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Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) Financial Ratios

Latest Ratios: P/E Ratio 14.4x · EV/EBITDA 8.6x · ROE 19.4%. (2000–2025 historical series)

ASR Valuation Multiples

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	$8.7B	$9.7B	$7.7B	$8.8B	$7.0B	$6.2B	$4.9B	$5.6B	$4.5B	$5.5B	$4.3B
Enterprise Value	$10.0B	$32.6B	$1.0B	$7.2B	$9.0B	$11.2B	$13.7B	$13.1B	$14.4B	$18.4B	$5.3B
P/E Ratio →	14.40	0.93	0.57	0.87	0.70	1.03	2.51	1.03	0.91	0.94	1.19
P/S Ratio	4.06	0.26	0.25	0.34	0.28	0.33	0.39	0.33	0.29	0.44	0.44
P/B Ratio	3.26	0.21	0.13	0.17	0.14	0.14	0.12	0.14	0.12	0.16	0.19
P/FCF	29.95	1.92	0.69	0.73	0.65	0.94	—	0.95	0.78	1.24	1.63
P/OCF	11.76	0.75	0.50	0.66	0.52	0.60	1.68	0.66	0.61	0.93	0.97

P/E links to full P/E history page with 30-year chart

ASR EV Ratios

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	—	0.88	0.03	0.28	0.36	0.60	1.08	0.78	0.94	1.47	0.54
EV / EBITDA	8.60	1.61	0.05	0.42	0.54	1.05	2.62	1.27	1.51	2.50	0.97
EV / EBIT	10.25	2.18	0.05	0.46	0.60	1.25	4.38	1.50	1.77	2.04	1.02
EV / FCF	—	6.46	0.09	0.60	0.84	1.70	—	2.23	2.48	4.16	1.99

ASR Profitability

Margins and return-on-capital ratios measuring operating efficiency

Margins

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	55.3%	55.3%	64.3%	60.3%	74.1%	65.2%	47.5%	69.9%	70.9%	67.0%	64.6%
Operating Margin	45.6%	45.6%	55.9%	59.0%	58.1%	46.1%	26.0%	50.4%	50.5%	11.8%	50.6%
Net Profit Margin	28.2%	28.2%	43.3%	39.5%	39.5%	31.9%	15.6%	32.5%	32.4%	46.6%	37.2%

Return on Capital

Metric	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
ROE	19.4%	19.4%	23.9%	20.3%	21.1%	13.7%	4.9%	14.5%	14.2%	20.7%	16.8%
ROA	12.2%	12.2%	17.6%	14.4%	14.6%	9.5%	3.3%	9.6%	8.9%	13.8%	13.1%
ROIC	20.5%	20.5%	25.1%	22.6%	21.7%	12.8%	5.1%	13.7%	12.5%	3.2%	16.2%
ROCE	21.3%	21.3%	24.5%	23.3%	23.1%	14.5%	5.8%	15.6%	14.5%	3.6%	18.2%

ASR Leverage & Debt

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	0.73	0.73	0.22	0.24	0.31	0.30	0.33	0.35	0.40	0.52	0.20
Debt / EBITDA	1.68	1.68	0.67	0.71	0.91	1.29	2.67	1.33	1.52	2.36	0.82
Net Debt / Equity	—	0.49	-0.11	-0.03	0.04	0.11	0.21	0.19	0.27	0.38	0.04
Net Debt / EBITDA	1.13	1.13	-0.34	-0.09	0.12	0.47	1.67	0.73	1.04	1.75	0.18
Debt / FCF	—	4.53	-0.60	-0.13	0.19	0.76	—	1.28	1.71	2.92	0.36
Interest Coverage	9.74	9.74	25.64	13.99	17.46	10.65	3.37	8.07	6.62	14.55	40.87

ASR Liquidity & Efficiency

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	2.91	2.91	4.36	3.88	3.25	3.05	2.79	3.06	2.49	2.69	7.14
Quick Ratio	2.91	2.91	4.35	3.87	3.24	3.04	2.78	3.05	2.47	2.67	7.09
Cash Ratio	1.76	1.76	3.41	2.87	2.37	2.32	1.88	2.42	1.90	2.16	5.90
Asset Turnover	—	0.42	0.37	0.37	0.36	0.29	0.21	0.29	0.27	0.23	0.33
Inventory Turnover	—	—	191.86	169.96	101.18	114.32	194.74	101.90	91.95	82.25	141.58
Days Sales Outstanding	—	25.12	36.38	32.76	36.65	36.50	39.27	21.78	18.79	19.99	17.40

ASR Shareholder Yields

Earnings, FCF, buyback, and dividend yields — total returns to shareholders

Dividends

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	15.9%	100.0%	81.2%	67.7%	64.5%	39.8%	—	53.4%	45.0%	33.8%	39.0%
Payout Ratio	228.8%	228.8%	46.3%	58.6%	45.2%	41.2%	—	54.9%	40.8%	31.7%	46.4%

