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World's largest airport operator by passenger traffic, running Spain's airport network plus international airport stakes, majority state-owned.
World's largest airport operator by passenger traffic, running Spain's airport network plus international airport stakes, majority state-owned.
Airlines pay regulated charges per passenger and landing, set in multi-year plans by the regulator, while commercial income comes from shops, restaurants, parking and car rental in the terminals and rises with passenger numbers. Spanish airports provide most of the profit; abroad it runs London Luton and holds stakes in Latin American airports.
In one line: No direct US peer; US airports are largely municipally owned.
Moat: wide (regulatory licence, installed base, scale). Owns and operates virtually all of Spain's major airports under an exclusive, regulated concession.
Headquarters: Madrid, Spain · Founded: 1991 · Employees: 11,053
Size Aena SME (AENA.MC) is a Spain Industrials company (Other Transportation) with a market value of $47.6B, the 7th largest of 97 Spain companies the cockpit tracks. Shares closed at €28.28 on 6 Nov 2026.
Performance Over six months the shares gained 20.8%, against +4.9% for the median peer and +8.2% for the Spain market (cap-weighted) — highest of 9 in its peer set.
Growth Revenue grew 10.8% over the last twelve months (peer median +6.9%); the operating margin is 46.4% (peer median 26.8%).
Valuation It trades at 18.1× forward earnings against a peer median of 16.9× (3rd most expensive of 9).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +24%, so the hurdle is -17 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.9 points above its cost of capital (8.6% WACC).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €6.80B | €6.28B | €5.76B | €5.04B | €4.18B |
| Revenue growth | — | +9% | +14% | +21% | — |
| Gross profit | €5.10B | €4.64B | €4.13B | €3.50B | €2.72B |
| EBITDA | €3.94B | €3.68B | €3.44B | €2.83B | €2.09B |
| Net income | €2.33B | €2.14B | €1.93B | €1.63B | €901M |
| Free cash flow | €2.38B | €2.10B | €2.01B | €1.71B | €1.35B |
| Capital expenditure | €1.13B | €1.06B | €823M | €1.38B | €728M |
| Total debt | €7.93B | €7.25B | €6.98B | €8.24B | €7.60B |
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 |
|---|---|---|---|---|---|---|
| Aena SME AENA.MC | $47.6B | +21% | +11% | 46% | 18.1× | 7.0% |
| Fraport FRA.DE | $7.09B | +1% | +3% | 19% | 21.2× | 6.3% |
| Aeroports de Paris ADP.PA | $13.0B | +9% | +5% | 18% | 18.1× | 11.5% |
| Flughafen Zurich FHZN.SW | $7.94B | -3% | +4% | 35% | 20.3× | 0.3% |
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 | AENA.MC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +15.0% | +11.7% | 3rd highest of 9 |
| 6-month return | +20.8% | +4.9% | highest of 9 |
| Distance from 52-week high | -2.0% | -9.7% | 2nd highest of 9 |
| Revenue growth (TTM) | +10.8% | +6.9% | 4th highest of 9 |
| Operating margin | 46.4% | 26.8% | highest of 9 |
| Forward P/E | 18.1× | 16.9× | 3rd most expensive of 9 |
| Growth the price implies (Req g, 7 yrs) | 7.0% | 11.5% | 3rd least demanding of 8 |
| Growth delivered (Del g) | +23.6% | +25.3% | 4th lowest of 8 |
| Hurdle (Req g minus delivered) | -16.6 pp | -14.2 pp | 4th least demanding of 8 |
| ROIC minus cost of capital | +6.9 pp | -0.7 pp | highest of 9 |
| EV / EBITDA | 12.2× | 18.6× | 3rd cheapest of 8 |
| Net debt / EBITDA | 1.4× | 3.2× | 2nd least indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Aena SME AENA.MC | Spain | $47.6B | +21% | +11% | 46% | 18.1× | 7.0% | +23.6% |
| Adani Ports & Special Economic Zone ADANIPORTS.NS | India | $47.2B | +12% | +23% | 44% | 29.4× | 34.5% | +25.3% |
| Transurban TCL.AX | Australia | $31.6B | +1% | 0% | 30% | 84.3× | 27.8% | +5.9% |
| Mtr 0066.HK | Hong Kong | $27.2B | +1% | -6% | 15% | 10.8× | n/a | n/a |
| Central Japan Railway 9022.T | Japan | $25.1B | +11% | +5% | 40% | 8.0× | -6.8% | +19.5% |
| Shanghai International Port (Group) 600018.SS | China | $19.7B | +14% | +9% | 23% | 8.6× | -3.6% | +9.0% |
| Uber UBER | United States | $140B | -9% | +14% | 13% | 16.8× | 13.9% | +36.1% |
| Grupo Aeroportuario del Pacifico SAB de CV Sponsored ADR PAC | United States | $14.5B | +1% | +20% | 44% | 17.1× | 8.2% | +31.3% |
| Aeroports de Paris ADP.PA | France | $13.0B | +9% | +5% | 18% | 18.1× | 11.5% | +25.7% |