# Grupo Aeroportuario del Centro Norte (OMAB.MX)

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

Analysis as of: 2026-10-16T07:37:59.163Z. Financial observations: FY2003–FY2026.

Listing currency: MXN. Reporting currency: MXN.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: MXN 210.78 per share; close as of 2026-10-15.

Estimated value: low MXN 125.73 per share, central MXN 136.94 per share, high MXN 150.54 per share. Buy at or below the central value MXN 136.94 per share. Valuation as of 2026-10-16T07:37:59.163Z; scenarios are not confidence intervals.

Expected annual return: 9.5% at the stated quote. About 9.5% 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: 0.14×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.45×

- FY2018: 0.52×

- FY2019: 0.57×

- FY2020: 0.32×

- FY2021: 0.47×

- FY2022: 0.51×

- FY2023: 0.56×

- FY2024: 0.54×

- FY2025: 0.56×

- LTM to Jun 2026: 0.55×

### moat: pass

- ROIC, median of available years: 28.4%

- ROIC, second-lowest year: 23.6%

- Typical minus recent gross margin: -4.3 pp

- Typical gross margin (annual median): 62.5%

- Recent gross margin (lower of latest and 3-year median): 66.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.2%

- ROIC including acquisitions, ten-year median: 27.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 24.0%

- FY2017: 25.2%

- FY2018: 29.9%

- FY2019: 30.8%

- FY2020: 10.2%

- FY2021: 23.6%

- FY2022: 29.1%

- FY2023: 31.9%

- FY2024: 27.9%

- FY2025: 28.9%

### economics: pass

- Owner earnings / net income, 5-yr: 1.09×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: MXN 24B

- Net income, five-year total: MXN 22B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: 0.4 pp

- Working capital / revenue, final three-year average: 7.9%

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

- FY2021: 1.12×

- FY2022: 1.07×

- FY2023: 1.04×

- FY2024: 1.08×

- FY2025: 1.13×

### management: pass

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 25.2% vs 28.9%

- Per-share earnings: 5.41 to 12.98 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.2%

- Market cap gain: MXN 59B

- Cumulative retained earnings: MXN 3.2B

- Diluted shares, 5-year annual growth: -0.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 13.3%

- Per-share value change: MXN 7.57

- Per-share value, starting three-year median: MXN 5.41

- Per-share value, ending three-year median: MXN 12.98

- Buybacks concentrated in cheaper years (correlation): 0.60

- Average buyback yield: 0.4%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: MXN 14B

- Cumulative net income, 10 years: MXN 33B

- ROIC, first three-year median: 25.2%

- ROIC, last three-year median: 28.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: MXN 4.74

- FY2017: MXN 5.41

- FY2018: MXN 7.25

- FY2019: MXN 8.23

- FY2020: MXN 2.81

- FY2021: MXN 7.40

- FY2022: MXN 10.10

- FY2023: MXN 12.98

- FY2024: MXN 12.76

- FY2025: MXN 13.83

### accounting: pass

- Sloan accruals: -6.8%

- Receivables to sales index (DSRI): 1.03×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.39×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.81×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.8%

- FY2017: -5.6%

- FY2018: -5.5%

- FY2019: -2.9%

- FY2020: -1.2%

- FY2021: -6.9%

- FY2022: -4.7%

- FY2023: -5.2%

- FY2024: -4.7%

- FY2025: -6.8%

## Holders

## Price story

Price needs cash profits to grow 7% a year for ten years · "Diversification Revenues: Increased 11%, driven by industrial services." (finance.yahoo.com, Jul 2025) · sales +2.3%

Story as of 2026-10-16T10:00:09.626Z; price observation 2026-10-15.

Price needs cash profits to grow 7% a year for ten years

### Sales · FY2025–2026

sales +2.3%; source https://www.sec.gov/Archives/edgar/data/1378239/000110465926051987/omab-20251231x20f.htm; observed 2026-04-30.

- FY2017: MXN 7.1B 

- FY2018: MXN 7.9B 

- FY2019: MXN 8.5B 

- FY2020: MXN 5.4B 

- FY2021: MXN 8.7B 

- FY2022: MXN 12B 

- FY2023: MXN 14B 

- FY2024: MXN 15B 

- FY2025: MXN 16B 

- FY2026: MXN 16B 

### Gross margin · FY2025

gross margin 70.1%; source https://www.sec.gov/Archives/edgar/data/1378239/000110465926051987/omab-20251231x20f.htm; observed 2026-04-30.

