Detailed financial statements for Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC): 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 Pacífico, S.A.B. de C.V., through its subsidiaries, is dedicated to the comprehensive management, operation, and development of airports, predominantly situated in Mexico's Pacific region. The company oversees a network of twelve airports, encompassing key locations such as Guadalajara, Puerto Vallarta, Tijuana, San José del Cabo, Guanajuato (Bajío), Hermosillo, Mexicali, Los Mochis, La Paz, Manzanillo, Morelia, and Aguascalientes.
Analysis Summary
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. reported revenue of 32.53B MXN in the most recent fiscal year, growing at a 5-year CAGR of 22.3%. Net income reached 10.00B MXN, with a 38.4% 5-year CAGR.
Trailing-twelve-month margins: gross margin 54.5%, operating margin 43.4%, net margin 24.2%. Free cash flow grew at 70.5% CAGR over 5 years.
At $230.59 (closing price, October 30, 2026), PAC trades at a P/E of 17.72 and an ROE of 32.98%. Market capitalisation stands at $12.0B, placing it among large-cap names.
Balance sheet quality for PAC: current ratio of 0.9, net debt of 36.21B 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 5.85B MXN represents 59% 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 | 11.11B MXN | 12.37B MXN | 14.12B MXN | 842.8M MXN | 11.87B MXN | 19.01B MXN | 27.38B MXN | 33.22B MXN | 26.78B MXN | 32.53B MXN |
| Cost of Revenue | 5.57B MXN | 5.81B MXN | 6.54B MXN | 426.3M MXN | 7.77B MXN | 9.64B MXN | 12.84B MXN | 13.82B MXN | 6.11B MXN | 7.46B MXN |
| Gross Profit | 5.54B MXN | 6.56B MXN | 7.58B MXN | 416.5M MXN | 4.10B MXN | 9.38B MXN | 14.54B MXN | 19.41B MXN | 20.67B MXN | 25.06B MXN |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 0 | 0 | 0 | 0 | 458.3M MXN | 510.4M MXN | 92.1M MXN | 147.9M MXN | 215.8M MXN | 0 |
| Operating Expenses | 301.5M MXN | 273.5M MXN | 338.3M MXN | 0 | 276.4M MXN | 526.2M MXN | 756.6M MXN | 4.27B MXN | 5.62B MXN | 7.48B MXN |
| Operating Income | 5.23B MXN | 6.28B MXN | 7.24B MXN | 416.5M MXN | 3.82B MXN | 8.86B MXN | 13.81B MXN | 15.14B MXN | 15.05B MXN | 17.58B MXN |
| EBITDA | 6.58B MXN | 7.73B MXN | 8.81B MXN | 2.22B MXN | 5.82B MXN | 10.90B MXN | 16.10B MXN | 18.68B MXN | 18.11B MXN | 17.87B MXN |
| Interest Expense | 423.3M MXN | 649.8M MXN | 950.8M MXN | 1.18B MXN | 1.33B MXN | 1.71B MXN | 2.39B MXN | 3.36B MXN | 4.67B MXN | 4.37B MXN |
| Pre-tax Income | 4.62B MXN | 6.17B MXN | 7.01B MXN | 381.6M MXN | 2.39B MXN | 7.83B MXN | 12.28B MXN | 12.76B MXN | 12.12B MXN | 14.11B MXN |
| Income Tax | 1.27B MXN | 1.44B MXN | 1.87B MXN | 98.2M MXN | 467.1M MXN | 1.79B MXN | 3.09B MXN | 3.07B MXN | 3.24B MXN | 4.11B MXN |
