Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) 10-Year Financial Performance & Capital Metrics

OMAB • • Industrial / General

IndustrialsAirlines & AirportsAirport OperatorsMexican Airport Operators

AboutGrupo 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, Zihuatanejo, Ciudad Juárez, Reynosa, Chihuahua, Culiacán, Durango, San Luis Potosí, Tampico, Torreón, and Zacatecas cities. It also operates the NH Collection Hotel in Terminal 2 of the Mexico City International Airport; and a hotel under the Hilton Garden Inn name at the Monterrey International Airport. In addition, the company provides aeronautical services, which include passenger, aircraft landing and parking, boarding and unloading, passenger walkway, and airport security services. Further, it offers complementary services that comprise leasing of space to airlines, cargo handling, baggage-screening, permanent and non-permanent ground transportation, and access rights services; non-aeronautical services, such as leasing of space at its airports to retailers, restaurants, and other commercial tenants, as well as maintaining of parking facilities and advertising; and diversification services, which consists of operation and lease of the industrial park and real estate services, as well as hotel and air cargo logistics services. Additionally, the company provides construction services. It has a strategic alliance with VYNMSA Desarrollo Inmobiliario, S.A. de C.V. to build and operate an industrial park at the Monterrey airport. The company was founded in 1998 and is headquartered in Mexico City, Mexico.Show more

Revenue $15.07B +4.3%
EBITDA $8.84B +1.5%
Net Income $4.93B -1.7%
EPS (Diluted) 102.08 -1.7%
Gross Margin 65.3% -0.7%
EBITDA Margin 58.65% -2.6%
Operating Margin 53.63% -3.9%
Net Margin 32.7% -5.7%
ROE 48.36% -11.3%
ROIC 31.5% -12.1%
Debt/Equity 1.09 -1.7%
Interest Coverage 6.08 -4.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 47.4%
✓FCF machine: 39.0% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 12.1%
✓Healthy 5Y average net margin of 30.6%
✓Trading at only 0.5x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y14.99%

5Y12.07%

3Y20.01%

TTM8.86%

Profit (Net Income) CAGR

10Y17.01%

5Y8.89%

3Y19.93%

TTM6.38%

EPS CAGR

10Y17.33%

5Y9.25%

3Y20.19%

TTM6.41%

ROCE

10Y Avg27.37%

5Y Avg29.09%

3Y Avg36.08%

Latest34.6%

Peer Comparison

Mexican Airport Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PACGrupo Aeroportuario del Pacífico, S.A.B. de C.V.	11.05B	257.23	1.46	-19.39%	30.61%	6.07%	79.92%	1.95
OMABGrupo Aeroportuario del Centro Norte, S.A.B. de C.V.	4.48B	106.48	1.04	4.26%	33.27%	51.97%	100%	1.09
ASRGrupo Aeroportuario del Sureste, S. A. B. de C. V.	8.8B	317.49	0.70	21.34%	31.7%	464.67%	100%	0.22

