Latest Ratios: P/E Ratio 18.1x · EV/EBITDA 10.8x · ROE 48.6%. (2005–2025 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 | $5.3B | $5.3B | $3.3B | $4.1B | $3.0B | $2.6B | $2.5B | $2.9B | $1.9B | $2.0B | $1.7B |
| Enterprise Value | $5.9B | $15.7B | $13.1B | $12.4B | $10.0B | $4.5B | $4.3B | $4.3B | $3.5B | $4.3B | $3.4B |
| P/E Ratio → | 18.09 | 0.98 | 0.59 | 0.84 | 0.78 | 0.90 | 2.49 | 0.91 | 0.64 | 0.91 | 0.82 |
| P/S Ratio | 5.73 | 0.33 | 0.22 | 0.28 | 0.25 | 0.30 | 0.47 | 0.35 | 0.24 | 0.29 | 0.31 |
| P/B Ratio | 8.62 | 0.46 | 0.31 | 0.42 | 0.35 | 0.23 | 0.23 | 0.30 | 0.22 | 0.28 | 0.25 |
| P/FCF | 17.79 | 0.71 | 0.56 | 0.69 | 1.44 | 1.03 | — | 0.80 | 0.53 | 1.52 | 0.75 |
| P/OCF | 13.08 | 0.70 | 0.53 | 0.64 | 0.60 | 0.58 | 1.93 | 0.79 | 0.50 | 0.70 | 0.71 |
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 | — | 0.99 | 0.87 | 0.86 | 0.84 | 0.52 | 0.79 | 0.50 | 0.44 | 0.61 | 0.61 |
| EV / EBITDA | 10.79 | 1.60 | 1.49 | 1.42 | 1.52 | 0.98 | 1.98 | 0.81 | 0.78 | 1.23 | 1.11 |
| EV / EBIT | 12.18 | 1.73 | 1.56 | 1.49 | 1.61 | 1.04 | 2.23 | 0.86 | 0.81 | 1.34 | 1.15 |
| EV / FCF | — | 2.14 | 2.23 | 2.09 | 4.83 | 1.80 | — | 1.17 | 1.00 | 3.24 | 1.49 |
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 | 70.1% | 70.1% | 66.8% | 65.8% | 61.5% | 59.0% | 46.9% | 65.1% | 61.6% | 59.7% | 63.4% |
| Operating Margin | 56.0% | 56.0% | 53.6% | 55.8% | 50.8% | 47.1% | 32.1% | 56.9% | 52.3% | 45.4% | 50.2% |
| Net Profit Margin | 33.5% | 33.5% | 32.7% | 34.7% | 32.7% | 32.8% | 20.4% | 37.8% | 36.1% | 29.8% | 33.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 48.6% | 48.6% | 48.4% | 54.5% | 39.4% | 25.9% | 10.6% | 35.0% | 36.2% | 30.6% | 29.6% |
| ROA | 18.4% | 18.4% | 18.8% | 20.7% | 17.0% | 13.9% | 6.2% | 19.6% | 19.1% | 15.3% | 14.4% |
| ROIC | 31.7% | 31.7% | 31.5% | 35.9% | 31.6% | 23.9% | 10.9% | 34.1% | 31.5% | 27.1% | 25.4% |
| ROCE | 35.6% | 35.6% | 34.6% | 39.8% | 33.9% | 25.7% | 11.5% | 31.9% | 30.1% | 25.4% | 23.2% |
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 | 1.19 | 1.19 | 1.09 | 1.11 | 1.21 | 0.70 | 0.43 | 0.48 | 0.54 | 0.64 | 0.70 |
| Debt / EBITDA | 1.38 | 1.38 | 1.30 | 1.25 | 1.57 | 1.72 | 2.18 | 0.90 | 1.03 | 1.31 | 1.53 |
| Net Debt / Equity | — | 0.92 | 0.93 | 0.84 | 0.82 | 0.17 | 0.16 | 0.13 | 0.19 | 0.32 | 0.25 |
| Net Debt / EBITDA | 1.07 | 1.07 | 1.11 | 0.95 | 1.07 | 0.42 | 0.81 | 0.25 | 0.37 | 0.65 | 0.55 |
| Debt / FCF | — | 1.42 | 1.67 | 1.40 | 3.39 | 0.77 | — | 0.36 | 0.47 | 1.72 | 0.75 |
| Interest Coverage | 6.17 | 6.17 | 6.32 | 6.56 | 6.67 | 8.42 | 4.55 | 13.23 | 13.24 | 9.18 | 8.93 |
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 | 1.32 | 1.32 | 1.31 | 1.98 | 1.06 | 1.59 | 1.12 | 3.89 | 3.23 | 3.17 | 3.70 |
| Quick Ratio | 1.32 | 1.32 | 1.31 | 1.98 | 1.06 | 1.59 | 1.09 | 3.89 | 3.10 | 2.97 | 3.46 |
| Cash Ratio | 0.66 | 0.66 | 0.51 | 1.04 | 0.63 | 1.22 | 0.71 | 2.78 | 2.43 | 2.16 | 2.71 |
| Asset Turnover | — | 0.52 | 0.55 | 0.57 | 0.52 | 0.38 | 0.30 | 0.49 | 0.51 | 0.50 | 0.41 |
| Inventory Turnover | — | — | — | — | — | — | 24.71 | — | 18.45 | 12.92 | 7.64 |
| Days Sales Outstanding | — | 45.97 | 54.76 | 42.51 | 46.65 | 56.98 | 93.57 | 45.10 | 37.36 | 38.96 | 53.81 |
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 | 4.5% | 85.1% | 100.0% | 91.5% | 100.0% | 76.4% | — | 54.3% | 85.9% | 77.2% | 80.9% |
| Payout Ratio | 83.7% | 83.7% | 85.4% | 74.6% | 169.3% | 69.3% | — | 49.7% | 56.3% | 74.0% | 73.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.5% | 101.7% | 169.3% | 119.7% | 127.4% | 111.6% | 40.1% | 110.0% | 156.3% | 109.9% | 122.5% |
| FCF Yield | 5.6% | 140.3% | 177.3% | 145.2% | 69.7% | 97.3% | — | 124.4% | 187.1% | 65.7% | 133.6% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 18.3% | 6.0% | 8.3% | 0.0% | 1.7% | 0.0% |
| Total Shareholder Yield | 4.5% | 85.2% | 100.0% | 91.5% | 100.0% | 94.7% | 6.0% | 62.6% | 85.9% | 78.8% | 80.9% |
| Shares Outstanding | — | $48M | $48M | $48M | $48M | $48M | $49M | $49M | $49M | $49M | $49M |
Includes 30+ ratios · 21 years · Updated daily
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Quick answers to the most common questions about buying OMAB stock.
