# Grupo Aeroportuario del Pacífico (GAPB.MX)

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

Analysis as of: 2026-10-16T07:35:38.376Z. Financial observations: FY2002–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 373.39 per share; close as of 2026-10-15.

## 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: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.50×

- FY2018: 0.51×

- FY2019: 0.49×

- FY2020: 0.32×

- FY2021: 0.47×

- FY2022: 0.50×

- FY2023: 0.46×

- FY2024: 0.44×

- FY2025: 0.42×

- LTM to Jun 2026: 0.43×

### moat: pass

- ROIC, median of available years: 19.1%

- ROIC, second-lowest year: 14.5%

- Typical minus recent gross margin: -4.1 pp

- Typical gross margin (annual median): 53.1%

- Recent gross margin (lower of latest and 3-year median): 57.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 24.7%

- ROIC including acquisitions, ten-year median: 11.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 14.5%

- FY2017: 17.8%

- FY2018: 18.6%

- FY2019: 20.8%

- FY2020: 9.7%

- FY2021: 20.2%

- FY2022: 25.4%

- FY2023: 22.8%

- FY2024: 19.2%

- FY2025: 19.0%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.39×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: MXN 17B

- Net income, five-year total: MXN 43B

- Return on incremental invested capital: 28.0%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -3.0 pp

- Working capital / revenue, final three-year average: -1.5%

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

- FY2021: 0.70×

- FY2022: 0.47×

- FY2023: 0.26×

- FY2024: 0.45×

- FY2025: 0.21×

### 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: 17.8% vs 19.2%

- Per-share earnings: 8.85 to 18.89 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -1.9%

- Market cap gain: MXN 148B

- Cumulative retained earnings: MXN 10B

- Diluted shares, 5-year annual growth: -1.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 11.4%

- Per-share value change: MXN 10.04

- Per-share value, starting three-year median: MXN 8.85

- Per-share value, ending three-year median: MXN 18.89

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 1.7%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: MXN 35B

- Cumulative net income, 10 years: MXN 63B

- ROIC, first three-year median: 17.8%

- ROIC, last three-year median: 19.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: MXN 6.22

- FY2017: MXN 8.85

- FY2018: MXN 9.58

- FY2019: MXN 10.81

- FY2020: MXN 3.44

- FY2021: MXN 11.80

- FY2022: MXN 18.18

- FY2023: MXN 18.89

- FY2024: MXN 17.04

- FY2025: MXN 18.93

### accounting: pass

- Sloan accruals: -9.9%

- Receivables to sales index (DSRI): 1.05×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.91×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 2.50×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.5%

- FY2017: -3.8%

- FY2018: -5.6%

- FY2019: -6.7%

- FY2020: -3.2%

- FY2021: -9.1%

- FY2022: -5.5%

- FY2023: -6.5%

- FY2024: -9.9%

- FY2025: -9.9%

## Holders

## Price story

Down 22% since Jan 2026 · sales +1.7%

Story as of 2026-10-16T10:00:05.704Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales +1.7%; source https://www.sec.gov/Archives/edgar/data/1347557/000119312526161714/pac-20251231.htm; observed 2026-04-17.

- FY2017: MXN 12B 

- FY2018: MXN 14B 

- FY2019: MXN 16B 

- FY2020: MXN 12B 

- FY2021: MXN 19B 

- FY2022: MXN 27B 

- FY2023: MXN 33B 

- FY2024: MXN 34B 

- FY2025: MXN 41B 

- FY2026: MXN 42B 

### Gross margin · FY2025

gross margin 57.1%; source https://www.sec.gov/Archives/edgar/data/1347557/000119312526161714/pac-20251231.htm; observed 2026-04-17.

