Detailed financial statements for Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB): 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 Centro Norte, S.A.B. de C.V., through its subsidiaries, possesses concessions for the development, operation, and upkeep of numerous airports across Mexico. The company manages a portfolio of thirteen international air hubs, specifically located in Monterrey, Acapulco, Mazatlán, Zihuatanejo, Ciudad Juárez, Reynosa, Chihuahua, Culiacán, Durango, San Luis Potosí, Tampico, Torreón, and Zacatecas.
Analysis Summary
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. reported revenue of 15.96B MXN in the most recent fiscal year, growing at a 5-year CAGR of 24.4%. Net income reached 5.34B MXN, with a 37.3% 5-year CAGR.
Trailing-twelve-month margins: gross margin 62.5%, operating margin 53.3%, net margin 31.7%.
At $102.92 (closing price, October 30, 2026), OMAB trades at a P/E of 17.08 and an ROE of 50.23%. Market capitalisation stands at $5.0B.
Balance sheet quality for OMAB: current ratio of 1.3, net debt of 10.49B 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 strong: free cash flow of 7.36B MXN represents 138% 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 | 5.55B MXN | 7.13B MXN | 7.91B MXN | 8.53B MXN | 5.37B MXN | 8.72B MXN | 11.93B MXN | 14.46B MXN | 15.07B MXN | 15.96B MXN |
| Cost of Revenue | 2.03B MXN | 2.87B MXN | 3.04B MXN | 2.98B MXN | 2.85B MXN | 3.57B MXN | 4.60B MXN | 4.95B MXN | 5.00B MXN | 4.78B MXN |
| Gross Profit | 3.52B MXN | 4.26B MXN | 4.87B MXN | 5.55B MXN | 2.52B MXN | 5.15B MXN | 7.34B MXN | 9.51B MXN | 10.08B MXN | 11.19B MXN |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 642.3M MXN | 723.0M MXN | 563.2M MXN | 542.7M MXN | 518.1M MXN | 586.5M MXN | 667.6M MXN | 661.4M MXN | 776.4M MXN | 871.3M MXN |
| Operating Expenses | 738.1M MXN | 1.02B MXN | 735.6M MXN | 691.6M MXN | 798.3M MXN | 1.04B MXN | 1.27B MXN | 1.44B MXN | 2.00B MXN | 2.25B MXN |
| Operating Income | 2.78B MXN | 3.24B MXN | 4.13B MXN | 4.86B MXN | 1.72B MXN | 4.11B MXN | 6.06B MXN | 8.07B MXN | 8.07B MXN | 8.94B MXN |
| EBITDA | 3.23B MXN | 3.54B MXN | 4.66B MXN | 5.39B MXN | 2.35B MXN | 4.84B MXN | 6.78B MXN | 8.97B MXN | 9.16B MXN | 9.98B MXN |
| Interest Expense | 330.7M MXN | 352.8M MXN | 325.6M MXN | 376.0M MXN | 420.5M MXN | 516.7M MXN | 934.1M MXN | 1.27B MXN | 1.33B MXN | 1.48B MXN |
| Pre-tax Income | 2.62B MXN | 2.95B MXN | 3.99B MXN | 4.60B MXN | 1.49B MXN | 3.84B MXN | 5.29B MXN | 7.06B MXN | 7.07B MXN | 7.63B MXN |
| Income Tax | 746.8M MXN | 813.1M MXN | 1.12B MXN | 1.37B MXN | 394.5M MXN | 972.2M MXN | 1.38B MXN | 2.04B MXN | 2.13B MXN | 2.27B MXN |
