Corporación América Airports S.A.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
Whoever buys today is betting less on passenger growth than on contracts: that Argentina leaves the AA2000 concession untouched through 2038 and renews it afterwards, that the regulator ORSNA keeps tariffs in economic equilibrium and that the still unquantified investment obligations for 2028 to 2038 stay bearable, and that the peso roller coaster in the financial result does not make the picture permanently unreadable. Whoever waits checks three things in every report: how are passengers and revenue per passenger developing outside Argentina? How large is the investment obligation for the final phase of the AA2000 concession? And does a first distribution arrive, or do the earnings stay inside the company for good? The fixed-term asset in a country with a buy-out right is the dominating risk and the reason for caution. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Corporación América Airports is the rental-car illusion in its purest form: from the outside an infrastructure group with 52 airports, 86.7 million passengers and the strongest year in its history — inside the annual report a bundle of fixed-term contracts whose value ($3,138.0 million, or 70.5 percent of the balance sheet) melts away on schedule. More than half of it sits in Argentina, which has been free since 2018 to buy the concession back without compensating lost profits, and the reported results are further distorted by hyperinflation accounting. Whoever buys is buying twelve years of secured core operations and a negotiation after that. Not investment advice.
Operating business
2025 was operationally the strongest year on record: 86.7 million passengers (+9.8 percent), $1,962.1 million of revenue (+6.4 percent) and $727.8 million of adjusted EBITDA (+15.8 percent) across 52 airports in six countries. The first quarter of 2026 followed with $537.6 million of revenue (+20.1 percent) and income of $80.4 million.
Asset substance
No airport is owned. $3,138.0 million, or 70.5 percent of total assets, are fixed-term concession rights that are amortized on schedule ($208.4 million in 2025) and expire between October 2026 (Neuquén) and the end of 2067 (Armenia); the largest unit, AA2000, ends on February 13, 2038.
Country risk & concentration
54.0 percent of revenue and 52.8 percent of passengers depend on the AA2000 concession, with Ezeiza alone carrying 20.8 percent of consolidated revenue. Argentina has been free since February 13, 2018 to buy the contract back without compensating lost profits; in June 2026 traffic there fell 13.0 percent year over year.
Reliability of the numbers
IAS 29 hyperinflation accounting makes the series incomparable across years: the financial result swung from +$110.3 million to −$244.0 million and the tax rate from 49.3 percent to 22.5 percent. Net income therefore fell 16.3 percent even though revenue and operating income rose.
Balance sheet & valuation
The financial position is solid: $592.8 million of cash against $1,095.2 million of borrowings, net debt of roughly $502 million and therefore less than one times adjusted EBITDA. The valuation anchor from the 13F for the quarter ended March 31, 2026 ($25.29 per share, market value about $4.1 billion) implies a P/E of roughly 16 and 6.4 times adjusted EBITDA — cheap for an airport operator, expensive for twelve years of remaining term in the core business.
Ownership & payout
79.6 percent of the shares sit with A.C.I. Airports S.à r.l. and therefore ultimately with a Liechtenstein family foundation; the free float is roughly 12 percent. There has been no dividend since the 2018 IPO — the holding company's 2025 profit of $103.96 million was carried forward in full except for the legal reserve.
Worth Noting
Corporación América Airports reached our research list through the Form 13F-HR of London-based Helikon Investments Ltd for the quarter ended March 31, 2026 (filed May 8, 2026): 13,165,225 shares worth $332,948,540, the third largest of 17 positions and virtually unchanged for quarters. A 13F shows only U.S.-listed long positions, appears 35 to 45 days late and contains no short sales or derivatives — a rear-view mirror, not a route plan. Our in-house stock scanner carries no metrics row for CAAP, so no scanner figures are available.
Corporación América Airports is a foreign private issuer: there is no 10-K and no 10-Q. The evidence chain for this analysis is the annual report on Form 20-F for 2025 (filed March 17, 2026) plus the interim reports and announcements on Form 6-K (interim financial statements as of March 31, 2026 filed May 13, 2026; annual general meeting filed May 14, 2026; June 2026 traffic data filed July 17, 2026).