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	4.49B	5.55B	7.13B	7.91B	8.53B	5.37B	8.72B	11.93B	14.46B	15.07B
Revenue Growth %	0.2%	0.24%	0.28%	0.11%	0.08%	-0.37%	0.62%	0.37%	0.21%	0.04%
Cost of Goods Sold+	1.81B	2.03B	2.9B	3.04B	2.98B	2.85B	3.57B	4.6B	4.95B	5.23B
COGS % of Revenue	0.4%	0.37%	0.41%	0.38%	0.35%	0.53%	0.41%	0.39%	0.34%	0.35%
Gross Profit+	2.69B	3.52B	4.23B	4.87B	5.55B	2.52B	5.15B	7.34B	9.51B	9.84B
Gross Margin %	0.6%	0.63%	0.59%	0.62%	0.65%	0.47%	0.59%	0.61%	0.66%	0.65%
Gross Profit Growth %	0.3%	0.31%	0.2%	0.15%	0.14%	-0.55%	1.04%	0.43%	0.3%	0.03%
Operating Expenses+	649.25M	760.33M	992.94M	735.76M	692.77M	798.42M	1.04B	1.27B	1.44B	1.76B
OpEx % of Revenue	0.14%	0.14%	0.14%	0.09%	0.08%	0.15%	0.12%	0.11%	0.1%	0.12%
Selling, General & Admin	562.05M	642.35M	587.92M	563.15M	542.66M	518.06M	586.54M	667.6M	661.45M	1.01B
SG&A % of Revenue	0.13%	0.12%	0.08%	0.07%	0.06%	0.1%	0.07%	0.06%	0.05%	0.07%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	87.19M	117.99M	405.02M	172.61M	150.11M	280.37M	453.46M	606.38M	782.03M	747.45M
Operating Income+	2.04B	2.78B	3.24B	4.13B	4.86B	1.72B	4.11B	6.06B	8.07B	8.08B
Operating Margin %	0.45%	0.5%	0.45%	0.52%	0.57%	0.32%	0.47%	0.51%	0.56%	0.54%
Operating Income Growth %	0.39%	0.37%	0.16%	0.28%	0.17%	-0.65%	1.39%	0.48%	0.33%	0%
EBITDA+	2.36B	3.06B	3.54B	4.48B	5.27B	2.16B	4.6B	6.62B	8.71B	8.84B
EBITDA Margin %	0.52%	0.55%	0.5%	0.57%	0.62%	0.4%	0.53%	0.55%	0.6%	0.59%
EBITDA Growth %	0.33%	0.3%	0.16%	0.27%	0.18%	-0.59%	1.13%	0.44%	0.32%	0.02%
D&A (Non-Cash Add-back)	319.41M	276.63M	299.19M	351.75M	415.25M	435.34M	487.23M	551.2M	641.34M	756.98M
EBIT	2.08B	2.95B	3.3B	4.31B	4.98B	1.91B	4.35B	6.23B	8.33B	8.4B
Net Interest Income+	-254.02M	-131.09M	-225.53M	-131.47M	-204.77M	-308.61M	-387.2M	-762.79M	-971.53M	-1.08B
Interest Income	80.74M	199.6M	127.29M	194.09M	171.24M	111.89M	129.48M	171.31M	297.91M	245.06M
Interest Expense	334.76M	330.69M	352.82M	325.56M	376.01M	420.5M	516.68M	934.1M	1.27B	1.33B
Other Income/Expense	-287.81M	-160.27M	-288.6M	-146.95M	-255.65M	-229.09M	-274.58M	-771.66M	-1.01B	-1.01B
Pretax Income+	1.75B	2.62B	2.95B	3.99B	4.6B	1.49B	3.84B	5.29B	7.06B	7.07B
Pretax Margin %	0.39%	0.47%	0.41%	0.5%	0.54%	0.28%	0.44%	0.44%	0.49%	0.47%
Income Tax+	512.11M	746.78M	813.07M	1.12B	1.37B	394.5M	972.18M	1.38B	2.04B	2.13B
Effective Tax Rate %	0.71%	0.71%	0.72%	0.72%	0.7%	0.73%	0.74%	0.74%	0.71%	0.7%
Net Income+	1.23B	1.87B	2.13B	2.85B	3.22B	1.09B	2.86B	3.9B	5.01B	4.93B
Net Margin %	0.27%	0.34%	0.3%	0.36%	0.38%	0.2%	0.33%	0.33%	0.35%	0.33%
Net Income Growth %	0.2%	0.52%	0.14%	0.34%	0.13%	-0.66%	1.61%	0.37%	0.28%	-0.02%
Net Income (Continuing)	1.24B	1.88B	2.14B	2.86B	3.23B	1.1B	2.86B	3.92B	5.02B	4.94B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	81.37M	132.43M	159.45M	164.75M	172.38M	175.91M	182.27M	185.41M	168.04M	159.46M
