Central North Airport Group (GAERF) stock analysis
Close on Oct 19, 2026Market cap $5.11BP/E 18.0Yield –
StockData Score
Prices as of Nov 3, 2026How the score works
Mixed11 of 30 checks passed
Central North Airport passes 11 of the 30 checks behind our score; 14 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 0/6
- Growth
- 2/6
- Past performance
- 6/6
- Financial health
- 3/6
- Dividend
- 0/6
What stands out
Return on equity over 15%
Return on equity was 49.4% over the last twelve months and averaged 44.1% over five years.
Return on capital over 10%
Return on invested capital was 30.2%, above the 10% that usually covers the cost of capital.
Earnings grew over 5 years
Net income grew 37.3% a year on average over the last five fiscal years.
Revenue growing 10%+ a year
Revenue grew 10.2% a year over the last three fiscal years.
What to watch
High debt
Debt is 119% of shareholders' equity, above the 40% we consider low.
Earnings growth not accelerating
Net income grew 8.4% over the last twelve months, against a 5-year average of 37.3% a year.
Growing slower than the industry
Revenue grew 5.9% over the last twelve months; the Transportation by Air median is 9.8%.
Debt rising against equity
Debt to equity rose from 42.3% five years ago to 119%.
Valuation0/6
P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B against the industry
Needs positive book value.
Price against fair value
We could not estimate a fair value: it needs at least two valuation methods with positive inputs.
Margin of safety
Depends on the fair value estimate.
Growth2/6
Revenue growing 10%+ a year
Revenue grew 10.2% a year over the last three fiscal years.
EPS growing 10%+ a year
Diluted EPS grew 11.0% a year over the last three fiscal years.
Earnings growth not accelerating
Net income grew 8.4% over the last twelve months, against a 5-year average of 37.3% a year.
Growing slower than the industry
Revenue grew 5.9% over the last twelve months; the Transportation by Air median is 9.8%.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin trend
This company does not report gross profit.
Past performance6/6
Return on equity over 15%
Return on equity was 49.4% over the last twelve months and averaged 44.1% over five years.
Return on capital over 10%
Return on invested capital was 30.2%, above the 10% that usually covers the cost of capital.
Return on equity above the industry
Central North Airport's return on equity of 49.4% is above the Transportation by Air median of 15.1%.
Earnings grew over 5 years
Net income grew 37.3% a year on average over the last five fiscal years.
Net margin above its 5-year average
Net margin was 33.5% over the last twelve months, against a 5-year average of 33.3%.
Net margin above the industry
Central North Airport's net margin of 33.5% is above the Transportation by Air median of 4.6%.
Financial health3/6
High debt
Debt is 119% of shareholders' equity, above the 40% we consider low.
Debt rising against equity
Debt to equity rose from 42.3% five years ago to 119%.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 55.4% of total debt.
Interest well covered
Operating income covers interest expense 6.1 times.
Short-term assets cover short-term debts
Current assets are 1.32 times current liabilities.
Bankruptcy risk (Altman Z)
Needs market value, working capital and retained earnings.
Dividend0/6
No dividend
Central North Airport has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itWe don't publish a fair value for Central North Airport. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Medium risk
- Average value traded per day
- $15.00M
- Value traded per 1% price move
- $7.67M
Downside
Medium risk
- Typical loss in a bad month
- 15.7%
- Volatility (annualized)
- 31%
- Sharpe ratio, 1 year
- 0.09
- Beta to the S&P 500 (5Y)
- 0.90
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2014 to 2025
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +5.9% | +10.2% | +24.4% | +13.5% | |
| Operating income | +10.6% | +13.8% | +39.0% | +15.9% | |
| Net income | +8.4% | +11.0% | +37.3% | +15.8% | |
| EPS, diluted | +8.4% | +11.0% | +37.6% | +16.0% | |
| Free cash flow | +24.0% | +15.3% | +44.8% | +14.2% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 30.1% | 10.7% | 49.4% | |
| Return on assets | 14.4% | 6.2% | 18.4% | |
| Current ratio | 3.70 | 1.12 | 1.32 | |
| Debt to equity | 0.72 | 0.42 | 1.19 | |
| Net debt to EBITDA | 0.55× | 0.72× | 1.05× | |
| Interest coverage | 8.4× | 4.1× | 6.1× | |
| Capex to revenue | 2.2% | 2.9% | 1.0% | |
| Diluted shares | 393M | 390M | 386M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Central North Airport generated 29.41B MXN from operations and spent 22.25B MXN on capital expenditure, dividends and share buybacks. 6% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 33.5% | 0.55× | 2.69× | 49.4% |
| FY2024 | 32.7% | 0.57× | 2.62× | 49.2% |
| FY2023 | 34.7% | 0.60× | 2.68× | 55.6% |
| FY2022 | 32.7% | 0.52× | 2.37× | 40.2% |
| FY2021 | 32.8% | 0.42× | 1.89× | 26.3% |
| FY2020 | 20.4% | 0.30× | 1.74× | 10.7% |
| FY2019 | 37.8% | 0.52× | 1.82× | 35.7% |
| FY2018 | 36.1% | 0.53× | 1.93× | 37.0% |
| FY2017 | 29.8% | 0.51× | 2.04× | 31.2% |
| FY2016 | 33.7% | 0.43× | 2.10× | 30.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero5.34B MXN
- Cash generatingOperating cash flow above zero7.45B MXN
- Return on assets improvedROA up on the prior year19.5% → 19.6%
- Earnings backed by cashOperating cash flow above net income7.45B MXN vs 5.34B MXN
- Less leverageLong-term debt to assets fell39.2% → 38.1%
- Better liquidityCurrent ratio rose1.31 → 1.32
- No dilutionShare count did not rise386M → 386M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.60 → 0.59
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