OMABNasdaqAirports, Flying Fields & Airport Terminal ServicesFiscal year ends December 31Also trades as GAERF
Central North Airport Group
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 30, 2026
$92.23+0.51 (+0.56%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2014 to 2025
Gross margin
–
Operating margin
56.0%+23.9 pts over 5 years
Net margin
33.5%+13.1 pts over 5 years
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.
Generated
29.41B MXN
Used
22.25B MXN
Capital expenditure1.23B MXN6%Dividends21.02B MXN94%Share buybacks0 MXN0%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin33.5%
×Asset turnover0.55×
×Equity multiplier2.69×
=Return on equity, FY202549.4%
| 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
7of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- 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