- FY2016: 63.4% 

- FY2017: 55.6% 

- FY2018: 61.6% 

- FY2019: 65.1% 

- FY2020: 46.9% 

- FY2021: 59.0% 

- FY2022: 61.5% 

- FY2023: 65.8% 

- FY2024: 66.8% 

- FY2025: 70.1% 

## Owner memo

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

### How it makes money

Operates in airports & air services; annual sales are MXN 16 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1378239/000110465926051987/omab-20251231x20f.htm (filed 2026-04-30); FY2025: revenue 15964414000; grossProfit 11189020000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); OMAB.MX: Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., together with its subsidiaries, holds concessions to develop, operate, and maintain airports in Mexico. It operates 13 international airports in Monterrey; Acapulco, Mazatlán, and Zihuatanejo; Chihuahua, Culiacán, Durango, San Luis Potosí, Tampico, Torreón, and Zacatecas; and Ciudad Juárez and Reynosa cities. The company is also involved in leasing of space to restaurants and retailers. In addition, it engages in the operation of parking facilities; OMA Carga business comprising warehouses that provides cargo logistics services, such as storage, handling, custody maneuvers, loading and unloading, x-ray screening of exports, and other services; the Terminal 2 NH Collection Hotel; and the Hilton Garden Inn Hotel at the Monterrey airport; and non-permanent ground transportation. Further, the company provides aeronautical services, which include passenger, aircraft landing and parking, airport security, passenger walkway, and complementary services; car parking; checked baggage-screening services; and construction services. Additionally, it builds and operates industrial park at the Monterrey airport. Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. was incorporated in 1998 and is based in Mexico City, Mexico.

### Why customers stay

Margins ranged from 65.8% to 70.1% during 2023–25; it earns 28.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2023: grossProfit / revenue = 65.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2024: grossProfit / revenue = 66.8%.

- Source: https://www.sec.gov/Archives/edgar/data/1378239/000110465926051987/omab-20251231x20f.htm (filed 2026-04-30); FY2025: grossProfit / revenue = 70.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); 10-year return on capital observations [[2016,0.23963629635603445],[2017,0.25164644774579203],[2018,0.2986731039643483],[2019,0.30824396052398967],[2020,0.10214945354413878],[2021,0.23615300140478618],[2022,0.29097552815317096],[2023,0.31921311470062425],[2024,0.27923694043280384],[2025,0.28893614657325545]]; median 0.28408654350302964. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2016: growth capex 0; upkeep 120390000; owner earnings 2265756000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2017: growth capex 0; upkeep 221773000; owner earnings 2699560000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2018: growth capex 0; upkeep 211230000; owner earnings 3498116000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2019: growth capex 0; upkeep 57103000; owner earnings 3533775000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2020: growth capex 0; upkeep 157992000; owner earnings 1332757400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2021: growth capex 0; upkeep 101333000; owner earnings 3198214800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2022: growth capex 0; upkeep 236468000; owner earnings 4174058000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2023: growth capex 0; upkeep 403985000; owner earnings 5209431200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); FY2024: growth capex 0; upkeep 321338000; owner earnings 5328651000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1378239/000110465926051987/omab-20251231x20f.htm (filed 2026-04-30); FY2025: growth capex 0; upkeep 163325000; owner earnings 6024279800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); Dividend observations: [[2016,1371642000],[2017,1575083000],[2018,1598680000],[2019,1598681000],[2020,1979790000],[2021,1979790000],[2022,6615798000],[2023,3738054000],[2024,4220653000],[2025,4468667000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 19.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); OMAB.MX SharesStats.PercentInsiders = 19.406000000000002 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-30); Ten-year compound average after fade. Initial solved rate 0.08678151801031342. Price 210.78; 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 109.97 per share

