(AENA) Aena - Overview
Sector: Industrials | Industry: Airports & Air Services | Exchange: MC (Spain) | Market Cap: 35.700m EUR | Total Return: 9.6% in 12m
Avg Turnover: 44.1M
EPS Trend: 55.9%
Qual. Beats: 0
Rev. Trend: 99.2%
Qual. Beats: 1
Warnings
Choppy
Tailwinds
No distinct edge detected
Aena S.M.E., S.A. is a prominent airport operator headquartered in Madrid, managing a diverse portfolio of aviation infrastructure across Spain, Brazil, the United Kingdom, Mexico, and Colombia. The company functions through four primary segments: Airports, Real Estate Services, Región de Murcia International Airport, and International operations. Its business model integrates aeronautical services with significant non-aeronautical revenue streams, including the management of commercial terminal spaces, duty-free retail, food and beverage outlets, and car parking facilities.
The airport services sector is characterized by high barriers to entry and a regulated fee structure, often providing operators with a natural monopoly over specific geographic regions. Aena further diversifies its income by leasing land, hangars, and office buildings to airlines and cargo providers, while offering ancillary financial and advisory services. Examining the companys valuation metrics on ValueRay can provide deeper insight into its current market positioning.
As a subsidiary of the state-owned Entidad Pública Empresarial ENAIRE, Aena maintains a critical role in Spains national infrastructure. The company’s operational scope extends to advertising, car rentals, and specialized retail, positioning it as a comprehensive manager of both transport logistics and high-traffic commercial real estate.
- Spanish tourism recovery and international passenger traffic volume drive aeronautical revenue
- Commercial revenue growth from duty-free and luxury retail expansion improves margins
- Regulatory decisions on aeronautical tariffs impact long-term cash flow and profitability
- International expansion and Brazilian airport concessions diversify revenue beyond the Spanish market
- Operating leverage remains sensitive to energy costs and labor union wage negotiations
| Net Income: 2.16b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.08 > 0.02 and ΔFCF/TA -3.78 > 1.0 |
| NWC/Revenue: 33.28% < 20% (prev 10.32%; Δ 22.97% < -1%) |
| CFO/TA 0.14 > 3% & CFO 2.71b > Net Income 2.16b |
| Net Debt (4.64b) to EBITDA (3.72b): 1.25 < 3 |
| Current Ratio: 2.07 > 1.5 & < 3 |
| Outstanding Shares: last quarter (1.50b) vs 12m ago -0.11% < -2% |
| Gross Margin: 74.33% > 18% (prev 0.70%; Δ 7.36k% > 0.5%) |
| Asset Turnover: 35.21% > 50% (prev 33.93%; Δ 1.28% > 0%) |
| Interest Coverage Ratio: 11.34 > 6 (EBITDA TTM 3.72b / Interest Expense TTM 257.9m) |
| A: 0.11 (Total Current Assets 4.14b - Total Current Liabilities 2.00b) / Total Assets 19.2b |
| B: 0.38 (Retained Earnings 7.20b / Total Assets 19.2b) |
| C: 0.16 (EBIT TTM 2.93b / Avg Total Assets 18.3b) |
| D: 0.88 (Book Value of Equity 8.50b / Total Liabilities 9.65b) |
| Altman-Z'' = 3.96 = AA |
| DSRI: 0.88 (Receivables 746.2m/777.3m, Revenue 6.43b/5.88b) |
| GMI: 0.94 (GM 74.33% / 69.51%) |
| AQI: 1.20 (AQ_t 0.15 / AQ_t-1 0.13) |
| SGI: 1.09 (Revenue 6.43b / 5.88b) |
| TATA: -0.03 (NI 2.16b - CFO 2.71b) / TA 19.2b) |
| Beneish M = -3.03 (Cap -4..+1) = AA |
As of May 30, 2026, the stock is trading at EUR 24.90 with a total of 6,885,652 shares traded.
Over the past week, the price has changed by +4.62%,
over one month by +8.92%,
over three months by -3.34% and
over the past year by +9.60%.
Aena has no consensus analysts rating.
