CAAPCorporación América Airports S.A.
Is the business good?
The checks split: nothing decisive, though earnings fully cash-backed (1.2×).
Operating profit is fully backed by cash. Conversion is worsening vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
A balanced mix of margins, efficiency, and leverage. ROE 16% = margin × turnover × leverage.
Unless marked, from derived.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is CAAP?
Corporación América Airports S.A. earns 19% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 9.8 points above what the capital costs: growth creates value
- Operating margin
- 25%
Operating margin · Industrials median 9.5% · fiscal year to FY2025
- Cash conversion
- 1.23×
Cash conversion · 1.79× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +0.78%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | −27% |
| FY2021 | 0.91% |
| FY2022 | 22% |
| FY2023 | 39% |
| FY2024 | 24% |
| FY2025 | 25% |
Details›
- Gross marginfiscal year to FY2025
- 35%
- Operating marginfiscal year to FY2025
- 25%
- Net marginfiscal year to FY2025
- 13%
- Free cash flow margin
- 23%
- Revenue, trailing twelve months
- $1.96B
- Free cash flow, trailing twelve months
- $449M
- Net income, trailing twelve months
- $248M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 19%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.