Grupo Aeroportuario del Sureste, S. A. B. de C. V.ASR
NYSE•Industrials•Airports & Air Services
Grupo Aeroportuario del Sureste, S. A. B. de C. V., together with its subsidiaries, holds concessions to operate, maintain, and develop airports in the southeast region of Mexico. The company operates through Cancún, Aerostar, Airplan, Mérida, Villahermosa, Holding & Services, and Other segments. It operates the airports in Cozumel, Huatulco, Mérida, Minatitlán, Oaxaca, Tapachula, Veracruz, and Villahermosa; and offers aeronautical services, such as passenger, aircraft landing and parking, passenger walkways, and airport security. The company also provides non-aeronautical services, such as leasing of space at its airports to retailers, restaurants, airlines, and other commercial tenants; luggage check-in, sorting and handling, aircraft servicing and cleaning, cargo handling, aircraft catering services, and assistance with passenger boarding and deplaning; and open-air parking lots for commercial vehicle operators, including taxi, bus and other ground transport operators; and other commercial activities. In addition, the company operates various airports in Colombia, including the Enrique Olaya Herrera Airport in Medellín, the José María Córdova International Airport in Rionegro, the Los Garzones Airport in Montería, the Antonio Roldán Betancourt Airport in Carepa, the El Caraño Airport in Quibdó, and the Las Brujas Airport in Corozal; and holds a lease to operate, maintain, and develop the Luis Muñoz Marín International Airport in San Juan, Puerto Rico. Grupo Aeroportuario del Sureste, S. A. B. de C. V. was founded in 1996 and is headquartered in Mexico City, Mexico.
Grupo Aeroportuario del Sureste (ASR) reported trailing twelve months revenue of $37.47B as of March 2026, a 14.6% increase year-over-year. Quarterly revenue reached $9.02B, reflecting continued top-line momentum.
Grupo Aeroportuario del Sureste generated $9.83B in TTM net income, with quarterly EBITDA of $5.57B. The operating margin contracted from 58.0% to 52.9%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (52.9%) and net margin (31.8%) indicates significant non-operating expenses or interest burden. Net margin has narrowed from 40.0% a year ago, reflecting increased costs or interest expense.
ASR trades at a P/E of 1.0x (below the broader market average) and a P/S of 0.3x. The price-to-book ratio of 0.2x suggests the stock trades below its book value.
The company generated $0 in free cash flow over the trailing twelve months, a 100.0% decrease year-over-year, indicating cash generation ability. The balance sheet shows $91.77B in total assets with $26.73B in long-term debt against $42.01B in stockholders equity for a debt-to-equity ratio of 0.6. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~50.2% on average, but show some variability — pricing power may be sensitive to market conditions.
Consistently high ROE averaging 27.0% suggests a durable competitive advantage and efficient capital allocation.
6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~33.6% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 18.6% — watch for continued compression, which may signal competitive or cost pressure.
FCF consistently trails net income (avg 0.3x) — earnings may be inflated by non-cash items or aggressive accounting.
Debt-to-equity has risen 208.1% recently — increasing financial risk even if the current ratio is manageable.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.