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

PAC • • Industrial / General

IndustrialsAirlines & AirportsAirport OperatorsMexican Airport Operators

AboutGrupo Aeroportuario del Pacífico, S.A.B. de C.V., together with its subsidiaries, manages, operates, and develops airports primarily in Mexico's Pacific region. It operates 12 airports in Guadalajara, Puerto Vallarta, Tijuana, San Josédel Cabo, Guanajuato (Bajío), Hermosillo, Mexicali, Los Mochis, La Paz, Manzanillo, Morelia, and Aguascalientes. The company was incorporated in 1998 and is headquartered in Guadalajara, Mexico.Show more

Revenue $26.78B -19.4%
EBITDA $18.11B +2.4%
Net Income $8.61B -9.8%
EPS (Diluted) 175.70 -7.0%
Gross Margin 77.19% +32.2%
EBITDA Margin 67.63% +27.1%
Operating Margin 56.2% +23.3%
Net Margin 32.16% +12.0%
ROE 37.8% -19.2%
ROIC 20.39% -16.1%
Debt/Equity 1.95 +0.6%
Interest Coverage 3.22 -28.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 43.1%
✓Strong 5Y profit CAGR of 98.6%
✓FCF machine: 33.0% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 99.7%
✓Healthy 5Y average net margin of 28.4%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y17.05%

