key leisure airports, and fuel-price driven uncertainty that could pressure airline capacity. Management maintained guidance while flagging traffic visibility risk and expects recovery toward year-end (pre-storm levels by Q4). Overall, the positive financial resilience and strategic actions outweigh the operational headwinds, but material near-term risks remain.Positive Updates
Revenue Growth
Total revenues increased 2.8% year-over-year in Q1 2026, driven by strength in both aeronautical and non-aeronautical streams.
Negative Updates
Passenger Traffic Decline
Total passenger traffic across GAP's 14 airports decreased 5.5% YoY in Q1 2026, reflecting weather-related disruption in Jamaica (Hurricane Melissa), a security incident in Jalisco affecting Puerto Vallarta and Los Cabos, and cross-border travel impacts at Tijuana.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue Growth
Total revenues increased 2.8% year-over-year in Q1 2026, driven by strength in both aeronautical and non-aeronautical streams.
Read all positive updates
Company Guidance
Management reiterated its unchanged full‑year traffic guidance of 2%–6% growth (to be reviewed in Q2), expects maximum tariff compliance to rise from ~92–93% now to about 95% by year‑end, and sees passenger volumes recovering to pre‑storm levels by Q4; they plan to consolidate the CBX/technical assistance transaction in May (Q2) using proceeds from a historic MXN 10.7 billion bond issuance, leaving cash of MXN 23.2 billion, while Q1 results that underpin the guidance included total passenger traffic down 5.5% YoY, total revenues up 2.8% YoY, aeronautical revenues +3.9% (Mexico +9.3%), another aeronautical figure noted at +6.1% with Mexico operations up to +10.7%, EBITDA +6.4% to MXN 6.0 billion with a 68.3% margin, cost of service +6.5%, Q1 CapEx MXN 1.8 billion, and a proposed dividend of MXN 20.8 per share over the next 12 months.Grupo Aeroportuario del Pacifico Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
62
Positive
Cash Flow
73
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 32.84B | 32.53B | 26.78B | 33.22B | 27.38B | 19.01B |
| Gross Profit | 10.93B | 25.06B | 20.67B | 19.41B | 14.54B | 9.38B |
| EBITDA | 20.54B | 21.33B | 18.11B | 18.68B | 16.10B | 10.90B |
| Net Income | 10.81B | 10.00B | 8.61B | 9.54B | 9.01B | 6.00B |
Balance Sheet | ||||||
| Total Assets | 100.52B | 88.14B | 81.65B | 67.44B | 60.51B | 55.32B |
| Cash, Cash Equivalents and Short-Term Investments | 23.19B | 10.45B | 13.47B | 10.06B | 12.37B | 13.33B |
| Total Debt | 0.00 | 46.66B | 48.03B | 40.62B | 34.41B | 27.92B |
| Total Liabilities | 72.32B | 63.30B | 57.03B | 46.50B | 40.68B | 34.89B |
| Stockholders Equity | 25.70B | 22.47B | 22.35B | 19.78B | 18.64B | 19.29B |
Cash Flow | ||||||
| Free Cash Flow | 8.90B | 5.85B | 8.83B | 3.49B | 4.09B | 6.15B |
| Operating Cash Flow | 21.35B | 18.25B | 16.67B | 13.93B | 12.52B | 11.10B |
| Investing Cash Flow | -12.45B | -12.27B | -8.78B | -11.09B | -8.48B | -4.97B |
| Financing Cash Flow | -2.45B | -9.43B | -5.02B | -4.79B | -4.93B | -7.35B |
Grupo Aeroportuario del Pacifico Technical Analysis
Positive
252.27
Price Trends
254.47
Negative
257.17
Negative
244.30
Positive
Market Momentum
-1.00
Negative
54.05
Neutral
60.53
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PAC, the sentiment is Positive. The current price of 252.27 is above the 20-day moving average (MA) of 244.17, below the 50-day MA of 254.47, and above the 200-day MA of 244.30, indicating a neutral trend. The MACD of -1.00 indicates Negative momentum. The RSI at 54.05 is Neutral, neither overbought nor oversold. The STOCH value of 60.53 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PAC.