Valuation figures are dated and evergreen: the anchor price of $25.29 per share comes from the market value of the Helikon position in the 13F for the quarter ended March 31, 2026 and is not a daily price; analyses are evergreen, daily prices are not a buy argument. Because of IAS 29 hyperinflation accounting, earnings series are only comparable across years to a limited extent — passenger numbers, revenue per passenger and adjusted segment EBITDA are the more reliable measures.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at CAAP since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 17.50 $ to 30.40 $ · Last price: 23.90 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Airports & Air Services
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Corporación América Airports S.A. CAAP | 3.9 | 13.6 | 9.3 | 34.4 | 25.9 | 6.5 | 32.2 |
| Grupo Aeroportuario del Sureste SAB de CV ASR | 7.5 | 13.2 | 7.7 | 47.8 | 40.6 | 18.8 | -16.6 |
| Joby Aviation JOBY | 6.2 | – | -9.2 | 34.3 | -963.4 | 39,183.1 | -56.3 |
| AerSale Corp ASLE | 0.3 | – | 18.1 | 28.9 | – | -2.8 | -34.3 |
| Wheels Up Experience Inc UP | 0.1 | – | -4.4 | 13.4 | -31.3 | -7.0 | -92.3 |
| Median of companies shown | 3.9 | – | 7.7 | 34.3 | -2.7 | 6.5 | -34.3 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 1,366 | 332 | 34 | 0.23 | 165 | 449 | 3,627 |
| 2017 | 1,575 | 369 | 63 | 0.40 | -49 | 462 | 3,801 |
| 2018 | 1,426 | 299 | 7 | 0.04 | 192 | 768 | 3,845 |
| 2019 | 1,559 | 224 | 9 | 0.06 | -20 | 764 | 3,882 |
| 2020 | 607 | -164 | -253 | -1.58 | 1 | 489 | 3,406 |
| 2021 | 707 | -20 | -118 | -0.73 | 105 | 470 | 3,621 |
| 2022 | 1,379 | 286 | 168 | 1.05 | 303 | 716 | 3,836 |
| 2023 | 1,400 | 418 | 240 | 1.49 | 356 | 725 | 3,542 |
| 2024 | 1,843 | 435 | 283 | 1.75 | 405 | 1,369 | 4,181 |
| 2025 | 1,962 | 495 | 248 | 1.52 | 465 | 1,587 | 4,449 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | 0.31 | -27.90 | 416 | -1.50 | 12.10 | 94 | 92 |
| 2024: Q3 | 0.09 | -69.00 | 462 | -1.50 | 3.20 | 111 | 108 |
| 2024: Q4 | 0.21 | -74.10 | 532 | 321.50 | 12.20 | 36 | 30 |
| 2025: Q1 | 0.25 | -73.70 | 448 | 3.40 | 9.10 | 80 | 78 |
| 2025: Q2 | 0.30 | -3.20 | 477 | 14.60 | 10.30 | 115 | 111 |
| 2025: Q3 | 0.34 | 277.80 | 527 | 14.20 | 10.40 | 139 | 134 |
| 2025: Q4 | 0.65 | 209.50 | 563 | 5.70 | 19.10 | 131 | 124 |
| 2026: Q1 | 0.47 | 88.00 | 538 | 20.10 | 14.30 | 102 | 99 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 5 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Research
Value & GARP
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 1.90 | 1.80 – 2.11 | 2,059 | 24.0% | 4 |
| 12/31/2027 | 2.25 | 1.93 – 2.71 | 2,184 | 18.6% | 5 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly -4.0% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $455.2M |
|---|---|
| Market cap | $3.91B |
| Free cash flow in year ten | $302.4M |