| Net Income | 1.87B MXN | 2.13B MXN | 2.85B MXN | 3.22B MXN | 1.09B MXN | 2.86B MXN | 3.90B MXN | 5.01B MXN | 4.93B MXN | 5.34B MXN |
| EPS | 42.32 MXN | 45.60 MXN | 59.44 MXN | 65.92 MXN | 20.72 MXN | 59.92 MXN | 78.80 MXN | 101.28 MXN | 116.24 MXN | 110.64 MXN |
| EPS (Diluted) | 42.32 MXN | 45.60 MXN | 59.44 MXN | 65.92 MXN | 20.72 MXN | 59.92 MXN | 78.80 MXN | 101.28 MXN | 116.24 MXN | 110.64 MXN |
| Shares Outstanding (Diluted) | 49.1 M | 49.2 M | 49.2 M | 49.1 M | 48.8 M | 48.3 M | 48.3 M | 48.3 M | 48.3 M | 48.3 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 3.93B MXN | 4.11B MXN | 3.82B MXN | 4.47B MXN |
| Gross Profit | 2.98B MXN | 2.71B MXN | 2.64B MXN | 2.98B MXN |
| Operating Income | 2.40B MXN | 2.13B MXN | 2.08B MXN | 2.39B MXN |
| EBITDA | 2.68B MXN | 2.43B MXN | 2.36B MXN | 2.68B MXN |
| Net Income | 1.50B MXN | 1.22B MXN | 1.23B MXN | 1.47B MXN |
| EPS | 30.72 MXN | 24.88 MXN | 25.92 MXN | 30.40 MXN |
| EPS (Diluted) | 30.72 MXN | 24.88 MXN | 25.92 MXN | 30.40 MXN |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 3.01B MXN | 2.33B MXN | 2.96B MXN | 3.43B MXN | 2.96B MXN | 5.99B MXN | 3.34B MXN | 2.58B MXN | 1.66B MXN | 3.10B MXN |
| Short-term Investments | 0 | 49.3M MXN | 19.7M MXN | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 818.2M MXN | 761.0M MXN | 809.2M MXN | 1.05B MXN | 1.38B MXN | 1.36B MXN | 1.53B MXN | 1.68B MXN | 2.26B MXN | 2.01B MXN |
| Inventory | 265.7M MXN | 222.1M MXN | 164.7M MXN | 0 | 115.2M MXN | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 4.10B MXN | 3.50B MXN | 3.96B MXN | 4.81B MXN | 4.68B MXN | 7.78B MXN | 5.59B MXN | 4.91B MXN | 4.29B MXN | 6.26B MXN |
| Property, Plant & Equipment | 2.44B MXN | 2.60B MXN | 2.67B MXN | 2.86B MXN | 2.88B MXN | 2.92B MXN | 2.73B MXN | 3.00B MXN | 3.24B MXN | 3.15B MXN |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 6.51B MXN | 7.65B MXN | 8.57B MXN | 9.27B MXN | 10.23B MXN | 11.68B MXN | 13.94B MXN | 16.42B MXN | 18.72B MXN | 20.35B MXN |
| Total Assets | 13.55B MXN | 14.20B MXN | 15.59B MXN | 17.28B MXN | 18.14B MXN | 22.89B MXN | 23.07B MXN | 25.24B MXN | 27.23B MXN | 30.94B MXN |
| Accounts Payable | 212.9M MXN | 200.6M MXN | 155.9M MXN | 140.8M MXN | 107.5M MXN | 123.3M MXN | 223.2M MXN | 286.3M MXN | 469.2M MXN | 1.25B MXN |
| Short-term Debt | 56.1M MXN | 50.9M MXN | 41.4M MXN | 36.9M MXN | 3.01B MXN | 2.70B MXN | 2.70B MXN | 0 | 600.0M MXN | 1.64B MXN |
| Total Current Liabilities | 1.11B MXN | 1.10B MXN | 1.22B MXN | 1.24B MXN | 4.17B MXN | 4.90B MXN | 5.26B MXN | 2.47B MXN | 3.27B MXN | 4.73B MXN |
| Long-term Debt | 4.64B MXN | 4.58B MXN | 4.54B MXN | 4.51B MXN | 1.50B MXN | 5.00B MXN | 7.48B MXN | 10.68B MXN | 10.68B MXN | 11.79B MXN |
