Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) — Fundamental Analysis & Key Financial Ratios

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

Market cap $5B · 52 weeks $89 – $135 (22 % below the high) · P/E 17.1× · 2027 expected P/E 13.0× · Dividend 5.0 % · Next earnings February 23, 2027 · expected EPS $1.85 · Closing price, Oct 30 · accounts published Oct 27.

• Valuation: P/E 17.1× (no verdict).
• Business: ROIC 22 % (solid).
• Balance sheet: Net debt/EBITDA 1.1× (solid).
• Earnings: 3 of 7 (disappointing).

What would it be worth at its usual multiples?

No valuation verdict: it is a cyclical and today's P/E (17.1) does not tell whether it is cheap.

In cyclicals the P/E misleads: today's earnings are not the normal ones.

What matters in industrials: 9 of 10 pass

• Capex / Revenue 1.0 %, fails.
• 5y revenue growth 24.6 %, passes.
• Operating margin 56.0 %, passes.
• ROIC 22.1 %, passes.
• FCF conversion 137.9 %, passes.
• Net debt / EBITDA 1.1×, passes.
• Altman Z-Score 4.9, passes.
• Piotroski F-Score 8 de 9, passes.
• P/E vs own 10y history 17.1×, passes.
• Cycle-adjusted EV/EBITDA 9.8×, passes.

Against its peers (reference peers) — Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.: P/E 17.1×; EV/EBITDA 9.8×; ROIC 22.1 %; $5.0B. Corporacion America Airports S.A. (P/E 14.0×; EV/EBITDA 6.1×; ROIC 8.7 %; $3.9B), Copa Holdings, S.A. (P/E 8.5×; EV/EBITDA 4.6×; ROIC 12.2 %; $5.3B), Alaska Air Group, Inc. (P/E —; EV/EBITDA 18.0×; ROIC -1.6 %; $4.0B).

Expensive or cheap against its last ten years?

P/E at each close: today 17.1× · median 17.3× · minimum 6.7× · maximum 54.9× · cheap below 15.3× · expensive above 20.1×. It has been cheaper than today only 47% of the time over its last ten years.

Dividend

tight · Yield 5.0 % ($4.90 per ADS in 2025) · Years raising it 2 · 5-year growth +19 % a year · Free cash flow coverage 1.5× · With $1,000 invested today you'd collect $49.80 a year ($4.15 a month).