Latest Ratios: P/E Ratio 16.1x · EV/EBITDA 9.8x · 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 | $4.9B | $5.3B | $3.3B | $4.1B | $3.0B | $2.6B | $2.5B | $2.9B | $1.9B | $2.0B | $1.7B |
| Enterprise Value | $5.5B | $15.7B | $13.1B | $12.4B | $10.0B | $4.5B | $4.3B | $4.3B | $3.5B | $4.3B | $3.4B |
| P/E Ratio → | 16.06 | 0.98 | 0.59 | 0.84 | 0.78 | 0.90 | 2.49 | 0.91 | 0.64 | 0.91 | 0.82 |
| P/S Ratio | 5.37 | 0.33 | 0.22 | 0.28 | 0.25 | 0.30 | 0.47 | 0.35 | 0.24 | 0.29 | 0.31 |
| P/B Ratio | 7.51 | 0.46 | 0.31 | 0.42 | 0.35 | 0.23 | 0.23 | 0.30 | 0.22 | 0.28 | 0.25 |
| P/FCF | 11.64 | 0.71 | 0.56 | 0.69 | 1.44 | 1.03 | — | 0.80 | 0.53 | 1.52 | 0.75 |
| P/OCF | 11.39 | 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 | 9.80 | 1.60 | 1.49 | 1.42 | 1.52 | 0.98 | 1.98 | 0.81 | 0.78 | 1.23 | 1.11 |
| EV / EBIT | 10.76 | 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 | 5.2% | 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 | 6.2% | 101.7% | 169.3% | 119.7% | 127.4% | 111.6% | 40.1% | 110.0% | 156.3% | 109.9% | 122.5% |
| FCF Yield | 8.6% | 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 | 5.2% | 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 16.1x. 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 9.8x. 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 16.1x. 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 5.21% 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
Regulatory tariff uncertainty
Margins Resilient Amid Deceleration
OMAB's TTM gross margin held at 70.1% and operating margin at 56.0%, despite revenue growth slowing to 5.9%, per recent financial statements. This underscores the high operating leverage inherent in the concession model.
The stability of gross and operating margins, even as top-line growth cools, suggests that the company retains pricing power and cost discipline. The 2024Q2 operating margin anomaly, which swung to -55.1%, appears to be a one-time impairment or regulatory charge, not a reflection of underlying profitability. Investors should monitor whether the late-2023 tariff regulation change compresses aeronautical margins in future periods, as the current margin resilience may not be sustainable if the regulatory formula shifts.
High Returns on Leverage
ROE averaged 12.6% over the last four quarters, while ROIC averaged 8.3%, according to quarterly data. The gap suggests debt is amplifying equity returns, but the underlying capital efficiency remains solid.
The consistent ROIC in the 7-9% range, excluding the 2024Q2 distortion, indicates that the company is generating returns above its cost of capital, though not dramatically so. The elevated ROE of 48.6% on a TTM basis is flattered by a thin equity base, which has been reduced by large dividend payouts. As leverage rises (D/E at 1.54 in 2026Q2), the sustainability of these returns depends on maintaining traffic growth and tariff levels; any regulatory setback could compress both ROIC and ROE.
Working Capital Volatility Masks Efficiency
OMAB's cash conversion cycle swung from -63 days in 2024Q2 to +31 days in 2024Q1, driven by volatile DPO, as per quarterly filings. This suggests timing of concession fee payments, not operational inefficiency.
The extreme swings in DPO, ranging from 33 to 270 days, indicate that the company has significant discretion in timing payments to the government and suppliers, which can distort quarterly working capital metrics. Asset turnover remains low at 0.13-0.15, typical for an asset-heavy concession business, but the high margins compensate. Investors should focus on the underlying cash generation rather than quarterly CCC fluctuations, as the latter are largely a function of payment timing.
Leverage Creeps Higher as Growth Cools
Debt-to-equity rose to 1.54 in 2026Q2 from 1.00 a year earlier, while interest coverage remained comfortable at 6.25x, based on reported figures. The increasing leverage warrants monitoring as revenue growth decelerates.
The rise in D/E is partly due to equity reduction from dividends, but total debt also increased to $14.3B. Interest coverage of 6.25x suggests debt service is still manageable, but the trend is concerning if traffic or tariff dynamics weaken. The company's ability to refinance at favorable rates may be impacted by the regulatory uncertainty, and investors should monitor any changes in the cost of debt or covenant headroom.
Liquidity Buffer Thins
The current ratio fell to 0.66 in 2026Q2 from 1.12 in 2026Q1, with cash dropping to $2.6B, as per the latest balance sheet. This suggests a tighter liquidity position that could strain under stress.
The decline in the current ratio below 1.0 indicates that current liabilities exceed current assets, which is unusual for a company with stable cash flows. However, the company's ability to generate strong operating cash flow (OCF/NI of 1.3) provides a buffer. The low quick ratio, identical to the current ratio, suggests minimal inventory, which is typical for a service business. Investors should monitor whether the liquidity position stabilizes or continues to deteriorate, especially given the large dividend payouts.
Misapplied P/E on Concession Model
The most misapplied ratio for OMAB is the P/E, given the distortive impact of IFRIC 12 construction revenue and one-time charges. As reported in financial statements, EV/EBITDA or P/FCF better capture the underlying cash generation.
The P/E of 16.73 appears reasonable, but it is distorted by the inclusion of zero-margin construction revenue and the 2024Q2 impairment. The forward P/E of 0.80 is clearly anomalous and likely reflects data issues, not a real valuation signal. EV/EBITDA of 10.17 is more meaningful, as it normalizes for capital structure and non-cash items. Investors should also consider P/FCF of 12.13, which reflects the company's strong cash conversion, but must adjust for the volatile working capital swings.