# Promotora y Operadora de Infraestructura S. A. B. de C. V (PINFRA.MX)

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

Analysis as of: 2026-10-16T07:37:06.187Z. Financial observations: FY2002–FY2025.

Listing currency: MXN. Reporting currency: MXN.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: MXN 300.07 per share; close as of 2026-10-15.

Estimated value: low MXN 313.26 per share, central MXN 391.79 per share, high MXN 426.54 per share. Buy at or below the central value MXN 391.79 per share. Valuation as of 2026-10-16T07:37:06.187Z; scenarios are not confidence intervals.

Expected annual return: 17.4% at the stated quote. About 17.4% 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

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.28×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.56×

- FY2017: 0.59×

- FY2018: 0.58×

- FY2019: 0.54×

- FY2020: 0.51×

- FY2021: 0.54×

- FY2022: 0.57×

- FY2023: 0.63×

- FY2024: 0.59×

- FY2025: 1.15×

### moat: pass

- ROIC, median of available years: 21.0%

- ROIC, second-lowest year: 14.0%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 57.9%

- Recent gross margin (lower of latest and 3-year median): 57.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.0%

- ROIC including acquisitions, ten-year median: 19.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 30.2%

- FY2017: 13.9%

- FY2018: 19.0%

- FY2019: 14.0%

- FY2020: 14.3%

- FY2021: 20.6%

- FY2022: 21.3%

- FY2023: 23.8%

- FY2024: 44.9%

- FY2025: >100%

### economics: pass

- Owner earnings / net income, 5-yr: 0.91×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: MXN 37B

- Net income, five-year total: MXN 41B

- Return on incremental invested capital: 420.0%

- Working capital / revenue, annual change: -1.7 pp

- Working capital / revenue, change between three-year averages: -12.6 pp

- Working capital / revenue, final three-year average: 6.5%

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

- FY2021: 1.00×

- FY2022: 1.10×

- FY2023: 1.12×

- FY2024: 0.74×

- FY2025: 0.83×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 19.0% vs 44.9%

- Per-share earnings: 10.76 to 21.39 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.3%

- Market cap gain: MXN 32B

- Cumulative retained earnings: MXN 24B

- Diluted shares, 5-year annual growth: 0.3%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 12.1%

- Per-share value change: MXN 10.63

- Per-share value, starting three-year median: MXN 10.76

- Per-share value, ending three-year median: MXN 21.39

- Buybacks concentrated in cheaper years (correlation): -0.03

- Average buyback yield: 1.2%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: MXN 31B

- Cumulative net income, 10 years: MXN 62B

- ROIC, first three-year median: 19.0%

- ROIC, last three-year median: 44.9%

Chart: Earnings per share; fiscal year observations.

- FY2017: MXN 10.26

- FY2018: MXN 12.17

- FY2019: MXN 10.76

- FY2020: MXN 6.28

- FY2021: MXN 13.63

- FY2022: MXN 12.28

- FY2023: MXN 14.06

- FY2024: MXN 21.39

- FY2025: MXN 34.09

### accounting: pass

- Sloan accruals: 0.5%

- Receivables to sales index (DSRI): 1.38×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.97×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.64×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.3%

- FY2017: -2.0%

- FY2018: -4.5%

- FY2019: 8.7%

- FY2020: -1.9%

- FY2021: -1.4%

- FY2022: -0.1%

- FY2023: -5.6%

- FY2024: 1.1%

- FY2025: 0.5%

## Holders

## Price story

Price needs cash profits to grow 1.6% a year for ten years · sales +7.8%

Story as of 2026-10-16T10:00:08.597Z; price observation 2026-10-15.