| Net Income | 3.35B MXN | 4.73B MXN | 5.14B MXN | 278.4M MXN | 1.97B MXN | 6.00B MXN | 9.01B MXN | 9.54B MXN | 8.61B MXN | 10.00B MXN |
| EPS | 63.80 MXN | 90.00 MXN | 97.80 MXN | 105.20 MXN | 37.50 MXN | 115.50 MXN | 177.30 MXN | 188.90 MXN | 175.70 MXN | 197.90 MXN |
| EPS (Diluted) | 63.80 MXN | 90.00 MXN | 97.80 MXN | 105.20 MXN | 37.50 MXN | 115.50 MXN | 177.30 MXN | 188.90 MXN | 175.70 MXN | 197.90 MXN |
| Shares Outstanding (Diluted) | 52.6 M | 52.6 M | 52.6 M | 52.6 M | 52.6 M | 51.9 M | 50.8 M | 50.5 M | 50.5 M | 50.5 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | 1.01B MXN | 11.37B MXN | 11.33B MXN | 11.67B MXN |
| Gross Profit | -6.45B MXN | 6.29B MXN | 5.88B MXN | 6.04B MXN |
| Operating Income | 4.16B MXN | 5.04B MXN | 5.08B MXN | 5.05B MXN |
| EBITDA | 3.97B MXN | 5.27B MXN | 6.06B MXN | 6.18B MXN |
| Net Income | 2.15B MXN | 3.31B MXN | 2.78B MXN | 2.91B MXN |
| EPS | 42.50 MXN | 65.60 MXN | 46.80 MXN | 49.00 MXN |
| EPS (Diluted) | 42.50 MXN | 65.60 MXN | 46.80 MXN | 49.00 MXN |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 5.19B MXN | 7.73B MXN | 6.15B MXN | 397.2M MXN | 14.44B MXN | 13.33B MXN | 12.37B MXN | 10.06B MXN | 13.47B MXN | 10.45B MXN |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 166,000 MXN | 0 |
| Receivables | 754.2M MXN | 1.20B MXN | 1.62B MXN | 93.8M MXN | 2.34B MXN | 2.99B MXN | 3.03B MXN | 3.50B MXN | 2.70B MXN | 3.49B MXN |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 6.00B MXN | 8.98B MXN | 7.84B MXN | 496.1M MXN | 16.85B MXN | 16.40B MXN | 15.51B MXN | 13.71B MXN | 17.46B MXN | 15.22B MXN |
| Property, Plant & Equipment | 1.63B MXN | 1.66B MXN | 1.91B MXN | 115.5M MXN | 2.15B MXN | 3.09B MXN | 3.93B MXN | 4.60B MXN | 4.85B MXN | 4.62B MXN |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2,000 MXN | 0 | 0 |
| Intangible Assets | 22.87B MXN | 23.20B MXN | 23.82B MXN | 1.28B MXN | 25.69B MXN | 28.39B MXN | 31.06B MXN | 39.24B MXN | 49.70B MXN | 56.16B MXN |
| Total Assets | 36.05B MXN | 39.52B MXN | 39.55B MXN | 2.20B MXN | 51.36B MXN | 55.32B MXN | 60.51B MXN | 67.44B MXN | 81.65B MXN | 88.14B MXN |
| Accounts Payable | 875.5M MXN | 811.4M MXN | 871.7M MXN | 39.0M MXN | 1.01B MXN | 2.85B MXN | 1.98B MXN | 1.92B MXN | 3.24B MXN | 0 |
| Short-term Debt | 84.8M MXN | 141.4M MXN | 1,000 MXN | 117.2M MXN | 2.66B MXN | 3.96B MXN | 2.26B MXN | 7.83B MXN | 13.98B MXN | 0 |
| Total Current Liabilities | 1.94B MXN | 2.30B MXN | 2.17B MXN | 247.6M MXN | 5.26B MXN | 9.36B MXN | 6.92B MXN | 12.09B MXN | 20.45B MXN | 16.64B MXN |
| Long-term Debt | 9.73B MXN | 13.11B MXN | 13.54B MXN | 753.9M MXN | 21.70B MXN | 23.90B MXN | 32.09B MXN | 32.74B MXN | 34.01B MXN | 46.66B MXN |
