AENA Stock Analysis: Aena | MC
Airports & Air Services | MC, Spain | Market Cap: 38.010m EUR | 12M Return: 15.5% | ES0105046017 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 30.4M
EPS Trend: 49.0%
Qual. Beats: 0
Rev. Trend: 99.3%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.5 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Aena S.M.E., S.A. is a Spanish airport management company that operates airports in Spain, Brazil, the United Kingdom, Mexico, and Colombia through four reporting segments: Airports, Real Estate Services, Región de Murcia International Airport, and International. Its core business is leasing airport infrastructure-including land, terminals, office buildings, warehouses, hangars, and cargo facilities-to airlines, cargo operators, and ground handling agents, while also generating commercial revenue from duty-free shops, food and beverage outlets, specialty retail, car parks, advertising, baggage wrapping, vending machines, and regulated services such as pharmacies, tobacconists, lottery vendors, currency exchange, VAT refunds, and ATMs. The company additionally provides advisory services to international airports.
Founded in 1991 and headquartered in Madrid, Aena operates as a subsidiary of Entidad Pública Empresarial ENAIRE, the Spanish state-owned air navigation provider. The airport services industry typically combines regulated aeronautical income (such as landing, passenger, and security fees charged to airlines) with unregulated commercial income from retail and property, a dual-revenue structure that exposes operators to both passenger volume cycles and tenant retail performance.
- Spanish passenger traffic recovery lifts aeronautical revenue
- Brazil Mexico Colombia concessions expand international segment
- Commercial and duty-free margins rebound with tourism recovery
| Net Income: 2.24b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.09 > 0.02 and ΔFCF/TA -3.36 > 1.0 |
| NWC/Revenue: 4.74% < 20% (prev 1.70%; Δ 3.05% < -1%) |
| CFO/TA 0.15 > 3% & CFO 2.74b > Net Income 2.24b |
| Net Debt (6.04b) to EBITDA (3.87b): 1.56 < 3 |
| Current Ratio: 1.13 > 1.5 & < 3 |
| Outstanding Shares: last quarter (1.50b) vs 12m ago -0.18% < -2% |
| Gross Margin: 74.60% > 18% (prev 70.06%; Δ 4.54% > 0.5%) |
| Asset Turnover: 37.30% > 50% (prev 36.53%; Δ 0.77% > 0%) |
| Interest Coverage Ratio: 11.11 > 6 (EBIT TTM 3.08b / Interest Expense TTM 277.3m) |
| A: 0.02 (Total Current Assets 2.77b - Total Current Liabilities 2.46b) / Total Assets 18.8b |
| B: 0.33 (Retained Earnings 6.24b / Total Assets 18.8b) |
| C: 0.17 (EBIT TTM 3.08b / Avg Total Assets 17.7b) |
| D: 0.87 (Book Value of Equity 8.65b / Total Liabilities 9.94b) |
| Altman-Z'' = 3.28 = A |
| DSRI: 0.92 (Receivables 954.7m/950.6m, Revenue 6.59b/6.03b) |
| GMI: 0.94 (GM 70.06% / 74.60%) |
| AQI: 1.25 (AQ_t 0.19 / AQ_t-1 0.15) |
| SGI: 1.09 (Revenue 6.59b / 6.03b) |
| TATA: -0.03 (NI 2.24b - CFO 2.74b) / TA 18.8b) |
| Beneish M = -2.94 (Cap -4..+1) = A |
As of September 22, 2026, the stock is trading at EUR 25.78 with a total of 1,266,968 shares traded. Over the past week, the price has changed by +4.20%, over one month by -4.23%, over three months by -2.94% and over the past year by +15.50%.
Current recommended Stop Loss: 24.30 (which is 5.7% or 2.9 ATR below the current price).
Aena has no consensus analysts rating.
