Detailed financial statements for Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Grupo Aeroportuario del Sureste, S. A. B. de C. V., frequently known as ASUR, holds significant agreements for the management, upkeep, and future expansion of numerous airports located in Mexico's southeastern territory. This includes overseeing nine different airport facilities situated in key cities such as Cancún, Cozumel, Mérida, Huatulco, Oaxaca, Veracruz, Villahermosa, Tapachula, and Minatitlan. The company delivers a broad spectrum of services.
Analysis Summary
Grupo Aeroportuario del Sureste, S. A. B. de C. V. reported revenue of 37.24B MXN in the most recent fiscal year, growing at a 5-year CAGR of 24.2%. Net income reached 10.49B MXN, with a 39.7% 5-year CAGR.
Trailing-twelve-month margins: gross margin 21.1%, operating margin 40.8%, net margin 25.1%.
At $250.86 (closing price, October 30, 2026), ASR trades at a P/E of 14.18 and an ROE of 23.73%. Market capitalisation stands at $7.5B.
Balance sheet quality for ASR: current ratio of 2.9, net debt of 22.90B MXN. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of 5.05B MXN represents 48% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 9.75B MXN | 12.51B MXN | 15.41B MXN | 16.82B MXN | 12.62B MXN | 18.78B MXN | 25.31B MXN | 25.82B MXN | 31.33B MXN | 37.24B MXN |
| Cost of Revenue | 3.45B MXN | 4.13B MXN | 4.48B MXN | 5.06B MXN | 6.63B MXN | 6.53B MXN | 6.55B MXN | 10.26B MXN | 11.17B MXN | 16.64B MXN |
| Gross Profit | 6.30B MXN | 8.38B MXN | 10.93B MXN | 11.76B MXN | 6.00B MXN | 12.26B MXN | 18.77B MXN | 15.56B MXN | 20.16B MXN | 20.60B MXN |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 837.9M MXN | 1.02B MXN | 1.53B MXN | 1.65B MXN | 947.0M MXN | 1.61B MXN | 287.1M MXN | 319.2M MXN | 319.6M MXN | 346.0M MXN |
| Operating Expenses | 1.37B MXN | 6.90B MXN | 3.15B MXN | 3.28B MXN | 2.72B MXN | 3.60B MXN | 4.07B MXN | 319.2M MXN | 2.64B MXN | 3.61B MXN |
| Operating Income | 4.93B MXN | 1.48B MXN | 7.78B MXN | 8.48B MXN | 3.28B MXN | 8.66B MXN | 14.70B MXN | 15.24B MXN | 17.52B MXN | 16.99B MXN |
| EBITDA | 5.46B MXN | 7.36B MXN | 9.41B MXN | 10.58B MXN | 5.05B MXN | 10.96B MXN | 17.00B MXN | 17.82B MXN | 23.52B MXN | 18.22B MXN |
| Interest Expense | 126.2M MXN | 618.8M MXN | 1.23B MXN | 1.08B MXN | 926.3M MXN | 842.4M MXN | 855.5M MXN | 1.13B MXN | 826.7M MXN | 1.54B MXN |
| Pre-tax Income | 5.03B MXN | 8.39B MXN | 6.92B MXN | 7.66B MXN | 2.86B MXN | 8.13B MXN | 14.08B MXN | 14.62B MXN | 20.37B MXN | 14.96B MXN |
| Income Tax | 1.40B MXN | 1.64B MXN | 1.80B MXN | 1.98B MXN | 729.2M MXN | 1.73B MXN | 3.44B MXN | 3.94B MXN | 6.34B MXN | 4.03B MXN |
| Net Income | 3.63B MXN | 5.83B MXN | 4.99B MXN | 5.47B MXN | 1.97B MXN | 5.98B MXN | 9.99B MXN | 10.20B MXN | 13.55B MXN | 10.49B MXN |
