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Grupo Aeroportuario del Centro Norte SAB de CV (OMAB) Fair Value & Analysis

Industrials · US · Market cap $5.5B · ISIN US4005011022

What is Grupo Aeroportuario del Centro Norte SAB de CV really worth?

GA Grupo Aeroportuario del Centro Norte SAB de CV logo Grupo Aeroportuario del Centro Norte SAB de CV OMAB · US
Price$99.21
Fair Value$157.39
Upside+58.6%
Quality75/100

A strong business, trading 37% below our fair value of $157.39.

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Strengths

Healthy Growth (revenue 5y +24.4 %/yr)
Highly profitable · 32.6% net margin
Moderate debt · generates free cash flow
Ranks above peers (11/12)
Wide moat 100/100

Risks

!Evidence only medium, so the estimate is less certain

For context

·5.06% dividend yield
Evidence: Medium Range $118.04 – $220.67

Fair value as of: Aug 27, 2026

From 24 valuation models · updated 8 days ago

Share price −10.6% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The rarer combination: high quality (75/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case ($118.04). The market is more pessimistic than our downside scenario.
  • A fairly wide model range ($118.04 to $220.67) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

$131.13 $30.03 Fair Value $157.39 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 27, 2026.

How to read this chart

60‑month range $30.03 – $131.13 · fair‑value band $118.04 – $220.67 · the $99.21 price screens below the $157.39 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 27, 2026.

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Analysis

Grupo Aeroportuario del Centro Norte SAB de CV (OMAB) currently trades at $99.21, while our model-based Fair Value estimate is $157.39, implying the stock looks roughly 37.0% undervalued today. The Quality Score stands at 75/100 (high quality), in the Industrials sector. Bull case: the Growth DCF group reads highest at a median of $1,420 per share, and 24 of the 24 models we run sit above the $99.21 price. Bear case: the Asset-Based group reads lowest at $179.41, and 0 of the 24 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, Grupo Aeroportuario del Centro Norte SAB de CV generated revenue of $16.2B at a net margin of 32.6%. Revenue grew 6.9% year over year. It earns a return on equity of 43.4%. Net debt stands at $10.5B. Fundamentals as of Aug 27, 2026

Our scenario range runs from $118.04 (bear case) to $220.67 (bull case); at $99.21, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 24% below its 52-week high and 16% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at −27% fair-value upside, at 59%, OMAB screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly $4.32 per share, which is 2.7 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF $2,102 $4,082 $8,127 75
Growth DCF $2,046 $4,108 $7,161 75
EPV $1,236 $1,464 $1,661 74
All 24 models by family
DCF Models
FCF DCF $2,102 $4,082 $8,127 75
Owner Earnings $1,692 $3,459 $6,646 72
5Y Revenue Exit $855.51 $1,410 $2,122 72
5Y EBITDA Exit $1,987 $3,873 $6,329 73
5Y P/E Exit $1,810 $3,488 $5,485 69
10Y Revenue Exit $1,238 $1,933 $2,952 66
10Y EBITDA Exit $2,005 $3,755 $6,586 66
10Y P/E Exit $1,888 $3,470 $5,857 62
Earnings-Based
Graham-Dodd $863.81 $4,789 $6,648 63
Lynch FV $1,336 $1,909 $2,482 61
PEG = 1.0 $1,336 $1,909 $2,482 57
EPV $1,236 $1,464 $1,661 74
Multiples
P/E Multiple $2,001 $2,668 $3,335 63
P/S Multiple $569.47 $759.30 $949.12 58
P/B Multiple $903.75 $1,205 $1,506 55
EV/EBIT $2,504 $3,408 $4,312 66
EV/EBITDA $2,070 $2,829 $3,588 67
EV/Revenue $271.70 $476.71 $681.72 52
Asset-Based
NCAV (Graham) $133.89 $179.41 $267.78 54
Growth DCF
Growth DCF $2,046 $4,108 $7,161 75
Rev-Margin DCF $855.51 $1,420 $2,193 71
Economic Profit
Residual Income $1,038 $1,626 $25,819 58
ROIC Compounder $1,460 $2,017 $2,724 71
Growth Earnings
Growth-Adj P/E $2,014 $2,877 $3,740 67

Widest divergence: DCF Models ($3,470) versus Asset-Based ($179.41). Highest evidence: FCF DCF (75).

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Key figures & financial health

P/E ratio 17.9 as of Jun 22, 2026
P/S ratio 6.00 P/E × margin
EPS (TTM) $6.36 price ÷ EPS = P/E 17.9
Dividend yield 5.1% payout 78.9%
Net margin 33.5% FY2025
Return on equity 43.4% TTM
More key figures
Profitability
Return on assets (EBIT) 27.0% avg 5y
Operating margin 54.5% TTM
Growth
Revenue (TTM) $16.2B TTM
Revenue growth (YoY) +6.9% 3y avg +10.2%
EPS growth (YoY) −4.2%
Balance sheet & cash flow
Free cash flow $7.4B FY2025
Net debt $10.5B FY2025 · ≈ 1.4 yrs of FCF

Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 75/100

Of which business quality 69 · Market factors (momentum, volatility) 52

Profitability 79
Margins and returns on capital today
Quality Growth 52
Are margins and returns improving?
Cashflow 90
Earnings quality: real cash, not paper profit
Fin. Strength 45
Balance sheet, leverage, solvency risk
Investment 66
Disciplined investing over empire-building
Low Volatility 81
Calm price path (market factor)
Momentum 43
Price trend over the last 3–12 months (market factor)
52W Momentum 36
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

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.

