Latest Ratios: P/E Ratio 17.9x · 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 | $5.5B | $5.3B | $3.3B | $4.1B | $3.0B | $2.6B | $2.5B | $2.9B | $1.9B | $2.0B | $1.7B |
| Enterprise Value | $6.1B | $15.7B | $13.1B | $12.4B | $10.0B | $4.5B | $4.3B | $4.3B | $3.5B | $4.3B | $3.4B |
| P/E Ratio → | 17.85 | 0.98 | 0.59 | 0.84 | 0.78 | 0.90 | 2.49 | 0.91 | 0.64 | 0.91 | 0.82 |
| P/S Ratio | 5.97 | 0.33 | 0.22 | 0.28 | 0.25 | 0.30 | 0.47 | 0.35 | 0.24 | 0.29 | 0.31 |
| P/B Ratio | 8.34 | 0.46 | 0.31 | 0.42 | 0.35 | 0.23 | 0.23 | 0.30 | 0.22 | 0.28 | 0.25 |
| P/FCF | 12.95 | 0.71 | 0.56 | 0.69 | 1.44 | 1.03 | — | 0.80 | 0.53 | 1.52 | 0.75 |
| P/OCF | 12.67 | 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 | 10.78 | 1.60 | 1.49 | 1.42 | 1.52 | 0.98 | 1.98 | 0.81 | 0.78 | 1.23 | 1.11 |
| EV / EBIT | 11.84 | 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 | — | 46.99 | 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 | 4.7% | 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 | 5.6% | 101.7% | 169.3% | 119.7% | 127.4% | 111.6% | 40.1% | 110.0% | 156.3% | 109.9% | 122.5% |
| FCF Yield | 7.7% | 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 | 4.7% | 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 |
Regulatory and Concession Uncertainty
Based on current market data, OMAB trades at a P/E of 17.72, which appears to incorporate a significant risk premium compared to historical averages, as investors weigh the company's industrial-linked growth potential against the persistent threat of unilateral tariff adjustments by the Mexican federal government.
The forward P/E of 0.84 and PEG of 0.45 suggest that the market is pricing in a contraction in earnings growth, likely reflecting skepticism regarding the sustainability of aeronautical margins under the new regulatory framework. This valuation gap relative to peers suggests that the market is currently treating OMAB as a distressed utility rather than a high-growth infrastructure play.
According to recent financial statements, OMAB's ROIC has fluctuated between 7.0% and 9.4% over the last ten quarters, indicating that while the company remains a consistent compounder, its ability to generate excess returns is constrained by the capital-intensive nature of mandatory infrastructure development cycles.
The volatility in ROIC, including a notable dip to -8.1% in 2024Q2, highlights the sensitivity of capital efficiency to non-recurring construction expenses and regulatory shifts. Investors should monitor whether the company can maintain these returns as it navigates the next Master Development Plan cycle without further diluting its asset base.
As reported in quarterly filings, OMAB's cash conversion cycle remains highly erratic, with DSO figures fluctuating between 40 and 56 days, suggesting that the company's working capital efficiency is heavily dependent on the timing of large-scale construction settlements and the collection of aeronautical fees.
The wide variance in DPO, which reached as high as 270 days in 2025Q3, indicates that the company utilizes its supplier leverage to manage cash flow during periods of heavy capital expenditure. This reliance on extended payment terms warrants further investigation into potential liquidity strain should construction activity accelerate unexpectedly.
Based on the provided balance sheet data, OMAB maintains a debt-to-equity ratio that has oscillated between 0.95 and 1.56, suggesting that while leverage is increasing to fund infrastructure, the company's interest coverage ratio remains healthy, consistently hovering between 5.0x and 8.75x.
The company's ability to service its debt appears robust, even as it takes on additional obligations to meet government-mandated upgrades. However, the rising debt-to-EBITDA trend suggests that the margin of safety is narrowing, which may limit future dividend capacity if interest rates remain elevated.
The P/E ratio is frequently misapplied to OMAB, as it fails to account for the significant non-cash construction revenue mandated by IFRIC 12, which artificially depresses reported earnings and obscures the true cash-generative capacity of the airport's core aeronautical and commercial operations.
Analysts should instead focus on EV/EBITDA or FCF-based metrics to strip out the noise of pass-through construction costs. Relying on P/E alone risks underestimating the company's underlying profitability and its ability to sustain shareholder returns through its industrial-linked land bank.
Includes 30+ ratios · 21 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
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 17.9x. 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 17.9x. 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 4.69% 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.