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OMAB

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

OMAB

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. • NASDAQ
$107.44 ▲ 0.41% (+0.44)
Market Cap $5.19 B
52w High $116.26
52w Low $62.65
Dividend Yield 4.57%
P/E 17.94
Volume 45.20K
Outstanding Shares 48.27M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.929B ▼ $572.969M ▼ $1.504B ▲ 38.289% ▲ $31.2 ▲ $2.684B ▲
Q2-2025 $4.353B ▲ $5.158B ▲ $1.335B ▲ 30.678% ▼ $27.68 ▲ $2.521B ▲
Q1-2025 $3.569B ▼ $528.39M ▼ $1.285B ▲ 35.997% ▲ $26.64 ▲ $2.351B ▼
Q4-2024 $4.115B ▲ $1.215B ▲ $1.187B ▼ 28.851% ▼ $24.56 ▼ $2.395B ▼
Q3-2024 $3.703B $508.432M $1.377B 37.197% $28.56 $2.427B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.445B ▲ $31.775B ▲ $21.554B ▼ $10.055B ▲
Q2-2025 $3.354B ▲ $30.354B ▲ $21.643B ▲ $8.55B ▼
Q1-2025 $2.267B ▲ $28.411B ▲ $16.575B ▼ $11.669B ▲
Q4-2024 $1.656B ▼ $27.233B ▲ $16.689B ▼ $10.385B ▲
Q3-2024 $2.398B $27.179B $17.805B $9.205B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $2.104B ▲ $1.94B ▲ $-479.693M ▲ $-365.187M ▼ $1.092B ▲ $1.398B ▲
Q2-2025 $1.888B ▲ $1.819B ▼ $-574.789M ▲ $-138.086M ▲ $1.087B ▲ $1.213B ▲
Q1-2025 $1.799B ▲ $1.918B ▲ $-781.418M ▲ $-519.409M ▲ $610.155M ▲ $1.095B ▼
Q4-2024 $1.187B ▼ $1.87B ▲ $-846.488M ▼ $-1.785B ▼ $-741.306M ▼ $1.777B ▲
Q3-2024 $1.896B $1.753B $-694.141M $-289.9M $787.638M $1.015B

Five-Year Company Overview

Income Statement

Income Statement OMAB’s income statement shows a business that has grown strongly and become very profitable. Over the last five years, revenue has risen sharply as traffic recovered from the pandemic and commercial activities around the airports expanded. Profitability is a clear strength. The company keeps a large share of its revenue as operating profit, reflecting tight cost control, strong pricing power under its concession framework, and growing high-margin commercial income. Operating profit and EBITDA have climbed steadily, and margins are high by most infrastructure standards. One nuance: net income and earnings per share have flattened recently even though revenue and operating profits are still rising. That suggests pressures lower down the income statement – such as higher financing costs, taxes, or one‑off items – slightly offsetting the strong operating performance. Overall though, the earnings profile remains robust, with a solid track record of recovery and growth after 2020.

Balance Sheet

Balance Sheet The balance sheet reflects a capital‑intensive infrastructure business that has been expanding and taking on more debt to do so. Total assets have grown meaningfully, driven by ongoing investments in terminals, runways, and related infrastructure. This supports future capacity and revenue but ties up capital for the long term. Debt levels have increased significantly compared with a few years ago, and now sit above the company’s reported equity. This means leverage is meaningfully higher than earlier in the period. It is not unusual for regulated infrastructure, but it does raise financial sensitivity to interest rates, refinancing conditions, and traffic downturns. Cash balances peaked a few years ago and have since come down, suggesting the company has been using cash to fund projects or shareholder returns rather than building a larger liquidity buffer. Equity has been growing again after a temporary dip, which indicates retained earnings are rebuilding the capital base, even as leverage remains elevated. In short, the balance sheet supports growth but is more debt‑heavy than before, which is a point to watch in weaker economic or traffic environments.

