Grupo Aeroportuario Del Pacifico (PAC)
NYSE:PAC
Top Page
Grupo Aeroportuario del Pacifico
(NYSE:PAC)
Select Model
Select Model
Rating:65Neutral
Price Target:
$258.00
▲(2.27% Upside)
Action:ReiteratedDate: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 profitability and margins
GAP reports consistently high operating and EBITDA margins (FY EBITDA margin ~65% excluding IFRIC 12) and solid net margins, reflecting durable earnings power. Strong margins support sustained cash generation, capacity to fund capex and dividends, and resilience across traffic cycles over the coming months.
Negative Factors
Elevated financial leverage
Debt-to-equity around 2.5x materially exceeds prior levels and constrains financial flexibility. Higher leverage raises refinancing and interest-rate sensitivity in a cyclical travel industry, limiting the company’s ability to absorb shocks, pursue opportunistic investments, or accelerate de‑leveraging while maintaining dividends.
Read all positive and negative factors
Positive Factors
Negative Factors
High profitability and margins
GAP reports consistently high operating and EBITDA margins (FY EBITDA margin ~65% excluding IFRIC 12) and solid net margins, reflecting durable earnings power. Strong margins support sustained cash generation, capacity to fund capex and dividends, and resilience across traffic cycles over the coming months.
Read all positive factors
Grupo Aeroportuario del Pacifico (PAC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$12.53B
Dividend Yield4.46%
Average Volume (3M)131.32K
Price to Earnings (P/E)24.0
Beta (1Y)0.77
Revenue Growth11.58%
EPS Growth1.15%
CountryUS
Employees3,541
SectorIndustrials
Sector Strength72
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)2.06
Shares Outstanding42,948,586
10 Day Avg. Volume145,486
30 Day Avg. Volume131,320
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 Cap17.92
Enterprise Value/Revenue6.90
Enterprise Value/Gross Profit21.15
Enterprise Value/Ebitda11.13
Forecast
1Y Price Target
$262.00Price Target Upside3.86% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)14.05
Revenue Forecast (FY)$2.52B
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:Feb 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 29, 2026
Earnings Call Sentiment Positive
The call presents a generally positive operational and financial picture driven by strong revenue growth (particularly commercial and non-aeronautical), solid full-year EBITDA growth and margins, healthy liquidity and a clear multi-year CapEx program. Significant near-term headwinds include a large hurricane-related traffic decline in Jamaica, Q4 margin compression from higher fees and internalization of certain operations, and a YoY net income decline due to financial costs and tax adjustments. Management provided constructive 2026 guidance and a clear timeline for CBX integration, but acknowledged external risks. On balance, the positive growth, strong commercial execution, liquidity and forward guidance outweigh the discrete operational and financial challenges described.Positive Updates
Strong Revenue Growth (Quarter and Full Year)
Q4 combined aeronautical and aeronautical service revenues rose 12.8% YoY; aeronautical revenues grew 12.6% YoY and new aeronautical revenues increased 13.3% QoQ. For FY2025, aeronautical revenue grew 19.4% YoY.
Negative Updates
Overall Passenger Traffic Decline in Q4
Total passenger traffic decreased 0.9% YoY in Q4 2025, driven by differentiated dynamics across markets (Mexico stable/growing, Jamaica materially down).
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Revenue Growth (Quarter and Full Year)
Q4 combined aeronautical and aeronautical service revenues rose 12.8% YoY; aeronautical revenues grew 12.6% YoY and new aeronautical revenues increased 13.3% QoQ. For FY2025, aeronautical revenue grew 19.4% YoY.
Read all positive updates
Company Guidance
GAP guided 2026 passenger traffic growth of 2%–5% (with Jamaica recovery expected roughly -2% to 0% for the year), aeronautical revenues up 9%–12%, non‑aeronautical revenues up 6%–9%, total revenues up 8%–11% year‑over‑year, EBITDA growth of 8%–11% and an EBITDA margin roughly 65% (±1 percentage point); the company noted a 95% target fulfillment for tariff increases, said the guidance excludes the CBX business combination and Technical Assistance Agreement internalization, and flagged FX, inflation and natural‑event volatility as key risks.Grupo Aeroportuario del Pacifico Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
57
Neutral
Cash Flow
63
Positive
| 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
Positive
252.27
Price Trends
261.28
Negative
254.43
Negative
243.08
Positive
Market Momentum
-2.71
Negative
54.30
Neutral
81.72
Negative
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 238.32, below the 50-day MA of 261.28, and above the 200-day MA of 243.08, indicating a neutral trend. The MACD of -2.71 indicates Negative momentum. The RSI at 54.30 is Neutral, neither overbought nor oversold. The STOCH value of 81.72 is Negative, 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 0 New Risks
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 | $5.57B | 19.42 | 52.26% | 4.03% | -2.04% | -3.82% | |
69 Neutral | $10.32B | 16.66 | 30.03% | 11.85% | 8.70% | -21.15% | |
69 Neutral | $4.19B | 17.03 | 17.03% | ― | 14.87% | -47.71% | |
65 Neutral | $12.53B | 23.99 | 44.97% | 4.46% | 11.58% | 1.15% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
* Industrials Sector Average
PAC
Grupo Aeroportuario del Pacifico
252.27
80.03
46.47%
OMAB
Grupo Aeroportuario Del Centro
116.73
46.47
66.14%
ASR
Grupo Aeroportuario del Sureste
347.30
115.94
50.11%
CAAP
Corporacion America Airports SA
25.66
9.36
57.42%
Grupo Aeroportuario del Pacifico Corporate Events
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...
Grupo Aeroportuario del Pacífico Refinances US$95.5 Million Bank Loan
Jan 21, 2026
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...
Grupo Aeroportuario del Pacífico Posts Flat December Traffic as Hurricane Melissa Hits Jamaican Operations
Jan 6, 2026
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...
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.