Grupo Aeroportuario del Pacífico, S.A.B. de C.V.
- Open
- 219.36
- Day high
- 221.84
- Day low
- 216.60
- Prev close
- 217.12
- Volume
- 9K
- Mkt cap
- $13.0B
- P/E (TTM)
- 18.3
- EPS (TTM)
- $11.88
- P/B
- 4.3
- P/S
- 6.8
- Yield
- 2.06%
- Per share
- $4.48
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) is a Industrials company listed on NYSE. The stock is down 4% over the past year.
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
PAC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 15, 2026 | $3.10 | $2.80 | -9.7% | $649M | -11.4% |
| Apr 20, 2026 | $3.54 | $3.63 | +2.5% | $656M | +15.1% |
| Oct 20, 2025 | $2.96 | $2.86 | -3.4% | $520M | -21.8% |
| Jul 21, 2025 | $2.75 | $2.70 | -1.8% | $584M | -0.4% |
| Jul 22, 2024 | $2.04 | $2.54 | +24.5% | $397M | -12.4% |
| Feb 26, 2024 | $2.44 | $2.69 | +10.2% | $528M | +18.7% |
| Jul 24, 2023 | $2.60 | $2.75 | +5.8% | $489M | +9.3% |
| Apr 17, 2023 | $2.36 | $2.72 | +15.3% | $461M | +12.7% |
| Feb 20, 2023 | $2.36 | $1.84 | -22.0% | $408M | +14.3% |
| Oct 21, 2022 | $2.17 | $2.56 | +18.0% | $335M | +10.0% |
| Jul 25, 2022 | $1.97 | $2.27 | +15.2% | $327M | +13.7% |
| Feb 23, 2022 | $1.74 | $1.67 | -4.0% | $253M | -9.5% |
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. company profile
Overview
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (BMV:PAC) is a Mexican airport operator that was incorporated in 1998 and went public in 2006. The company emerged from Mexico's airport privatization program and has grown to become one of the country's largest airport operators. Based in Guadalajara, Mexico, PAC manages a network of 12 airports primarily concentrated in Mexico's Pacific region, serving both domestic and international passengers across key tourist and business destinations.
Business
Grupo Aeroportuario del Pacífico operates in the airport infrastructure and management industry, which involves the ownership, operation, and development of airport facilities. The company's core business revolves around providing essential aviation infrastructure services that enable commercial airline operations and passenger travel. The company operates 12 airports strategically located across Mexico's Pacific region, including major hubs in Guadalajara (the company's largest airport), Puerto Vallarta, Tijuana, Los Cabos, Guanajuato (Bajío), Hermosillo, Mexicali, Los Mochis, La Paz, Manzanillo, Morelia, and Aguascalientes. These airports serve a diverse mix of destinations, from major business centers like Guadalajara to popular tourist destinations such as Puerto Vallarta and Los Cabos. Airport operators like PAC provide two main categories of services. Aeronautical services include runway and terminal usage fees, aircraft parking, passenger boarding bridges, and other essential aviation infrastructure that airlines must pay to use. Non-aeronautical services encompass commercial activities within airport terminals, such as retail shops, restaurants, car rental facilities, parking, VIP lounges, and advertising space. The company has also expanded into related businesses, including hotel operations (with a hotel at Puerto Vallarta airport) and cargo facility operations through its recent acquisition of GWTC cargo company. Based on recent financial data, aeronautical revenues represent approximately 60-65% of total revenues, while non-aeronautical commercial activities account for 35-40% of revenues. The company has been strategically focusing on growing its non-aeronautical revenue streams, which typically offer higher profit margins than basic aeronautical services.
Revenue model
PAC generates revenue through two primary business models. The aeronautical revenue model involves charging airlines and aircraft operators fees for using airport infrastructure, including landing fees, terminal usage charges, passenger facility fees, and aircraft parking. These fees are typically regulated by Mexican aviation authorities and are often tied to inflation adjustments and passenger volume. The non-aeronautical revenue model focuses on monetizing the commercial opportunities within airport terminals. This includes rental income from retail stores, restaurants, and service providers; revenue sharing agreements with car rental companies; parking fees; VIP lounge services; advertising revenue; and hotel operations. The company has been particularly successful in growing this segment, with non-aeronautical revenue per passenger reaching MXN120 in recent quarters. The company's paying customers include commercial airlines (who pay aeronautical fees), passengers (who pay for parking, VIP services, and purchase goods/services), retail and service concessionaires (who pay rent and revenue shares), and cargo operators. Airlines represent the largest customer category by revenue volume, while individual passengers and commercial tenants provide the diversified non-aeronautical income streams. Several factors significantly impact PAC's profit margins. Positive margin drivers include passenger traffic growth (which increases both aeronautical and commercial revenues), successful commercial development projects, peso strength against the dollar (which benefits international tourism), and Mexico's growing tourism industry. The company benefits from relatively fixed infrastructure costs, meaning higher passenger volumes typically translate to improved margins. Negative margin pressures include regulatory changes to aeronautical fee structures, inflation in labor and operational costs, currency fluctuations affecting international travel demand, economic downturns reducing discretionary travel, and operational disruptions such as the recent Pratt & Whitney engine inspection issues that have reduced airline capacity. The company also faces increased costs when opening new terminal facilities or expanding existing infrastructure, though these investments typically generate long-term revenue growth.
