Central North Airport Group
OMABAbout the company
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., together with its subsidiaries, holds concessions to develop, operate, and maintain airports in Mexico. It operates 13 international airports in Monterrey; Acapulco, Mazatlán, and Zihuatanejo; Chihuahua, Culiacán, Durango, San Luis Potosí, Tampico, Torreón, and Zacatecas; and Ciudad Juárez and Reynosa cities.
Investment snapshot
Positive
7
BUY / PASS
Neutral / negative
3 / 6
NEUTRAL / FAIL
Median fair value
$9.70
-91.1% vs price
Models with upside
0 / 17
Positive margin of safety
Strongest signal
7 of 8 pass — Lynch objects
Key risk
Split decision: 6 FAIL · 6 PASS · 3 NEUTRAL · 1 BUY
Framework analysis
| Verdict | Meaning |
|---|---|
| BUY | Positive purchase signal: the framework's buy requirements are met. |
| PASS | The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state. |
| NEUTRAL | Neither a positive nor negative conclusion. It does not mean to hold an existing position. |
| FAIL | The company does not clear the framework's requirements. |
| Ranked | Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL. |
Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.
| Metric | Graham Defensive Value | Buffett Quality Compounder | Lynch GARP | Greenblatt Magic Formula | Piotroski F-Score | Dreman Contrarian Value | Munger Quality Focus | Pabrai Dhandho Framework | Akre Three-Legged Stool | Marks Risk-Aware Value | Ackman Activist Value | Templeton Global Bargain Hunter | Sleep Scale Economies Shared | Asness Systematic Factors | Neff Low-P/E Total Return | Schloss Asset-Value Discipline | O'Shaughnessy Systematic Factor Composite |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Verdict | FAIL | PASS | FAIL | BUY · Rank #171 (Top 5.5%) | PASS | PASS | PASS | FAIL | PASS | FAIL | NEUTRAL | PASS | BUY | NEUTRAL | NEUTRAL | FAIL | FAIL |
| Score | |||||||||||||||||
| Analysis | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… |
| Intrinsic Value (annual) | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||
| Margin of Safety | -2467.4% | -557.3% | -2298.5% | -1235.4% | N/A | -1027.5% | -558.1% | -874.8% | -679.0% | -1738.2% | -314.0% | -1388.0% | N/A | N/A | N/A | N/A | N/A |
| Financial Basis | Annual history · FY 2024 Latest source filing: 2025-04-29 Score computed: 2026-11-14 | Annual history · FY 2024 Latest source filing: 2025-04-29 Score computed: 2026-11-14 | Annual history · FY 2024 Latest source filing: 2025-04-29 Score computed: 2026-11-14 | Annual history · FY 2024 Latest source filing: 2025-04-29 Score computed: 2026-11-14 | Annual history · FY 2024 Latest source filing: 2025-04-29 Score computed: 2026-11-14 | Annual history · FY 2024 · Market data at 2026-11-01 Latest source filing: 2025-04-29 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2024 Latest source filing: 2025-04-29 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2024 Latest source filing: 2025-04-29 Score computed: 2026-11-14 | Annual history · FY 2024 · Qualitative assessment Latest source filing: 2025-04-29 Score computed: 2026-11-14 | Annual history · FY 2024 · Qualitative assessment Latest source filing: 2025-04-29 Score computed: 2026-11-14 | Annual history · FY 2024 · Market data at 2026-11-01 Latest source filing: 2025-04-29 Score computed: 2026-11-14 | Annual history · FY 2024 · Price history 2025-01-01–2026-11-01 Latest source filing: 2025-04-29 Score computed: 2026-11-14 | Annual history · FY 2024 · Qualitative assessment Latest source filing: 2025-04-29 Score computed: 2026-11-14 | Annual history · FY 2024 · Price history 2025-01-01–2026-11-01 Latest source filing: 2025-04-29 Score computed: 2026-11-14 | Annual history · FY 2024 Latest source filing: 2025-04-29 Score computed: 2026-11-14 | Annual history · FY 2024 Latest source filing: 2025-04-29 Score computed: 2026-11-14 | Annual history · FY 2024 · Price history 2025-01-01–2026-11-01 Latest source filing: 2025-04-29 Score computed: 2026-11-14 |