| Total Liabilities | 6.86B MXN | 6.97B MXN | 7.08B MXN | 7.39B MXN | 7.31B MXN | 11.65B MXN | 14.52B MXN | 15.40B MXN | 16.69B MXN | 19.51B MXN |
| Retained Earnings | 4.85B MXN | 5.28B MXN | 6.53B MXN | 8.12B MXN | 8.82B MXN | 9.70B MXN | 6.53B MXN | 7.83B MXN | 10.05B MXN | 10.94B MXN |
| Total Equity | 6.55B MXN | 7.07B MXN | 8.35B MXN | 9.72B MXN | 10.65B MXN | 11.06B MXN | 8.37B MXN | 9.67B MXN | 10.38B MXN | 11.26B MXN |
| Total Debt | 4.69B MXN | 4.63B MXN | 4.60B MXN | 4.76B MXN | 4.71B MXN | 7.92B MXN | 10.39B MXN | 10.88B MXN | 11.46B MXN | 13.59B MXN |
| Net Debt | 1.69B MXN | 2.25B MXN | 1.62B MXN | 1.33B MXN | 1.75B MXN | 1.93B MXN | 7.06B MXN | 8.30B MXN | 9.80B MXN | 10.49B MXN |
| Working Capital | 2.99B MXN | 2.39B MXN | 2.73B MXN | 3.58B MXN | 506.1M MXN | 2.87B MXN | 334.5M MXN | 2.43B MXN | 1.03B MXN | 1.53B MXN |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 4.45B MXN | 3.10B MXN | 3.66B MXN | 2.58B MXN |
| Total Assets | 31.77B MXN | 30.94B MXN | 32.11B MXN | 31.95B MXN |
| Total Liabilities | 21.55B MXN | 19.51B MXN | 19.44B MXN | 22.66B MXN |
| Total Equity | 10.05B MXN | 11.26B MXN | 12.49B MXN | 9.11B MXN |
| Total Debt | 13.58B MXN | 13.59B MXN | 13.58B MXN | 14.27B MXN |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 2.62B MXN | 2.95B MXN | 3.99B MXN | 4.60B MXN | 1.49B MXN | 3.84B MXN | 5.29B MXN | 7.06B MXN | 7.07B MXN | 5.34B MXN |
| Depreciation & Amortization | 276.6M MXN | 299.2M MXN | 351.7M MXN | 415.3M MXN | 435.3M MXN | 487.2M MXN | 551.2M MXN | 641.3M MXN | 757.0M MXN | 877.6M MXN |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | -340.0M MXN | 21.1M MXN | -59.7M MXN | -483.0M MXN | -413.9M MXN | 4.3M MXN | 16.2M MXN | -284.9M MXN | -800.2M MXN | -371.9M MXN |
| Operating Cash Flow | 2.39B MXN | 2.92B MXN | 3.71B MXN | 3.75B MXN | 1.30B MXN | 4.45B MXN | 4.99B MXN | 6.33B MXN | 6.20B MXN | 7.53B MXN |
| Capital Expenditure | -120.4M MXN | -1.58B MXN | -211.2M MXN | -87.3M MXN | -1.44B MXN | -1.93B MXN | -2.91B MXN | -404.0M MXN | -321.3M MXN | -163.3M MXN |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | -34.2M MXN | 0 | -244.2M MXN | -150.0M MXN | -474.9M MXN | 0 | 0 | 0 | -2.5M MXN |
| Dividends Paid | -1.37B MXN | -1.58B MXN | -1.61B MXN | -1.60B MXN | 0 | -1.98B MXN | -6.60B MXN | -3.74B MXN | -4.21B MXN | -4.47B MXN |
| Free Cash Flow | 2.27B MXN | 1.34B MXN | 3.50B MXN | 3.66B MXN | -138.2M MXN | 2.52B MXN | 2.08B MXN | 5.93B MXN | 5.88B MXN | 7.36B MXN |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 1.94B MXN | 1.85B MXN | 1.73B MXN | 1.76B MXN |
| Capital Expenditure | -541.8M MXN | -72.8M MXN | -841.6M MXN | -837.5M MXN |
