# Grupo Aeroportuario del Sureste S. A. B. de C. V (ASURB.MX)

Canonical: https://gigainvestors.com/s/ASURB.MX

Analysis as of: 2026-10-16T07:36:43.073Z. Financial observations: FY2000–FY2026.

Listing currency: MXN. Reporting currency: MXN.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: MXN 433.15 per share; close as of 2026-10-15.

Estimated value: low MXN 489.20 per share, central MXN 648.15 per share, high MXN 718.48 per share. Buy at or below the central value MXN 648.15 per share. Valuation as of 2026-10-16T07:36:43.073Z; scenarios are not confidence intervals.

Expected annual return: 18.4% at the stated quote. About 18.4% a year at today's price (required return 13.3%). required return 13.3% a year (MX 10-year bond 9.3% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.32×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.12×

- FY2018: 0.50×

- FY2019: 0.50×

- FY2020: 0.26×

- FY2021: 0.46×

- FY2022: 0.58×

- FY2023: 0.59×

- FY2024: 0.56×

- FY2025: 0.46×

- LTM to Jun 2026: 0.42×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 5.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 17.3%

- ROIC, second-lowest year: 6.1%

- Typical minus recent gross margin: 5.3 pp

- Typical gross margin (annual median): 51.9%

- Recent gross margin (lower of latest and 3-year median): 46.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 14.8%

- ROIC including acquisitions, ten-year median: 11.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 15.0%

- FY2017: 3.3%

- FY2018: 12.3%

- FY2019: 17.4%

- FY2020: 6.1%

- FY2021: 17.2%

- FY2022: 27.0%

- FY2023: 27.0%

- FY2024: 26.9%

- FY2025: 20.3%

### economics: pass

- Owner earnings / net income, 5-yr: 0.82×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: MXN 41B

- Net income, five-year total: MXN 50B

- Return on incremental invested capital: 71.6%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 1.7 pp

- Working capital / revenue, final three-year average: 6.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.74×

- FY2022: 0.95×

- FY2023: 1.06×

- FY2024: 0.86×

- FY2025: 0.44×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 12.3% vs 26.9%

- Per-share earnings: 16.63 to 34.96 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -18.3%

- Market cap gain: MXN 85B

- Cumulative retained earnings: MXN 21B

- Diluted shares, 5-year annual growth: -18.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 11.2%

- Per-share value change: MXN 18.34

- Per-share value, starting three-year median: MXN 16.63

- Per-share value, ending three-year median: MXN 34.96

- Average buyback yield: 0.0%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: MXN 45B

- Cumulative net income, 10 years: MXN 72B

- ROIC, first three-year median: 12.3%

- ROIC, last three-year median: 26.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: MXN 12.10

- FY2017: MXN 19.44

- FY2018: MXN 16.63

- FY2019: MXN 18.22

- FY2020: MXN 2.40

- FY2021: MXN 19.95

- FY2022: MXN 33.29

- FY2023: MXN 34.01

- FY2024: MXN 45.17

- FY2025: MXN 34.96

### accounting: pass

- Sloan accruals: -2.1%

- Receivables to sales index (DSRI): 0.77×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.18×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.47×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.0%

- FY2017: -0.3%

- FY2018: -4.8%

- FY2019: -5.3%

- FY2020: -1.6%

- FY2021: -6.6%

- FY2022: -5.0%

- FY2023: -4.6%

- FY2024: -2.4%

- FY2025: -2.1%

## Holders

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 30% since May 2025 · sales +2.5%

Story as of 2026-10-16T10:00:07.949Z; price observation 2026-10-15.

Price needs cash profits to grow 0.6% a year for ten years

### Sales · FY2025–2026

sales +2.5%; source https://www.sec.gov/Archives/edgar/data/1123452/000110465926044448/asurb-20251231x20f.htm; observed 2026-04-16.

