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Operates Paris's Charles de Gaulle and Orly airports plus stakes in airports abroad (Turkey, India, Jordan).
Operates Paris's Charles de Gaulle and Orly airports plus stakes in airports abroad (Turkey, India, Jordan).
Landing and passenger fees are set under multi-year agreements with the French state, which holds just over half of the shares, while shops and real estate bring unregulated income that grows with traffic. Group stakes in TAV Airports in Turkey and GMR Airports in India spread its exposure abroad.
In one line: No direct US analogue (US airports are municipally owned, not listed).
Moat: wide (regulatory licence, scale, installed base). Exclusive, capital-intensive concession to operate Paris's main airports; very high barriers to a new entrant.
Headquarters: Tremblay-en-France, France · Founded: 1945 · Employees: 30,333
Size Aeroports de Paris (ADP.PA) is a France Industrials company (Other Transportation) with a market value of $13.0B, the 40th largest of 206 France companies the cockpit tracks. Shares closed at €117.10 on 6 Nov 2026.
Performance Over six months the shares gained 8.6%, against +2.1% for the median peer and -0.4% for the France market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 5.0% over the last twelve months (peer median +6.6%); the operating margin is 18.4% (peer median 24.3%).
Valuation It trades at 18.1× forward earnings against a peer median of 16.4× (7th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 11% a year for seven years (Req g). Recent delivered growth is +26%, so the hurdle is -14 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.7 points below its cost of capital (7.8% WACC).
Credit Aeroports de Paris has 11 bonds outstanding ($8.35B), rated A- by the agencies and trading like A at a weighted spread of 95 bp.
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €6.76B | €6.70B | €6.16B | €5.50B | €4.69B |
| Revenue growth | — | +9% | +12% | +17% | — |
| Gross profit | €2.45B | €2.46B | €2.23B | €2.01B | €1.69B |
| EBITDA | €2.27B | €2.29B | €2.00B | €1.90B | €1.71B |
| Net income | €597M | €382M | €342M | €631M | €516M |
| Free cash flow | €110M | €332M | €400M | €571M | €688M |
| Capital expenditure | €1.33B | €1.26B | €1.09B | €1.01B | €695M |
| Total debt | n/a | €10.4B | €10.5B | €10.2B | €9.84B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Aeroports de Paris ADP.PA | $13.0B | +9% | +5% | 18% | 18.1× | 11.5% |
| Fraport FRA.DE | $7.09B | +1% | +3% | 19% | 21.2× | 6.3% |
| Flughafen Zurich FHZN.SW | $7.94B | -3% | +4% | 35% | 20.3× | 0.3% |
| Aena SME AENA.MC | $47.6B | +21% | +11% | 46% | 18.1× | 7.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ADP.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +14.7% | +8.3% | 5th highest of 21 |
| 6-month return | +8.6% | +2.1% | 9th highest of 21 |
| Distance from 52-week high | -12.6% | -15.8% | 9th highest of 21 |
| Revenue growth (TTM) | +5.0% | +6.6% | 10th lowest of 21 |
| Operating margin | 18.4% | 24.3% | 6th lowest of 21 |
| Forward P/E | 18.1× | 16.4× | 7th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 11.5% | 3.4% | 2nd most demanding of 17 |
| Growth delivered (Del g) | +25.7% | +15.3% | 4th highest of 17 |
| Hurdle (Req g minus delivered) | -14.2 pp | -15.9 pp | 8th most demanding of 17 |
| ROIC minus cost of capital | -1.7 pp | -0.2 pp | 7th lowest of 21 |
| EV / EBITDA | 9.5× | 13.0× | 2nd cheapest of 12 |
| Net debt / EBITDA | 3.9× | 3.3× | 6th most indebted of 13 |
| Bond spread | 95 bp | 79 bp | 2nd widest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Aeroports de Paris ADP.PA | France | $13.0B | +9% | +5% | 18% | 18.1× | 11.5% | +25.7% |
| Grupo Aeroportuario del Pacifico SAB de CV Sponsored ADR PAC | United States | $14.5B | +1% | +20% | 44% | 17.1× | 8.2% | +31.3% |
| GMR Airports GMRAIRPORT.NS | India | $11.1B | -2% | +29% | 27% | 296.2× | n/a | n/a |
| China Merchants Expressway Network & Technology 001965.SZ | China | $10.6B | +10% | +26% | 15% | 14.6× | 6.7% | +13.7% |
| Jiangsu Expressway 600377.SS | China | $9.75B | +13% | +3% | 25% | 14.5× | n/a | n/a |
| Shanghai International Airport 600009.SS | China | $9.22B | -9% | +7% | 19% | 23.7× | -2.6% | +25.4% |
| China Merchants Port 001872.SZ | China | $9.20B | +14% | +8% | 32% | 12.9× | 2.1% | +6.2% |
| StandardAero SARO | United States | $9.14B | +10% | +13% | 10% | 16.4× | 10.9% | +13.5% |
| Qingdao Port International 601298.SS | China | $8.98B | +10% | +4% | 31% | 12.0× | -12.0% | +7.2% |
| Shanghai International Port (Group) 600018.SS | China | $19.7B | +14% | +9% | 23% | 8.6× | -3.6% | +9.0% |
| Shandong Hi-speed 600350.SS | China | $8.06B | +4% | -4% | 20% | 18.0× | 4.7% | +13.0% |
| Grupo Aeroportuario del Sureste SAB de CV Sponsored ADR ASR | United States | $7.95B | -15% | +26% | 41% | 12.2× | -2.3% | +27.0% |
| Flughafen Zurich FHZN.SW | Switzerland | $7.94B | -3% | +4% | 35% | 20.3× | 0.3% | +16.9% |
| Fraport FRA.DE | Germany | $7.09B | +1% | +3% | 19% | 21.2× | 6.3% | +21.5% |
| Hankyu Hanshin 9042.T | Japan | $7.03B | +3% | +6% | 10% | 13.2× | n/a | n/a |
| Central Japan Railway 9022.T | Japan | $25.1B | +11% | +5% | 40% | 8.0× | -6.8% | +19.5% |
| Kobenhavns Lufthavne A/S KBHL.CO | Denmark | $6.60B | -6% | +9% | 34% | n/a | 6.7% | +28.5% |
| Lyft LYFT | United States | $6.47B | +19% | +11% | -2% | 21.9× | -6.1% | +21.7% |
| Mtr 0066.HK | Hong Kong | $27.2B | +1% | -6% | 15% | 10.8× | n/a | n/a |
| Transurban TCL.AX | Australia | $31.6B | +1% | 0% | 30% | 84.3× | 27.8% | +5.9% |
| Tokyo Metro 9023.T | Japan | $5.31B | -8% | +3% | 21% | 16.5× | 4.8% | +7.4% |
Aeroports de Paris has 11 bonds outstanding with $8.35B face value. The agencies rate it A-; its bonds trade like A. Weighted yield 4.13%, a spread of 95 bp over government bonds.