Full company description

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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Grupo Aeroportuario del Centro Norte SAB de CV reported revenue of 16.0B MXN in FY2025 versus 8.7B MXN in FY2021, a compound +16.3%/yr. Reported net income was 5.3B MXN in FY2025, compounding +16.9%/yr from FY2021.

Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
$16.0B
Latest YoY
+5.9%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+10.2%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+24.4%
Avg. revenue growth/yr (21Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+26.7%
Value creation/yr (5Y, in MXN) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. Measured in MXN: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+18.4% (13.3 + 5.1)
Revenue +16.3%/yr
FY21 8.7B MXN
FY22 11.9B MXN
FY23 14.5B MXN
FY24 15.1B MXN
FY25 16.0B MXN
Net income +16.9%/yr
FY21 2.9B MXN
FY22 3.9B MXN
FY23 5.0B MXN
FY24 4.9B MXN
FY25 5.3B MXN
Character of growth · EPS growth decomposed (2014-2025) +15.9 % p.a.
Revenue per share +14.5 %

of which total revenue +14.2 % · buybacks/dilution +0.2 %

EBIT margin +2.1 %
Tax rate −0.5 %
Residual (interest, one-offs) −0.3 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Grupo Aeroportuario del Centro Norte SAB de CV Fair Value". https://www.fairvalue-calculator.com/stock/OMAB

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Airports & Air Services · 54 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 75 · Top 25%
Fair Value upside +59% · Top 25%
Return on equity (TTM) 43% · Top 25%
Return on assets 18% · Top 25%
Net margin (TTM) 33% · Top 25%
Operating margin (TTM) 55% · Top 25%
Revenue growth 7% · Above median
Dividend yield (TTM) 5.1% · Top 25%
Debt / equity 1.05× · Higher than 75% of peers

Valuation Multiples vs Airports & Air Services median · lower = cheaper

P/E (TTM) 17.9× · Cheaper than median
P/FCF 0.7× · Cheaper than 75% of peers
PEG 0.76× · Cheaper than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 39
FUTURE35 · sector 32
PAST100 · sector 45
HEALTH48 · sector 88
DIVIDEND100 · sector 59

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Airports & Air Services stocks, each showing price versus our Fair Value estimate (as of Aug 27, 2026).

Stock Price Fair Value vs Fair Value
Aena S.M.E., S.A AENA €26.42 €26.90 +2%
Airports of Thailand Public Company TATD 2.58 SGD 1.25 SGD −52%
GMR Airports Limited GMRINFRA ₹102.70 ₹22.29 −78%
Shanghai International Airport Co 600009 ¥23.41 ¥17.09 −27%
Flughafen Zürich AG FHZN CHF 208.80 CHF 121.30 −42%
Auckland International Airport Limited AIA A$7.09 A$2.76 −61%
Fraport AG FRA €62.40 €49.83 −20%
Københavns Lufthavne A/S KBHL kr 5,440 kr 1,821 −67%
SATS Ltd S58 4.07 SGD 4.03 SGD −1%
Flughafen Wien Aktiengesellschaft, FLU €53.00 €46.33 −13%

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Frequently asked questions

Is Grupo Aeroportuario del Centro Norte SAB de CV (OMAB) overvalued or undervalued?
As of Aug 27, 2026, our model estimates a fair value of $157.39 versus a price of $99.21, about +59% upside (undervalued).
What is the fair value of OMAB?
Our model-based fair value for Grupo Aeroportuario del Centro Norte SAB de CV is $157.39 (as of Aug 27, 2026), built from audited fundamentals. The current price: $99.21.
What is the quality score of OMAB?
Grupo Aeroportuario del Centro Norte SAB de CV has a Quality Score of 75/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Grupo Aeroportuario del Centro Norte SAB de CV (OMAB)?
Grupo Aeroportuario del Centro Norte SAB de CV reported trailing-twelve-month revenue of about $16.2B (latest available figure, as of Aug 27, 2026).
What is the net profit margin of OMAB?
The net profit margin of Grupo Aeroportuario del Centro Norte SAB de CV is about 32.6%, meaning it keeps roughly 32.6% of revenue as net income. Based on the latest reported figures.
Does Grupo Aeroportuario del Centro Norte SAB de CV pay a dividend?
Grupo Aeroportuario del Centro Norte SAB de CV currently shows a dividend yield of about 5.06% relative to its recent price (as of Aug 27, 2026).
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