Competitive moat
PAC possesses a strong economic moat based primarily on its monopolistic position in regional airport infrastructure. The company operates under long-term government concessions that provide exclusive rights to manage specific airports, creating substantial barriers to entry. Building competing airport infrastructure would require enormous capital investment, regulatory approval, and would face significant geographic and economic constraints. The company's moat is strengthened by several factors. Geographic positioning is crucial - PAC controls airports in Mexico's most important Pacific coast destinations, including major tourist hubs that would be extremely difficult to replicate. The airports serve both leisure travelers visiting resort destinations and business travelers in major economic centers like Guadalajara. Network effects also contribute to the moat, as airlines prefer to work with established airport operators that can provide consistent service across multiple destinations. Regulatory protection provides another layer of competitive advantage. The Mexican government grants airport concessions for extended periods (typically 15-50 years), and PAC has successfully renewed and extended these agreements. The regulatory framework also limits direct competition by restricting new airport development in many regions. However, the moat faces some potential challenges. Regulatory risk remains significant, as government policies regarding airport fees, concession terms, or nationalization could impact profitability. Alternative transportation methods, such as improved highway infrastructure or high-speed rail, could potentially reduce demand for short-haul flights. Economic sensitivity also creates vulnerability, as airport traffic is highly correlated with economic cycles and discretionary spending on travel. The company's moat is considered moderately strong due to the essential nature of airport infrastructure and high barriers to entry, but it remains subject to regulatory and economic risks that are largely outside management's control.
Risks & safety
PAC demonstrates a strong financial position with substantial cash reserves and manageable debt levels, providing a solid margin of safety for investors. • Liquidity position: The company maintains approximately MXN15.8 billion in cash and cash equivalents, providing substantial financial flexibility and eliminating near-term solvency concerns. • Debt management: Net debt-to-EBITDA ratio of 1.8x is conservative for infrastructure companies, indicating manageable leverage levels. The company has demonstrated ability to generate strong cash flows to service debt obligations. • Cash generation: Strong operational cash flow of approximately MXN800 million annually and positive free cash flow of over MXN400 million demonstrate the business's ability to self-fund operations and growth investments. • Valuation metrics: Trading at P/E ratio of approximately 21x and EV/EBITDA of 84-103x, the stock appears expensive relative to earnings, though this reflects the infrastructure premium and growth expectations. • Current ratio: Varies between 0.85x and 1.68x depending on the quarter, indicating adequate short-term liquidity management despite some seasonal fluctuations. • Other considerations: The company benefits from relatively predictable cash flows due to its infrastructure nature, though passenger traffic volatility can create earnings fluctuations. Substantial capital expenditure commitments (MXN43.2 billion over 2025-2029) will require careful cash flow management but should drive long-term growth.
Recent development
Over the past few years, PAC has pursued an aggressive expansion and modernization strategy focused on both capacity growth and revenue diversification. The company approved a comprehensive 2025-2029 Master Development Plan involving MXN43.2 billion in capital expenditures, with 40% allocated to terminal building construction and 87% focused on existing airports rather than new acquisitions. Major infrastructure projects include the construction of a second terminal at Guadalajara airport, completion of a second terminal at Puerto Vallarta (expected by 2026), development of a new domestic passenger terminal at Tijuana, and terminal and apron expansion at Los Cabos. The company also successfully opened a second runway at Guadalajara Airport, significantly increasing capacity at its largest hub. Commercial revenue diversification has been a key strategic focus, with the company achieving 39% growth in non-aeronautical revenues in recent quarters. This includes the successful operation of a hotel at Puerto Vallarta airport (achieving 51% occupancy rates), expansion of VIP lounge services, and growth in car rental and retail operations. The acquisition of cargo company GWTC has added MXN354 million in additional non-aeronautical revenue. Route development initiatives have included adding 16 new routes in 2024, with particular focus on international destinations. The company has worked closely with airlines to develop new connections, including resuming the Tijuana to Beijing route and expanding service to various leisure and business destinations. The company has also been exploring international opportunities, including preparation for the Turks and Caicos airport bidding process, though this represents a smaller portion of overall strategic focus compared to domestic expansion projects.
PAC company profile · for informational purposes only — not investment advice.
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