Total Shareholder Return Metrics

Metric	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Earnings Yield	6.9%	108.1%	175.3%	115.6%	142.9%	96.8%	39.8%	97.2%	110.4%	106.6%	84.1%
FCF Yield	3.3%	52.1%	144.5%	136.8%	152.8%	106.5%	—	104.7%	128.6%	80.7%	61.4%
Buyback Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Total Shareholder Yield	15.9%	100.0%	81.2%	67.7%	64.5%	39.8%	0.0%	53.4%	45.0%	33.8%	39.0%
Shares Outstanding	—	$30M	$30M	$30M	$30M	$30M	$30M	$30M	$30M	$30M	$30M

Key Metrics

Growth RegimeDecelerating

ProfitabilityModerate

Balance SheetMixed

Cash FlowDeteriorating

Top Statement Risk

Regulatory and Concession Uncertainty

Valuation Compression Amid Regulatory Uncertainty

According to current market data, ASR trades at a P/E of 15.44, which appears to reflect a significant discount relative to its historical averages and domestic peers, likely pricing in the heightened regulatory risk following the 2023 revision of the Mexican maximum tariff framework.

The low PEG ratio of 0.39 suggests that the market is skeptical of future earnings growth, potentially discounting the company's ability to maintain its historical margins. Investors should monitor whether this valuation gap represents a value opportunity or a permanent re-rating of the business model due to increased state intervention.

Capital Efficiency Facing Structural Decay

Based on reported financial figures, ASR's ROIC has trended downward from 10.4% in 2023Q4 to 5.1% in 2026Q1, indicating that the company is struggling to generate efficient returns on its expanding capital base as infrastructure investments fail to yield proportional earnings growth.

The decline in ROIC suggests that the company's recent capital allocation, particularly regarding large-scale infrastructure projects, may be dilutive to shareholder value. This trend warrants further investigation into whether the current investment cycle is a temporary necessity or a sign of diminishing returns on the core Cancun concession.

Working Capital Volatility Obscures Efficiency

As reported in quarterly filings, ASR's cash conversion cycle has exhibited extreme volatility, swinging from negative 100 days in 2024Q2 to 36 days in 2026Q1, which suggests that the company's working capital management is heavily influenced by lumpy infrastructure project cycles rather than operational efficiency.

The erratic nature of the CCC indicates that the company's ability to manage its supplier and customer leverage is currently secondary to the accounting requirements of its Master Development Plan. Analysts should look past these fluctuations to assess the underlying cash generation of the core airport services.

Leverage Profile Shows Recent Deterioration

Based on the provided balance sheet figures, ASR's debt-to-equity ratio has climbed from 0.24 in 2023Q4 to 0.72 in 2026Q1, indicating a marked shift toward higher financial leverage that may reduce the company's historical flexibility in managing regulatory and operational shocks.

While the company remains relatively under-leveraged compared to broader industrial standards, the upward trend in debt-to-EBITDA suggests that the company is increasingly relying on external financing to fund its capital requirements. This shift may limit the company's capacity to navigate future downturns without impacting its dividend policy.

Misapplication of P/E Multiples

Investors frequently misapply the P/E ratio to ASR, failing to account for the significant non-cash construction revenue mandated by IFRIC 12, which artificially inflates the denominator and obscures the true earnings power of the company's core airport operations.

A more appropriate metric for this business model would be EV/EBITDA, adjusted to exclude construction-related revenue and costs, as this provides a clearer view of the cash-generating capacity of the concessions. Relying on headline P/E ratios may lead to an inaccurate assessment of the company's valuation relative to its peers.

Download Financial Ratios Data

Includes 30+ ratios · 26 years · Updated daily

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ASR — Frequently Asked Questions

Quick answers to the most common questions about buying ASR stock.

What is Grupo Aeroportuario del Sureste, S. A. B. de C. V.'s P/E ratio?

Grupo Aeroportuario del Sureste, S. A. B. de C. V.'s current P/E ratio is 14.4x. The historical average is 1.4x. This places it at the 100th percentile of its historical range.

What is Grupo Aeroportuario del Sureste, S. A. B. de C. V.'s EV/EBITDA?

Grupo Aeroportuario del Sureste, S. A. B. de C. V.'s current EV/EBITDA is 8.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 1.0x.

What is Grupo Aeroportuario del Sureste, S. A. B. de C. V.'s ROE?

Grupo Aeroportuario del Sureste, S. A. B. de C. V.'s return on equity (ROE) is 19.4%. The historical average is 10.9%.

Is ASR stock overvalued?

Based on historical data, Grupo Aeroportuario del Sureste, S. A. B. de C. V. is trading at a P/E of 14.4x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.

What is Grupo Aeroportuario del Sureste, S. A. B. de C. V.'s dividend yield?

Grupo Aeroportuario del Sureste, S. A. B. de C. V.'s current dividend yield is 15.89% with a payout ratio of 228.8%.

What are Grupo Aeroportuario del Sureste, S. A. B. de C. V.'s profit margins?

Grupo Aeroportuario del Sureste, S. A. B. de C. V. has 55.3% gross margin and 45.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.

How much debt does Grupo Aeroportuario del Sureste, S. A. B. de C. V. have?

Grupo Aeroportuario del Sureste, S. A. B. de C. V.'s Debt/EBITDA ratio is 1.7x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.