- FY2016: 49.8% 

- FY2017: 53.0% 

- FY2018: 53.7% 

- FY2019: 52.3% 

- FY2020: 34.5% 

- FY2021: 49.3% 

- FY2022: 53.1% 

- FY2023: 58.4% 

- FY2024: 58.3% 

- FY2025: 57.1% 

## Owner memo

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

### How it makes money

Operates in airports & air services; annual sales are MXN 41.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1347557/000119312526161714/pac-20251231.htm (filed 2026-04-17); FY2025: revenue 41408540000; grossProfit 23658892000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GAPB.MX: Grupo Aeroportuario del Pacífico, S.A.B. de C.V., together with its subsidiaries, develops, operates, and manages airports in Mexico and Jamaica. The company operates twelve international airports in the Pacific and Central region of Mexico; and two international airports in Jamaica. It also offers aeronautical services, such as passenger, aircraft landing, parking charges, leasing of space to these airlines, airport security and passenger walkway, and airport bus; complementary services, including baggage handling, catering, aircraft maintenance and repair, and fuel; cargo handling; and ground transportation services. In addition, the company provides non-aeronautical services, such as redesigning and modernizing terminal spaces and developing new commercial projects; telephone and internet services; and ground handling services under the brand Primesky, as well as advertising services. Further, it engages in commercial activities comprising leasing space in terminals to airlines and other service providers; retail stores, such as souvenir and gift shops, fashion and footwear stores, pharmacies, jewelry, electronics, cosmetics, and others; and various food and beverage services, as well as leasing space and designated parking areas to car rental service companies, including service counters, reservation booths, and vehicle parking facilities; and leasing space to timeshare developers, financial service providers, communications, and to operators of duty-free stores. Additionally, the company operates parking facilities; VIP lounges; convenience stores; and vending machines. The company was incorporated in 1998 and is headquartered in Guadalajara, Mexico.

### Why customers stay

Margins ranged from 57.1% to 58.4% during 2023–25; it earns 19.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-17); FY2023: grossProfit / revenue = 58.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-17); FY2024: grossProfit / revenue = 58.3%.

- Source: https://www.sec.gov/Archives/edgar/data/1347557/000119312526161714/pac-20251231.htm (filed 2026-04-17); FY2025: grossProfit / revenue = 57.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-17); 10-year return on capital observations [[2016,0.14464758526772778],[2017,0.17764838698866958],[2018,0.18639139352527143],[2019,0.20805162190979473],[2020,0.0968225260728739],[2021,0.20164682201635906],[2022,0.25364655368965017],[2023,0.2280638412788431],[2024,0.19238215515511414],[2025,0.19037616624525844]]; median 0.1913791607001863. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 54.8% of cash earnings on expansion; earns 28% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-17); FY2016: growth capex 0; upkeep 1856997000; owner earnings 3784206000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-17); FY2017: growth capex 0; upkeep 1923893000; owner earnings 4244809000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-17); FY2018: growth capex 0; upkeep 2501656000; owner earnings 4733963000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-17); FY2019: growth capex 247004678.2636361; upkeep 2231983321.736364; owner earnings 4896867278.263636. Growth capex / owner earnings = 0.0504413667407422.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-17); FY2020: growth capex 0; upkeep 3160111000; owner earnings 753714400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-17); FY2021: growth capex 1098583961.8067398; upkeep 3848200038.19326; owner earnings 4234262761.80674. Growth capex / owner earnings = 0.2594510599852285.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-17); FY2022: growth capex 1264249947.4288893; upkeep 7166856052.571111; owner earnings 4319613947.428889. Growth capex / owner earnings = 0.2926766055520756.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-17); FY2023: growth capex 868323583.3843365; upkeep 9576022416.615664; owner earnings 2502053383.3843365. Growth capex / owner earnings = 0.3470443872823455.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-17); FY2024: growth capex 60080787.965774536; upkeep 7784902212.034225; owner earnings 3880285587.9657745. Growth capex / owner earnings = 0.015483599493838202.

- Source: https://www.sec.gov/Archives/edgar/data/1347557/000119312526161714/pac-20251231.htm (filed 2026-04-17); FY2025: growth capex 1091897957.026085; upkeep 11305051042.973915; owner earnings 1992885957.026085. Growth capex / owner earnings = 0.5478978629843358.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-17); Incremental return on capital 0.2797990453991635, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-17); Dividend observations: [[2016,3889259000],[2017,3006292000],[2018,4004886000],[2019,4425346000],[2020,7313743000],[2021,7313743000],[2022,7313743000],[2023,7498318000],[2024,7003146000],[2025,8508872000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 22.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GAPB.MX SharesStats.PercentInsiders = 22.498 percentage points; cache date 2026-10-16.

### What the price says

The price is 4.6 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-17); Closing price 373.39 MXN; reporting-to-trading FX 1; FY2025 annual sales per share 81.95208167843401; price multiple 4.556199090404056. FY2025 cash earnings/share 3.9441417815263673. Closing-price date 2026-10-15.