- FY2017: MXN 13B 

- FY2018: MXN 15B 

- FY2019: MXN 17B 

- FY2020: MXN 13B 

- FY2021: MXN 19B 

- FY2022: MXN 25B 

- FY2023: MXN 26B 

- FY2024: MXN 31B 

- FY2025: MXN 37B 

- FY2026: MXN 38B 

### Gross margin · FY2025

gross margin 46.6%; source https://www.sec.gov/Archives/edgar/data/1123452/000110465926044448/asurb-20251231x20f.htm; observed 2026-04-16.

- FY2016: 52.7% 

- FY2017: 13.4% 

- FY2018: 51.1% 

- FY2019: 50.7% 

- FY2020: 47.5% 

- FY2021: 65.2% 

- FY2022: 74.1% 

- FY2023: 60.3% 

- FY2024: 56.9% 

- FY2025: 46.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in airports & air services; annual sales are MXN 37.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1123452/000110465926044448/asurb-20251231x20f.htm (filed 2026-04-16); FY2025: revenue 37237431000; grossProfit 17339932000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ASURB.MX: Grupo Aeroportuario del Sureste, S. A. B. de C. V., together with its subsidiaries, holds concessions to operate, maintain, and develop airports in the southeast region of Mexico. The company operates through Cancún, Aerostar, Airplan, Mérida, Villahermosa, Holding & Services, and Other segments. It operates the airports in Cozumel, Huatulco, Mérida, Minatitlán, Oaxaca, Tapachula, Veracruz, and Villahermosa; and offers aeronautical services, such as passenger, aircraft landing and parking, passenger walkways, and airport security. The company also provides non-aeronautical services, such as leasing of space at its airports to retailers, restaurants, airlines, and other commercial tenants; luggage check-in, sorting and handling, aircraft servicing and cleaning, cargo handling, aircraft catering services, and assistance with passenger boarding and deplaning; and open-air parking lots for commercial vehicle operators, including taxi, bus and other ground transport operators; and other commercial activities. In addition, the company operates various airports in Colombia, including the Enrique Olaya Herrera Airport in Medellín, the José María Córdova International Airport in Rionegro, the Los Garzones Airport in Montería, the Antonio Roldán Betancourt Airport in Carepa, the El Caraño Airport in Quibdó, and the Las Brujas Airport in Corozal; and holds a lease to operate, maintain, and develop the Luis Muñoz Marín International Airport in San Juan, Puerto Rico. Grupo Aeroportuario del Sureste, S. A. B. de C. V. was founded in 1996 and is headquartered in Mexico City, Mexico.

### Why customers stay

Margins ranged from 46.6% to 60.3% during 2023–25; it earns 17.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); FY2023: grossProfit / revenue = 60.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); FY2024: grossProfit / revenue = 56.9%.

- Source: https://www.sec.gov/Archives/edgar/data/1123452/000110465926044448/asurb-20251231x20f.htm (filed 2026-04-16); FY2025: grossProfit / revenue = 46.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); 10-year return on capital observations [[2016,0.15001880178585403],[2017,0.03272524281991437],[2018,0.12290485513217854],[2019,0.17413096023211322],[2020,0.06126163457994027],[2021,0.1720915133342588],[2022,0.26961900086365204],[2023,0.27036882851270044],[2024,0.2687942300819855],[2025,0.20329495350782054]]; median 0.17311123678318602. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 1% of cash earnings on expansion; earns 71.6% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); FY2016: growth capex 0; upkeep 1814482000; owner earnings 2694905000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); FY2017: growth capex 0; upkeep 1471418000; owner earnings 4559717000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); FY2018: growth capex 0; upkeep 1636325000; owner earnings 6059995000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); FY2019: growth capex 43682175.3227005; upkeep 2571181824.6772995; owner earnings 4727452775.3227005. Growth capex / owner earnings = 0.009240108235606587.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); FY2020: growth capex 0; upkeep 3328560000; owner earnings 575077800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); FY2021: growth capex 165760379.53931904; upkeep 3526724620.460681; owner earnings 4445462379.539319. Growth capex / owner earnings = 0.037287545228646544.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); FY2022: growth capex 142800134.94090366; upkeep 2632972865.0590963; owner earnings 9443929867.00512. Growth capex / owner earnings = 0.015120838141737362.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); FY2023: growth capex 0; upkeep 1371000000; owner earnings 10866712765.379698. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); FY2024: growth capex 79612002.1590643; upkeep 4314849997.840936; owner earnings 11623221111.079327. Growth capex / owner earnings = 0.006849392384283014.

