OMAB exhibits high earnings quality with an OCF/NI ratio frequently exceeding 1.40, supporting an aggressive capital return policy that included $2.2 billion in dividend payments during 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Cash from Operations | 7.34B | 7.53B | 6.2B | 6.33B | 4.99B | 4.45B | 1.3B | 3.75B | 3.71B | 2.92B | 2.39B | 2.07B | 1.61B | 1.01B | 1.26B | 607.37M | 610.68M | 448.81M | 735.46M | 1.07B | 702.68M | 675.99M |
| Operating CF Margin % | - | 47.15% | 41.11% | 43.82% | 41.77% | 51% | 24.28% | 43.94% | 46.91% | 41.02% | 42.99% | 46.06% | 43.19% | 29.41% | 40.12% | 21.77% | 23.72% | 17.69% | 36.99% | 56.43% | 41.64% | 47.4% |
| Operating CF Growth % | 74.29% | 21.48% | -2.18% | 27.07% | 12.11% | 241.15% | -65.21% | 1.01% | 26.83% | 22.56% | 15.31% | 28.47% | 60.24% | -20.24% | 107.52% | -0.54% | 36.07% | -38.98% | -31.3% | 52.36% | 3.95% | - |
| Net Income | 5.29B | 5.34B | 7.07B | 7.06B | 5.29B | 3.84B | 1.49B | 4.6B | 3.99B | 2.95B | 2.62B | 1.75B | 1.26B | 1.07B | 819.09M | 798.15M | 399.74M | 547.31M | 780.71M | 31.19M | 0 | 0 |
| Depreciation & Amortization | 901.35M | 877.63M | 756.98M | 641.34M | 551.2M | 487.23M | 435.34M | 415.25M | 351.75M | 299.19M | 276.63M | 238.81M | 223.98M | 201.23M | 186.8M | 165.09M | 469.67M | 411.89M | 366.72M | 336.2M | 281.51M | 219.55M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.32B | -995.26M | -839.16M | -582.99M | -308.22M | -161.76M | -275.7M | 288.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -126.02M | 1.68B | -829.38M | -1.08B | -874.85M | 119.47M | -210.33M | 181.61M | 131.47M | 231.01M | 225.17M | 254.02M | 187.22M | 136.71M | 76.08M | 292.96M | 69.9M | 21.08M | 4.67M | 660.79M | 534.32M | 554.6M |
| Working Capital Changes | -416.42M | -371.91M | -800.17M | -284.93M | 16.16M | 4.33M | -413.92M | -483.03M | -59.67M | 21.09M | -340.04M | -77.2M | 110.81M | -355.29M | -248.94M | -648.82M | -328.63M | -531.46M | -416.63M | 42.41M | -113.16M | -98.16M |
| Change in Receivables | -156.47M | -177.59M | -583.53M | -227.86M | -185.15M | -252.67M | -37.93M | -60.95M | -59.85M | 93.93M | -324.09M | -69.79M | -16.42M | -13.23M | 66.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 78.21M | 394.64M | -214.7M | -78.01M | -19.25M | 127.94M | 86.45M | 152.97M | 144.83M | -269.18M | -289.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -128.64M | 0 | -39.2M | -72.92M | 323.68M | 65.41M | -120.86M | -38.94M | 158.75M | -103M | -72.35M | 15.14M | 17.73M | 42.01M | 3.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -2.51B | -2.5B | -2.51B | -2.79B | -2.75B | -1.79B | -1.32B | -982.44M | -1.09B | -1.53B | -471.36M | -493.24M | -371.84M | -270.88M | -393.88M | -312.7M | -527.22M | -597.13M | -1.88B | -658.01M | -424.29M | -282.88M |
| Capital Expenditures | -190.31M | -163.32M | -321.34M | -403.99M | -2.91B | -1.93B | -1.44B | -87.32M | -211.23M | -1.58B | -120.39M | -134.07M | -462.52M | -79.64M | -56.9M | -52.96M | -104.95M | -216.78M | -1.38B | -658.01M | -424.29M | -264.76M |
| CapEx % of Revenue | 1.17% | 1.02% | 2.13% | 2.79% | 24.34% | 22.09% | 26.86% | 1.02% | 2.67% | 22.21% | 2.17% | 2.98% | 12.4% | 2.33% | 1.81% | 1.9% | 4.08% | 8.54% | 69.18% | 34.68% | 25.15% | 18.56% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -2.32B | -2.34B | -2.19B | -2.39B | 150.73M | 131M | 117.2M | -914.78M | -906.82M | 52.3M | -350.97M | -359.16M | 90.67M | -191.24M | -336.99M | 16.08M | -422.27M | -380.36M | 51.29M | 0 | 0 | -18.12M |