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

- 2016-10: MXN 182.69 per share

- 2016-11: MXN 175.21 per share

- 2016-12: MXN 170.48 per share

- 2017-01: MXN 161.57 per share

- 2017-02: MXN 173.82 per share

- 2017-03: MXN 182.12 per share

- 2017-04: MXN 193.60 per share

- 2017-05: MXN 186.46 per share

- 2017-06: MXN 204.39 per share

- 2017-07: MXN 203.86 per share

- 2017-08: MXN 197.21 per share

- 2017-09: MXN 186.40 per share

- 2017-10: MXN 181.83 per share

- 2017-11: MXN 185.49 per share

- 2017-12: MXN 202.09 per share

- 2018-01: MXN 194.59 per share

- 2018-02: MXN 182.12 per share

- 2018-03: MXN 179.63 per share

- 2018-04: MXN 194.54 per share

- 2018-05: MXN 169.94 per share

- 2018-06: MXN 183.89 per share

- 2018-07: MXN 176.12 per share

- 2018-08: MXN 197.24 per share

- 2018-09: MXN 204.58 per share

- 2018-10: MXN 168.05 per share

- 2018-11: MXN 141.11 per share

- 2018-12: MXN 159.84 per share

- 2019-01: MXN 171.63 per share

- 2019-02: MXN 179.60 per share

- 2019-03: MXN 172.32 per share

- 2019-04: MXN 192.76 per share

- 2019-05: MXN 191.79 per share

- 2019-06: MXN 199.88 per share

- 2019-07: MXN 192.31 per share

- 2019-08: MXN 191.20 per share

- 2019-09: MXN 189.90 per share

- 2019-10: MXN 201.68 per share

- 2019-11: MXN 198.79 per share

- 2019-12: MXN 225.87 per share

- 2020-01: MXN 233.86 per share

- 2020-02: MXN 213.66 per share

- 2020-03: MXN 127.39 per share

- 2020-04: MXN 150.60 per share

- 2020-05: MXN 146.39 per share

- 2020-06: MXN 165.27 per share

- 2020-07: MXN 147.73 per share

- 2020-08: MXN 170.18 per share

- 2020-09: MXN 177.49 per share

- 2020-10: MXN 176.53 per share

- 2020-11: MXN 206.92 per share

- 2020-12: MXN 222.14 per share

- 2021-01: MXN 206.60 per share

- 2021-02: MXN 211.64 per share

- 2021-03: MXN 213.66 per share

- 2021-04: MXN 208.24 per share

- 2021-05: MXN 215.08 per share

- 2021-06: MXN 212.15 per share

- 2021-07: MXN 228.96 per share

- 2021-08: MXN 233.88 per share

- 2021-09: MXN 239.99 per share

- 2021-10: MXN 259.53 per share

- 2021-11: MXN 247.69 per share

- 2021-12: MXN 282.16 per share

- 2022-01: MXN 283.61 per share

- 2022-02: MXN 297.91 per share

- 2022-03: MXN 322.61 per share

- 2022-04: MXN 314.03 per share

- 2022-05: MXN 295.46 per share

- 2022-06: MXN 280.09 per share

- 2022-07: MXN 276.40 per share

- 2022-08: MXN 286.84 per share

- 2022-09: MXN 255.00 per share

- 2022-10: MXN 307.31 per share

- 2022-11: MXN 313.39 per share

- 2022-12: MXN 279.40 per share

- 2023-01: MXN 324.33 per share

- 2023-02: MXN 347.09 per share

- 2023-03: MXN 351.53 per share

- 2023-04: MXN 319.69 per share

- 2023-05: MXN 311.63 per share

- 2023-06: MXN 308.05 per share

- 2023-07: MXN 318.60 per share

- 2023-08: MXN 311.78 per share

- 2023-09: MXN 286.13 per share

- 2023-10: MXN 210.49 per share

- 2023-11: MXN 265.20 per share

- 2023-12: MXN 297.85 per share

- 2024-01: MXN 268.00 per share

- 2024-02: MXN 252.00 per share

- 2024-03: MXN 267.95 per share

- 2024-04: MXN 312.96 per share

- 2024-05: MXN 319.39 per share

- 2024-06: MXN 287.52 per share

- 2024-07: MXN 298.38 per share

- 2024-08: MXN 347.74 per share

- 2024-09: MXN 341.26 per share

- 2024-10: MXN 348.55 per share

- 2024-11: MXN 376.99 per share

- 2024-12: MXN 365.95 per share

- 2025-01: MXN 382.42 per share

- 2025-02: MXN 385.54 per share

- 2025-03: MXN 378.05 per share

- 2025-04: MXN 397.38 per share

- 2025-05: MXN 445.67 per share

- 2025-06: MXN 429.56 per share

- 2025-07: MXN 434.24 per share

- 2025-08: MXN 447.16 per share

- 2025-09: MXN 431.32 per share

- 2025-10: MXN 385.86 per share

- 2025-11: MXN 450.30 per share

- 2025-12: MXN 471.02 per share

- 2026-01: MXN 480.42 per share

- 2026-02: MXN 449.96 per share

- 2026-03: MXN 441.43 per share

- 2026-04: MXN 439.94 per share

- 2026-05: MXN 407.34 per share

- 2026-06: MXN 441.90 per share

- 2026-07: MXN 376.64 per share

- 2026-08: MXN 351.00 per share

- 2026-09: MXN 371.20 per share

- 2026-10: MXN 365.03 per share

## Annual estimated value (MXN 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 2026-10-15T06:41:20.853Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1347557/000119312526161714/pac-20251231.htm); period 2025-12-31, filed 2026-04-17.

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.