Latest Ratios: P/E Ratio 15.6x · EV/EBITDA 6.1x · ROE 15.6%. (2015–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.9B | $4.2B | $3.0B | $2.6B | $1.4B | $926M | $638M | $960M | $1.2B | — | — |
| Enterprise Value | $4.4B | $4.7B | $3.7B | $3.6B | $2.5B | $2.0B | $1.7B | $2.0B | $2.1B | — | — |
| P/E Ratio → | 15.61 | 17.11 | 10.60 | 10.78 | 8.31 | — | — | 100.00 | 165.75 | — | — |
| P/S Ratio | 1.97 | 2.15 | 1.63 | 1.85 | 1.02 | 1.31 | 1.05 | 0.62 | 0.83 | — | — |
| P/B Ratio | 2.32 | 2.54 | 1.98 | 3.21 | 1.63 | 1.20 | 0.79 | 0.80 | 0.97 | — | — |
| P/FCF | 8.67 | 9.46 | 7.65 | 7.45 | 5.03 | 9.47 | — | — | 6.54 | — | — |
| P/OCF | 8.33 | 9.08 | 7.42 | 7.25 | 4.88 | 8.78 | 865.16 | — | 6.16 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.41 | 2.03 | 2.54 | 1.81 | 2.83 | 2.83 | 1.27 | 1.45 | — | — |
| EV / EBITDA | 6.05 | 6.54 | 5.85 | 6.25 | 5.44 | 14.25 | 46.26 | 4.88 | 4.34 | — | — |
| EV / EBIT | 8.86 | 11.18 | 5.23 | 11.97 | 7.03 | 57.43 | — | 18.37 | 20.67 | — | — |
| EV / FCF | — | 10.61 | 9.51 | 10.27 | 8.94 | 20.47 | — | — | 11.43 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 35.2% | 35.2% | 32.9% | 34.7% | 30.2% | 12.0% | -7.6% | 27.0% | 31.9% | 34.6% | 37.1% |
| Operating Margin | 25.2% | 25.2% | 23.6% | 29.8% | 20.7% | -2.8% | -27.0% | 14.3% | 21.0% | 23.4% | 24.3% |
| Net Profit Margin | 12.6% | 12.6% | 15.3% | 17.1% | 12.2% | -16.7% | -41.7% | 0.6% | 0.5% | 4.0% | 2.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.6% | 15.6% | 24.3% | 28.7% | 20.6% | -14.9% | -25.3% | 0.8% | 0.7% | 7.9% | 4.1% |
| ROA | 5.7% | 5.7% | 7.3% | 6.5% | 4.5% | -3.4% | -6.9% | 0.2% | 0.2% | 1.7% | 1.0% |
| ROIC | 16.8% | 16.8% | 16.2% | 16.8% | 11.3% | -0.8% | -6.0% | 7.8% | 10.8% | 14.7% | 14.5% |
| ROCE | 13.6% | 13.6% | 13.5% | 13.9% | 9.6% | -0.7% | -5.3% | 6.7% | 9.3% | 12.2% | 11.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.67 | 0.67 | 0.77 | 1.68 | 1.71 | 1.88 | 1.69 | 1.02 | 0.92 | 1.86 | 1.38 |
| Debt / EBITDA | 1.53 | 1.53 | 1.83 | 2.37 | 3.22 | 10.33 | 36.63 | 3.00 | 2.37 | 2.93 | 2.44 |
| Net Debt / Equity | — | 0.31 | 0.48 | 1.22 | 1.26 | 1.39 | 1.34 | 0.85 | 0.72 | 1.59 | 1.11 |
| Net Debt / EBITDA | 0.71 | 0.71 | 1.14 | 1.72 | 2.38 | 7.66 | 29.05 | 2.52 | 1.86 | 2.49 | 1.97 |
| Debt / FCF | — | 1.15 | 1.85 | 2.82 | 3.91 | 11.00 | — | — | 4.88 | — | 5.80 |
| Interest Coverage | 4.16 | 4.16 | 6.65 | 3.00 | 2.10 | 0.27 | -2.68 | 1.06 | 0.93 | 1.04 | 0.94 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.35 | 1.35 | 1.27 | 1.09 | 0.96 | 0.74 | 0.94 | 0.90 | 1.18 | 0.79 | 0.77 |
| Quick Ratio | 1.33 | 1.33 | 1.25 | 1.07 | 0.93 | 0.73 | 0.93 | 0.88 | 1.16 | 0.78 | 0.75 |
| Cash Ratio | 0.98 | 0.98 | 0.87 | 0.65 | 0.67 | 0.54 | 0.64 | 0.50 | 0.72 | 0.36 | 0.37 |
| Asset Turnover | — | 0.44 | 0.44 | 0.40 | 0.36 | 0.20 | 0.18 | 0.40 | 0.37 | 0.41 | 0.38 |
| Inventory Turnover | 86.35 | 86.35 | 108.44 | 56.64 | 61.08 | 54.03 | 81.54 | 100.73 | 99.44 | 120.27 | 112.09 |
| Days Sales Outstanding | — | 44.20 | 31.20 | 70.71 | 46.30 | 82.47 | 54.06 | 28.09 | 34.09 | 31.60 | 30.64 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | 0.2% | 2.3% | 1.3% | — | — |
| Payout Ratio | — | — | — | — | — | — | — | 247.1% | 210.0% | 37.5% | 147.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.4% | 5.8% | 9.4% | 9.3% | 12.0% | — | — | 1.0% | 0.6% | — | — |
| FCF Yield | 11.5% | 10.6% | 13.1% | 13.4% | 19.9% | 10.6% | — | — | 15.3% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 12.3% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 12.3% | 0.0% | 0.2% | 2.3% | 1.3% | — | — |
| Shares Outstanding | — | $162M | $161M | $161M | $161M | $161M | $160M | $160M | $178M | $160M | $148M |
Includes 30+ ratios · 11 years · Updated daily
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Quick answers to the most common questions about buying CAAP stock.
