Grupo Aeroportuario del Pacifico SAB de CV

The company maintains a leveraged capital structure with a debt-to-equity ratio of 2.36 and a current ratio of 0.91, indicating reliance on long-term financing for operations. Total liabilities stand at 65.67 billion MXN against total equity of 22.47 billion MXN, while cash and equivalents amount to 7.34 billion MXN. The negative net cash position, highlighted by long-term debt of 53.09 billion MXN exceeding liquid assets, underscores the capital-intensive nature of the business. Liquidity risk is assessed as medium, reflecting the tight current ratio and significant debt obligations.

Profitability metrics demonstrate strong returns, with a return on equity of 44.48% and a return on assets of 11.34%. The company generates an operating income of 17.58 billion MXN on revenue of 41.41 billion MXN, resulting in a net income of 9.57 billion MXN. These margins reflect the high-barrier-to-entry nature of airport operations, allowing for substantial operating leverage. The valuation snapshot shows a price-to-earnings ratio of 18.82 and an EV/EBITDA of 13.04, suggesting the market prices in stable cash flows despite the high leverage.

Revenue concentration is not detailed in segment or geographic breakdowns within the available data, but the business model inherently ties performance to passenger traffic and commercial activity at its managed airports. The lack of specific segment data prevents a detailed analysis of revenue mix, but the overall financial snapshot indicates a unified operational focus on airport infrastructure services.

Growth trajectory analysis is limited by the absence of historical period data in the input. However, the current revenue base of 41.41 billion MXN and positive operating cash flow of 18.25 billion MXN suggest a mature, cash-generating business. The negative free cash flow of -7.15 billion MXN, driven by capital expenditures of 12.40 billion MXN, indicates ongoing investment in infrastructure expansion or maintenance, which is typical for the sector.

Risk factors include medium liquidity risk and low dilution risk. The key flag notes that net cash is negative after subtracting total debt, which is a structural characteristic rather than an immediate distress signal given the stable cash flows. The debt-to-equity ratio of 2.36 is elevated but manageable for infrastructure assets with predictable revenue streams.

Recent events are reflected in analyst estimates, with a mean price target of 478.12 MXN and a median of 466.00 MXN. The mean recommendation of 2.67 suggests a neutral-to-positive outlook, with three buy ratings and seven hold ratings. The high price target of 550.00 MXN and low of 391.00 MXN indicate a wide range of analyst expectations, possibly due to differing views on future traffic growth or interest rate impacts on debt servicing.

Revenue grew at a 21.5% CAGR over four years, demonstrating strong top-line expansion for the airport operator.

Analysts project 12.5% upside to a mean price target of 478.13, suggesting undervaluation relative to current market price.

Net income CAGR of 12.4% over four years confirms consistent bottom-line growth alongside revenue expansion.

Free cash flow turned negative in FY2026, dropping to -7.15 billion MXN, signaling severe cash generation issues.

Debt-to-equity ratio of 2.36 is in the bottom quartile, indicating significantly higher leverage than the cohort median.

Long-term debt increased to 53.09 billion MXN in FY2026, reflecting a substantial rise in financial obligations.

Medium liquidity and credit risk flags suggest potential challenges in meeting short-term obligations or servicing debt.

Revenue MXN 11.37B, +2,8% YoY; Operating income +7,7% YoY.

• ▍Revenue MXN 11.37B, +2,8% YoY
• ▍Operating income +7,7% YoY
• ▍Net income +15,7% YoY
• ▍Free cash flow −17,1% YoY
• ▍Net margin 28.0%

Revenue MXN 9.89B, +2,8% YoY; Operating income +8,4% YoY.

• ▍Revenue MXN 9.89B, +2,8% YoY
• ▍Operating income +8,4% YoY
• ▍Net income −17,4% YoY
• ▍Free cash flow −1 015,9% YoY
• ▍Net margin 17.3%

Revenue MXN 9.58B, +16,3% YoY; Operating income +11,6% YoY.

• ▍Revenue MXN 9.58B, +16,3% YoY
• ▍Operating income +11,6% YoY
• ▍Net income +36,9% YoY
• ▍Free cash flow −648,2% YoY
• ▍Net margin 27.0%

Revenue MXN 10.88B, +49,9% YoY; Operating income +30,4% YoY.

• ▍Revenue MXN 10.88B, +49,9% YoY
• ▍Operating income +30,4% YoY
• ▍Net income +13,6% YoY
• ▍Free cash flow +99,1% YoY
• ▍Net margin 23.1%

Revenue MXN 11.06B; Operating income MXN 4.70B.

• ▍Revenue MXN 11.06B
• ▍Operating income MXN 4.70B
• ▍Net margin 24.9%

Revenue MXN 9.63B; Operating income MXN 3.83B.

• ▍Revenue MXN 9.63B
• ▍Operating income MXN 3.83B
• ▍Net margin 21.6%

Revenue MXN 8.23B; Operating income MXN 3.72B.

• ▍Revenue MXN 8.23B
• ▍Operating income MXN 3.72B
• ▍Net margin 22.9%

Revenue MXN 7.26B; Operating income MXN 3.51B.

• ▍Revenue MXN 7.26B
• ▍Operating income MXN 3.51B
• ▍Net margin 30.5%

Revenue MXN 41.41B, +23,2% YoY; Operating income +16,8% YoY.

• ▍Revenue MXN 41.41B, +23,2% YoY
• ▍Operating income +16,8% YoY
• ▍Net income +11,1% YoY
• ▍Free cash flow −256,8% YoY
• ▍Net margin 23.1%

Revenue MXN 33.61B, +1,2% YoY; Operating income −0,6% YoY.

• ▍Revenue MXN 33.61B, +1,2% YoY
• ▍Operating income −0,6% YoY
• ▍Net income −9,8% YoY
• ▍Free cash flow +186,9% YoY
• ▍Net margin 25.6%

Revenue MXN 33.22B, +21,3% YoY; Operating income +9,6% YoY.

• ▍Revenue MXN 33.22B, +21,3% YoY
• ▍Operating income +9,6% YoY
• ▍Net income +5,9% YoY
• ▍Free cash flow −21,2% YoY
• ▍Net margin 28.7%

Revenue MXN 27.38B, +44,0% YoY; Operating income +56,0% YoY.

• ▍Revenue MXN 27.38B, +44,0% YoY
• ▍Operating income +56,0% YoY
• ▍Net income +50,3% YoY
• ▍Free cash flow −237,7% YoY
• ▍Net margin 32.9%