AENA Stock Analysis: Aena | MC
Airports & Air Services | MC, Spain | Market Cap: 42.420m EUR | 12M Return: 34.7% | ES0105046017 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 30.0M
EPS Trend: 98.7%
Qual. Beats: 0
Rev. Trend: 99.3%
Qual. Beats: 0
Warnings
Tailwinds
Seasonality 11.7 years of data, until 10/2026
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, ≥40 worth a closer look and ≥60 is strong.
Aena S.M.E., S.A. is a Spanish airport operator headquartered in Madrid that manages airports across Spain, Brazil, the United Kingdom, Mexico, and Colombia. The company operates through four segments: Airports, Real Estate Services, Región de Murcia International Airport, and International. In addition to core aeronautical activities, Aena generates substantial commercial revenue by leasing airport land, office buildings, warehouses, hangars, and cargo facilities to airlines and service providers, and by operating duty-free shops, food and beverage outlets, specialty retail, car parks, car rental, advertising, baggage wrapping services, and financial services such as currency exchange and VAT refunds. The company also provides advisory services to other international airports.
Founded in 1991, Aena is a subsidiary of Entidad Pública Empresarial ENAIRE, the Spanish state-owned air navigation entity, making the Spanish government its majority shareholder. The airport services industry typically relies on a dual-revenue model combining regulated aeronautical fees paid by airlines with non-aeronautical commercial income from retail, food and beverage, parking, and real estate, which often represents a significant share of total revenue for major operators.
- Spanish passenger traffic growth lifts aeronautical revenue
- Commercial revenue margins expand on retail and duty-free rebound
- Brazil concession portfolio drives international segment expansion
| Net Income: 2.33b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.11 > 0.02 and ΔFCF/TA 1.11 > 1.0 |
| NWC/Revenue: 13.19% < 20% (prev 8.21%; Δ 4.98% < -1%) |
| CFO/TA 0.16 > 3% & CFO 3.09b > Net Income 2.33b |
| Net Debt (5.43b) to EBITDA (3.91b): 1.39 < 3 |
| Current Ratio: 1.33 > 1.5 & < 3 |
| Outstanding Shares: last quarter (1.50b) vs 12m ago -0.01% < -2% |
| Gross Margin: 77.69% > 18% (prev 67.52%; Δ 10.18% > 0.5%) |
| Asset Turnover: 36.48% > 50% (prev 35.56%; Δ 0.92% > 0%) |
| Interest Coverage Ratio: 11.56 > 6 (EBIT TTM 3.13b / Interest Expense TTM 271.1m) |
| A: 0.05 (Total Current Assets 3.61b - Total Current Liabilities 2.71b) / Total Assets 19.7b |
| B: 0.36 (Retained Earnings 7.01b / Total Assets 19.7b) |
| C: 0.17 (EBIT TTM 3.13b / Avg Total Assets 18.5b) |
| D: 0.94 (Book Value of Equity 9.43b / Total Liabilities 10.1b) |
| Altman-Z'' = 3.58 = A |
| DSRI: 0.97 (Receivables 1.03b/968.3m, Revenue 6.77b/6.18b) |
| GMI: 0.87 (GM 67.52% / 77.69%) |
| AQI: 1.23 (AQ_t 0.19 / AQ_t-1 0.15) |
| SGI: 1.09 (Revenue 6.77b / 6.18b) |
| TATA: -0.04 (NI 2.33b - CFO 3.09b) / TA 19.7b) |
| Beneish M = -2.97 (Cap -4..+1) = A |
As of November 11, 2026, the stock is trading at EUR 28.96 with a total of 1,252,731 shares traded. Over the past week, the price has changed by +4.93%, over one month by +15.29%, over three months by +8.46% and over the past year by +34.66%.
Current recommended Stop Loss: 28.20 (which is 2.6% or 1.5 ATR below the current price).
Aena has no consensus analysts rating.