Where It Passes
- Growth88% pass✓ 12✗ 1▾
7 of 8 pass — Lynch objects
EPS Growth (3-yr avg, 10-yr window)195.6%✓Graham>= 33% growthBasic earnings-growth PEG (dividends excluded)23.97✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR7.4%✓Lynch15-30% (Fast Grower); > 0% to passInventory Growth vs Revenue GrowthN/A (no inventory)✓LynchInventory growth < Revenue growthEPS Growth Direction$0.18 (2015) -> $0.62 (2024)✓DremanPositive over recent yearsEPS CAGR14.5% CAGR over 9 years✓Dreman> 5% annualizedPositive Net Income Frequency10/10 years positive✓MarksPositive net income in >= 7 of last 10 years3yr Median Revenue Growth29.0%✓Ackman>= 5%Positive EPS Growth Frequency3/5 years with positive EPS growth✓AckmanPositive EPS growth in >= 3 of last 5 years5-Year EPS CAGR7.4% CAGR over 5 years✓Templeton> 0% (5-year EPS CAGR)Revenue growth vs. gross and operating margin trendrevenue up, operating margin 50.8% -> 53.6%✓SleepRevenue rising; gross margin flat or falling; operating margin holding5-year Revenue CAGR10.1%✓SleepCAGR > 7%3-5 Year Diluted EPS CAGR7.4% over 5 years✓Neff7%-20% annualized - Verdicts57% pass✓ 8✗ 6▾
Split decision: 6 FAIL · 6 PASS · 3 NEUTRAL · 1 BUY
Overall verdict✗GrahamFAIL (2/9)✓BuffettPASS (4/9)✗LynchFAIL (3/7)✓GreenblattRank #171✓PiotroskiPASS (F-Score 5)✓DremanPASS (6/11)✓MungerPASS (2/4)✗PabraiFAIL (1/3)✓AkrePASS (3/6)✗MarksFAIL (3/5)•AckmanNEUTRAL (6/9)✓TempletonPASS (4/8)✓SleepBUY (6/6)•AsnessNEUTRAL (Not ranked)•NeffNEUTRAL (4/6)✗SchlossFAIL (2/7)✗OshaughnessyFAIL (Rank #445/963 (Top 46.2%))
Where It Falls Short
- Valuation0% pass✓ 1✗ 27▾
No clean pass — all 13 investors flag at least one valuation criterion
Net income / market capitalization+4.52%; #1835/6340 (top 28.9%)✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionPrice / 3-yr avg EPS169.2x✗Graham<= 15xPrice-to-Book Ratio83.9x✗Graham<= 1.5xP/E x P/B14,196.4✗Graham<= 22.5Basic earnings-growth PEG (dividends excluded)23.97✗Lynch< 1.0 (ideally < 0.5)EBIT / Enterprise Value6.8%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=6.8%, ROC=262.2%✗GreenblattBoth EY > 10% and ROC > 25%Price / EPS176.8x✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)Price / (CFO / Shares)140.6x✗Dreman< 8xPrice / Book Value per Share83.9x✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)Valuation ReasonablenessP/E=176.8x, OE Yield=0.6%✗MungerP/E < 25 or Owner Earnings Yield > 5%P/E or FCF YieldP/E=176.8x, FCF Yield=5.4%✗PabraiP/E < 15 or FCF Yield > 10%P/B or P/E vs. Historical AverageP/E=176.8x, P/B=83.9x✗MarksP/E < 15 or P/B < 2.0Discount to Intrinsic Value-1027.9% (IV=$9.70 vs Price=$109.37)✗Marks>= 20% below intrinsic valuePrice / FCF per Share148.3x✗Ackman<= 25Price vs. Trailing Low145% of trailing low ($75.60)✗Templeton<= 120% of trailing low (certified split-adjusted live window)Positive book equity / market capitalization+0.0953; #4775/6449 (top 74.0%)✗AsnessTop 30% of eligible cross-sectionPrice / Diluted EPS176.8x✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)(EPS CAGR % + Dividend Yield %) / P/E0.04✗Neff> 0.7 (Neff's published traditional edge)Price / Tangible Book Value per ShareN/A (non-positive TBVPS)✗SchlossP/TBV <= 1.00x (app cutoff)Book Value per Share Change-0.7%✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)Revenue / market capitalization+0.1384; #4126/5247 (top 78.6%)✗OshaughnessyTop 10% of eligible cross-section(Operating cash flow - capex) / market capitalization+5.39%; #1502/4519 (top 33.2%)✗OshaughnessyTop 10% of eligible cross-sectionTrailing six-month price return through the evaluation date+9.02%; #1911/6202 (top 30.8%)✗OshaughnessyTop 10% of eligible cross-section - Valuation models0% pass✗ 11▾