| EPS | 121.00 MXN | 194.50 MXN | 166.30 MXN | 182.20 MXN | 65.70 MXN | 199.50 MXN | 332.90 MXN | 340.10 MXN | 451.70 MXN | 349.60 MXN |
| EPS (Diluted) | 121.00 MXN | 194.50 MXN | 166.30 MXN | 182.20 MXN | 65.70 MXN | 199.50 MXN | 332.90 MXN | 340.10 MXN | 451.70 MXN | 349.60 MXN |
| Shares Outstanding (Diluted) | 30.0 M | 30.0 M | 30.0 M | 30.0 M | 30.0 M | 30.0 M | 30.0 M | 30.0 M | 30.0 M | 30.0 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | 10.97B MXN | 9.02B MXN | 9.63B MXN | 10.26B MXN |
| Gross Profit | 4.95B MXN | 4.86B MXN | 4.03B MXN | 4.01B MXN |
| Operating Income | 3.79B MXN | 4.77B MXN | 3.91B MXN | 3.83B MXN |
| EBITDA | 4.41B MXN | 5.77B MXN | 4.73B MXN | 4.76B MXN |
| Net Income | 2.71B MXN | 2.86B MXN | 2.31B MXN | 2.13B MXN |
| EPS | 90.50 MXN | 95.50 MXN | 76.90 MXN | 70.90 MXN |
| EPS (Diluted) | 90.50 MXN | 95.50 MXN | 76.90 MXN | 70.90 MXN |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 3.50B MXN | 4.46B MXN | 4.58B MXN | 6.19B MXN | 5.19B MXN | 8.77B MXN | 13.17B MXN | 13.87B MXN | 20.08B MXN | 11.12B MXN |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 464.9M MXN | 685.5M MXN | 793.1M MXN | 1.00B MXN | 1.36B MXN | 1.88B MXN | 2.54B MXN | 2.32B MXN | 3.12B MXN | 2.56B MXN |
| Inventory | 24.4M MXN | 50.2M MXN | 48.7M MXN | 49.7M MXN | 34.0M MXN | 57.1M MXN | 64.7M MXN | 60.4M MXN | 58.2M MXN | 0 |
| Total Current Assets | 4.23B MXN | 5.57B MXN | 6.00B MXN | 7.85B MXN | 7.72B MXN | 11.55B MXN | 18.08B MXN | 18.73B MXN | 25.66B MXN | 18.38B MXN |
| Property, Plant & Equipment | 323.1M MXN | 473.2M MXN | 558.5M MXN | 520.6M MXN | 504.4M MXN | 184.6M MXN | 171.0M MXN | 184.0M MXN | 268.4M MXN | 303.1M MXN |
| Goodwill | 0 | 3.01B MXN | 2.57B MXN | 2.57B MXN | 2.57B MXN | 2.60B MXN | 2.47B MXN | 2.15B MXN | 2.62B MXN | 0 |
| Intangible Assets | 20.28B MXN | 46.52B MXN | 47.02B MXN | 46.56B MXN | 49.61B MXN | 51.37B MXN | 50.19B MXN | 46.95B MXN | 51.86B MXN | 58.97B MXN |
| Total Assets | 29.22B MXN | 55.57B MXN | 56.18B MXN | 57.52B MXN | 60.41B MXN | 65.83B MXN | 70.92B MXN | 70.34B MXN | 83.64B MXN | 88.14B MXN |
| Accounts Payable | 11.4M MXN | 428.9M MXN | 313.6M MXN | 245.1M MXN | 353.9M MXN | 290.7M MXN | 307.1M MXN | 306.5M MXN | 325.7M MXN | 624.4M MXN |
| Short-term Debt | 58.3M MXN | 513.8M MXN | 500.1M MXN | 549.6M MXN | 1.14B MXN | 578.1M MXN | 1.87B MXN | 1.23B MXN | 1.13B MXN | 625.9M MXN |
| Total Current Liabilities | 593.2M MXN | 2.07B MXN | 2.41B MXN | 2.56B MXN | 2.77B MXN | 3.79B MXN | 5.56B MXN | 4.83B MXN | 5.89B MXN | 6.32B MXN |
| Long-term Debt | 4.40B MXN | 17.20B MXN | 14.00B MXN | 13.16B MXN | 12.76B MXN | 13.20B MXN | 13.33B MXN | 10.99B MXN | 12.23B MXN | 26.86B MXN |
