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Grupo Aeroportuario del Pacifico
(NYSE:PAC)
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Rating:72Outperform
Price Target:
$249.00
▲(20.85% Upside)
Action:Upgraded
Date:10/27/26
Overall score is driven primarily by strong financial performance (high margins and solid profitability) tempered by leverage and subpar cash conversion. Technicals are supportive with positive momentum but look somewhat extended. Valuation is reasonable (P/E 16.88) without dividend support, and the earnings call was constructive operationally but flagged meaningful traffic-recovery execution risk for 4Q and continued leisure/international softness.
Positive Factors
Strong profitability
PAC combines high gross, EBIT, EBITDA, and net margins with resilient operating earnings, giving the airport platform substantial profitability. This supports reinvestment, absorbs some traffic volatility, and indicates that the regulated and commercial businesses can generate attractive earnings over several quarters.
Negative Factors
Leisure traffic weakness
PAC's near-term operating base remains exposed to weak international and leisure demand, with its full-year traffic range dependent on a substantial fourth-quarter recovery. Persistent airline-capacity constraints or slower tourism normalization could pressure aeronautical fees and passenger-linked commercial revenue.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability
PAC combines high gross, EBIT, EBITDA, and net margins with resilient operating earnings, giving the airport platform substantial profitability. This supports reinvestment, absorbs some traffic volatility, and indicates that the regulated and commercial businesses can generate attractive earnings over several quarters.
Read all positive factors
Grupo Aeroportuario del Pacifico (PAC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$13.34B
Dividend Yield3.83%
Average Volume (3M)163.07K
Price to Earnings (P/E)16.9
Beta (1Y)0.49
Revenue Growth16.80%
EPS Growth17.58%
CountryUS
Employees3,637
SectorIndustrials
Sector Strength72
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)203.90
Shares Outstanding42,948,586
10 Day Avg. Volume127,118
30 Day Avg. Volume163,069
Financial Highlights & Ratios
PEG Ratio1.90
Price to Book (P/B)10.68
Price to Sales (P/S)7.38
P/FCF Ratio40.99
Enterprise Value/Market Cap1.11
Enterprise Value/Revenue0.42
Enterprise Value/Gross Profit1.26
Enterprise Value/Ebitda0.69
Forecast
1Y Price Target
$276.00Price Target Upside33.95% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)11.1
Revenue Forecast (FY)$2.41B
Grupo Aeroportuario del Pacifico Business Overview & Revenue Model
Company Description
Grupo Aeroportuario del Pacífico, S.A.B. de C.V., through its subsidiaries, is dedicated to the comprehensive management, operation, and development of airports, predominantly situated in Mexico's Pacific region. The company oversees a network of ...
How the Company Makes Money
PAC generates revenue mainly by operating airports and monetizing both regulated airport-use activities and commercial real estate/retail activity on airport property. Key revenue streams typically include: (1) Aeronautical revenues: fees and char...
Grupo Aeroportuario del Pacifico Earnings Call Summary
Earnings Call Date:Oct 20, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 24, 2027
Earnings Call Sentiment Positive
The call was broadly positive, with strong revenue, EBITDA, margin, diversification, CBX, cargo, and infrastructure-investment results, alongside expectations for winter-season and future traffic improvement. However, international and leisure passenger demand remains weak, several destinations experienced significant traffic declines, duty-free revenue fell, financial expenses increased, and the full-year traffic range requires a meaningful fourth-quarter improvement.Positive Updates
Strong Third-Quarter Financial Performance
GAP reported a solid third-quarter performance despite challenges across its airport network. Revenues excluding construction services increased 13.2%, EBITDA grew 19.2% to MXN 6.1 billion, and EBITDA margin expanded by 350 basis points to 67.8%. The main drivers were the consolidation of Cross Border Xpress, internalization of technical assistance services, growth in directly operated businesses, and gradual implementation of the approved maximum tariff.
Negative Updates
International Passenger-Traffic Weakness
International traffic declined 4.5% year over year, primarily reflecting continued weakness at certain leisure destinations in Mexico and Jamaica. Management said underlying passenger demand remains challenging and that the third-quarter stabilization does not yet indicate a broad recovery across all markets.
Read all updates
Q3-2026 Updates
Positive
Negative
Strong Third-Quarter Financial Performance
GAP reported a solid third-quarter performance despite challenges across its airport network. Revenues excluding construction services increased 13.2%, EBITDA grew 19.2% to MXN 6.1 billion, and EBITDA margin expanded by 350 basis points to 67.8%. The main drivers were the consolidation of Cross Border Xpress, internalization of technical assistance services, growth in directly operated businesses, and gradual implementation of the approved maximum tariff.