Price needs cash profits to grow 1.6% a year for ten years

### Sales · FY2024–2025

sales +7.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: MXN 11B 

- FY2017: MXN 10B 

- FY2018: MXN 11B 

- FY2019: MXN 12B 

- FY2020: MXN 9.9B 

- FY2021: MXN 12B 

- FY2022: MXN 14B 

- FY2023: MXN 16B 

- FY2024: MXN 19B 

- FY2025: MXN 20B 

### Gross margin · FY2025

gross margin 57.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 55.4% 

- FY2017: 58.7% 

- FY2018: 57.9% 

- FY2019: 54.5% 

- FY2020: 51.8% 

- FY2021: 55.1% 

- FY2022: 58.7% 

- FY2023: 63.9% 

- FY2024: 59.1% 

- FY2025: 57.8% 

## Owner memo

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

### How it makes money

Operates in infrastructure operations; annual sales are MXN 20 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.187Z); FY2025: revenue 20045726000; grossProfit 11588079000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PINFRA.MX: Promotora y Operadora de Infraestructura, S. A. B. de C. V. engages in the construction, operation, maintenance, financing, and promotion of toll roads and port projects in Mexico. It operates through Construction, Material, and Concession segments. The company undertakes heavy construction projects, such as toll roads, ports, tunnels, dams, bridges, airports, and railways; industrial construction projects, including petrochemical, industrial, wastewater treatment, and power generating plants; and urban construction projects comprising parking lots, museums, parks, educational centers, buildings, water systems, public transport systems, landfills, and hospitals. It also manufactures asphalt concrete; basalt aggregates, such as gravel, sand, seal, ballast, hydraulic base, sub-base, and tepetate; and central guard rails for roads and other precast concrete materials, as well as exploiting stone aggregates. In addition, the company provides services comprising minor maintenance and operation services for the toll roads; reception, storage, and shipment of goods; hauling or transfer of goods; loading and unloading from ship to yard and vice versa; loading and unloading from yard to ground transportation and vice versa; filling and emptying of containers; general cargo storage; mooring and unmooring of ropes; and handling, storage, and custody of foreign trade merchandise. The company was founded in 1969 and is based in Mexico City, Mexico.

### Why customers stay

Margins ranged from 57.8% to 63.9% during 2023–25; it earns 21% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.187Z); FY2023: grossProfit / revenue = 63.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.187Z); FY2024: grossProfit / revenue = 59.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.187Z); FY2025: grossProfit / revenue = 57.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.187Z); 10-year return on capital observations [[2016,0.30206248310225964],[2017,0.13915742174665963],[2018,0.19039770873188439],[2019,0.14032655433189467],[2020,0.14313368242877697],[2021,0.20626702753554077],[2022,0.21332810694522225],[2023,0.2382166207559405],[2024,0.44923214378878806],[2025,3.0755058677605516]]; median 0.2097975672403815. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 2% of cash earnings on expansion; earns over 100% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.187Z); FY2016: growth capex 0; upkeep 548345000; owner earnings 5568230000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.187Z); FY2017: growth capex 0; upkeep 62949000; owner earnings 4737573000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.187Z); FY2018: growth capex 0; upkeep 116259000; owner earnings 7551212000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.187Z); FY2019: growth capex 0; upkeep 249450000; owner earnings 4903948000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.187Z); FY2020: growth capex 0; upkeep 65464000; owner earnings 3458008000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.187Z); FY2021: growth capex 191455000; upkeep 1077728000; owner earnings 5605222000. Growth capex / owner earnings = 0.034156541881838046.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.187Z); FY2022: growth capex 0; upkeep 560002000; owner earnings 5825151198.935111. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.187Z); FY2023: growth capex 0; upkeep 164445000; owner earnings 6771671573.985409. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.187Z); FY2024: growth capex 510244675.97037935; upkeep 3941462324.0296206; owner earnings 6765526842.393229. Growth capex / owner earnings = 0.07541832112366376.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.187Z); FY2025: growth capex 249390165.57226467; upkeep 3678966834.4277353; owner earnings 12189330418.237345. Growth capex / owner earnings = 0.020459710009922603.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.187Z); Incremental return on capital 4.199833442540117, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.187Z); Dividend observations: [[2016,400000000],[2017,800000000],[2018,2000000000],[2019,2000000000],[2020,2000000000],[2021,2614539000],[2022,3000000000],[2023,2000000000],[2024,2000000000],[2025,1916310000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.187Z); FY2025: cash repurchases 43089000 MXN.

### Are managers owners

Insiders own 54.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PINFRA.MX SharesStats.PercentInsiders = 54.059999999999995 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 1.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.187Z); Ten-year compound average after fade. Initial solved rate 0.009977760304796572. Price 300.07; 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 211.30 per share