| Total Liabilities | 6.46B MXN | 22.03B MXN | 19.50B MXN | 18.74B MXN | 18.72B MXN | 20.06B MXN | 21.90B MXN | 18.75B MXN | 22.02B MXN | 41.73B MXN |
| Retained Earnings | 13.20B MXN | 17.92B MXN | 19.78B MXN | 21.99B MXN | 23.69B MXN | 27.11B MXN | 32.29B MXN | 24.70B MXN | 46.05B MXN | 32.53B MXN |
| Total Equity | 22.75B MXN | 26.96B MXN | 29.11B MXN | 31.16B MXN | 33.67B MXN | 37.18B MXN | 41.62B MXN | 44.95B MXN | 54.21B MXN | 39.51B MXN |
| Total Debt | 4.46B MXN | 17.37B MXN | 14.50B MXN | 13.71B MXN | 13.90B MXN | 13.78B MXN | 15.20B MXN | 12.25B MXN | 13.38B MXN | 34.01B MXN |
| Net Debt | 963.1M MXN | 12.91B MXN | 9.92B MXN | 7.52B MXN | 8.71B MXN | 5.01B MXN | 2.03B MXN | -1.63B MXN | -6.70B MXN | 22.90B MXN |
| Working Capital | 3.64B MXN | 3.50B MXN | 3.59B MXN | 5.29B MXN | 4.95B MXN | 7.77B MXN | 12.52B MXN | 13.91B MXN | 19.77B MXN | 12.06B MXN |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 886.9M MXN | 11.12B MXN | 13.69B MXN | 11.64B MXN |
| Total Assets | 4.20B MXN | 88.14B MXN | 91.77B MXN | 90.22B MXN |
| Total Liabilities | 1.80B MXN | 41.73B MXN | 42.78B MXN | 41.75B MXN |
| Total Equity | 2.02B MXN | 39.51B MXN | 42.01B MXN | 41.47B MXN |
| Total Debt | 1.16B MXN | 34.01B MXN | 35.04B MXN | 34.46B MXN |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 5.03B MXN | 8.39B MXN | 6.92B MXN | 7.66B MXN | 2.86B MXN | 8.13B MXN | 14.08B MXN | 14.62B MXN | 13.55B MXN | 10.49B MXN |
| Depreciation & Amortization | 529.7M MXN | 5.89B MXN | 1.76B MXN | 1.84B MXN | 1.93B MXN | 1.99B MXN | 2.06B MXN | 2.07B MXN | 2.32B MXN | 3.26B MXN |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | 404.0M MXN | 486.8M MXN | -111.9M MXN | 430.6M MXN | -912.1M MXN | 432.9M MXN | -981.3M MXN | -102.8M MXN | -427.7M MXN | 359.4M MXN |
| Operating Cash Flow | 4.46B MXN | 5.89B MXN | 7.45B MXN | 8.50B MXN | 2.94B MXN | 10.26B MXN | 13.46B MXN | 13.45B MXN | 15.57B MXN | 12.86B MXN |
| Capital Expenditure | -1.81B MXN | -1.47B MXN | -1.64B MXN | -2.61B MXN | -3.33B MXN | -3.68B MXN | -2.78B MXN | -1.37B MXN | -4.39B MXN | -7.81B MXN |
| Acquisitions | 0 | -4.77B MXN | -206.4M MXN | 0 | -10.6M MXN | 0 | 0 | -299.1M MXN | 0 | -5.57B MXN |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -1.68B MXN | -1.85B MXN | -2.03B MXN | -3.00B MXN | 0 | -2.46B MXN | -4.51B MXN | -5.98B MXN | -6.28B MXN | -24.00B MXN |
| Free Cash Flow | 2.65B MXN | 4.42B MXN | 5.81B MXN | 5.89B MXN | -391.4M MXN | 6.59B MXN | 10.68B MXN | 12.07B MXN | 11.17B MXN | 5.05B MXN |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 230.3M MXN | 2.35B MXN | 3.64B MXN | 3.61B MXN |
| Capital Expenditure | 101.1M MXN | -3.90B MXN | -544.3M MXN | -1.95B MXN |
| Free Cash Flow | 331.4M MXN | -1.55B MXN | 3.09B MXN | 1.66B MXN |