Read all positive updates
Company Guidance
GAP is maintaining its full year 2026 passenger traffic range of negative 3 to 0, which requires a meaningful improvement in fourth quarter traffic relative to the year-to-date trend and remains subject to capacity, demand conditions and the pace of recovery in its leisure markets; for the winter season, Jamaica is expected to recover almost 90% of the total original seats that we used to have 1 year ago, while Puerto Vallarta and Cabos are expected to see an increase in seats after Thanksgiving Day, and 2027 traffic is expected somewhere in the middle of mid-single digit, with mid-single digits, for sure for coming years; CBX revenue per passenger is expected to increase in the coming year, its EBITDA margin is expected to reach 72% to 73% in the long term and all possible synergies are expected to be fully implemented over the coming 24 months; Mexican tariffs are expected to increase in the first week of January by around 7%, with 95% fulfillment of the tariff for the coming year; committed CapEx has no change on the plan, while noncommitted investments remain flexible; FIBRA GAP is expected to be completed during November, and the next master plan could be something that goes between 50% or 60% of the master plan that we are doing today.Grupo Aeroportuario del Pacifico Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
62
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 35.38B | 32.53B | 26.78B | 33.22B | 27.38B | 19.01B |
| Gross Profit | 11.77B | 25.06B | 20.67B | 19.41B | 14.54B | 9.38B |
| EBITDA | 21.47B | 17.87B | 18.11B | 18.68B | 16.10B | 10.90B |
| Net Income | 11.16B | 10.00B | 8.61B | 9.54B | 9.01B | 6.00B |
Balance Sheet | ||||||
| Total Assets | 146.42B | 88.14B | 81.65B | 67.44B | 60.51B | 55.32B |
| Cash, Cash Equivalents and Short-Term Investments | 23.94B | 10.45B | 13.47B | 10.06B | 12.37B | 13.33B |
| Total Debt | 67.71B | 46.66B | 48.03B | 40.62B | 34.41B | 27.92B |
| Total Liabilities | 88.03B | 63.30B | 57.03B | 46.50B | 40.68B | 34.89B |
| Stockholders Equity | 55.76B | 22.47B | 22.35B | 19.78B | 18.64B | 19.29B |
Cash Flow | ||||||
| Free Cash Flow | 5.50B | 5.85B | 8.83B | 3.49B | 4.09B | 6.15B |
| Operating Cash Flow | 19.95B | 18.25B | 16.67B | 13.93B | 12.52B | 11.10B |
| Investing Cash Flow | -22.09B | -12.27B | -8.78B | -11.09B | -8.48B | -4.97B |
| Financing Cash Flow | 13.41B | -9.43B | -5.02B | -4.79B | -4.93B | -7.35B |
Grupo Aeroportuario del Pacifico Technical Analysis
Positive
206.04
Price Trends
207.64
Positive
218.78
Positive
237.10
Negative
Market Momentum
4.19
Negative
64.35
Neutral
90.44
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PAC, the sentiment is Positive. The current price of 206.04 is below the 20-day moving average (MA) of 207.97, below the 50-day MA of 207.64, and below the 200-day MA of 237.10, indicating a neutral trend. The MACD of 4.19 indicates Negative momentum. The RSI at 64.35 is Neutral, neither overbought nor oversold. The STOCH value of 90.44 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PAC.
Grupo Aeroportuario del Pacifico Risk Analysis
Grupo Aeroportuario del Pacifico disclosed 64 risk factors in its most recent earnings report. Grupo Aeroportuario del Pacifico reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
1.
Increasing scrutiny and evolving expectations from customers, regulators, investors and other stakeholders with respect to our environmental, social and governance practices may impose additional costs on us or expose us to new or additional risks. Q4, 2023
Grupo Aeroportuario del Pacifico Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $4.79B | 16.49 | 50.53% | 5.44% | 13.97% | 14.66% | |
72 Outperform | $13.34B | 16.94 | 32.98% | 3.83% | 16.80% | 17.58% | |
71 Outperform | $7.47B | 13.98 | 23.73% | 8.85% | 25.70% | >-0.01% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
* Industrials Sector Average
PAC
Grupo Aeroportuario del Pacifico
224.01
8.68
4.03%
OMAB
Grupo Aeroportuario Del Centro
99.06
-1.55
-1.54%
ASR
Grupo Aeroportuario del Sureste
249.15
-48.11
-16.18%
Grupo Aeroportuario del Pacifico Corporate Events
Grupo Aeroportuario del Pacífico Consolidates Investor Relations Under CFO After Leadership Change
Aug 7, 2026
On August 6, 2026, Grupo Aeroportuario del Pacífico announced that Alejandra Soto will step down as Investor Relations and Social Responsibility Officer, effective August 7, 2026, after more than 18 years with the company. The airport operato...
Grupo Aeroportuario del Pacífico Posts Modest Passenger Growth in July 2026
Aug 6, 2026
In July 2026, Grupo Aeroportuario del Pacífico reported a 1.2% year-on-year increase in total terminal passenger traffic across its network, as growth at key Mexican hubs offset weakness at tourist-heavy and Jamaican airports. The 12 Mexican ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.