- 2016-11: MXN 181.31 per share

- 2016-12: MXN 172.98 per share

- 2017-01: MXN 181.81 per share

- 2017-02: MXN 188.00 per share

- 2017-03: MXN 202.36 per share

- 2017-04: MXN 200.86 per share

- 2017-05: MXN 193.27 per share

- 2017-06: MXN 216.26 per share

- 2017-07: MXN 195.48 per share

- 2017-08: MXN 195.91 per share

- 2017-09: MXN 192.75 per share

- 2017-10: MXN 182.06 per share

- 2017-11: MXN 187.41 per share

- 2017-12: MXN 194.64 per share

- 2018-01: MXN 190.78 per share

- 2018-02: MXN 192.38 per share

- 2018-03: MXN 180.74 per share

- 2018-04: MXN 191.64 per share

- 2018-05: MXN 179.30 per share

- 2018-06: MXN 177.44 per share

- 2018-07: MXN 193.05 per share

- 2018-08: MXN 202.44 per share

- 2018-09: MXN 199.09 per share

- 2018-10: MXN 184.86 per share

- 2018-11: MXN 180.48 per share

- 2018-12: MXN 188.13 per share

- 2019-01: MXN 195.12 per share

- 2019-02: MXN 189.86 per share

- 2019-03: MXN 192.81 per share

- 2019-04: MXN 192.84 per share

- 2019-05: MXN 190.81 per share

- 2019-06: MXN 190.73 per share

- 2019-07: MXN 172.62 per share

- 2019-08: MXN 167.78 per share

- 2019-09: MXN 176.94 per share

- 2019-10: MXN 177.94 per share

- 2019-11: MXN 186.94 per share

- 2019-12: MXN 193.51 per share

- 2020-01: MXN 204.12 per share

- 2020-02: MXN 192.13 per share

- 2020-03: MXN 159.19 per share

- 2020-04: MXN 167.43 per share

- 2020-05: MXN 167.21 per share

- 2020-06: MXN 165.56 per share

- 2020-07: MXN 163.38 per share

- 2020-08: MXN 162.68 per share

- 2020-09: MXN 156.37 per share

- 2020-10: MXN 138.96 per share

- 2020-11: MXN 161.35 per share

- 2020-12: MXN 175.63 per share

- 2021-01: MXN 154.06 per share

- 2021-02: MXN 153.88 per share

- 2021-03: MXN 156.36 per share

- 2021-04: MXN 156.54 per share

- 2021-05: MXN 159.69 per share

- 2021-06: MXN 159.47 per share

- 2021-07: MXN 150.14 per share

- 2021-08: MXN 150.00 per share

- 2021-09: MXN 143.08 per share

- 2021-10: MXN 151.40 per share

- 2021-11: MXN 147.45 per share

- 2021-12: MXN 160.00 per share

- 2022-01: MXN 150.48 per share

- 2022-02: MXN 160.16 per share

- 2022-03: MXN 157.58 per share

- 2022-04: MXN 148.76 per share

- 2022-05: MXN 135.17 per share

- 2022-06: MXN 147.31 per share

- 2022-07: MXN 147.04 per share

- 2022-08: MXN 141.61 per share

- 2022-09: MXN 137.01 per share

- 2022-10: MXN 149.04 per share

- 2022-11: MXN 171.06 per share

- 2022-12: MXN 158.55 per share

- 2023-01: MXN 183.78 per share

- 2023-02: MXN 178.46 per share

- 2023-03: MXN 179.76 per share

- 2023-04: MXN 187.11 per share

- 2023-05: MXN 172.19 per share

- 2023-06: MXN 171.78 per share

- 2023-07: MXN 174.18 per share

- 2023-08: MXN 162.83 per share

- 2023-09: MXN 155.27 per share

- 2023-10: MXN 148.57 per share

- 2023-11: MXN 171.08 per share

- 2023-12: MXN 183.26 per share

- 2024-01: MXN 169.40 per share

- 2024-02: MXN 177.94 per share

- 2024-03: MXN 176.41 per share

- 2024-04: MXN 171.59 per share

- 2024-05: MXN 186.33 per share

- 2024-06: MXN 169.30 per share

- 2024-07: MXN 174.00 per share

- 2024-08: MXN 184.01 per share

- 2024-09: MXN 186.66 per share

- 2024-10: MXN 174.34 per share

- 2024-11: MXN 193.25 per share

- 2024-12: MXN 176.66 per share

- 2025-01: MXN 192.85 per share

- 2025-02: MXN 205.13 per share

- 2025-03: MXN 206.18 per share

- 2025-04: MXN 219.43 per share

- 2025-05: MXN 218.50 per share

- 2025-06: MXN 211.64 per share

- 2025-07: MXN 222.99 per share

- 2025-08: MXN 234.25 per share

- 2025-09: MXN 250.68 per share

- 2025-10: MXN 240.01 per share

- 2025-11: MXN 251.76 per share

- 2025-12: MXN 267.23 per share

- 2026-01: MXN 273.50 per share

- 2026-02: MXN 283.71 per share

- 2026-03: MXN 290.39 per share

- 2026-04: MXN 276.58 per share

- 2026-05: MXN 279.15 per share

- 2026-06: MXN 277.77 per share

- 2026-07: MXN 274.44 per share

- 2026-08: MXN 261.70 per share

- 2026-09: MXN 268.00 per share

- 2026-10: MXN 288.60 per share

## Annual estimated value (MXN per share)

- FY2017: low MXN 119.21 per share, central MXN 128.37 per share, high MXN 139.49 per share

- FY2018: low MXN 144.09 per share, central MXN 154.55 per share, high MXN 167.24 per share

- FY2019: low MXN 156.62 per share, central MXN 167.51 per share, high MXN 180.74 per share

- FY2020: low MXN 145.86 per share, central MXN 154.03 per share, high MXN 163.95 per share

- FY2021: low MXN 168.61 per share, central MXN 178.65 per share, high MXN 190.83 per share

- FY2022: low MXN 149.77 per share, central MXN 159.91 per share, high MXN 172.23 per share

- FY2023: low MXN 162.62 per share, central MXN 173.61 per share, high MXN 186.95 per share

- FY2024: low MXN 138.48 per share, central MXN 151.42 per share, high MXN 167.14 per share

- FY2025: low MXN 195.87 per share, central MXN 264.39 per share, high MXN 294.71 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 2026-10-15T06:42:48.500Z where newer inputs omit a numeric field or fiscal period.

## Sources

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