About Central North Airport Group
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. The company operates 13 international airports in Monterrey, Acapulco, Mazatlán, Zihuatanejo, Ciudad Juárez, Reynosa, Chihuahua, Culiacán, Durango, San Luis Potosí, Tampico, Torreón, and Zacatecas cities. It also operates NH Collection Hotel in Terminal 2 of the Mexico City International Airport; and a hotel under the Hilton Garden Inn name at the Monterrey Airport. In addition, the company provides aeronautical services, which include passenger, aircraft landing and parking, boarding and unloading, passenger walkway, and airport security services. Further, it offers non-aeronautical services, such as leasing of space at its airports to retailers, restaurants, and other commercial tenants, as well as maintaining of parking facilities and advertising; complementary services that comprise leasing of space to airlines, cargo handling, baggage-screening, permanent and non-permanent ground transportation, and access rights services; and diversification services, which consists of operation and lease of the industrial park and real estate services, as well as hotel and air cargo logistics services.
Additionally, the company provides construction services. It has a strategic alliance with VYNMSA Desarrollo Inmobiliario, S.A. de C.V. to build and operate an industrial park at the Monterrey airport. The company was incorporated in 1998 and is headquartered in Mexico City, Mexico.
OMAB operates in the Transportation, Communications, Electric, Gas, And Sanitary Services | Transportation | approximately 1,100 employees | led by CEO Ricardo D. Espriu.
The $3.2B question: What happens when a company this good becomes this expensive?
In the constellation of American capitalism, certain companies shine brighter than others — not because they are inherently more valuable, but because they have positioned themselves at the nexus of forces that shape the economy. Central North Airport Group is one such company.
At $3.2B in market capitalization, Central North Airport Group (OMAB) currently ranks #53 in our quantitative model, with a composite score of 78.9/100. That places it firmly in "Strong Buy" territory — our highest conviction rating.
But here's the thing about stocks priced for perfection: They leave no room for error.
The Numbers That Matter
Let's start with what's undeniably true. Our 6-factor model gives OMAB the following scores:
| Factor | Score | Weight | Assessment |
|---|---|---|---|
| Quality | 97/100 | 30% | Exceptional |
| Value | 66/100 | 15% | Fair |
| Momentum | 88/100 | 25% | Accelerating |
| Investment | 60/100 | 10% | Growing |
| Stability | 38/100 | 10% | Volatile |
| Short Interest | 21/100 | 10% | High shorts |
The quality score of 97/100 is the headline here. It reflects profitability metrics that would make most CFOs weep with envy:
- ROE: 93.6%
- Net Margin: 32.8%
- Gross Margin: 71.9%
These aren't just good numbers. They're the kind of numbers that make OMAB a "must-own" stock for institutional portfolios.
The Bull Case
"If you could design a business in a laboratory, it would look something like OMAB."
The bull case writes itself:
- Quality is persistent. Academic research shows high-quality stocks outperform by 4-6% annually over long periods. OMAB is quality defined.
- Momentum is real. With a momentum score of 88/100, the stock has been recognized by the market — and momentum tends to persist.
- The moat is deep. Companies with these margins don't lose them easily. The competitive position is entrenched.
The Bear Case
But here's what keeps value investors up at night:
- Valuation compression risk. At current levels, the stock is priced for continued perfection. Any stumble — a missed quarter, a competitive threat, a macro slowdown — could compress the multiple from 13.3x to the low 20s. That's a 20-30% decline without anything fundamentally "wrong."
- The crowded trade problem. When everyone owns a stock, who's left to buy? Momentum works until it doesn't.
- Mean reversion. Trees don't grow to the sky. At some point, growth decelerates.
The Valuation Framework
| Scenario | Assumption | Fair Value | Upside/Downside |
|---|---|---|---|
| Bear | Multiple compression to 20x | -20% | Downside |
| Base | Current trajectory continues | +10-15% | Modest upside |
| Bull | Momentum accelerates | +30-40% | Significant upside |
The risk-reward is ... fine. Not exceptional. Not terrible. Just fine.
The Bottom Line
Central North Airport Group is exactly what it appears to be: a high-quality business with strong momentum trading at a premium price. Whether that's attractive depends entirely on what kind of investor you are.
For long-term, buy-and-hold investors, OMAB is a core holding. For value investors or short-term traders, look elsewhere.
The company is priced for perfection — and in markets, as in life, perfection is a fragile thing.
⭐⭐⭐⭐⭐ Rating: 5-Star Strong Buy
Score: 78.9/100 | Rank: #53 of 3,571 stocks
Sector: Industrials
This analysis reflects the views of Blank Capital Research as of February 16, 2026. It is not investment advice. Past performance does not guarantee future results.