Grupo Aeroportuario del Pacifico Risk Analysis
Grupo Aeroportuario del Pacifico disclosed 64 risk factors in its most recent earnings report. Grupo Aeroportuario del Pacifico reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
1.
Increasing scrutiny and evolving expectations from customers, regulators, investors and other stakeholders with respect to our environmental, social and governance practices may impose additional costs on us or expose us to new or additional risks. Q4, 2023
Grupo Aeroportuario del Pacifico Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $5.64B | 19.42 | 52.26% | 4.03% | 1.10% | 3.23% | |
73 Outperform | $13.55B | 16.88 | 58.94% | 4.46% | 20.39% | 16.34% | |
69 Neutral | $4.08B | 17.03 | 17.03% | ― | 12.89% | -1.83% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | $9.56B | 15.78 | 31.24% | 11.85% | 18.61% | -27.53% |
* Industrials Sector Average
PAC
Grupo Aeroportuario del Pacifico
254.33
60.91
31.49%
OMAB
Grupo Aeroportuario Del Centro
111.04
28.67
34.81%
ASR
Grupo Aeroportuario del Sureste
308.14
29.69
10.66%
CAAP
Corporacion America Airports SA
24.81
5.33
27.36%
Grupo Aeroportuario del Pacifico Corporate Events
Grupo Aeroportuario del Pacífico Delivers Strong 1Q26 Earnings Despite Traffic Decline and Bolsters Funding for CBX Stake
Apr 21, 2026
On April 20, 2026, Grupo Aeroportuario del Pacífico reported first-quarter 2026 results showing resilient profitability despite softer traffic, with total revenues up 2.8%, income from operations up 7.7%, EBITDA up 6.4% and comprehensive inco...
Grupo Aeroportuario del Pacífico Reports 8.9% March Passenger Decline on Weaker International Traffic
Apr 8, 2026
On April 7, 2026, Grupo Aeroportuario del Pacífico reported that total terminal passenger traffic across its network fell 8.9% in March 2026 compared with March 2025, with its 12 Mexican airports posting a 7.6% decline. The sharpest drops wer...
Grupo Aeroportuario del Pacífico Raises Ps. 10.7 Billion in Oversubscribed Bond Issuance
Apr 1, 2026
On March 31, 2026, Grupo Aeroportuario del Pacífico announced it had successfully issued 107.18 million long-term bond certificates in the Mexican market, raising Ps. 10,718.0 million through two tranches that drew 1.74 times oversubscription...
Grupo Aeroportuario del Pacífico Refinances Ps.1,120 Million Bond Maturity With New Credit Line
Mar 24, 2026
On March 23, 2026, Grupo Aeroportuario del Pacífico paid the Ps.1,120.0 million principal at maturity of its “GAP 23L” bond certificate, covering 11.2 million certificates in total. The move reflects the airport operator’s o...
Grupo Aeroportuario del Pacífico Secures Independent Verification of Emissions Target on Sustainability-Linked Bonds
Mar 23, 2026
On March 23, 2026, Grupo Aeroportuario del Pacífico announced it had obtained independent assurance on the key performance indicator tied to its sustainability-linked bonds GAP 22L, GAP 23L, GAP 23-2L, GAP 24L and GAP 24-2L. The assurance cov...
Grupo Aeroportuario del Pacífico Refinances US$95.5 Million Loan with BBVA México
Mar 20, 2026
Grupo Aeroportuario del Pacífico (GAP) is a leading Latin American airport operator, running 12 airports in Mexico’s Pacific region, including Guadalajara, Tijuana and several key tourist destinations, as well as two major international...
Grupo Aeroportuario del Pacífico Calls April 22, 2026 Shareholders’ Meeting, Proposes MXN 20.80 Dividend and Buyback Renewal
Mar 10, 2026
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 result...
Grupo Aeroportuario del Pacífico Passenger Traffic Falls 5.5% in February 2026 on Weather and Security Disruptions
Mar 6, 2026
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. Th...
Grupo Aeroportuario del Pacífico Posts Higher 4Q25 Revenues but Profit Hit by Costs and Jamaica Disruptions
Feb 24, 2026
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 ...
Grupo Aeroportuario del Pacífico Posts 2.2% Passenger Decline in January on Jamaica Disruptions
Feb 5, 2026
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...
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.