P/E Trailing = 14.0697
P/E Forward = 17.8571
P/S = 6.2327
P/B = 4.4967
P/EG = 3.4246
Revenue TTM = 6.77b EUR
EBIT TTM = 3.13b EUR
EBITDA TTM = 3.91b EUR
Long Term Debt = 4.83b EUR (from longTermDebt, last fiscal year)
Short Term Debt = 1.29b EUR (from shortTermDebt, last quarter)
Debt = 7.98b EUR (from shortLongTermDebtTotal, last quarter) + Leases 50.4m
Net Debt = 5.43b EUR (calculated: Debt 7.98b - CCE 2.56b)
Enterprise Value = 47.8b EUR (42.4b + Debt 7.98b - CCE 2.56b)
Interest Coverage Ratio = 11.56 (Ebit TTM 3.13b / Interest Expense TTM 271.1m)
EV/FCF = 22.17x (Enterprise Value 47.8b / FCF TTM 2.16b)
FCF Yield = 4.51% (FCF TTM 2.16b / Enterprise Value 47.8b)
FCF Margin = 31.90% (FCF TTM 2.16b / Revenue TTM 6.77b)
Net Margin = 34.46% (Net Income TTM 2.33b / Revenue TTM 6.77b)
Gross Margin = 77.69% ((Revenue TTM 6.77b - Cost of Revenue TTM 1.51b) / Revenue TTM)
Gross Margin QoQ = 77.89% (prev 75.53%)
Tobins Q-Ratio = 2.43 (Enterprise Value 47.8b / Total Assets 19.7b)
Interest Expense / Debt = 3.40% (Interest Expense 271.1m / Debt 7.98b)
Taxrate = 23.01% (714.2m / 3.10b)
NOPAT = 2.41b (EBIT 3.13b * (1 - 23.01%))
Current Ratio = 1.33 (Total Current Assets 3.61b / Total Current Liabilities 2.71b)
Debt / Equity = 0.85 (Debt 7.98b / totalStockholderEquity, last quarter 9.43b)
Debt / EBITDA = 1.39 (Net Debt 5.43b / EBITDA 3.91b)
Debt / FCF = 2.51 (Net Debt 5.43b / FCF TTM 2.16b)
Total Stockholder Equity = 9.22b (last 4 quarters mean from totalStockholderEquity)
RoA = 12.57% (Net Income 2.33b / Total Assets 19.7b)
RoE = 25.29% (Net Income TTM 2.33b / Total Stockholder Equity 9.22b)
RoCE = 22.29% (EBIT 3.13b / Capital Employed (Equity 9.22b + L.T.Debt 4.83b))
RoIC = 13.44% (NOPAT 2.41b / Invested Capital 17.9b)
WACC = 5.45% (E(42.4b)/V(50.4b) * Re(5.98%) + D(7.98b)/V(50.4b) * Rd(3.40%) * (1-Tc(0.23)))
Discount Rate = 5.98% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -30.21 | Cagr: -0.02%
[DCF] Terminal Value 77.97% ; FCFF base≈1.98b ; Y1≈2.27b ; Y5≈3.34b
[DCF] Fair Price = 29.88 (EV 50.3b - Net Debt 5.43b = Equity 44.8b / Shares 1.50b; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 98.72 | EPS CAGR: 12.26% | SUE: 0.31 | # QB: 0
Revenue Correlation: 99.26 | Revenue CAGR: 10.47% | SUE: -0.23 | # QB: 0
EPS current Quarter (2027-03-31): EPS=0.00 | Chg30d=N/A | Revisions=N/A | Analysts=0
EPS current Year (2026-12-31): EPS=1.56 | Chg30d=-0.43% | Revisions=-57% | GrowthEPS=+8.7% | GrowthRev=+10.0%
EPS next Year (2027-12-31): EPS=1.63 | Chg30d=-0.20% | Revisions=-10% | GrowthEPS=+4.5% | GrowthRev=+5.0%
[Analyst] Revisions Ratio: -36% (up=3, down=8)