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Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.

GAERF
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.US flagOther OTC
14.65
USD
- -
- -
4.93BMarket Cap
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.
GAERF
(Other OTC)

Recent

price

14.65

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
6.45
6.99
7.87
8.57
9.41
11.41
14.13
18.11
20.1
21.71
13.75
22.44
30.91
37.44
39.03
41.34
41.98
Revenue per Share
1.66
1.54
2.05
3.01
2.58
3.13
4.76
5.4
7.25
8.2
2.8
7.35
10.1
12.98
12.76
13.83
13.7
Basic EPS, GAAP
1.12
1.52
2.11
2.32
2.9
4.91
5.77
6.86
8.89
9.32
2.93
6.49
12.3
15.36
15.21
12.28
11.75
Free Cash Flow per Basic Share
1
1
0.5
- -
- -
- -
3.49
4
4.08
4.07
- -
5.09
17.13
9.68
10.93
11.57
11.57
Dividend per Share
14.1
14.16
14.99
15
14.64
14.85
13.11
14.19
17.38
21.45
23.38
25.73
17.68
21.04
22.91
25.21
28.4
Book Value per Share
1.45
0.79
1.19
0.77
-0.16
-1.01
0.44
-1.06
-0.14
1.58
1.53
-1.14
-13.95
-17.05
-21.16
-23.11
-20.78
Tangible Book Value per Share
399
399
399
399
396
394
393
394
393
393
390
389
386
386
386
386
386
Basic Weighted Avg Shares
2,574
2,790
3,141
3,418
3,730
4,493
5,550
7,130
7,907
8,527
5,367
8,720
11,935
14,457
15,073
15,964
16,212
Sales/Revenue/Turnover
27.98
32.95
36.97
34.48
39.43
45.33
49.75
45.41
52.26
56.93
32.07
47.12
50.81
55.8
53.56
55.99
54.95
Operating Margin (%)
149
165
187
201
224
239
277
299
352
415
435
487
551
641
757
878
901
Depreciation Expense
661
616
818
1,200
1,025
1,234
1,870
2,128
2,852
3,220
1,094
2,857
3,901
5,012
4,929
5,342
5,290
Net Income, GAAP
- -
22.81
26.03
- -
18.45
29.28
28.47
27.56
28.14
29.83
26.43
25.34
25.99
28.89
30.17
29.7
30.13
Effective Tax Rate (%)
25.67
22.07
26.04
35.1
27.47
27.46
33.7
29.84
36.07
37.76
20.39
32.77
32.69
34.67
32.7
33.46
32.63
Profit Margin (%)
101
338
480
1,320
2,574
2,248
2,990
2,394
2,735
3,576
505
2,874
334
2,434
1,025
1,533
764
Working Capital
960
1,529
1,505
2,971
4,677
4,658
4,638
4,613
4,559
4,655
1,665
5,192
7,659
10,831
10,842
11,898
10,197
LT Debt
7,845
6,085
6,416
6,397
6,117
5,951
6,687
7,229
8,512
9,887
10,826
11,238
8,555
9,839
10,544
11,427
12,666
Total Equity
- -
8.52
10.75
- -
11.93
13.4
17.69
19.71
23.17
23.99
8.26
17.27
22.82
28.26
25.94
26.3
24.18
Return on Invested Capital (%)
- -
9.91
11.69
- -
12.58
13.83
20.37
23.28
27.9
27.83
10.23
20.16
25.77
32.3
29.51
28.92
27.25
Return on Capital (%)
11.87
10.92
14.07
20.05
17.38
21.18
34.01
39.64
45.91
42.19
12.47
29.88
46.37
67.04
58.07
57.49
50.14
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
1,669
1,689
3,382
LT Borrowings
11,786
11,788
10,089
LT Finance Leases
125
110
108
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
386
386
386
Market Capitalization
98,684
96,072
89,269

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
7,605
6,262
7,063
Cash, Cash Equivalents & STI
4,445
2,150
3,662
Accounts Receivable, Net
2,012
2,011
1,945
Inventories
- -
- -
- -
Total Current Liabilities
6,682
4,729
6,299
Payables & Accruals
4,652
2,333
2,253
ST Debt
1,669
1,689
3,382
Deferred Revenue
- -
29
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
7.44%
2.1%
8.37%
Free Cash Flow
21.49%
42.63%
-19.27%
Net Income, GAAP
27.91%
46.56%
8.38%
Sales/Revenue/Turnover
16.43%
26.13%
5.91%
Total Cash Common Dividend
- -
46.66%
5.88%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
3,755
3,500
3,703
4,115
15,073
2025
3,569
4,353
3,929
4,113
15,964
2026
3,816
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
2.79
3.33
3.57
3.07
12.76
2025
3.33
3.46
- -
3.15
13.83
2026
3.19
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
5.45
0.03
5.48
10.93
2025
- -
5.77
- -
5.78
11.57
2026
- -
- -
- -
- -
- -
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Business
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (Ticker: GAERF) operates as a Mexican airport services company specializing in the development, operation, and maintenance of airport infrastructure. The company controls concessions for 13 international airports primarily located in the central and northern regions of Mexico, including major hubs such as Monterrey, Acapulco, Mazatlán, Ciudad Juárez, Reynosa, Chihuahua, Culiacán, Durango, San Luis Potosí, Tampico, Torreón, and Zacatecas. Its main products and services encompass airport operations management, aeronautical services, commercial leasing including retail, parking, restaurants, VIP lounges, and hotel services, as well as industrial leasing through its related industrial park assets. The company generates revenue from aeronautical fees, commercial activities, and complementary services tailored to both domestic and international passengers, with approximately 88% of its passenger traffic being domestic. Grupo Aeroportuario del Centro Norte was founded in 1998 and is headquartered in Monterrey, Mexico. It serves a diverse customer base ranging from airline companies to airport retail tenants and travelers in strategic Mexican economic regions. Recent major company changes include a strategic financial and ownership development with Vinci Airports acquiring a significant 29.99% stake in 2022, consolidating its position as the largest shareholder. This transaction aligned Grupo Aeroportuario del Centro Norte with one of the world’s largest private airport operators and supports expansion and operational expertise. In 2024–2025, the company has continued infrastructure expansion efforts, particularly focused on the Monterrey Airport, including a terminal expansion project, taxiway improvements, and technology upgrades to enhance capacity and efficiency. The company recently completed a long-term note issuance worth 2.75 billion Mexican pesos to fund these projects. Operationally, the company reported robust growth through 2025 with passenger traffic rising 11%, aeronautical revenues up 11%, and commercial revenues growing 7%. Notably, passenger volume increased to approximately 7.6 million travelers in the latest quarterly reporting period, driven mainly by higher domestic travel demand. The company also reported growth in industrial leasing and hotel services, underscoring diversification in non-aeronautical revenue streams. Institutional investor interest remains strong, with increased holdings by major investment entities in 2025, reflecting confidence in the company’s growth and cash flow profile. Overall, Grupo Aeroportuario del Centro Norte is a leading airport operator in Mexico with a comprehensive portfolio of airport and ancillary services, backed by strategic international partnership, ongoing infrastructure investment, and consistent operational growth focused on key Mexican markets.

Company News

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  • seekingalpha.com

    Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) Q1 2026 Earnings Call Transcript