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Aena SA
(BME:AENA)
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Rating:79Outperform
Price Target:
€31.00
▲(12.32% Upside)
Action:Reiterated
Date:10/30/26
The score is driven primarily by strong financial performance—excellent margins and robust free cash flow—supported by an improving (though still meaningfully levered) balance sheet. Technicals are also positive with price above key moving averages and a positive MACD, though overbought signals add some near-term risk. Valuation is fair with a solid ~4% dividend yield, but the earnings multiple is not particularly discounted.
Positive Factors
Strong Profitability
A high net margin and EBIT margin indicate that Aena converts revenue into substantial operating and bottom-line profit. This profitability provides resilience, supports continued airport investment, and gives management flexibility to absorb cost pressures while sustaining shareholder returns.
Negative Factors
Meaningful Absolute Debt
Although leverage has improved, the remaining absolute debt burden leaves Aena more exposed than a low-leverage peer to traffic disruptions and financing conditions. Interest and refinancing needs could constrain capital allocation if operating cash flow weakens materially.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Profitability
A high net margin and EBIT margin indicate that Aena converts revenue into substantial operating and bottom-line profit. This profitability provides resilience, supports continued airport investment, and gives management flexibility to absorb cost pressures while sustaining shareholder returns.
Read all positive factors
Aena SA (AENA) vs. iShares MSCI Spain ETF (EWP)
Market Cap
€40.62B
Dividend Yield4.03%
Average Volume (3M)1.28M
Price to Earnings (P/E)17.4
Beta (1Y)0.70
Revenue Growth10.85%
EPS Growth13.00%
CountryES
Employees10,978
SectorGeneral
Sector StrengthN/A
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)1.56
Shares Outstanding1,500,000,000
10 Day Avg. Volume1,091,661
30 Day Avg. Volume1,280,768
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 Covering2
EPS Forecast (FY)1.56
Revenue Forecast (FY)€6.93B
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 monetizing both flight-related activity and passenger/visitor traffic through two broad revenue streams:
1) Aeronautical (regulated/airport operations) revenues
- Airport charges and fees paid pri...
Aena SA Financial Statement Overview
Summary
Income Statement
88
Very Positive
Balance Sheet
74
Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.77B | 6.28B | 5.78B | 5.05B | 4.19B | 2.44B |
| Gross Profit | 5.26B | 4.64B | 3.94B | 3.33B | 2.56B | 912.37M |
| EBITDA | 3.91B | 3.91B | 3.69B | 3.23B | 2.06B | 145.54M |
| Net Income | 2.33B | 2.14B | 1.93B | 1.63B | 901.50M | -475.45M |
Balance Sheet | ||||||
| Total Assets | 19.71B | 18.19B | 16.98B | 17.56B | 15.85B | 16.33B |
| Cash, Cash Equivalents and Short-Term Investments | 2.56B | 2.45B | 1.82B | 2.40B | 1.57B | 1.47B |
| Total Debt | 7.93B | 7.28B | 6.99B | 8.34B | 7.63B | 8.72B |
| Total Liabilities | 9.77B | 8.74B | 8.77B | 10.00B | 9.21B | 10.31B |
| Stockholders Equity | 9.43B | 9.21B | 8.28B | 7.63B | 6.72B | 6.10B |
Cash Flow | ||||||
| Free Cash Flow | 2.16B | 2.10B | 1.92B | 1.67B | 1.14B | -390.61M |
| Operating Cash Flow | 3.09B | 2.83B | 2.75B | 2.22B | 1.86B | 280.47M |
| Investing Cash Flow | -1.77B | -1.38B | -804.35M | -1.42B | -664.16M | -660.91M |
| Financing Cash Flow | -990.45M | -1.21B | -2.43B | -19.61M | -1.09B | 619.81M |
Aena SA Technical Analysis
Positive
27.60
Price Trends
25.84
Positive
26.28
Positive
25.59
Positive
Market Momentum
0.38
Negative
63.81
Neutral
86.43
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:AENA, the sentiment is Positive. The current price of 27.6 is above the 20-day moving average (MA) of 25.95, above the 50-day MA of 25.84, and above the 200-day MA of 25.59, indicating a bullish trend. The MACD of 0.38 indicates Negative momentum. The RSI at 63.81 is Neutral, neither overbought nor oversold. The STOCH value of 86.43 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | €40.62B | 17.36 | 25.29% | 4.03% | 10.85% | 13.00% | |
75 Outperform | €22.90B | 18.79 | 27.13% | 2.71% | 3.82% | 0.13% | |
63 Neutral | €2.60B | 10.83 | 24.38% | 2.01% | 12.43% | 38.72% | |
58 Neutral | €24.12B | 23.36 | 19.75% | 4.12% | 10.46% | 14.97% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | €11.13B | 30.76 | 7.63% | 2.77% | 7.62% | -56.65% |
* General Sector Average
ES:AENA
Aena SA
27.08
4.33
19.05%
ES:ANA
Acciona
203.60
14.96
7.93%
ES:ACS
Actividades de Construccion y Servicios SA
90.65
20.57
29.35%
ES:AMS
Amadeus IT Group S.A
56.76
-8.05
-12.43%
ES:CAF
Construcciones y Auxiliar de Ferrocarriles
75.70
21.94
40.81%
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.