5Y99.72%

3Y12.09%

TTM-0.32%

Profit (Net Income) CAGR

10Y14.4%

5Y98.65%

3Y12.82%

TTM-13.47%

EPS CAGR

10Y15.2%

5Y10.8%

3Y15.01%

TTM-11.9%

ROCE

10Y Avg18.94%

5Y Avg23.3%

3Y Avg27.12%

Latest25.82%

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+	8.11B	11.11B	12.37B	14.12B	842.78M	11.87B	19.01B	27.38B	33.22B	26.78B
Revenue Growth %	0.46%	0.37%	0.11%	0.14%	-0.94%	13.08%	0.6%	0.44%	0.21%	-0.19%
Cost of Goods Sold+	4.04B	5.57B	5.81B	6.54B	426.3M	7.77B	9.64B	12.84B	13.82B	6.11B
COGS % of Revenue	0.5%	0.5%	0.47%	0.46%	0.51%	0.65%	0.51%	0.47%	0.42%	0.23%
Gross Profit+	4.07B	5.54B	6.56B	7.58B	416.48M	4.1B	9.38B	14.54B	19.41B	20.67B
Gross Margin %	0.5%	0.5%	0.53%	0.54%	0.49%	0.35%	0.49%	0.53%	0.58%	0.77%
Gross Profit Growth %	0.4%	0.36%	0.18%	0.16%	-0.95%	8.84%	1.29%	0.55%	0.33%	0.07%
Operating Expenses+	206.09M	301.52M	273.53M	338.32M	0	276.43M	526.22M	756.65M	4.27B	5.62B
OpEx % of Revenue	0.03%	0.03%	0.02%	0.02%	-	0.02%	0.03%	0.03%	0.13%	0.21%
Selling, General & Admin	0	0	0	0	0	458.32M	510.44M	92.06M	147.91M	215.77M
SG&A % of Revenue	-	-	-	-	-	0.04%	0.03%	0%	0%	0.01%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	206.09M	301.52M	273.53M	338.32M	0	-181.89M	15.78M	664.59M	4.12B	5.41B
Operating Income+	4.09B	5.23B	6.28B	7.24B	416.48M	3.82B	8.86B	13.81B	15.14B	15.05B
Operating Margin %	0.5%	0.47%	0.51%	0.51%	0.49%	0.32%	0.47%	0.5%	0.46%	0.56%
Operating Income Growth %	0.48%	0.28%	0.2%	0.15%	-0.94%	8.17%	1.32%	0.56%	0.1%	-0.01%
EBITDA+	5.1B	6.58B	7.73B	8.81B	508.73M	5.82B	10.91B	16.13B	17.68B	18.11B
EBITDA Margin %	0.63%	0.59%	0.62%	0.62%	0.6%	0.49%	0.57%	0.59%	0.53%	0.68%
EBITDA Growth %	0.36%	0.29%	0.17%	0.14%	-0.94%	10.44%	0.87%	0.48%	0.1%	0.02%
D&A (Non-Cash Add-back)	1.01B	1.35B	1.44B	1.57B	92.25M	2B	2.05B	2.31B	2.55B	3.06B
EBIT	3.82B	4.98B	6.77B	7.9B	442.77M	3.81B	8.86B	13.81B	16.13B	15.05B
Net Interest Income+	-128.53M	-203.04M	-268.61M	-499.81M	-612.82M	-981.19M	-1.34B	-1.67B	-2.04B	-3.24B
Interest Income	98.85M	220.28M	381.16M	451.02M	570.87M	353.07M	365.79M	723.51M	1.32B	1.43B
Interest Expense	227.38M	423.32M	649.78M	950.83M	1.18B	1.33B	1.71B	2.39B	3.36B	4.67B
Other Income/Expense	-470.51M	-614.76M	-110.01M	-236.98M	-34.92M	-1.43B	-1.03B	-1.54B	-2.38B	-2.93B
Pretax Income+	3.62B	4.62B	6.17B	7.01B	381.56M	2.39B	7.83B	12.28B	12.76B	12.12B
Pretax Margin %	0.45%	0.42%	0.5%	0.5%	0.45%	0.2%	0.41%	0.45%	0.38%	0.45%
Income Tax+	847.31M	1.27B	1.44B	1.87B	98.24M	467.07M	1.79B	3.09B	3.07B	3.24B
Effective Tax Rate %	0.75%	0.73%	0.77%	0.73%	0.73%	0.83%	0.77%	0.73%	0.75%	0.71%
Net Income+	2.73B	3.35B	4.73B	5.14B	278.41M	1.97B	6B	9.01B	9.54B	8.61B
Net Margin %	0.34%	0.3%	0.38%	0.36%	0.33%	0.17%	0.32%	0.33%	0.29%	0.32%
Net Income Growth %	0.22%	0.23%	0.41%	0.09%	-0.95%	6.07%	2.05%	0.5%	0.06%	-0.1%
Net Income (Continuing)	2.77B	3.35B	4.73B	5.14B	283.32M	1.92B	6.04B	9.19B	9.69B	8.88B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	882.09M	1.07B	1.05B	1.06B	55.14M	1.06B	1.14B	1.19B	1.16B	2.28B
EPS (Diluted)+	51.90	63.80	90.00	97.80	105.20	37.50	115.50	177.30	188.90	175.70
EPS Growth %	0.22%	0.23%	0.41%	0.09%	0.08%	-0.64%	2.08%	0.54%	0.07%	-0.07%
EPS (Basic)	51.90	63.80	90.00	97.80	105.20	37.50	115.50	177.30	188.90	175.70
Diluted Shares Outstanding	52.56M	52.56M	52.56M	52.56M	52.56M	52.56M	51.94M	50.84M	50.53M	50.53M
Basic Shares Outstanding	52.56M	52.56M	52.56M	52.56M	52.56M	52.56M	51.94M	50.84M	50.53M	50.53M
Dividend Payout Ratio	1.16%	1.16%	1.01%	1.02%	21.62%	-	1%	0.81%	0.79%	0.81%