OMAB overvalued: all 11 models price fair value below $109.37 (median $9.70)
Graham fair value$4.26✗Graham-2467.4% margin vs $109.37Buffett fair value$16.64✗Buffett-557.3% margin vs $109.37Lynch fair value$4.56✗Lynch-2298.5% margin vs $109.37Greenblatt fair value$8.19✗Greenblatt-1235.4% margin vs $109.37Dreman fair value$9.70✗Dreman-1027.5% margin vs $109.37Munger fair value$16.62✗Munger-558.1% margin vs $109.37Pabrai fair value$11.22✗Pabrai-874.8% margin vs $109.37Akre fair value$14.04✗Akre-679.0% margin vs $109.37Marks fair value$5.95✗Marks-1738.2% margin vs $109.37Ackman fair value$26.42✗Ackman-314.0% margin vs $109.37Templeton fair value$7.35✗Templeton-1388.0% margin vs $109.37 - Debt & Leverage17% pass✓ 2✗ 13▾
10 of 12 flag OMAB's debt & leverage — Graham, Buffett, Lynch +7 more
LT Debt vs Net Current AssetsLT Debt $517.7M vs NCA $49.7M✗GrahamLT Debt <= Net Current AssetsDebt/Equity & Interest CoverageD/E: 1.09, IC: 6.1x✗BuffettD/E < 0.5 AND Interest Coverage > 5xTotal Debt / Equity1.09✗Lynch< 0.33Cash - Long-term Debt$-437.5M✗LynchPositive preferredLT Debt / Total Assets Change42.30% -> 39.22%✓PiotroskiDecreased YoYCurrent Assets / Current Liabilities1.31✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)Total Debt / Shareholders' Equity1.09✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00xDebt Levels1.09✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3Interest Coverage & Debt/EBITDAIC=6.1x, D/EBITDA=1.3x✓MarksInterest Coverage > 3x; Debt/EBITDA < 4xTotal Debt / Shareholders Equity1.09✗Ackman<= 1.0Negative debt-to-equity (higher means less debt)-1.0864; #3304/4210 (top 78.5%)✗AsnessTop 30% of eligible cross-section - Profitability44% pass✓ 20✗ 15▾
9 of 16 flag OMAB's profitability — Graham, Buffett, Lynch +6 more
Net income / market capitalization+4.52%; #1835/6340 (top 28.9%)✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionPositive EPS (10 years)10/11 years positive✗GrahamPositive EPS every year for 10 yearsEPS Growth (3-yr avg, 10-yr window)195.6%✓Graham>= 33% growthNet Income Positive (10+ years)10/11 years positive✗BuffettPositive every year for 10+ yearsROE (up to 5-year arithmetic mean)36.4%✓Buffett> 15% arithmetic mean (app rule)Operating Margin (10-yr trend)53.6% (latest)✗BuffettStable or rising over 10 yearsFree Cash Flow Proxy$260.0M✓BuffettPositive and growingEarnings Variance (10-yr CoV)0.48✗BuffettCoV < 0.3Retained Earnings Effectiveness✗Buffett$1 retained -> > $1 market value createdBasic earnings-growth PEG (dividends excluded)23.97✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR7.4%✓Lynch15-30% (Fast Grower); > 0% to passROE47.5%✓Lynch> 15%EBIT / Enterprise Value6.8%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=6.8%, ROC=262.2%✗GreenblattBoth EY > 10% and ROC > 25%Net Income / Total Assets18.10%✓PiotroskiROA > 0ROA Change YoY19.86% -> 18.10% (delta: -1.76%)✗PiotroskiCurrent ROA > Prior ROA(CFO / Total Assets) vs ROACFO/Assets=22.75%, ROA=18.10%✓PiotroskiCFO/Assets > ROAGross Margin Change YoY✗PiotroskiImproved YoYPre-Tax Income / Revenue46.9%✓Dreman>= 8%Net Income / Shareholders' Equity47.5%✓Dreman> 12%Margin of SafetyP/E=176.8x, P/B=83.9x✗PabraiP/B < 1.5 or P/E < 15Return on Equity48.6% (3-yr avg)✓AkreROE > 20% (3-year avg)Discount to Intrinsic Value-1027.9% (IV=$9.70 vs Price=$109.37)✗Marks>= 20% below intrinsic valuePositive Net Income Frequency10/10 years positive✓MarksPositive net income in >= 7 of last 10 yearsOperating Income / Revenue53.6%✓Ackman>= 15%Net Income / Shareholders Equity47.5%✓Ackman>= 15%5-Year EPS CAGR7.4% CAGR over 5 years✓Templeton> 0% (5-year EPS CAGR)Operating Margin Trend50.8% (2022) -> 53.6% (2024)✓TempletonNon-negative operating-margin trend over 3 yearsRevenue growth vs. gross and operating margin trendrevenue up, operating margin 50.8% -> 53.6%✓SleepRevenue rising; gross margin flat or falling; operating margin holdingGross profit / total assets✗AsnessTop 30% of eligible cross-sectionNet income / positive book equity+47.46%; #226/5226 (top 4.3%)✓AsnessTop 30% of eligible cross-sectionNegative 5-year standard deviation of ROA-0.0497; #2570/5884 (top 43.7%)✗AsnessTop 30% of eligible cross-section3-5 Year Diluted EPS CAGR7.4% over 5 years✓Neff7%-20% annualizedPositive Diluted-EPS Years10/10 years positive✓Schloss>= 70% positive over 5-10 observed years (app rule) - Cash Flow50% pass✓ 6✗ 6▾
5 of 10 pass — Lynch, Dreman, Pabrai +2 more object
Free Cash Flow Proxy$260.0M✓BuffettPositive and growingFCF Positive and Growing$284.8M✗LynchPositive and growingOperating Cash Flow$300.3M✓PiotroskiCFO > 0(CFO / Total Assets) vs ROACFO/Assets=22.75%, ROA=18.10%✓PiotroskiCFO/Assets > ROAPrice / (CFO / Shares)140.6x✗Dreman< 8xP/E or FCF YieldP/E=176.8x, FCF Yield=5.4%✗PabraiP/E < 15 or FCF Yield > 10%FCF Positive10/10 years FCF positive✓MarksPositive FCF in majority of recent years(OCF - CapEx) / Market Cap0.7%✗Ackman>= 4%Price / FCF per Share148.3x✗Ackman<= 25Positive Operating Cash Flow frequency10/10 years positive✓SleepPositive OCF in >= 70% of available yearsOperating Cash Flow - Capital Expenditures$284.8M✓Neff> $0 (app proxy for a strong fundamental case)(Operating cash flow - capex) / market capitalization+5.39%; #1502/4519 (top 33.2%)✗OshaughnessyTop 10% of eligible cross-section - Efficiency50% pass✓ 6✗ 5▾
4 of 8 pass — Graham, Piotroski, Dreman +1 more object
Current Ratio1.31✗Graham>= 2.0ROIC (3-5 yr avg)27.8%✓Buffett> 10%ROIC - WACC+17.8%✓BuffettPositive (WACC = 10%)EBIT / (NWC + Net Fixed Assets)262.2%✓Greenblatt> 25%Current Ratio Change YoY1.98 -> 1.31✗PiotroskiIncreased YoYRevenue / Total Assets Change YoY0.57x -> 0.55x✗PiotroskiImproved YoYCurrent Assets / Current Liabilities1.31✗Dreman> 1.5Return on Invested Capital29.5%✓Munger> 15%ROIC (high and growing)FY2022: ROIC=28.1%; FY2023: ROIC=31.3%; FY2024: ROIC=29.5%✓AkreLatest 3 consecutive FYs: ROIC > 15% in eachReinvestment Rate x ROIC4.2% (RR=14% x ROIC=29.5%)✗AkreReinvestment Rate * ROIC > 10%ROIC (5-year)4/5 years above 12% (latest 29.5%)✓SleepROIC > 12% in a majority of years
Business & financials
Financial snapshot: annual FY 2024. Current investor scores may use newer quarterly data.
Company Profile
Financial Snapshot
Shareholder Return
Fiscal 2024
Retired 0.0% of shares last year, 0.0% over two.
- Buybacks
- —
- Dividends
- $204.6M
What drove EPS
A buyback raises earnings per share without the company earning more. This splits each year's change into the two.
The two parts do not sum exactly to the total — the difference is the cross-term, plus preferred capital where the company has any. It is left visible rather than distributed into the other two.
Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.