| Cash from Financing | -3.41B | -3.56B | -4.66B | -4.3B | -4.88B | 292.27M | -528.89M | -2.25B | -1.94B | -1.99B | -1.51B | -1.78B | 35.22M | -352.79M | -237.73M | -83.87M | -38.36M | 158.64M | -352.15M | -328.87M | -310.78M | 0 |
| Debt Issued (Net) | 1.36B | 2.08B | 536.97M | 2.04B | 5.15B | 3.13B | -58.02M | -76.27M | -11.66M | -36.47M | -58.88M | -52.77M | 1.59B | 1.01B | 549.4M | 421.22M | 429.19M | 542.78M | 130.86M | 0 | 0 | 0 |
| Equity Issued (Net) | -2.46M | -2.46M | 0 | 0 | 0 | -474.85M | -150M | -244.2M | 0 | -34.23M | 184.37M | -244.29M | -154.5M | -24.61M | -492.77M | -7.59M | 18.47M | 0 | -53.34M | -99.64M | 123.12M | 0 |
| Dividends Paid | -4.47B | -4.47B | -4.21B | -3.74B | -6.6B | -1.98B | 0 | -1.6B | -1.61B | -1.58B | -1.37B | 0 | 0 | 0 | -198.35M | -399.08M | -398.93M | -411.54M | -428.22M | -229.22M | -430.51M | 0 |
| Share Repurchases | -2.46M | -2.46M | 0 | 0 | 0 | -474.85M | -150M | -244.2M | 0 | -34.23M | 0 | 0 | -1.34B | -24.61M | -500M | -7.59M | 0 | 0 | -53.34M | -99.64M | 0 | 0 |
| Other Financing | -301.97M | -1.17B | -993.94M | -2.6B | -3.42B | -384.53M | -320.87M | -327.31M | -323.07M | -348.05M | -268.05M | -1.48B | -1.4B | -1.34B | -96.01M | -98.43M | -87.09M | 27.39M | -1.45M | 0 | 12.78M | 0 |
| Net Change in Cash | 1.4B | 1.44B | -919.89M | -760.16M | -2.65B | 3.03B | -471.07M | 470.97M | 625.89M | -672.78M | 400.6M | -202.95M | 1.27B | 381.57M | 628.8M | 210.8M | 45.1M | 10.31M | -1.5B | 83.71M | -32.39M | 393.11M |
| Free Cash Flow | 5.28B | 7.36B | 5.88B | 5.93B | 2.08B | 2.52B | -138.16M | 3.66B | 3.5B | 1.34B | 2.27B | 1.94B | 1.15B | 925.61M | 1.2B | 554.41M | 505.73M | 232.03M | -640.12M | 412.58M | 278.39M | 411.24M |
| FCF Margin % | 32.55% | 46.13% | 38.98% | 41.02% | 17.43% | 28.91% | -2.57% | 42.92% | 44.24% | 18.81% | 40.82% | 43.08% | 30.79% | 27.08% | 38.31% | 19.87% | 19.64% | 9.14% | -32.19% | 21.74% | 16.5% | 28.83% |
| FCF Growth % | 10.04% | 25.35% | -0.93% | 185.15% | -17.5% | 1924.7% | -103.78% | 4.61% | 160.87% | -40.82% | 17.08% | 68.54% | 24.05% | -23.09% | 117.08% | 9.63% | 117.96% | 136.25% | -255.15% | 48.2% | -32.3% | - |
| FCF per Share | 109.31 | 152.57 | 121.72 | 122.86 | 43.09 | 52.22 | -2.83 | 74.54 | 71.13 | 27.25 | 46.15 | 39.31 | 23.17 | 18.56 | 24.13 | 11.11 | 10.14 | 4.66 | -12.92 | 8.26 | 5.64 | 8.39 |
| FCF Conversion (FCF/Net Income) | 1.00x | 1.41x | 1.26x | 1.26x | 1.28x | 1.56x | 1.19x | 1.16x | 1.30x | 1.37x | 1.28x | 1.68x | 1.57x | 0.84x | 1.54x | 0.99x | 0.92x | 0.96x | 1.36x | 34.32x | 1.50x | 1.84x |
| Interest Paid | 0 | 0 | 1.1B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory and Concession Uncertainty
Based on reported financial data, OMAB consistently generates operating cash flow in excess of net income, with the OCF/NI ratio frequently exceeding 1.40, which suggests that the company's accounting earnings are supported by high-quality cash inflows rather than non-cash accruals or aggressive revenue recognition practices.
