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Grupo Aeroportuario del Sureste (ASUR) MXN

ASUR (Grupo Aeroportuario del Sureste) operates nine airports in southeast Mexico, including Cancún, under concession.

At a glance: strengths & risks
✓Revenue growing (+19% y/y, Q3 2026)✗Margins compressing (53%→45%, Q3 2026)

Sector: Airports

MX_ASUR

Price chart

460.2 MXNDay -0.99%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
460.2 MXN · -0.99%
Market cap
148.6 bn MXN

Growth

Δ revenue y/y
18.9%
Δ EBITDA y/y
1.7%

Multiples

P/E (LTM)
14.4x
3y avg: 14.9x
P/B (FY)
3.2x
P/E (ann.)
16.1x
EV/EBITDA (LTM)
10.1x
3y avg: 9.4x
EV/EBITDA (ann.)
10.5x

Cash return

Dividend yield
5.4%
FCF yield (LTM)
8.9%

Value creation

fundamental value/yr, % of market cap
Value created / year
-27.7%
↓ details

Liquidity

Daily turnover (listing)
149.3 mln MXN

Shares: yahoo_fundamentals_timeseries/ASURB.MX

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B MXN, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB MXNOperating profitB MXND&AB MXNEBITDAB MXNNet profitB MXNOperating CFB MXNCapex + M&AB MXNAssetsB MXNEquityB MXNROE (annualized)Net debtB MXNSource
2026-09-30Q3 2026 (3M)PARTIAL10.4
y/y 18.9%
3.9
y/y 5.3%
0.8
y/y -12.2%
4.7
y/y 1.7%
2.3
y/y 4.4%
4.8-0.8148.9
y/y 93.9%
51.8
y/y 17.3%
19.8%49.9Link
2026-06-30Q2 2026 (3M)OK9.6
y/y 9.9%
3.9
y/y -11.9%
0.8
y/y 33.3%
4.7
y/y -6.4%
2.3
y/y 1.2%
3.6-2.090.0
y/y 11.8%
41.5
y/y -1.8%
21.9%15.1Link
2026-03-31Q1 2026 (3M)PARTIAL8.9
y/y 0.8%
4.7
y/y -8.1%
0.7
y/y 6.5%
5.4
y/y -6.5%
2.9
y/y -19.6%
3.6-0.592.4
y/y 6.5%
42.4
y/y -35.0%
26.4%-6.8Report (PDF)
2025-12-31Q4 2025 (3M)OK11.0
y/y 21.6%
3.8
y/y -15.9%
1.1
y/y 77.1%
4.9
y/y -4.8%
2.8
y/y -21.9%
12.9-7.888.1
y/y 4.8%
46.4
y/y -24.7%
24.1%22.9Link
2025-09-30Q3 2025 (3M)OK8.8
y/y 17.1%
3.7
y/y -9.8%
0.9
y/y 56.6%
4.6
y/y -1.3%
2.2
y/y -36.4%
4.5-1.976.8
y/y -2.1%
44.1
y/y -23.8%
20.5%5.0Report (PDF)
2025-06-30Q2 2025 (3M)PARTIAL8.7
y/y 17.9%
4.4
y/y 1.6%
0.6
y/y 7.8%
5.0
y/y 2.3%
2.3
y/y -39.9%
2.7-1.480.5
y/y 10.8%
42.2
y/y -20.6%
16.9%13.5Report (PDF)
2025-03-31Q1 2025 (3M)PARTIAL8.8
y/y 18.2%
5.1
y/y 11.4%
0.6
y/y 15.0%
5.7
y/y 11.7%
3.6
y/y 14.2%
3.3-0.686.7
y/y 18.8%
65.2
y/y 19.9%
22.9%-0.1Report (PDF)
2024-12-31Q4 2024 (3M)OK9.0
y/y 31.2%
4.5
y/y 23.4%
0.6
y/y 16.5%
5.1
y/y 22.5%
3.6
y/y 37.2%
4.5-2.584.1
y/y 19.6%
61.6
y/y 19.4%
23.5%-4.6Link
2024-09-30Q3 2024 (3M)PARTIAL7.5
y/y 18.1%
4.1
y/y 11.4%
0.6
y/y 16.0%
4.7
y/y 12.0%
3.5
y/y 23.8%
3.8—78.4
y/y 10.0%
57.9
y/y 16.2%
25.0%-22.4Report (PDF)
2024-06-30Q2 2024 (3M)PARTIAL7.4
y/y 20.1%
4.3
y/y 11.2%
0.6
y/y 121.3%
4.9
y/y 18.0%
3.8
y/y 42.7%
3.9—72.7
y/y 5.7%
53.2
y/y 13.9%
28.1%≈ 4.1Report (PDF)
2024-03-31Q1 2024 (3M)PARTIAL7.4
y/y 15.3%
4.6
y/y 14.1%
0.5
y/y 5.2%
5.1
y/y 13.1%
3.2
y/y 22.5%
3.5—73.0
y/y 3.1%
54.4
y/y 7.6%
24.1%4.1Report (PDF)
2023-12-31Q4 2023 (3M)OK6.9
y/y —
3.6
y/y —
0.5
y/y —
4.2
y/y —
2.6
y/y —
3.1-0.470.3
y/y —
51.6
y/y —
21.0%-0.9Link
2023-09-30Q3 2023 (3M)PARTIAL6.3
y/y —
3.7
y/y —
0.5
y/y —
4.2
y/y —
2.8
y/y —
3.7-0.471.3
y/y —
49.8
y/y —
23.3%-4.5Report (PDF)
2023-06-30Q2 2023 (3M)PARTIAL6.2
y/y —
3.9
y/y —
0.3
y/y —
4.2
y/y —
2.6
y/y —
3.1-0.268.7
y/y —
46.7
y/y —
21.8%1.3Report (PDF)
2023-03-31Q1 2023 (3M)PARTIAL6.4
y/y —
4.0
y/y —
0.5
y/y —
4.5
y/y —
2.6
y/y —
3.8-0.170.8
y/y —
50.5
y/y —
—8.2Report (PDF)