| Total Liabilities | 13.65B MXN | 17.44B MXN | 17.78B MXN | 1.11B MXN | 28.51B MXN | 34.89B MXN | 40.68B MXN | 46.50B MXN | 57.03B MXN | 63.30B MXN |
| Retained Earnings | 7.56B MXN | 9.00B MXN | 9.55B MXN | 526.4M MXN | 11.91B MXN | 13.93B MXN | 9.19B MXN | 8.79B MXN | 17.88B MXN | 18.93B MXN |
| Total Equity | 21.33B MXN | 21.03B MXN | 20.71B MXN | 1.04B MXN | 21.79B MXN | 19.29B MXN | 18.64B MXN | 19.78B MXN | 22.35B MXN | 22.47B MXN |
| Total Debt | 9.81B MXN | 13.25B MXN | 13.58B MXN | 872.4M MXN | 24.38B MXN | 27.92B MXN | 34.41B MXN | 40.62B MXN | 48.03B MXN | 46.66B MXN |
| Net Debt | 4.63B MXN | 5.52B MXN | 7.43B MXN | 475.2M MXN | 9.94B MXN | 14.59B MXN | 22.04B MXN | 30.57B MXN | 34.56B MXN | 36.21B MXN |
| Working Capital | 4.06B MXN | 6.69B MXN | 5.67B MXN | 248.4M MXN | 11.58B MXN | 7.03B MXN | 8.59B MXN | 1.62B MXN | -2.99B MXN | -1.42B MXN |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | 10.45B MXN | 23.19B MXN | 19.77B MXN | 23.94B MXN |
| Total Assets | 88.14B MXN | 100.52B MXN | 140.37B MXN | 146.42B MXN |
| Total Liabilities | 63.30B MXN | 72.32B MXN | 85.11B MXN | 88.03B MXN |
| Total Equity | 22.47B MXN | 25.70B MXN | 52.66B MXN | 55.76B MXN |
| Total Debt | 46.66B MXN | 0 | 65.67B MXN | 67.71B MXN |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 3.28B MXN | 4.73B MXN | 5.14B MXN | 5.53B MXN | 1.92B MXN | 6.04B MXN | 9.19B MXN | 9.69B MXN | 8.88B MXN | 10.00B MXN |
| Depreciation & Amortization | 1.35B MXN | 1.44B MXN | 1.57B MXN | 1.78B MXN | 2.00B MXN | 2.05B MXN | 2.31B MXN | 2.55B MXN | 3.06B MXN | 3.75B MXN |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | 246.0M MXN | -54.5M MXN | 48.2M MXN | -11.0M MXN | -1.60B MXN | 574.9M MXN | 105.1M MXN | -95.1M MXN | 92.9M MXN | -884.7M MXN |
| Operating Cash Flow | 5.76B MXN | 6.17B MXN | 7.24B MXN | 8.16B MXN | 3.57B MXN | 11.10B MXN | 12.52B MXN | 13.93B MXN | 16.67B MXN | 18.25B MXN |
| Capital Expenditure | -1.86B MXN | -1.92B MXN | -2.50B MXN | -2.58B MXN | -3.16B MXN | -4.95B MXN | -8.43B MXN | -10.44B MXN | -7.84B MXN | -12.40B MXN |
| Acquisitions | 58.9M MXN | 0 | -39.9M MXN | 0 | 0 | 0 | 0 | -614.8M MXN | -875.5M MXN | -19.3M MXN |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | -3.00B MXN | -2.00B MXN | 0 | -7.00B MXN | 0 |
| Dividends Paid | -3.89B MXN | -4.76B MXN | -5.26B MXN | -6.02B MXN | 0 | -6.01B MXN | -7.31B MXN | -7.50B MXN | -7.00B MXN | -8.51B MXN |
| Free Cash Flow | 3.91B MXN | 4.24B MXN | 4.73B MXN | 5.59B MXN | 406.5M MXN | 6.15B MXN | 4.09B MXN | 3.49B MXN | 8.83B MXN | 5.85B MXN |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | 5.13B MXN | 7.57B MXN | 1.75B MXN | 5.50B MXN |
| Capital Expenditure | -5.79B MXN | -1.76B MXN | -3.20B MXN | -3.70B MXN |
