| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 60 | 15.4x | 17.3x | Around median | |
Growth | 81 | 3.7% | 7.1% | Top tier | |
Quality | 88 | 29.4% | 4.5% | Top tier | |
Safety | 66 | 1.2x | 2.6x | Around median | |
Capital Return | 61 | 5.58% | 0.06% | Around median | |
Momentum | 41 | -0.7% | -1.6% | Around median | |
Sentiment | 42 | 3 | 3 | Around median |
The floor: what the company is worth if growth stopped today
26% of today's price is what a buyer pays for growth that has not happened yet.
10-year US Treasury yield 4.96% as of 2026-10-22. Estimates computed from company data and analyst targets, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Grupo Aeroportuario del Centro Norte, known as OMA and listed under the ticker OMAB, operates a network of Mexican airports including Monterrey, San Luis Potosí and Chihuahua. The company earns revenue from aeronautical services and passenger fees, parking, restaurants, shops and VIP lounges, alongside cargo through OMA Carga, hotels and industrial space leasing. This model links its income to passenger traffic, tariffs and spending within airports, with additional sources that do not depend directly on passenger numbers.
In quarter 2 of fiscal year 2026, ended 2026-06-30, revenue according to EL7 data was approximately 4.5 billion Mexican pesos, up 2.6% compared with the same quarter of the previous year, and net income reached 1.5 billion Mexican pesos versus 1.3 billion Mexican pesos in quarter 2 of fiscal year 2025. The operating margin calculated by EL7 reached 53.5%, versus 52.7% in the same quarter of the previous fiscal year. Operating cash flow according to EL7 data was approximately 1.8 billion Mexican pesos in quarter 2 of fiscal year 2026, supporting profitability with cash generated from operations.
Business performance varied in quarter 2 of fiscal year 2026: aeronautical revenue rose 3.9% compared with the same quarter of the previous year, and non-aeronautical revenue increased 9.8%, including commercial revenue growth of 6.7% and diversification activities growth of 17.4%. OMA Carga stood out with revenue growth of 29%, while industrial services revenue reached 57 million Mexican pesos, up 9%, and hotel revenue increased 6%, all compared with the same quarter of the previous year. In contrast, passenger growth was limited to 0.4%, reaching 7.2 million passengers, making improved revenue per passenger and cargo expansion more important than traffic growth alone in explaining that quarter's performance.
Q2 FY2026
Last 12 months to 2026-06-30
When: 2026-10-27
Year-over-year revenue growth rate relative to 2.6%
Operating margin calculated by EL7 relative to 53.5%
The median analyst price target is 125 dollars, within a range of 110 dollars to 270 dollars and with participation from two analysts, making it a low-confidence indicative measure that prices in expected growth, while the consensus average target is 168.33 dollars with an overall Buy recommendation. The discounted cash flow model estimates value at 80 dollars, within a range of 60 dollars to 111 dollars and at a discount rate of 8.7%, measuring the cash the business is expected to generate. The industry-multiple valuation is 76 dollars, within a range of 57 dollars to 104 dollars, based on earnings for the last 12 months through 2026-06-30 and a median multiple of 11.8 across 16 companies, a method that prices the company similarly to its peers. The no-growth value is 72 dollars at a discount rate of 8.7%, representing the continuation of after-tax operating profit without growth in perpetuity; the cash flow, industry-multiple and no-growth valuations therefore converge, while analyst targets produce higher values reflecting growth expectations. Analyst targets naturally tend toward optimism and cash flow models toward conservatism, helping explain the divergence in results without reducing them to a single value.
Figures in the text are as of 2026-10-19; the live price is shown at the top of the page.
In quarter 2 of fiscal year 2026, ended 2026-06-30, passenger numbers rose 0.4% compared with the same quarter of the previous year, while revenue according to EL7 data increased 2.6% to 4.5 billion Mexican pesos. The tariff adjustment since mid-April 2026 helped raise aeronautical revenue per passenger by 3.5% compared with the same quarter of the previous year. Commercial revenue per passenger also rose 6.3% to 66.4 Mexican pesos, and OMA Carga revenue grew 29% on the same basis, illustrating the multiple sources of growth beyond traffic volume alone.
Operating cash flow according to EL7 data for the last 12 months through 2026-06-30 was approximately 7.3 billion Mexican pesos, equivalent to 134% of net income of 5.4 billion Mexican pesos for the same period. Free cash flow calculated by EL7 (operating cash flow minus capital expenditures) for the last 12 months through 2026-06-30 was approximately 3.2 billion Mexican pesos. However, management explained on the 2026-07-28 call that accelerated investment execution, contractor advance payments and higher provisional taxes are consuming cash during fiscal year 2026.
Automated analysis for informational purposes only — not investment advice.
Year-over-year passenger traffic growth relative to 0.4%
Viva represented 50% of OMA passengers in quarter 2 of fiscal year 2026, ended 2026-06-30, and Volaris represented 25%. Viva's traffic declined 2% compared with the same quarter of the previous year, while Volaris traffic rose 7% on the same basis. This concentration makes capacity decisions by the two carriers influential for the airports, even with the opening of 24 new routes during quarter 2 of fiscal year 2026.
Management said on the 2026-07-28 call that the new spaces at Monterrey airport should be fully operational by the end of fiscal year 2027, with an improvement in commercial revenue per passenger in fiscal year 2028. This revenue had reached 66.4 Mexican pesos in quarter 2 of fiscal year 2026, ended 2026-06-30, up 6.3% compared with the same quarter of the previous year. Management expected the level to remain around 66 Mexican pesos during the months following the call, so the jump in commercial revenue per passenger is tied to executing and operating the expansion.
The median analyst price target is 125 dollars, with coverage from two analysts and low confidence, while the discounted cash flow model estimates value at 80 dollars. The industry-multiple valuation is 76 dollars based on earnings for the last 12 months through 2026-06-30 and a median multiple of 11.8 across 16 companies, versus 72 dollars for the no-growth value. Analyst targets reflect expected growth, while the cash flow model measures cash generated, the multiple method prices the company like its peers, and the no-growth method assumes constant after-tax operating profit. The latter three methods therefore converge and diverge from the higher analyst targets, with targets tending toward optimism and the cash flow model toward conservatism.