| Free Cash Flow | 1.40B MXN | 1.78B MXN | 887.7M MXN | 921.5M MXN |
| Dividends Paid | -9.1M MXN | -2.23B MXN | 0 | -2.43B 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) | +28.5% | +10.9% | +7.8% | -37.1% | +62.5% | +36.9% | +21.1% | +4.3% | +5.9% | |
| Net Income Growth (YoY) | +13.8% | +34.0% | +12.9% | -66.0% | +161.1% | +36.5% | +28.5% | -1.7% | +8.4% | |
| EPS Growth (YoY) | +7.8% | +30.4% | +10.9% | -68.6% | +189.2% | +31.5% | +28.5% | +14.8% | -4.8% | |
| Shares Change (YoY) | +0.2% | -0.1% | -0.2% | -0.7% | -1.0% | +0.0% | +0.0% | +0.0% | +0.0% | |
| FCF Growth (YoY) | -40.8% | +160.9% | +4.6% | -103.8% | +1,924.7% | -17.5% | +185.2% | -0.9% | +25.3% | |
| Gross Margin | 63.4% | 59.7% | 61.6% | 65.1% | 46.9% | 59.0% | 61.5% | 65.8% | 66.8% | 70.1% |
| Operating Margin | 50.2% | 45.4% | 52.3% | 56.9% | 32.1% | 47.1% | 50.8% | 55.8% | 53.6% | 56.0% |
| EBITDA Margin | 58.2% | 49.6% | 59.0% | 63.2% | 43.7% | 55.5% | 56.8% | 62.1% | 60.7% | 62.5% |
| Net Margin | 33.7% | 29.8% | 36.1% | 37.8% | 20.4% | 32.8% | 32.7% | 34.7% | 32.7% | 33.5% |
| FCF Margin | 40.8% | 18.8% | 44.2% | 42.9% | -2.6% | 28.9% | 17.4% | 41.0% | 39.0% | 46.1% |
| Effective Tax Rate | 28.5% | 27.6% | 28.1% | 29.8% | 26.4% | 25.3% | 26.0% | 28.9% | 30.2% | 29.7% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | 46.15 MXN | 27.25 MXN | 71.13 MXN | 74.54 MXN | -2.83 MXN | 52.22 MXN | 43.09 MXN | 122.86 MXN | 121.72 MXN | 152.57 MXN |
| Dividends Per Share | 27.94 MXN | 32.01 MXN | 32.65 MXN | 32.56 MXN | 0.00 MXN | 41.01 MXN | 136.78 MXN | 77.44 MXN | 87.15 MXN | 92.57 MXN |
| Shares Outstanding (Basic) | 49.1 M | 49.2 M | 49.2 M | 49.1 M | 48.8 M | 48.3 M | 48.3 M | 48.3 M | 48.3 M | 48.3 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 | 50.23% |
| Return on Invested Capital | 22.11% |
| Return on Assets | 16.02% |
| Gross Margin | 62.53% |
| Operating Margin | 53.29% |
| Net Margin | 31.67% |
Financial Health
| Debt / Equity | 1.40 |
| Current Ratio | 1.08 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 4.93 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 16.91 | 18.45 | 12.58 | 17.17 | 49.75 | 18.37 | 15.27 | 13.81 | 12.33 | 17.70 |
| P/B | 5.36 | 5.86 | 4.41 | 5.72 | 4.72 | 4.81 | 6.94 | 6.98 | 6.66 | 8.40 |
| P/S | 6.33 | 5.81 | 4.65 | 6.52 | 9.36 | 6.09 | 4.87 | 4.67 | 4.59 | 5.92 |
| Gross Margin | 63.4% | 59.7% | 61.6% | 65.1% | 46.9% | 59.0% | 61.5% | 65.8% | 66.8% | 70.1% |
| Operating Margin | 50.2% | 45.4% | 52.3% | 56.9% | 32.1% | 47.1% | 50.8% | 55.8% | 53.6% | 56.0% |
| Net Margin | 33.7% | 29.8% | 36.1% | 37.8% | 20.4% | 32.8% | 32.7% | 34.7% | 32.7% | 33.5% |
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