EPS (Diluted)+	25.04	38.08	43.20	58.00	65.60	22.40	58.80	80.80	103.84	102.08
EPS Growth %	0.21%	0.52%	0.13%	0.34%	0.13%	-0.66%	1.63%	0.37%	0.29%	-0.02%
EPS (Basic)	25.04	38.08	43.20	58.00	65.60	22.40	58.80	80.80	103.84	102.08
Diluted Shares Outstanding	49.23M	49.1M	49.21M	49.18M	49.09M	48.79M	48.58M	48.27M	48.27M	48.27M
Basic Shares Outstanding	49.23M	49.1M	49.21M	49.18M	49.09M	48.79M	48.58M	48.27M	48.27M	48.27M
Dividend Payout Ratio	-	0.73%	0.74%	0.56%	0.5%	-	0.69%	1.7%	0.75%	0.85%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	3.22B	4.1B	3.5B	3.96B	4.81B	4.68B	7.78B	5.59B	4.91B	4.29B
Cash & Short-Term Investments	2.67B	3.01B	2.38B	2.98B	3.43B	2.96B	5.99B	3.34B	2.58B	1.66B
Cash Only	2.61B	3.01B	2.33B	2.96B	3.43B	2.96B	5.99B	3.34B	2.58B	1.66B
Short-Term Investments	60.45M	0	49.34M	19.66M	0	0	0	0	0	0
Accounts Receivable	483.32M	818.24M	760.96M	809.23M	1.05B	1.38B	1.36B	1.53B	1.68B	2.26B
Days Sales Outstanding	39.27	53.81	38.96	37.36	45.1	93.57	56.98	46.65	42.51	54.76
Inventory	62.26M	265.68M	222.05M	164.71M	0	115.23M	0	0	0	0
Days Inventory Outstanding	12.58	47.8	27.97	19.78	-	14.77	-	-	-	-
Other Current Assets	4.98M	8.74M	9.75M	7.07M	3.54M	1.38M	2.2M	1.52M	3.65M	10.75M
Total Non-Current Assets+	9.29B	9.45B	10.7B	11.63B	12.47B	13.46B	15.11B	17.48B	20.33B	22.94B
Property, Plant & Equipment	2.37B	2.44B	2.6B	2.67B	2.86B	2.88B	2.92B	2.73B	3B	3.24B
Fixed Asset Turnover	1.89x	2.27x	2.74x	2.96x	2.98x	1.86x	2.98x	4.37x	4.82x	4.65x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	6.35B	6.51B	7.65B	8.57B	9.27B	10.23B	11.68B	13.94B	16.42B	18.72B
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	110.72M	109.04M	104.33M	77.06M	44.05M	34.62M	46.2M	48.13M	38.82M	985.88M
Total Assets+	12.51B	13.55B	14.2B	15.59B	17.28B	18.14B	22.89B	23.07B	25.24B	27.23B
Asset Turnover	0.36x	0.41x	0.50x	0.51x	0.49x	0.30x	0.38x	0.52x	0.57x	0.55x
Asset Growth %	0.01%	0.08%	0.05%	0.1%	0.11%	0.05%	0.26%	0.01%	0.09%	0.08%
Total Current Liabilities+	968.78M	1.11B	1.1B	1.22B	1.24B	4.17B	4.9B	5.26B	2.47B	3.27B
Accounts Payable	165.16M	212.94M	200.6M	155.9M	140.81M	107.51M	123.33M	223.15M	286.26M	469.22M
Days Payables Outstanding	33.36	38.31	25.27	18.73	17.25	13.78	12.61	17.72	21.12	32.74
Short-Term Debt	55.43M	56.12M	50.85M	41.42M	36.85M	3.01B	2.7B	2.7B	0	600M
Deferred Revenue (Current)	0	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	229.9M	169.85M	239.12M	233.2M	164.44M	391.76M	724.15M	1.01B	696.03M	-389.46M
Current Ratio	3.32x	3.70x	3.17x	3.23x	3.89x	1.12x	1.59x	1.06x	1.98x	1.31x
Quick Ratio	3.26x	3.46x	2.97x	3.10x	3.89x	1.09x	1.59x	1.06x	1.98x	1.31x
Cash Conversion Cycle	18.48	63.3	41.66	38.41	-	94.56	-	-	-	-
Total Non-Current Liabilities+	5.59B	5.75B	5.87B	5.85B	6.15B	3.14B	6.75B	9.26B	12.93B	13.42B
Long-Term Debt	4.66B	4.64B	4.58B	4.54B	4.51B	1.5B	5B	7.48B	10.68B	10.68B