| Free Cash Flow | -663.8M MXN | 5.81B MXN | -1.45B MXN | 1.80B MXN |
| Dividends Paid | 564.2M MXN | 0 | -204.2M MXN | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +11.3% | +14.2% | -94.0% | +1,308.0% | +60.2% | +44.0% | +21.3% | -19.4% | +21.4% | |
| Net Income Growth (YoY) | +41.1% | +8.6% | -94.6% | +607.2% | +204.6% | +50.3% | +5.9% | -9.8% | +16.1% | |
| EPS Growth (YoY) | +41.1% | +8.7% | +7.6% | -64.4% | +208.0% | +53.5% | +6.5% | -7.0% | +12.6% | |
| Shares Change (YoY) | +0.0% | +0.0% | +0.0% | +0.0% | -1.2% | -2.1% | -0.6% | +0.0% | +0.0% | |
| FCF Growth (YoY) | +8.7% | +11.5% | +18.0% | -92.7% | +1,412.7% | -33.5% | -14.6% | +153.0% | -33.7% | |
| Gross Margin | 49.8% | 53.0% | 53.7% | 49.4% | 34.5% | 49.3% | 53.1% | 58.4% | 77.2% | 77.1% |
| Operating Margin | 47.1% | 50.8% | 51.3% | 49.4% | 32.2% | 46.6% | 50.5% | 45.6% | 56.2% | 54.0% |
| EBITDA Margin | 59.3% | 62.5% | 62.4% | 263.3% | 49.0% | 57.3% | 58.8% | 56.2% | 67.6% | 54.9% |
| Net Margin | 30.2% | 38.3% | 36.4% | 33.0% | 16.6% | 31.5% | 32.9% | 28.7% | 32.2% | 30.7% |
| FCF Margin | 35.2% | 34.3% | 33.5% | 663.0% | 3.4% | 32.3% | 14.9% | 10.5% | 33.0% | 18.0% |
| Effective Tax Rate | 27.4% | 23.3% | 26.7% | 25.7% | 19.6% | 22.8% | 25.2% | 24.1% | 26.7% | 29.1% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | 74.33 MXN | 80.77 MXN | 90.07 MXN | 106.31 MXN | 7.73 MXN | 118.39 MXN | 80.43 MXN | 69.08 MXN | 174.74 MXN | 115.83 MXN |
| Dividends Per Share | 74.00 MXN | 90.50 MXN | 100.00 MXN | 114.50 MXN | 0.00 MXN | 115.81 MXN | 143.87 MXN | 148.40 MXN | 138.60 MXN | 168.40 MXN |
| Shares Outstanding (Basic) | 52.6 M | 52.6 M | 52.6 M | 52.6 M | 52.6 M | 51.9 M | 50.8 M | 50.5 M | 50.5 M | 50.5 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 | 32.98% |
| Return on Invested Capital | 12.97% |
| Return on Assets | 8.82% |
| Gross Margin | 54.51% |
| Operating Margin | 43.44% |
| Net Margin | 24.23% |
Financial Health
| Debt / Equity | 1.21 |
| Current Ratio | 0.78 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 3.58 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 26.80 | 22.83 | 16.40 | 21.29 | 59.19 | 24.40 | 15.79 | 15.73 | 20.79 | 23.99 |
| P/B | 4.21 | 5.14 | 4.07 | 113.25 | 5.35 | 7.59 | 7.63 | 7.59 | 8.26 | 10.68 |
| P/S | 8.09 | 8.73 | 5.97 | 139.67 | 9.83 | 7.70 | 5.20 | 4.52 | 6.89 | 7.38 |
| Gross Margin | 49.8% | 53.0% | 53.7% | 49.4% | 34.5% | 49.3% | 53.1% | 58.4% | 77.2% | 77.1% |
| Operating Margin | 47.1% | 50.8% | 51.3% | 49.4% | 32.2% | 46.6% | 50.5% | 45.6% | 56.2% | 54.0% |
| Net Margin | 30.2% | 38.3% | 36.4% | 33.0% | 16.6% | 31.5% | 32.9% | 28.7% | 32.2% | 30.7% |
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