Corporacion America Airports S.A.'s current P/E ratio is 15.6x. The historical average is 52.1x. This places it at the 50th percentile of its historical range.
Corporacion America Airports S.A.'s current EV/EBITDA is 6.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.7x.
Corporacion America Airports S.A.'s return on equity (ROE) is 15.6%. The historical average is 6.8%.
Based on historical data, Corporacion America Airports S.A. is trading at a P/E of 15.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Corporacion America Airports S.A. has 35.2% gross margin and 25.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Corporacion America Airports S.A.'s Debt/EBITDA ratio is 1.5x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Argentine macro volatility
Valuation Discount Reflects Country Risk
CAAP trades at a significant discount to its Mexican peers, with a forward EV/EBITDA of 6.71 versus the peer average of approximately 9.1, suggesting the market is pricing in substantial sovereign risk and accounting complexity from its Argentine operations.
The company's forward P/E of 12.83 and EV/EBITDA of 6.71 are materially below the multiples of ASR, PAC, and OMAB, indicating a persistent 'country discount' for its concentrated exposure to Argentina. This valuation gap appears to reflect investor caution regarding macroeconomic volatility and the complexities of IAS 29 hyperinflationary accounting, rather than purely operational underperformance. The low P/FCF of 8.81, however, suggests the market may be underappreciating the company's strong cash generation relative to its reported earnings.
Margin Volatility Masks Underlying Cash Power
CAAP's gross margin swung from 36.9% in 2026Q1 to 23.5% in 2026Q2, a volatility that obscures the business's true earning power, which is better reflected in its consistently robust free cash flow margin averaging over 20% in recent quarters.
The extreme quarterly volatility in gross and operating margins, as seen in the recent drop, is likely driven by the timing of concession fee payments and non-recurring items, making net income an unreliable metric. The more stable and high free cash flow margin, which reached 26.1% in 2026Q2, indicates the core airport operations generate substantial cash after accounting for the massive non-cash amortization of concession assets. This suggests the business's underlying profitability is stronger than headline net margins imply, but investors must focus on cash-based metrics to assess true performance.
Low Returns on a Capital-Intensive Base
CAAP's ROIC has averaged just 3.9% over the last ten quarters, a level that appears low for a regulated monopoly and suggests the company's massive, off-balance-sheet concession assets are not being fully reflected in its capital base calculations.
The reported ROIC and ROE figures are persistently low compared to the Mexican peer group, which posts ROICs above 20%. This discrepancy is likely a function of accounting distortions; CAAP's balance sheet does not fully capitalize the value of its long-term concession rights, which are the primary driver of its economic value. Therefore, the low reported returns may be misleading, and the company's true economic return on its invested capital is likely higher, though still constrained by the high fixed-cost structure and regulatory fee caps.
Anomalously Low Leverage Warrants Scrutiny
The reported Debt-to-Equity ratio of 0.56 in 2026Q2 is strikingly low for a capital-intensive airport operator and contrasts with the higher leverage of its peers, suggesting either a unique capital structure or a potential data anomaly that requires clarification.
CAAP's D/E ratio has improved dramatically from 1.05 in 2024Q1 to 0.56, a deleveraging trend that is atypical for the sector and warrants further investigation into the composition of its debt and equity. While the interest coverage ratio of 3.48 in 2026Q2 is adequate, it is lower than in prior quarters, indicating that even with low reported leverage, debt service comfort can fluctuate with earnings volatility. The low leverage profile provides a buffer against rising rates but also raises questions about whether the company is under-leveraged relative to its stable, concession-backed cash flows.
The Misleading Power of Low Leverage
The Debt-to-Equity ratio is the most commonly misapplied metric to CAAP's business model, as it dramatically understates financial risk by excluding the massive, off-balance-sheet value of its concession liabilities and the true capital intensity of its operations.
For a concession-based airport operator, the D/E ratio is fundamentally misleading because the company's most significant assets—the concession rights—are not carried at full value on the balance sheet, while the associated future obligations are not fully captured as liabilities. This accounting treatment makes CAAP appear far less leveraged than its economic reality, where the business is essentially a long-term lease on critical infrastructure. Analysts should instead focus on metrics like Net Debt to EBITDA or the present value of future concession payments relative to enterprise value to assess true financial risk and capital structure.