P/E Trailing = 17.0067
P/E Forward = 15.528
P/S = 5.748
P/B = 4.3342
P/EG = 2.6772
Revenue TTM = 6.59b EUR
EBIT TTM = 3.08b EUR
EBITDA TTM = 3.87b EUR
Long Term Debt = 4.83b EUR (from longTermDebt, last fiscal year)
Short Term Debt = 1.17b EUR (from shortTermDebt, last quarter)
Debt = 7.84b EUR (from shortLongTermDebtTotal, last quarter) + Leases 50.4m
Net Debt = 6.04b EUR (calculated: Debt 7.84b - CCE 1.80b)
Enterprise Value = 44.1b EUR (38.0b + Debt 7.84b - CCE 1.80b)
Interest Coverage Ratio = 11.11 (Ebit TTM 3.08b / Interest Expense TTM 277.3m)
EV/FCF = 27.35x (Enterprise Value 44.1b / FCF TTM 1.61b)
FCF Yield = 3.66% (FCF TTM 1.61b / Enterprise Value 44.1b)
FCF Margin = 24.46% (FCF TTM 1.61b / Revenue TTM 6.59b)
Net Margin = 34.08% (Net Income TTM 2.24b / Revenue TTM 6.59b)
Gross Margin = 74.60% ((Revenue TTM 6.59b - Cost of Revenue TTM 1.67b) / Revenue TTM)
Gross Margin QoQ = 75.53% (prev 70.85%)
Tobins Q-Ratio = 2.34 (Enterprise Value 44.1b / Total Assets 18.8b)
Interest Expense / Debt = 3.54% (Interest Expense 277.3m / Debt 7.84b)
Taxrate = 23.99% (718.0m / 2.99b)
NOPAT = 2.34b (EBIT 3.08b * (1 - 23.99%))
Current Ratio = 1.13 (Total Current Assets 2.77b / Total Current Liabilities 2.46b)
Debt / Equity = 0.91 (Debt 7.84b / totalStockholderEquity, last quarter 8.65b)
Debt / EBITDA = 1.56 (Net Debt 6.04b / EBITDA 3.87b)
Debt / FCF = 3.75 (Net Debt 6.04b / FCF TTM 1.61b)
Total Stockholder Equity = 9.03b (last 4 quarters mean from totalStockholderEquity)
RoA = 12.71% (Net Income 2.24b / Total Assets 18.8b)
RoE = 24.85% (Net Income TTM 2.24b / Total Stockholder Equity 9.03b)
RoCE = 22.22% (EBIT 3.08b / Capital Employed (Equity 9.03b + L.T.Debt 4.83b))
RoIC = 13.63% (NOPAT 2.34b / Invested Capital 17.2b)
WACC = 5.83% (E(38.0b)/V(45.9b) * Re(6.48%) + D(7.84b)/V(45.9b) * Rd(3.54%) * (1-Tc(0.24)))
Discount Rate = 6.48% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -43.89 | Cagr: -0.08%
[DCF] Terminal Value 73.10% ; FCFF base≈1.75b ; Y1≈1.54b ; Y5≈1.24b
[DCF] Fair Price = 9.28 (EV 20.0b - Net Debt 6.04b = Equity 13.9b / Shares 1.50b; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: 49.04 | EPS CAGR: 33.12% | SUE: 0.03 | # QB: 0
Revenue Correlation: 99.28 | Revenue CAGR: 10.51% | SUE: -0.06 | # QB: 0
EPS current Quarter (2026-09-30): EPS=0.50 | Chg30d=+0.00% | Revisions=-25% | Analysts=1
EPS current Year (2026-12-31): EPS=1.57 | Chg30d=-0.24% | Revisions=+44% | GrowthEPS=+9.2% | GrowthRev=+9.6%
EPS next Year (2027-12-31): EPS=1.62 | Chg30d=+0.19% | Revisions=+36% | GrowthEPS=+3.4% | GrowthRev=+3.8%
[Analyst] Revisions Ratio: +39% (up=11, down=4)