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+	3.39B	6B	8.98B	7.84B	496.05M	16.85B	16.4B	15.51B	13.71B	17.46B
Cash & Short-Term Investments	3B	5.19B	7.73B	6.15B	397.17M	14.44B	13.33B	12.37B	10.06B	13.47B
Cash Only	3B	5.19B	7.73B	6.15B	397.17M	14.44B	13.33B	12.37B	10.06B	13.47B
Short-Term Investments	0	0	0	0	0	0	0	0	0	166K
Accounts Receivable	334.77M	754.22M	1.2B	1.62B	93.78M	2.34B	2.99B	3.03B	3.5B	2.7B
Days Sales Outstanding	15.07	24.78	35.3	41.75	40.62	71.94	57.36	40.34	38.5	36.75
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	55.41M	357.15M	311.98M	418.49M	5.1M	62.7M	76.58M	113.85M	150.09M	1.29B
Total Non-Current Assets+	28.09B	30.05B	30.54B	31.71B	1.71B	34.52B	38.93B	44.99B	53.74B	64.2B
Property, Plant & Equipment	1.56B	1.63B	1.66B	1.91B	115.52M	2.15B	3.09B	3.93B	4.6B	4.85B
Fixed Asset Turnover	5.21x	6.81x	7.47x	7.41x	7.30x	5.53x	6.15x	6.97x	7.22x	5.52x
Goodwill	0	0	0	0	0	0	0	0	-2K	0
Intangible Assets	21.18B	22.87B	23.2B	23.82B	1.28B	25.69B	28.39B	31.06B	39.24B	49.7B
Long-Term Investments	92.23M	21.64M	11.02M	35K	254.18K	464.68M	923.79M	2.56B	2.11B	18.26M
Other Non-Current Assets	322.4M	457.16M	315.72M	508.18M	7.14M	242.93M	281.83M	626.05M	454.94M	9.63B
Total Assets+	31.47B	36.05B	39.52B	39.55B	2.2B	51.36B	55.32B	60.51B	67.44B	81.65B
Asset Turnover	0.26x	0.31x	0.31x	0.36x	0.38x	0.23x	0.34x	0.45x	0.49x	0.33x
Asset Growth %	0.3%	0.15%	0.1%	0%	-0.94%	22.33%	0.08%	0.09%	0.11%	0.21%
Total Current Liabilities+	4.66B	1.94B	2.3B	2.17B	247.65M	5.26B	9.36B	6.92B	12.09B	20.45B
Accounts Payable	460.5M	875.49M	811.4M	871.74M	38.96M	1.01B	2.85B	1.98B	1.92B	3.24B
Days Payables Outstanding	41.64	57.36	50.97	48.65	33.36	47.41	108.05	56.43	50.67	193.71
Short-Term Debt	3.53B	84.76M	141.41M	1K	117.17M	2.66B	3.96B	2.26B	7.83B	13.98B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	173.85M	233.22M	299.3M	346.62M	72.59M	996.27M	557.58M	781.91M	866.84M	176.68M
