$24.28−1.16 (−4.56%)
At close: Oct 1, 2026, 4:00 PM ET
Corporacion America Airports S.A. · Financials
Is this a real, growing, cash-generative business, or a story propped up by accounting?
Business engineGrowing fast: revenue compounds ~29.1%/yr (FY21→FY25), net margin 13.1%, and free cash flow (~$446.5M) tracks net income. Earnings are cash, not paper. Worth your attention in FY25: Capex step-up ($18.7M). Visible in the receipts below.
The four lines that matter · FY21–FY25
Revenue ($M)▲6.4%
1,962.1
FY21→FY25CAGR +29.1%/yr
Net income ($M)▼16.3%
257.7
one-off year: see footnoteCAGR —
Free cash flow ($M)▲110.8%
446.5
capex stepped upCAGR +6.1%/yr
Diluted EPS▼20.6%
1.62
FY21→FY25CAGR —
What the receipts whisper · what a headline number hides
Share count
+1.2%
163.2mn → 165.2mn diluted shares since FY21. Broadly flat, so EPS moves with net income rather than with the share count.
Capex step-up
$18.7M
▲53% YoY in FY25, largest jump in this window; watch free-cash-flow conversion.
Returns vs FCF
11%
$49.5M returned vs $446.5M of FCF in FY25. Buybacks + dividends covered by cash flow.
What the income statement says · FY21–FY25
Where every revenue dollar goes · FY25 ($M)
13¢ of every revenue dollar becomes profit. The biggest cost lever is COGS.
Margin trend · direction beats level Gross Operating Net
Over this window: gross 12.0% → 35.2%. Net margin 13.1% is above the sector median.
The receipt · income statement · FY21–FY25 USD millions except per-share & ratios · hover a line for its definition
| Line item | FY25 | FY24 | FY23 | FY22 | FY21 | YoY | CAGR 21→25 |
|---|---|---|---|---|---|---|---|
| Revenue & profitability | |||||||
Revenue | 1,962.1 | 1,843.3 | 1,400.0 | 1,378.7 | 706.9 | ▲6.4% | +29.1% |
Cost of revenue | 1,272.4 | 1,237.3 | 914.7 | 963.0 | 622.4 | ▲2.8% | +19.6% |
Gross profit | 689.8 | 605.9 | 485.4 | 415.7 | 84.5 | ▲13.8% | +69.0% |
Selling, general & admin | 220.2 | 198.1 | 148.1 | 141.4 | 102.1 | ▲11.2% | +21.2% |
Total operating expenses | 232.9 | 205.1 | 40.5 | 148.3 | 120.5 | ▲13.6% | +17.9% |
Operating incomefeeds ROC rank | 456.8 | 400.9 | 540.6 | 267.3 | −35.9 | ▲14.0% | — |
Other income, net | −124.1 | 205.9 | −338.4 | −76.8 | −54.7 | — | — |
Pretax income | 332.7 | 606.7 | 202.2 | 190.5 | −90.7 | ▼45.2% | — |
Income tax | 75.0 | 298.8 | −24.2 | 24.9 | 69.1 | ▼74.9% | +2.1% |
Net incomePiotroski ROA ✓feeds Buffett Quality owner earnings | 257.7 | 307.9 | 226.5 | 165.6 | −181.0 | ▼16.3% | — |
| Per share | |||||||
Diluted EPSbuyback-sensitive | 1.62c | 2.04c | 1.49 | 1.00c | −1.11 | ▼20.6% | — |
Diluted shares (mn) | 165.22 | 163.22 | 163.22 | 163.22 | 163.22 | ▲1.2% | +0.3% |
| Margins | |||||||
Gross margin51st pct in Industrials | 35.2% | 32.9% | 34.7% | 30.2% | 12.0% | ▲2.3pp | +23.2pp |
Operating margin | 23.3% | 21.7% | 38.6% | 19.4% | −5.1% | ▲1.5pp | +28.4pp |
Net margin75th pct in Industrials | 13.1% | 16.7% | 16.2% | 12.0% | −25.6% | ▼3.6pp | +38.7pp |
FY21 effective tax rate was −76% vs a 13% norm for this window, likely a one-time item; see the filing.FY23 effective tax rate was −12% vs a 13% norm for this window, likely a one-time item; see the filing.c Computed by Tenet. The company's diluted figure is not in our data feed for this period, so this is net income attributable to common shareholders divided by the larger of the weighted basic and diluted share counts.
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These lines feed the tenet checklists: see which gates passTenets →Margins & returns continue as sector-ranked ratiosStatistics →
Annual report filed 2026-03-17 · view filings on SEC EDGAR ↗ · reported currency USD · as-filed figures may be later restated.
Statements normalized in our fundamentals DB · Not investment advice.
Statements normalized in our fundamentals DB · Not investment advice.
Annual and quarterly statements as filed, normalized into one comparable shape · Not investment advice.