The persistent gap between net income and operating cash flow indicates that the company's core airport operations are highly cash-generative. Investors should interpret this as a sign of operational efficiency, as the business model effectively converts passenger throughput into liquid assets before significant capital reinvestment is required.
As reported in recent quarterly filings, OMAB's free cash flow margins exhibit significant volatility, ranging from 23.3% to 45.0%, which appears to be a direct consequence of the timing of mandatory infrastructure investments under the Master Development Plan rather than a deterioration in core operational performance.
While the FCF trajectory remains robust, the periodic compression of margins warrants careful monitoring of the regulatory environment. The company's ability to maintain positive free cash flow even during peak investment periods suggests a resilient business model that is well-insulated from minor cyclical downturns.
According to the provided quarterly data, OMAB maintains a disciplined capital intensity, with CapEx/Revenue ratios generally remaining below 3.5%, which suggests that the company is successfully balancing its mandatory infrastructure obligations with the need to preserve cash for shareholder returns and operational flexibility.
The relatively low capital intensity relative to revenue highlights the high operating leverage inherent in the airport concession model. This suggests that the company can sustain its infrastructure requirements without compromising its ability to generate significant free cash flow for other strategic priorities.
Based on the quarterly cash flow statements, OMAB experiences substantial swings in working capital, with changes ranging from a $598.3 million outflow in 2024Q2 to a $205.9 million inflow in 2025Q1, indicating that the company's cash position is sensitive to the timing of large-scale construction project settlements.
These fluctuations appear to be largely driven by the pass-through nature of construction services under IFRIC 12 accounting. Analysts should interpret these movements as timing differences rather than structural issues, though they do create short-term noise in the company's reported cash flow metrics.
As reported in financial statements, OMAB has prioritized returning capital to shareholders, with dividend payments reaching as high as $2.2 billion in specific quarters, which suggests a management team confident in the long-term cash-generative capacity of its concession-based assets despite ongoing regulatory and political uncertainties.
The consistent return of capital, even during periods of infrastructure investment, implies that the company views its current cash reserves as more than sufficient to cover its obligations. This strategy may indicate a lack of immediate, high-return internal growth opportunities beyond the existing concession portfolio.
Quick answers to the most common questions about buying OMAB stock.
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) generated $7.53B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) generated $7.36B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) spent $163.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) returned $4.47B to shareholders via cash dividends and spent $2.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.