- Source: https://www.sec.gov/Archives/edgar/data/1123452/000110465926044448/asurb-20251231x20f.htm (filed 2026-04-16); FY2025: growth capex 47727089.33943939; upkeep 7760124910.660561; owner earnings 4610800293.588308. Growth capex / owner earnings = 0.010351150841602872.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); Incremental return on capital 0.7156182455792538, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); Dividend observations: [[2016,1683000000],[2017,1848000000],[2018,2034000000],[2019,3000000000],[2020,2463000000],[2021,2463000000],[2022,4509000000],[2023,5979000000],[2024,6277800000],[2025,24000000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 38.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ASURB.MX SharesStats.PercentInsiders = 38.261 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 0.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); Ten-year compound average after fade. Initial solved rate -0.0038088338271471955. Price 433.15; FX 1; discount 0.13252; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (MXN per share)

- 2016-10: MXN 300.63 per share

- 2016-11: MXN 297.18 per share

- 2016-12: MXN 298.67 per share

- 2017-01: MXN 302.13 per share

- 2017-02: MXN 317.65 per share

- 2017-03: MXN 325.06 per share

- 2017-04: MXN 357.22 per share

- 2017-05: MXN 367.46 per share

- 2017-06: MXN 382.92 per share

- 2017-07: MXN 380.25 per share

- 2017-08: MXN 364.71 per share

- 2017-09: MXN 346.59 per share

- 2017-10: MXN 341.92 per share

- 2017-11: MXN 333.84 per share

- 2017-12: MXN 358.07 per share

- 2018-01: MXN 362.22 per share

- 2018-02: MXN 334.03 per share

- 2018-03: MXN 306.42 per share

- 2018-04: MXN 336.33 per share

- 2018-05: MXN 316.66 per share

- 2018-06: MXN 315.37 per share

- 2018-07: MXN 331.59 per share

- 2018-08: MXN 357.92 per share

- 2018-09: MXN 382.63 per share

- 2018-10: MXN 337.64 per share

- 2018-11: MXN 273.42 per share

- 2018-12: MXN 296.22 per share

- 2019-01: MXN 345.93 per share

- 2019-02: MXN 326.97 per share

- 2019-03: MXN 313.64 per share

- 2019-04: MXN 312.25 per share

- 2019-05: MXN 309.43 per share

- 2019-06: MXN 311.09 per share

- 2019-07: MXN 290.95 per share

- 2019-08: MXN 294.85 per share

- 2019-09: MXN 301.64 per share

- 2019-10: MXN 315.44 per share

- 2019-11: MXN 333.67 per share

- 2019-12: MXN 354.06 per share

- 2020-01: MXN 363.15 per share

- 2020-02: MXN 324.89 per share

- 2020-03: MXN 223.36 per share

- 2020-04: MXN 241.39 per share

- 2020-05: MXN 228.55 per share

- 2020-06: MXN 256.65 per share

- 2020-07: MXN 221.20 per share

- 2020-08: MXN 247.98 per share

- 2020-09: MXN 256.79 per share

- 2020-10: MXN 245.02 per share

- 2020-11: MXN 300.71 per share

- 2020-12: MXN 329.22 per share

- 2021-01: MXN 322.53 per share

- 2021-02: MXN 391.43 per share

- 2021-03: MXN 363.03 per share

- 2021-04: MXN 342.61 per share

- 2021-05: MXN 363.28 per share

- 2021-06: MXN 367.89 per share

- 2021-07: MXN 361.61 per share

- 2021-08: MXN 360.43 per share

- 2021-09: MXN 385.77 per share

- 2021-10: MXN 415.19 per share

- 2021-11: MXN 392.83 per share

- 2021-12: MXN 422.76 per share

- 2022-01: MXN 417.67 per share