- 2016-11: MXN 96.89 per share

- 2016-12: MXN 89.38 per share

- 2017-01: MXN 88.98 per share

- 2017-02: MXN 96.57 per share

- 2017-03: MXN 101.38 per share

- 2017-04: MXN 104.47 per share

- 2017-05: MXN 100.83 per share

- 2017-06: MXN 109.68 per share

- 2017-07: MXN 112.69 per share

- 2017-08: MXN 108.14 per share

- 2017-09: MXN 100.89 per share

- 2017-10: MXN 96.74 per share

- 2017-11: MXN 94.44 per share

- 2017-12: MXN 101.67 per share

- 2018-01: MXN 94.99 per share

- 2018-02: MXN 92.11 per share

- 2018-03: MXN 88.65 per share

- 2018-04: MXN 99.04 per share

- 2018-05: MXN 95.38 per share

- 2018-06: MXN 103.57 per share

- 2018-07: MXN 113.37 per share

- 2018-08: MXN 126.02 per share

- 2018-09: MXN 133.45 per share

- 2018-10: MXN 106.29 per share

- 2018-11: MXN 90.72 per share

- 2018-12: MXN 93.65 per share

- 2019-01: MXN 106.40 per share

- 2019-02: MXN 109.85 per share

- 2019-03: MXN 109.68 per share

- 2019-04: MXN 116.80 per share

- 2019-05: MXN 118.29 per share

- 2019-06: MXN 117.22 per share

- 2019-07: MXN 118.01 per share

- 2019-08: MXN 117.75 per share

- 2019-09: MXN 117.08 per share

- 2019-10: MXN 133.37 per share

- 2019-11: MXN 129.86 per share

- 2019-12: MXN 141.83 per share

- 2020-01: MXN 143.87 per share

- 2020-02: MXN 129.27 per share

- 2020-03: MXN 80.17 per share

- 2020-04: MXN 87.80 per share

- 2020-05: MXN 97.60 per share

- 2020-06: MXN 106.85 per share

- 2020-07: MXN 91.71 per share

- 2020-08: MXN 99.96 per share

- 2020-09: MXN 101.55 per share

- 2020-10: MXN 95.72 per share

- 2020-11: MXN 117.37 per share

- 2020-12: MXN 128.39 per share

- 2021-01: MXN 120.99 per share

- 2021-02: MXN 121.36 per share

- 2021-03: MXN 128.52 per share

- 2021-04: MXN 125.96 per share

- 2021-05: MXN 128.06 per share

- 2021-06: MXN 130.32 per share

- 2021-07: MXN 121.85 per share

- 2021-08: MXN 121.23 per share

- 2021-09: MXN 121.06 per share

- 2021-10: MXN 124.23 per share

- 2021-11: MXN 121.74 per share

- 2021-12: MXN 137.51 per share

- 2022-01: MXN 138.15 per share

- 2022-02: MXN 147.92 per share

- 2022-03: MXN 148.83 per share

- 2022-04: MXN 143.20 per share

- 2022-05: MXN 142.29 per share

- 2022-06: MXN 128.62 per share

- 2022-07: MXN 124.17 per share

- 2022-08: MXN 131.74 per share

- 2022-09: MXN 126.72 per share

- 2022-10: MXN 157.84 per share

- 2022-11: MXN 167.31 per share

- 2022-12: MXN 150.07 per share

- 2023-01: MXN 171.71 per share

- 2023-02: MXN 174.83 per share

- 2023-03: MXN 201.27 per share

- 2023-04: MXN 197.64 per share

- 2023-05: MXN 183.20 per share

- 2023-06: MXN 181.88 per share

- 2023-07: MXN 188.80 per share

- 2023-08: MXN 197.36 per share

- 2023-09: MXN 189.14 per share

- 2023-10: MXN 137.63 per share

- 2023-11: MXN 157.70 per share

- 2023-12: MXN 179.76 per share

- 2024-01: MXN 157.57 per share

- 2024-02: MXN 147.73 per share

- 2024-03: MXN 163.41 per share

- 2024-04: MXN 189.66 per share

- 2024-05: MXN 173.20 per share

- 2024-06: MXN 155.16 per share

- 2024-07: MXN 159.94 per share

- 2024-08: MXN 157.67 per share

- 2024-09: MXN 166.37 per share

- 2024-10: MXN 167.61 per share

- 2024-11: MXN 158.26 per share

- 2024-12: MXN 179.46 per share

- 2025-01: MXN 195.63 per share

- 2025-02: MXN 197.59 per share

- 2025-03: MXN 201.14 per share

- 2025-04: MXN 216.54 per share

- 2025-05: MXN 239.88 per share

- 2025-06: MXN 246.50 per share

- 2025-07: MXN 250.23 per share

- 2025-08: MXN 238.71 per share

- 2025-09: MXN 236.98 per share

- 2025-10: MXN 228.94 per share

- 2025-11: MXN 245.56 per share

- 2025-12: MXN 243.53 per share

- 2026-01: MXN 254.35 per share

- 2026-02: MXN 263.09 per share

- 2026-03: MXN 256.90 per share

- 2026-04: MXN 231.83 per share

- 2026-05: MXN 217.77 per share

- 2026-06: MXN 247.17 per share

- 2026-07: MXN 231.05 per share

- 2026-08: MXN 210.70 per share

- 2026-09: MXN 217.98 per share

- 2026-10: MXN 206.45 per share

## Annual estimated value (MXN per share)

- FY2016: low MXN 50.09 per share, central MXN 54.09 per share, high MXN 58.94 per share

- FY2017: low MXN 60.77 per share, central MXN 65.91 per share, high MXN 72.16 per share

- FY2018: low MXN 71.74 per share, central MXN 77.78 per share, high MXN 85.11 per share

- FY2019: low MXN 79.41 per share, central MXN 86.06 per share, high MXN 94.12 per share

- FY2020: low MXN 51.51 per share, central MXN 55.65 per share, high MXN 60.66 per share

- FY2021: low MXN 82.35 per share, central MXN 88.64 per share, high MXN 96.27 per share

- FY2022: low MXN 97.24 per share, central MXN 105.58 per share, high MXN 115.71 per share

- FY2023: low MXN 112.10 per share, central MXN 122.03 per share, high MXN 134.08 per share

- FY2024: low MXN 112.12 per share, central MXN 122.27 per share, high MXN 134.60 per share

- FY2025: low MXN 124.44 per share, central MXN 135.41 per share, high MXN 148.71 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 2026-10-15T06:43:41.899Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1378239/000110465926051987/omab-20251231x20f.htm); period 2025-12-31, filed 2026-04-30.

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.