Capital Lease Obligations	0	0	30.86M	15.86M	148.54M	168.21M	195.4M	174.76M	153.92M	159.97M
Deferred Tax Liabilities	201.05M	218.79M	197.08M	184.15M	202.72M	133.83M	36.19M	56.67M	57.72M	48.57M
Other Non-Current Liabilities	241.92M	272.51M	1.06B	1.11B	387.66M	351.56M	342.12M	377.58M	2.04B	2.53B
Total Liabilities	6.56B	6.86B	6.97B	7.08B	7.39B	7.31B	11.65B	14.52B	15.4B	16.69B
Total Debt+	4.71B	4.69B	4.63B	4.6B	4.76B	4.71B	7.92B	10.39B	10.88B	11.46B
Net Debt	2.11B	1.69B	2.3B	1.64B	1.33B	1.75B	1.93B	7.06B	8.3B	9.8B
Debt / Equity	0.79x	0.70x	0.64x	0.54x	0.48x	0.43x	0.70x	1.21x	1.11x	1.09x
Debt / EBITDA	2.00x	1.53x	1.31x	1.03x	0.90x	2.18x	1.72x	1.57x	1.25x	1.30x
Net Debt / EBITDA	0.89x	0.55x	0.65x	0.37x	0.25x	0.81x	0.42x	1.07x	0.95x	1.11x
Interest Coverage	6.08x	8.42x	9.18x	12.69x	12.91x	4.09x	7.96x	6.49x	6.35x	6.08x
Total Equity+	5.95B	6.69B	7.23B	8.51B	9.89B	10.83B	11.24B	8.55B	9.84B	10.54B
Equity Growth %	-0.03%	0.12%	0.08%	0.18%	0.16%	0.09%	0.04%	-0.24%	0.15%	0.07%
Book Value per Share	120.88	136.20	146.91	173.07	201.41	221.90	231.34	177.22	203.82	218.44
Total Shareholders' Equity	5.87B	6.55B	7.07B	8.35B	9.72B	10.65B	11.06B	8.37B	9.67B	10.38B
Common Stock	302.4M	303.64M	303.39M	303.39M	301.74M	300.82M	297.78M	297.78M	297.78M	297.78M
Retained Earnings	5.55B	4.85B	5.28B	6.53B	8.12B	8.82B	9.7B	6.53B	7.83B	10.05B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-9.48M	1.38B	1.46B	1.48B	1.26B	1.5B	1.03B	1.51B	1.51B	7.02M
Minority Interest	81.37M	132.43M	159.45M	164.75M	172.38M	175.91M	182.27M	185.41M	168.04M	159.46M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	2.07B	2.39B	2.92B	3.71B	3.75B	1.3B	4.45B	4.99B	6.33B	6.2B
Operating CF Margin %	0.46%	0.43%	0.41%	0.47%	0.44%	0.24%	0.51%	0.42%	0.44%	0.41%
Operating CF Growth %	0.28%	0.15%	0.23%	0.27%	0.01%	-0.65%	2.41%	0.12%	0.27%	-0.02%
Net Income	1.75B	2.62B	2.95B	3.99B	4.6B	1.49B	3.84B	5.29B	7.06B	4.93B
Depreciation & Amortization	238.81M	276.63M	299.19M	351.75M	415.25M	435.34M	487.23M	551.2M	641.34M	756.98M
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	-308.22M	-582.99M	-839.16M	-995.26M	-1.32B	0	0	0	0	0
Other Non-Cash Items	254.02M	225.17M	231.01M	131.47M	181.61M	-210.33M	119.47M	-874.85M	-1.08B	1.31B
Working Capital Changes	-77.2M	-340.04M	21.09M	-59.67M	-483.03M	-413.92M	4.33M	16.16M	-284.93M	-800.17M
Change in Receivables	-69.79M	-324.09M	93.93M	-59.85M	-60.95M	-37.93M	-252.67M	-185.15M	-38.06M	-583.53M
Change in Inventory	152.97M	86.45M	127.94M	-19.25M	-78.01M	-214.7M	394.64M	78.21M	0	0
Change in Payables	15.14M	-72.35M	-103M	158.75M	-38.94M	-120.86M	65.41M	323.68M	-72.92M	-39.2M
Cash from Investing+	-493.24M	-471.36M	-1.53B	-1.09B	-982.44M	-1.32B	-1.79B	-2.75B	-2.79B	-2.51B
Capital Expenditures	-134.07M	-120.39M	-1.58B	-211.23M	-87.32M	-1.44B	-1.93B	-2.91B	-403.99M	-321.34M