Current Ratio	0.73x	3.09x	3.91x	3.61x	2.00x	3.20x	1.75x	2.24x	1.13x	0.85x
Quick Ratio	0.73x	3.09x	3.91x	3.61x	2.00x	3.20x	1.75x	2.24x	1.13x	0.85x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	4.66B	11.71B	15.15B	15.61B	859.55M	23.25B	25.53B	33.76B	34.41B	36.58B
Long-Term Debt	3.02B	9.73B	13.11B	13.54B	753.92M	21.7B	23.9B	32.09B	32.74B	34.01B
Capital Lease Obligations	0	0	0	33.69M	1.3M	15.48M	47.09M	46.21M	39.51M	20.68M
Deferred Tax Liabilities	818.88M	946.67M	839.25M	784.93M	36.11M	655.48M	606.63M	488.8M	335.17M	1.06B
Other Non-Current Liabilities	725.44M	936.83M	1.08B	1.13B	68.22M	696.06M	788.43M	916.96M	1.02B	1.5B
Total Liabilities	9.32B	13.65B	17.44B	17.78B	1.11B	28.51B	34.89B	40.68B	46.5B	57.03B
Total Debt+	6.55B	9.81B	13.25B	13.58B	872.39M	24.38B	27.92B	34.41B	40.62B	48.03B
Net Debt	3.55B	4.63B	5.52B	7.43B	475.22M	9.94B	14.59B	22.04B	30.57B	34.56B
Debt / Equity	0.30x	0.44x	0.60x	0.62x	0.80x	1.07x	1.37x	1.74x	1.94x	1.95x
Debt / EBITDA	1.29x	1.49x	1.72x	1.54x	1.71x	4.19x	2.56x	2.13x	2.30x	2.65x
Net Debt / EBITDA	0.70x	0.70x	0.71x	0.84x	0.93x	1.71x	1.34x	1.37x	1.73x	1.91x
Interest Coverage	17.98x	12.37x	9.67x	7.62x	0.35x	2.86x	5.19x	5.78x	4.51x	3.22x
Total Equity+	22.16B	22.4B	22.08B	21.77B	1.09B	22.85B	20.43B	19.83B	20.94B	24.62B
Equity Growth %	0.04%	0.01%	-0.01%	-0.01%	-0.95%	19.88%	-0.11%	-0.03%	0.06%	0.18%
Book Value per Share	421.56	426.29	420.05	414.25	20.83	434.81	393.33	390.03	414.52	487.29
Total Shareholders' Equity	21.27B	21.33B	21.03B	20.71B	1.04B	21.79B	19.29B	18.64B	19.78B	22.35B
Common Stock	12.53B	10.78B	9.03B	7.78B	327.53M	6.19B	170.38M	8.2B	8.2B	1.19B
Retained Earnings	6.64B	7.56B	9B	9.55B	526.37M	11.91B	13.93B	9.19B	8.79B	17.88B
Treasury Stock	-1.73B	-1.73B	-1.73B	-1.73B	-91.79M	-1.73B	-3B	-2B	0	0
Accumulated OCI	3.84B	4.73B	4.73B	5.11B	277.29M	5.43B	8.19B	3.25B	2.8B	3.27B
Minority Interest	882.09M	1.07B	1.05B	1.06B	55.14M	1.06B	1.14B	1.19B	1.16B	2.28B