- 2022-02: MXN 442.91 per share

- 2022-03: MXN 443.93 per share

- 2022-04: MXN 445.37 per share

- 2022-05: MXN 429.95 per share

- 2022-06: MXN 395.23 per share

- 2022-07: MXN 384.00 per share

- 2022-08: MXN 426.71 per share

- 2022-09: MXN 396.00 per share

- 2022-10: MXN 464.97 per share

- 2022-11: MXN 478.50 per share

- 2022-12: MXN 454.01 per share

- 2023-01: MXN 510.23 per share

- 2023-02: MXN 523.86 per share

- 2023-03: MXN 551.20 per share

- 2023-04: MXN 515.07 per share

- 2023-05: MXN 496.32 per share

- 2023-06: MXN 478.49 per share

- 2023-07: MXN 475.08 per share

- 2023-08: MXN 464.15 per share

- 2023-09: MXN 427.05 per share

- 2023-10: MXN 390.00 per share

- 2023-11: MXN 410.04 per share

- 2023-12: MXN 498.99 per share

- 2024-01: MXN 500.99 per share

- 2024-02: MXN 500.01 per share

- 2024-03: MXN 525.60 per share

- 2024-04: MXN 589.90 per share

- 2024-05: MXN 572.72 per share

- 2024-06: MXN 551.55 per share

- 2024-07: MXN 559.55 per share

- 2024-08: MXN 527.72 per share

- 2024-09: MXN 556.41 per share

- 2024-10: MXN 533.68 per share

- 2024-11: MXN 516.22 per share

- 2024-12: MXN 536.27 per share

- 2025-01: MXN 563.80 per share

- 2025-02: MXN 553.15 per share

- 2025-03: MXN 559.15 per share

- 2025-04: MXN 619.27 per share

- 2025-05: MXN 622.47 per share

- 2025-06: MXN 599.00 per share

- 2025-07: MXN 572.01 per share

- 2025-08: MXN 607.02 per share

- 2025-09: MXN 591.49 per share

- 2025-10: MXN 562.14 per share

- 2025-11: MXN 552.85 per share

- 2025-12: MXN 580.92 per share

- 2026-01: MXN 604.43 per share

- 2026-02: MXN 620.33 per share

- 2026-03: MXN 604.40 per share

- 2026-04: MXN 531.18 per share

- 2026-05: MXN 513.92 per share

- 2026-06: MXN 536.12 per share

- 2026-07: MXN 478.58 per share

- 2026-08: MXN 436.83 per share

- 2026-09: MXN 425.76 per share

- 2026-10: MXN 431.75 per share

## Annual estimated value (MXN per share)

- FY2016: low MXN 81.76 per share, central MXN 88.37 per share, high MXN 96.40 per share

- FY2017: low MXN 106.35 per share, central MXN 114.88 per share, high MXN 125.23 per share

- FY2018: low MXN 125.96 per share, central MXN 136.41 per share, high MXN 149.09 per share

- FY2019: low MXN 143.55 per share, central MXN 155.15 per share, high MXN 169.22 per share

- FY2020: low MXN 39.95 per share, central MXN 43.12 per share, high MXN 46.98 per share

- FY2021: low MXN 166.48 per share, central MXN 179.43 per share, high MXN 195.15 per share

- FY2022: low MXN 267.90 per share, central MXN 347.75 per share, high MXN 383.09 per share

- FY2023: low MXN 275.41 per share, central MXN 356.87 per share, high MXN 392.92 per share

- FY2024: low MXN 435.62 per share, central MXN 566.09 per share, high MXN 623.83 per share

- FY2025: low MXN 476.46 per share, central MXN 631.52 per share, high MXN 700.13 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:42:25.719Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1123452/000110465926044448/asurb-20251231x20f.htm); period 2025-12-31, filed 2026-04-16.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [David Hoeft](https://gigainvestors.com/DAC): 2,630 ASR shares; USD 807,000 reported position value; 0% of portfolio; add; quarter 2026 Q2.