Net debt structure (leases included, IFRS 16) 2026-09-30

Short-term debt (incl. ST leases)17 747
Long-term debt (incl. LT leases)52 223
− Cash & equivalents20 092
Net debt49 878

Net debt / LTM EBITDA: 2.5x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02 5005 0007 50010 00012 5002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Year-over-year change

-10%0%10%20%30%40%2024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Cash flow

Cash flow (OCF + ICF; OCF − capex when ICF is unavailable) ($ mln)

-2 00002 0004 0006 0008 00010 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Net debt / cash ($ mln)

-40 000-20 000020 00040 00060 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Profit and cash

Profit is cash-backed
In a typical year of 2023–2025 operating cash flow came to 1.28x of reported net profit; after capex, 1.07x.
year202320242025
cash flow / profit1.28x1.11x2.14x
accruals, % of assets-4.2%-1.8%-14.1%
Last twelve months (to 2026-09-30): 2.41x of profit came back as operating cash flow.
net debt / EBITDA 1.2x · capex 2.7x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: -27.7%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-09-30 vs 2025-09-30)
= (4 719 − 4 639) × 4.16
83
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (148 622 + 49 878) ÷ 19 645
10.1x
3. Target multiple
(Current EV/EBITDA + 9) ÷ 2
= (10.1 + 9) ÷ 2
9.6x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -44 905 + 3 000 + 0 − 0
-41 905
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (83 × 9.6 + -41 905) ÷ 148 622
-27.7%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • growth discounted x0.25: EBITDA grew but net profit FELL while net debt rose - debt-funded growth not reaching equity (interest drag)

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +75% vs +21% the year before — a +53.4 pp move. 3-year CAGR —.
revenue growth by year: 2024 +21% · 2025 +75%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-05-2710 MXNEx-dividend: 10 MXN per sharePaidYahoo Finance (ex-div)
2025-11-2615 MXNEx-dividend: 15 MXN per sharePaidYahoo Finance (ex-div)
2025-09-2915 MXNEx-dividend: 15 MXN per sharePaidYahoo Finance (ex-div)
2025-05-2850 MXNEx-dividend: 50 MXN per sharePaidYahoo Finance (ex-div)
2024-06-2510 MXNEx-dividend: 10 MXN per sharePaidYahoo Finance (ex-div)
2024-05-2810.926 MXNEx-dividend: 10.926 MXN per sharePaidYahoo Finance (ex-div)
2023-11-2710 MXNEx-dividend: 10 MXN per sharePaidYahoo Finance (ex-div)
2023-05-299.93 MXNEx-dividend: 9.93 MXN per sharePaidYahoo Finance (ex-div)
2022-05-3015.03 MXNEx-dividend: 15.03 MXN per sharePaidYahoo Finance (ex-div)
2022-05-204.6141 MXNEx-dividend: 4.6141 MXN per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Investor reporting (IR): https://www.asur.com.mx/informacion-financiera-page-0

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Grupo Aeroportuario del Sureste (ASUR) — from primary filings.

Frequently asked questions

What is Grupo Aeroportuario del Sureste (ASUR)'s P/E ratio?
Grupo Aeroportuario del Sureste (ASUR) trades at a P/E of 14.4x (price to trailing 12-month earnings).
What is Grupo Aeroportuario del Sureste (ASUR)'s EV/EBITDA?
Grupo Aeroportuario del Sureste (ASUR) trades at 10.1x EV/EBITDA.
What is Grupo Aeroportuario del Sureste (ASUR)'s P/B ratio?
Grupo Aeroportuario del Sureste (ASUR) trades at a P/B of 3.2x.
What is Grupo Aeroportuario del Sureste (ASUR)'s dividend yield?
Grupo Aeroportuario del Sureste (ASUR)'s trailing 12-month dividend yield is 5.4%.
What is Grupo Aeroportuario del Sureste (ASUR)'s return on equity (ROE)?
Grupo Aeroportuario del Sureste (ASUR)'s ROE is 19.8%.
What is Grupo Aeroportuario del Sureste (ASUR)'s market capitalization?
Grupo Aeroportuario del Sureste (ASUR)'s market cap is 148.6 bn MXN.

See also: Mexican Stocks (2026): Quality Value and the Nearshoring Trade · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map