Company Financials
Latest TTM and quarters alongside annual years
TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.
| Metric | FY 2024Sources
| FY 2023Sources
| FY 2022Sources
| FY 2021Sources
| FY 2020Sources
|
|---|---|---|---|---|---|
| Market Cap | $5.3Bcurrent | $24.7Best. | $23.3Best. | $16.5Best. | $12.8Best. |
| Revenue | $730.6M↓14% | $850.1M↑29% | $658.8M↑50% | $437.8M↑63% | $269.1M |
| Operating Income | $391.8M↓17% | $474.4M↑42% | $334.8M↑62% | $206.4M↑139% | $86.3M |
| Net Income | $238.9M↓19% | $294.7M↑37% | $215.3M↑50% | $143.5M↑161% | $54.9M |
| EPS (Diluted) | $0.62↓19% | $0.76↑37% | $0.56↑51% | $0.37↑163% | $0.14 |
| Gross Margin | — | — | — | — | 85.7% |
| Operating Margin | 53.6%↓4% | 55.8%↑10% | 50.8%↑8% | 47.1%↑47% | 32.1% |
| ROE | 47.5%↓8% | 51.8%↑11% | 46.6%↑80% | 25.8%↑152% | 10.3% |
| Total Debt | $546.8M↓13% | $627.8M↑31% | $479.4M↑24% | $386.4M↑71% | $226.1M |
| Shareholders' Equity | $503.3M↓11% | $568.7M↑23% | $462.0M↓17% | $555.1M↑4% | $533.9M |
| Current Ratio | 1.31↓34% | 1.98↑87% | 1.06↓33% | 1.59↑42% | 1.12 |
| Debt / Equity | 1.09↓2% | 1.10↑6% | 1.04↑49% | 0.70↑64% | 0.42 |
| Operating Cash Flow | $300.3M↓19% | $372.5M↑35% | $275.2M↑23% | $223.3M↑242% | $65.3M |
| Free Cash Flow | $284.8M↓18% | $348.7M↑33% | $262.1M↑20% | $218.2M↑280% | $57.4M |
Score history
Historical Score Timeline
Industry peers
Industry Peers
Similar companies in Transportation
OMAB vs Peers — Financial Grading
| Company | Market Cap | Price | Revenue | Net Income | ROE | D/E | Op. Margin | Curr. Ratio | Graham | Buffett | Lynch | Greenblatt | Piotroski | Dreman |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| UNION PACIFIC CORPUNP | $179.7B | $302.44 | $24.5B | $7.1B | 38.7% | 1.72 | 40.2% | 0.91 | 2/9 | 4/9 | 4/7 | 0/3 | F-Score 7 | 3/11 |
| CSX CORPCSX | $95.9B | $52.05 | $14.1B | $2.9B | 22.0% | 1.43 | 32.1% | 0.81 | 2/9 | 4/9 | 3/7 | 0/3 | F-Score 5 | 3/11 |
| ROYAL CARIBBEAN CRUISES LTDRCL | $86.5B | $323.27 | $17.9B | $4.3B | 42.5% | 2.13 | 27.4% | 0.18 | 1/9 | 1/9 | 1/7 | 0/3 | F-Score 7 | 3/11 |
| CANADIAN NATIONAL RAILWAY COCNI | $76.3B | $127.18 | — | — | — | — | — | — | — | — | — | — | — | — |
| NORFOLK SOUTHERN CORPNSC | $73.6B | $327.88 | $12.2B | $2.9B | 18.5% | 1.10 | 35.8% | 0.85 | 3/9 | 6/9 | 3/7 | 0/3 | F-Score 6 | 5/11 |
| MPLX LPMPLX | $58.0B | $57.25 | $13.0B | $5.0B | 34.6% | 1.79 | 45.7% | 1.23 | 2/9 | 4/9 | 4/7 | 1/3 | F-Score 6 | 8/11 |
| Carnival Corp Ltd.CCL | $39.3B | $29.23 | $26.6B | $2.8B | 22.5% | 2.17 | 16.8% | 0.32 | 1/9 | 1/9 | 2/7 | 0/3 | F-Score 7 | 4/11 |
| OLD DOMINION FREIGHT LINE, INC.ODFL | $36.0B | $174.54 | $5.5B | $1.0B | 23.7% | 0.01 | 24.8% | 1.44 | 3/9 | 7/9 | 5/7 | 1/3 | F-Score 6 | 5/11 |