Cash Flow

Cash Flow Cash generation is one of OMAB’s strongest features. Operating cash flow has grown consistently as traffic and commercial activities have recovered and expanded. The business converts a meaningful share of its profits into cash, which is important for funding long‑life infrastructure assets. Capital spending has been sizable at times, especially in the middle of the period, when the company invested heavily in expansions and upgrades. Even so, free cash flow has generally been solid and positive, except during the worst of the pandemic. In recent years, investment outlays have eased from their peak, leaving a comfortable cushion of free cash flow after capital projects. This pattern – strong cash generation with periods of heavier investment – is typical for airports. Looking ahead, the planned modernization and expansion programs suggest there may be future phases where free cash flow temporarily tightens as new projects ramp up. But the track record indicates OMAB has been able to fund both growth and returns while keeping free cash flow healthy over the cycle.

Competitive Edge

Competitive Edge OMAB’s competitive position is anchored by its long‑term government concessions to operate 13 airports in central and northern Mexico. These are exclusive rights within each concession area, which effectively shield the company from direct local airport competition through the life of the contracts. That regulatory framework is a key part of its “moat.” The network covers a mix of industrial, business, and tourist destinations, including Monterrey and key coastal cities. This geographic diversification spreads risk across different types of travelers – business, leisure, and visiting friends and relatives – which helps soften the impact of shocks in any one segment. OMAB has also worked deliberately to reduce reliance on pure aeronautical fees. It has pushed commercial activities such as retail, food and beverage, parking, car rentals, VIP lounges, hotels, and industrial parks. These areas typically carry higher margins and can grow faster than regulated passenger charges. This dual‑engine model of regulated traffic income plus commercial and real‑estate activities strengthens the economic resilience of the network. Another important edge is its relationship with VINCI Airports, a global leader in private airport operation. That partnership brings global best practices, operating know‑how, and access to technology and sustainability expertise that can be hard for a standalone regional operator to match. Risks remain: the company is exposed to Mexico’s regulatory environment, fee structures, and broader aviation and tourism cycles. Nevertheless, the combination of exclusive concessions, diversified locations, expanding non‑aeronautical businesses, and a strong strategic partner gives OMAB a solid competitive footing.

Innovation and R&D

Innovation and R&D OMAB does not do “R&D” in the traditional sense of a tech company, but it is clearly investing in innovation through infrastructure, digital tools, and sustainability. On the infrastructure side, the company is rolling out major modernization projects across several airports, including significant expansions at locations like Mazatlán and upgrades in industrial cities. These projects focus on capacity, passenger flow, and overall service quality. While categorized as capital expenditure rather than research spending, they embed new designs, technologies, and processes aimed at more efficient and more pleasant travel. In sustainability, OMAB is a clear sector leader in Mexico. It has sharply cut direct and purchased‑energy emissions relative to its baseline, achieved advanced carbon accreditation at all airports, and adopted technologies such as solar generation and LED lighting. Environmental certifications (like ISO standards for greenhouse gas management) reflect systematic, data‑driven work rather than cosmetic initiatives. The partnership with VINCI Airports is likely the main engine for future innovation. VINCI brings experience with biometric systems, digital passenger journeys, data analytics for operations, and “smart infrastructure” concepts. As these tools are gradually adopted across OMAB’s network, they can improve throughput, reduce costs, and create new commercial opportunities. Overall, OMAB’s innovation is primarily about modernizing physical assets, digitizing operations, and embedding sustainability into everyday decision‑making, rather than about standalone research labs or patents.

Summary

OMAB today looks like a mature, growing infrastructure platform with strong profitability and cash generation, supported by exclusive long‑term concessions and an increasingly diversified business model. The income statement shows sustained post‑pandemic growth and high margins, although recent net profit has leveled off despite continued revenue gains. The balance sheet has expanded with more assets but also meaningfully more debt, which supports growth yet increases financial sensitivity to interest rates and traffic downturns. Cash flows are a bright spot: the company consistently turns profits into cash and typically produces solid free cash flow even after substantial capital projects. This underpins its ability to invest in upgrades, expansions, and diversification initiatives. Strategically, OMAB benefits from protected airport concessions, a diversified mix of business and tourist traffic, and a growing base of non‑aeronautical and real‑estate income. The alliance with VINCI Airports adds operational expertise, technology, and sustainability leadership, which together bolster its competitive position. Key things to monitor include: regulatory changes in Mexico’s airport framework, the impact of higher leverage in a less favorable environment, execution risk on large expansion projects, and how effectively VINCI’s digital and sustainability tools are embedded in the network. The overall picture is of a well‑positioned airport operator, balancing strong current economics with ongoing investment and transformation for future growth.