P/E Trailing = 16.5278
P/E Forward = 15.361
P/S = 5.5263
P/B = 3.7201
P/EG = 2.6938
Revenue TTM = 6.43b EUR
EBIT TTM = 2.93b EUR
EBITDA TTM = 3.72b EUR
Long Term Debt = 4.83b EUR (from longTermDebt, last fiscal year)
Short Term Debt = 907.0m EUR (from shortTermDebt, last quarter)
Debt = 8.02b EUR (from shortLongTermDebtTotal, last quarter) + Leases 50.4m
Net Debt = 4.64b EUR (calculated: Debt 8.02b - CCE 3.38b)
Enterprise Value = 40.3b EUR (35.7b + Debt 8.02b - CCE 3.38b)
Interest Coverage Ratio = 11.34 (Ebit TTM 2.93b / Interest Expense TTM 257.9m)
EV/FCF = 25.76x (Enterprise Value 40.3b / FCF TTM 1.57b)
FCF Yield = 3.88% (FCF TTM 1.57b / Enterprise Value 40.3b)
FCF Margin = 24.36% (FCF TTM 1.57b / Revenue TTM 6.43b)
Net Margin = 33.67% (Net Income TTM 2.16b / Revenue TTM 6.43b)
Gross Margin = 74.33% ((Revenue TTM 6.43b - Cost of Revenue TTM 1.65b) / Revenue TTM)
Gross Margin QoQ = 70.85% (prev 86.65%)
Tobins Q-Ratio = 2.10 (Enterprise Value 40.3b / Total Assets 19.2b)
Interest Expense / Debt = 3.22% (Interest Expense 257.9m / Debt 8.02b)
Taxrate = 25.77% (115.2m / 446.8m)
NOPAT = 2.17b (EBIT 2.93b * (1 - 25.77%))
Current Ratio = 2.07 (Total Current Assets 4.14b / Total Current Liabilities 2.00b)
Debt / Equity = 0.84 (Debt 8.02b / totalStockholderEquity, last quarter 9.60b)
Debt / EBITDA = 1.25 (Net Debt 4.64b / EBITDA 3.72b)
Debt / FCF = 2.96 (Net Debt 4.64b / FCF TTM 1.57b)
Total Stockholder Equity = 8.86b (last 4 quarters mean from totalStockholderEquity)
RoA = 11.85% (Net Income 2.16b / Total Assets 19.2b)
RoE = 24.42% (Net Income TTM 2.16b / Total Stockholder Equity 8.86b)
RoCE = 21.36% (EBIT 2.93b / Capital Employed (Equity 8.86b + L.T.Debt 4.83b))
RoIC = 12.46% (NOPAT 2.17b / Invested Capital 17.4b)
WACC = 5.84% (E(35.7b)/V(43.7b) * Re(6.61%) + D(8.02b)/V(43.7b) * Rd(3.22%) * (1-Tc(0.26)))
Discount Rate = 6.61% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -4.49 | Cagr: -0.01%
[DCF] Terminal Value 73.10% ; FCFF base≈1.77b ; Y1≈1.55b ; Y5≈1.25b
[DCF] Fair Price = 10.30 (EV 20.1b - Net Debt 4.64b = Equity 15.5b / Shares 1.50b; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: 55.94 | EPS CAGR: 41.88% | SUE: 0.02 | # QB: 0
Revenue Correlation: 99.22 | Revenue CAGR: 11.06% | SUE: 1.69 | # QB: 1
EPS current Quarter (2026-06-30): EPS=0.40 | Chg30d=N/A | Revisions=+20% | Analysts=1
EPS next Quarter (2026-09-30): EPS=0.50 | Chg30d=N/A | Revisions=-20% | Analysts=1
EPS current Year (2026-12-31): EPS=1.57 | Chg30d=+1.01% | Revisions=+17% | GrowthEPS=+9.2% | GrowthRev=+8.4%
EPS next Year (2027-12-31): EPS=1.60 | Chg30d=+0.53% | Revisions=+17% | GrowthEPS=+2.2% | GrowthRev=+3.4%
[Analyst] Revisions Ratio: +20%