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.'s current P/E ratio is 18.1x. The historical average is 3.1x. This places it at the 95th percentile of its historical range.
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.'s current EV/EBITDA is 10.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 1.4x.
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.'s return on equity (ROE) is 48.6%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 22.5%.
Based on historical data, Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. is trading at a P/E of 18.1x. This is at the 95th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.'s current dividend yield is 4.54% with a payout ratio of 83.7%.
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. has 70.1% gross margin and 56.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.'s Debt/EBITDA ratio is 1.4x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Leverage amid decelerating revenue
Headline Multiples Diverge from Earnings Reality
OMAB trades at 18.09 trailing P/E and 10.79 EV/EBITDA per supplied data, while a forward P/E of 0.86 appears implausible and likely reflects a data error rather than an earnings inflection.
The trailing P/E of 18.09 and EV/EBITDA of 10.79 sit at a moderate level for a concession-based airport operator, but the sub-1.0 forward multiples cannot be reconciled with a 5.9% trailing revenue growth rate and should be verified before any relative conclusion is drawn. The P/B of 8.62 is elevated and reflects a book value that is largely concession and goodwill-driven, so price-to-book carries limited information about tangible asset backing. The PEG of 0.45 would suggest cheapness only if the implied growth rate is credible, which the decelerating top line does not clearly support.
High Margins Compressing From Peak Levels
Based on OMAB's reported figures, gross margin fell from 75.7% in 2025Q3 to 58.1% in 2026Q3, while net margin held within a 30% to 38% band, suggesting cost pressure is partly absorbed below the operating line.
The operating margin moved from 61.2% at the 2025Q3 peak to 53.4% in the latest quarter, a compression that appears modest relative to the gross margin decline and may reflect construction revenue mix under IFRIC 12 distorting the gross line. Net margin stability at roughly 32% suggests below-the-line items such as financing or tax are not deteriorating in step with operations. Investors should treat the gross margin as a noisy indicator and monitor operating margin for a clearer read on underlying earning power.
Debt Service Comfort Stable but Thin
As reported in financial statements, OMAB's debt-to-equity ratio eased to 1.38 in 2026Q3 from 1.56 in 2025Q2, while interest coverage of 6.50 remains solid, though a 5.40x debt-to-EBITDA ratio warrants attention.
Interest coverage has held between roughly 5.5x and 6.9x across recent quarters, which suggests debt service is currently comfortable against operating earnings. However, debt-to-EBITDA near 5.4x to 5.9x is elevated for an infrastructure operator and leaves limited headroom if traffic or tariff conditions weaken. Refinancing exposure and covenant terms are not disclosed in the supplied data, so the assessment rests on ratio trends rather than contractual constraints.
Current Ratio Volatility Signals Fragile Buffer
Based on reported data, OMAB's current ratio swung between 0.66 in 2026Q2 and 1.77 in 2025Q1, indicating short-term liquidity has been highly variable and below 1.0 in at least one recent quarter.
A current ratio that dropped below 1.0 in 2026Q2 and sits near 1.08 in 2026Q3 suggests the company operates with a thin liquidity cushion, which is common for infrastructure operators with predictable cash flows but leaves less room under stress. The quick ratio matches the current ratio in every period, which indicates inventory is negligible and does not drive the liquidity picture. Under a severe traffic shock, the reliance on operating cash generation rather than a deep liquid asset base would be the key vulnerability to monitor.
Misapplied Ratio: Price-to-Book Overstates Value
Based on reported figures, OMAB's P/B of 8.62 is the most misapplied metric for this concession business, since goodwill and concession value dominate the asset base and make book equity a weak anchor for valuation.
Applying P/B to an airport concessionaire implicitly treats the balance sheet as a collection of tangible, separable assets, yet the net PPE band of roughly $3.1B to $3.3B is small relative to goodwill that has grown toward $21.4B. A more informative approach is EV/EBITDA combined with free cash flow yield, which captures the economic value of the concession's regulated rate base and cash conversion. Investors should treat the 8.62 P/B as a reflection of accounting composition rather than a signal of overvaluation.