| Dividends Paid | -256.2M MXN | -13.50B MXN | 0 | -3.00B MXN |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +28.3% | +23.1% | +9.2% | -24.9% | +48.8% | +34.8% | +2.0% | +21.3% | +18.8% | |
| Net Income Growth (YoY) | +60.8% | -14.5% | +9.6% | -63.9% | +203.4% | +66.9% | +2.2% | +32.8% | -22.6% | |
| EPS Growth (YoY) | +60.7% | -14.5% | +9.6% | -63.9% | +203.7% | +66.9% | +2.2% | +32.8% | -22.6% | |
| Shares Change (YoY) | +0.0% | +0.0% | -0.0% | +0.0% | +0.0% | -0.0% | +0.0% | +0.0% | +0.0% | |
| FCF Growth (YoY) | +66.8% | +31.5% | +1.3% | -106.6% | +1,782.7% | +62.2% | +13.0% | -7.5% | -54.8% | |
| Gross Margin | 64.6% | 67.0% | 70.9% | 69.9% | 47.5% | 65.2% | 74.1% | 60.3% | 64.3% | 55.3% |
| Operating Margin | 50.6% | 11.8% | 50.5% | 50.4% | 26.0% | 46.1% | 58.1% | 59.0% | 55.9% | 45.6% |
| EBITDA Margin | 56.0% | 58.8% | 61.0% | 62.9% | 40.0% | 58.4% | 67.2% | 69.0% | 75.1% | 48.9% |
| Net Margin | 37.2% | 46.6% | 32.4% | 32.5% | 15.6% | 31.9% | 39.5% | 39.5% | 43.2% | 28.2% |
| FCF Margin | 27.2% | 35.3% | 37.7% | 35.0% | -3.1% | 35.1% | 42.2% | 46.8% | 35.7% | 13.6% |
| Effective Tax Rate | 27.9% | 19.5% | 26.0% | 25.8% | 25.5% | 21.3% | 24.4% | 27.0% | 31.1% | 27.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | 88.31 MXN | 147.28 MXN | 193.63 MXN | 196.23 MXN | -13.05 MXN | 219.55 MXN | 356.10 MXN | 402.47 MXN | 372.38 MXN | 168.33 MXN |
| Dividends Per Share | 56.11 MXN | 61.61 MXN | 67.80 MXN | 100.00 MXN | 0.00 MXN | 82.10 MXN | 150.30 MXN | 199.30 MXN | 209.26 MXN | 800.00 MXN |
| Shares Outstanding (Basic) | 30.0 M | 30.0 M | 30.0 M | 30.0 M | 30.0 M | 30.0 M | 30.0 M | 30.0 M | 30.0 M | 30.0 M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 23.73% |
| Return on Invested Capital | 8.45% |
| Return on Assets | 6.70% |
| Gross Margin | 21.09% |
| Operating Margin | 40.81% |
| Net Margin | 25.07% |
Financial Health
| Debt / Equity | 1.94 |
| Current Ratio | 1.15 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 4.25 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 24.64 | 19.21 | 17.81 | 19.42 | 50.07 | 21.19 | 13.62 | 14.68 | 11.91 | 16.66 |
| P/B | 3.93 | 4.16 | 3.05 | 3.41 | 2.93 | 3.41 | 3.27 | 3.33 | 2.98 | 4.42 |
| P/S | 9.17 | 8.96 | 5.77 | 6.31 | 7.82 | 6.75 | 5.37 | 5.80 | 5.15 | 4.69 |
| Gross Margin | 64.6% | 67.0% | 70.9% | 69.9% | 47.5% | 65.2% | 74.1% | 60.3% | 64.3% | 55.3% |
| Operating Margin | 50.6% | 11.8% | 50.5% | 50.4% | 26.0% | 46.1% | 58.1% | 59.0% | 55.9% | 45.6% |
| Net Margin | 37.2% | 46.6% | 32.4% | 32.5% | 15.6% | 31.9% | 39.5% | 39.5% | 43.2% | 28.2% |
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Explore sector: Industrials · Airlines, Airports & Air Services
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