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Aena SA
(BME:AENA)
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Rating:76Outperform
Price Target:
€30.00
▲(8.70% Upside)
Action:Reiterated
Date:07/30/26
The score is driven primarily by strong financial performance—exceptional margins, solid cash generation, and improved leverage—partly offset by slowing post-recovery revenue growth and some free-cash-flow variability. Technicals are supportive over the medium/long term but show mild near-term weakness, while valuation is reasonable with a solid dividend yield.
Positive Factors
High Profitability
Aena’s very high margins indicate strong operating leverage and pricing power from its airport infrastructure model. These characteristics can support durable earnings and resilience as passenger volumes and commercial activity fluctuate.
Negative Factors
Slowing Revenue Growth
The sharp deceleration after the 2022–2023 recovery suggests that the strongest rebound benefits have largely passed. Slower underlying growth could limit incremental operating leverage and make future earnings expansion more dependent on traffic and commercial improvements.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability
Aena’s very high margins indicate strong operating leverage and pricing power from its airport infrastructure model. These characteristics can support durable earnings and resilience as passenger volumes and commercial activity fluctuate.
Read all positive factors
Aena SA (AENA) vs. iShares MSCI Spain ETF (EWP)
Market Cap
€38.73B
Dividend Yield4.28%
Average Volume (3M)1.18M
Price to Earnings (P/E)17.2
Beta (1Y)0.75
Revenue Growth9.98%
EPS Growth11.17%
CountryES
Employees10,978
SectorGeneral
Sector StrengthN/A
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)1.50
Shares Outstanding1,500,000,000
10 Day Avg. Volume1,166,884
30 Day Avg. Volume1,178,654
Financial Highlights & Ratios
PEG Ratio1.66
Price to Book (P/B)3.88
Price to Sales (P/S)5.69
P/FCF Ratio16.98
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€28.25Price Target Upside2.36% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)1.56
Revenue Forecast (FY)€6.87B
Aena SA Business Overview & Revenue Model
Company Description
Aena S.M.E., S.A., along with its various subsidiaries, is a leading operator responsible for the oversight, maintenance, management, and administration of airport infrastructure and heliports. Its extensive global presence spans Spain, Brazil, th...
How the Company Makes Money
Aena makes money mainly by operating airports and earning revenue from two broad streams: (1) aeronautical revenue and (2) non-aeronautical (commercial) revenue. Aeronautical revenue comes from fees and charges paid by airlines and airport users f...
Aena SA Financial Statement Overview
Summary
Income Statement
90
Very Positive
Balance Sheet
78
Positive
Cash Flow
84
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.59B | 6.28B | 5.78B | 5.05B | 4.19B | 2.44B |
| Gross Profit | 4.91B | 4.64B | 3.94B | 3.33B | 2.56B | 912.37M |
| EBITDA | 3.87B | 3.91B | 3.69B | 3.23B | 2.06B | 145.54M |
| Net Income | 2.24B | 2.14B | 1.93B | 1.63B | 901.50M | -475.45M |
Balance Sheet | ||||||
| Total Assets | 18.80B | 18.19B | 16.98B | 17.56B | 15.85B | 16.33B |
| Cash, Cash Equivalents and Short-Term Investments | 1.80B | 2.45B | 1.82B | 2.40B | 1.57B | 1.47B |
| Total Debt | 7.79B | 7.28B | 6.99B | 8.34B | 7.63B | 8.72B |
| Total Liabilities | 9.94B | 8.74B | 8.77B | 10.00B | 9.21B | 10.31B |
| Stockholders Equity | 8.65B | 9.21B | 8.28B | 7.63B | 6.72B | 6.10B |
Cash Flow | ||||||
| Free Cash Flow | 1.61B | 2.10B | 1.92B | 1.67B | 1.14B | -390.61M |
| Operating Cash Flow | 2.74B | 2.83B | 2.75B | 2.22B | 1.86B | 280.47M |
| Investing Cash Flow | -1.69B | -1.38B | -804.35M | -1.42B | -664.16M | -660.91M |
| Financing Cash Flow | -1.19B | -1.21B | -2.43B | -19.61M | -1.09B | 619.81M |
Aena SA Technical Analysis
Neutral
27.60
Price Trends
26.64
Negative
25.66
Positive
25.08
Positive
Market Momentum
-0.17
Positive
39.65
Neutral
8.80
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:AENA, the sentiment is Neutral. The current price of 27.6 is above the 20-day moving average (MA) of 26.54, above the 50-day MA of 26.64, and above the 200-day MA of 25.08, indicating a neutral trend. The MACD of -0.17 indicates Positive momentum. The RSI at 39.65 is Neutral, neither overbought nor oversold. The STOCH value of 8.80 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for ES:AENA.
Aena SA Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | €38.73B | 17.21 | 24.85% | 4.28% | 9.98% | 11.17% | |
75 Outperform | €23.24B | 19.07 | 27.13% | 2.74% | 3.82% | 0.13% | |
63 Neutral | €2.56B | 10.67 | 24.38% | 2.03% | 12.43% | 38.72% | |
58 Neutral | €27.16B | 26.31 | 19.75% | 2.23% | 10.46% | 14.97% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | €11.10B | 30.69 | 7.63% | 2.70% | 7.62% | -56.65% |
* General Sector Average
ES:AENA
Aena SA
25.48
1.83
7.76%
ES:ANA
Acciona
209.20
42.76
25.69%
ES:ACS
Actividades de Construccion y Servicios SA
104.00
38.89
59.73%
ES:AMS
Amadeus IT Group S.A
56.26
-11.27
-16.69%
ES:CAF
Construcciones y Auxiliar de Ferrocarriles
74.90
23.40
45.43%
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.