CapEx % of Revenue	0.03%	0.02%	0.22%	0.03%	0.01%	0.27%	0.22%	0.24%	0.03%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-359.16M	-350.97M	52.3M	-906.82M	-914.78M	117.2M	131M	150.73M	-2.39B	-2.19B
Cash from Financing+	-1.78B	-1.51B	-1.99B	-1.94B	-2.25B	-528.89M	292.27M	-4.88B	-4.3B	-4.66B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	-1.37B	-1.58B	-1.61B	-1.6B	0	-1.98B	-6.62B	-3.74B	-4.21B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-1.48B	-268.05M	-348.05M	-323.07M	-327.31M	-320.87M	-3.38B	-745.99M	-2.6B	-993.94M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.94B	2.27B	1.34B	3.5B	3.66B	-138.16M	2.52B	2.08B	5.93B	5.88B
FCF Margin %	0.43%	0.41%	0.19%	0.44%	0.43%	-0.03%	0.29%	0.17%	0.41%	0.39%
FCF Growth %	0.69%	0.17%	-0.41%	1.61%	0.05%	-1.04%	19.25%	-0.17%	1.85%	-0.01%
FCF per Share	39.31	46.15	27.25	71.13	74.54	-2.83	51.89	43.09	122.86	121.72
FCF Conversion (FCF/Net Income)	1.68x	1.28x	1.37x	1.30x	1.16x	1.19x	1.56x	1.28x	1.26x	1.26x
Interest Paid	0	0	0	0	0	0	0	0	0	1.1B
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	20.45%	29.6%	30.58%	36.23%	35%	10.57%	25.9%	39.42%	54.5%	48.36%
Return on Invested Capital (ROIC)	18.98%	25.41%	27.14%	31.5%	34.08%	10.85%	23.95%	31.6%	35.85%	31.5%
Gross Margin	59.78%	63.45%	59.36%	61.57%	65.05%	46.95%	59.05%	61.49%	65.78%	65.3%
Net Margin	27.46%	33.7%	29.84%	36.07%	37.76%	20.39%	32.77%	32.69%	34.67%	32.7%
Debt / Equity	0.79x	0.70x	0.64x	0.54x	0.48x	0.43x	0.70x	1.21x	1.11x	1.09x
Interest Coverage	6.08x	8.42x	9.18x	12.69x	12.91x	4.09x	7.96x	6.49x	6.35x	6.08x
FCF Conversion	1.68x	1.28x	1.37x	1.30x	1.16x	1.19x	1.56x	1.28x	1.26x	1.26x
Revenue Growth	20.46%	23.54%	28.46%	10.9%	7.84%	-37.05%	62.46%	36.87%	21.13%	4.26%

Frequently Asked Questions

Valuation & Price

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) has a price-to-earnings (P/E) ratio of 1.0x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) reported $15.97B in revenue for fiscal year 2024. This represents a 472% increase from $2.79B in 2011.

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) grew revenue by 4.3% over the past year. Growth has been modest.

Yes, Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) is profitable, generating $5.31B in net income for fiscal year 2024 (32.7% net margin).

Dividend & Returns

Yes, Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) pays a dividend with a yield of 81.85%. This makes it attractive for income-focused investors.

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) has a return on equity (ROE) of 48.4%. This is excellent, indicating efficient use of shareholder capital.

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) generated $5.48B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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