| Terminal value as a share of market value | 40.7% |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 23.07.2026 gegen die verfügbare SEC-Belegkette von Corporación América Airports S.A. (Foreign Private Issuer, CIK 0001717393 — es gibt kein 10-K und kein 10-Q): Jahresbericht 20-F für 2025 (eingereicht 17.03.2026), Jahresbericht 20-F für 2024 (27.03.2025) sowie die Zwischen- und Meldungs-6-K vom 12.05.2026 (Zwischenabschluss AA2000), 13.05.2026 (Konzern-Zwischenabschluss zum 31.03.2026) und 17.07.2026 (Verkehrszahlen Juni 2026). Dokumentierter Negativ-Befund: In keinem dieser Filings kommt „artificial intelligence“, „machine learning“, „generative“ oder „large language“ auch nur einmal vor; die einzigen Treffer der Suchmuster sind Falsch-Positive ohne KI-Bezug (der akademische Abschluss „LLM“ in der Direktoren-Vita von David Arendt im 20-F 2025 sowie — nur bei Groß-/Kleinschreibung-unabhängiger Suche — die Fundstellen-Angabe „Note 3.A.i.b“ im Anhang). Der Konzern beschreibt sein Geschäft ausschließlich als Betrieb von Flughafenkonzessionen (Luftverkehrs- und Kommerzerlöse, Bauleistungen); weder eine KI-Umsatzquelle noch operativer KI-Einsatz noch ein konkretes KI-Geschäftsrisiko fürs eigene Modell ist belegt. Der Digitalisierungsteil des Berichts spricht allgemein von „information and communication technologies“ und Cybersicherheit, ohne KI zu nennen. Nach dem Kriterienkatalog bleibt es damit bei „neutral“.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 20-F 2026-03-17 · 20-F 2025-03-27 · 6-K 2026-05-13 · 6-K 2026-05-12 · 6-K 2026-07-17
Rated on July 23, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 12.5%
- More than 10% revenue growth is expected for the coming year -71.4%
- Share count grows by less than 3% a year 0.3%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 29.2%
- Gross margin at 40% or higher and without meaningful erosion 35.2%
- Goodwill from acquisitions does not grow faster than revenue 0.2%
- Net debt below twice EBITDA 0.6 x EBITDA
- Operating cash flow covers the profits of the last three years 457 m
- Return on capital at 15% or higher, or up versus two years ago 13.3%
- Insiders hold at least 10% or are net buyers 79.6%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 4.1%
- Exp. sales growth 3Y > 5% 5.5%
- EBIT growth 10Y > 5% 4.5%
- Exp. EBIT growth 3Y > 5% 21.5%
- Net debt < 4x EBIT 0.8x
- EBIT positive, 10Y straight 8
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% –
- ROCE > 15% 13.3%
- Expected return > 10% 35.3%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Corporación América Airports S.A., through its subsidiaries, acquires, develops, and operates airport concessions. It operates 52 airports in Latin America, Europe, and Eurasia. The company was formerly known as A.C.I. Airports International S.à r.l. and changed its name to Corporación América Airports S.A. in September 2017. The company was founded in 1998 and is based in Luxembourg, Luxembourg. Corporación América Airports S.A. operates as a subsidiary of A.C.I. Airports S.à r.l.
- Employees
- 6,300
- Headquarters
- Luxembourg, Luxembourg
- Address
- 128, Boulevard de la PEtrusse, 2330 Luxembourg, Luxembourg
- Phone
- 352 2625 8274
- Website
- caap.aero
- IPO Date
- 02/01/2018
- ISIN
- USL1995B1072
- Stock Split
- 1004:1000 on 02/02/2018
Management
| Name | Title | Birth Year |
|---|---|---|
| Martin Francisco Antranik Eurnekian Bonnarens | CEO & Director | 1978 |
| Jorge Arruda Filho | CFO & Head of Business Development | 1968 |
| Martin Cossatti | Head of Accounting & Tax | – |
| Patricio Inaki Esnaola | Investor Relations Manager | – |
| Andres Zenarruza | Head of Legal & Compliance | 1976 |
| Roberto Naldi | Head of European Business Development | 1953 |
| Eugenio Perissé | Head of Business Development | 1959 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.