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+	4.9B	5.76B	6.17B	7.24B	8.16B	3.57B	11.1B	12.52B	13.93B	16.67B
Operating CF Margin %	0.61%	0.52%	0.5%	0.51%	9.69%	0.3%	0.58%	0.46%	0.42%	0.62%
Operating CF Growth %	0.42%	0.18%	0.07%	0.17%	0.13%	-0.56%	2.11%	0.13%	0.11%	0.2%
Net Income	2.73B	3.28B	4.73B	5.14B	5.53B	1.92B	6.04B	9.19B	9.69B	8.88B
Depreciation & Amortization	1.16B	1.35B	1.44B	1.57B	1.78B	2B	2.05B	2.31B	2.55B	3.06B
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	847.31M	1.27B	0	0	0	467.07M	1.79B	0	3.07B	0
Other Non-Cash Items	-490.18M	-501.61M	48.53M	479.14M	869.39M	781.69M	640.75M	915.76M	-1.28B	4.64B
Working Capital Changes	665.17M	245.97M	-54.48M	48.21M	-10.99M	-1.6B	574.89M	105.15M	-95.14M	92.9M
Change in Receivables	173M	-434.53M	-394.75M	-383.36M	-101.54M	164.26M	-464.39M	-705.58M	50.84M	-259.49M
Change in Inventory	165.98M	174.78M	10.59M	91.75M	-28.2M	-869.55M	-442.17M	363.2M	0	0
Change in Payables	301.51M	456.85M	275.57M	294.07M	61.76M	-697.61M	1.24B	220.01M	-213.27M	739.04M
Cash from Investing+	-3.67B	-1.82B	-1.94B	-2.55B	-2.59B	-3.22B	-4.97B	-8.48B	-11.09B	-8.78B
Capital Expenditures	-1.13B	-1.86B	-1.92B	-2.5B	-2.58B	-3.16B	-4.95B	-8.43B	-10.44B	-7.84B
CapEx % of Revenue	0.14%	0.17%	0.16%	0.18%	3.06%	0.27%	0.26%	0.31%	0.31%	0.29%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	2.02M	-18.43M	-14.68M	-8.86M	-9.48M	-57.58M	-22.52M	-51.28M	-33.02M	-64.5M
Cash from Financing+	166.17M	-1.77B	-1.69B	-6.17B	-4.23B	6.29B	-7.35B	-4.93B	-4.79B	-5.02B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-3.15B	-3.89B	-4.76B	-5.26B	-6.02B	0	-6.01B	-7.31B	-7.5B	-7B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-260.17M	-349.73M	-579.13M	-1.18B	-1.29B	-1.41B	-1.66B	-2.39B	-4.15B	2.64B
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	3.78B	3.91B	4.24B	4.73B	5.59B	406.46M	6.15B	4.09B	3.49B	8.83B
FCF Margin %	0.47%	0.35%	0.34%	0.34%	6.63%	0.03%	0.32%	0.15%	0.11%	0.33%
FCF Growth %	0.33%	0.03%	0.09%	0.12%	0.18%	-0.93%	14.13%	-0.34%	-0.15%	1.53%
FCF per Share	71.85	74.33	80.77	90.07	106.31	7.73	118.39	80.43	69.08	174.74
FCF Conversion (FCF/Net Income)	1.80x	1.72x	1.30x	1.41x	29.32x	1.81x	1.85x	1.39x	1.46x	1.94x
Interest Paid	0	0	0	0	0	0	0	0	0	4.22B
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)	12.55%	15.05%	21.27%	23.44%	2.44%	16.44%	27.71%	44.78%	46.81%	37.8%
Return on Invested Capital (ROIC)	13.02%	14.89%	17.25%	19.13%	2.03%	16.68%	19.59%	26.95%	24.32%	20.39%
Gross Margin	50.21%	49.84%	53.01%	53.69%	49.42%	34.52%	49.3%	53.12%	58.41%	77.19%
Net Margin	33.63%	30.19%	38.26%	36.39%	33.03%	16.59%	31.54%	32.92%	28.72%	32.16%
Debt / Equity	0.30x	0.44x	0.60x	0.62x	0.80x	1.07x	1.37x	1.74x	1.94x	1.95x
Interest Coverage	17.98x	12.37x	9.67x	7.62x	0.35x	2.86x	5.19x	5.78x	4.51x	3.22x
FCF Conversion	1.80x	1.72x	1.30x	1.41x	29.32x	1.81x	1.85x	1.39x	1.46x	1.94x
Revenue Growth	46.17%	37.01%	11.33%	14.21%	-94.03%	1308%	60.24%	43.99%	21.34%	-19.39%

Revenue by Geography

	2017	2018	2019	2020	2021	2022	2023
JAMAICA	1.85B	2.51B	2.41B	1.7B	-	3.65B	3.65B
JAMAICA Growth	-	35.45%	-3.82%	-29.72%	-	-	0.00%
SPAIN	-	-	-	-	-	-	-
SPAIN Growth	-	-	-	-	-	-	-
Country Of Domicile	10.51B	11.61B	13.81B	10.17B	16.81B	-	-
Country Of Domicile Growth	-	10.46%	18.94%	-26.37%	65.32%	-	-

Frequently Asked Questions

Valuation & Price

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) has a price-to-earnings (P/E) ratio of 1.5x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) reported $25.25B in revenue for fiscal year 2024. This represents a 411% increase from $4.94B in 2011.

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) saw revenue decline by 19.4% over the past year.

Yes, Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) is profitable, generating $7.73B in net income for fiscal year 2024 (32.2% net margin).

Dividend & Returns

Yes, Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) pays a dividend with a yield of 53.88%. This makes it attractive for income-focused investors.

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) has a return on equity (ROE) of 37.8%. This is excellent, indicating efficient use of shareholder capital.

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) generated $7.97B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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