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Aena Valuation Multiples

Discover revenue and EBITDA valuation multiples for Aena and similar public comparables like Airports Of Thailand, Athens International, and Ferrovial.

Aena Overview

About Aena

Aena SME SA is a Spanish airport operator with various airports in Spain, including Madrid and Barcelona, and has stakes in multiple international airports. The group generates regulated and nonregulated revenue. Regulated revenue includes fees collected from takeoff and landing, passenger fees and security, whereas nonregulated revenue stems from commercial activities such as retail, food and beverage and advertising sales. The Group carries out its business activities in the following segments: Airports; Real estate services; Region de Murcia International Airport (AIRM) and International.


Founded

2010

HQ

Spain
Employees

10.5K+

Website

aena.es

Financials

LTM Revenue $6.7B

LTM EBITDA $4.0B

EV

$45.4B

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Aena Financials

Aena has a last 12-month revenue (LTM) of $6.7B and a last 12-month EBITDA of $4.0B.

In the most recent fiscal year, Aena achieved revenue of $6.5B and an EBITDA of $4.1B.

Aena expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Aena P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $6.7B XXX $6.5B XXX XXX XXX
Gross Profit $6.5B XXX $4.6B XXX XXX XXX
Gross Margin 97% XXX 72% XXX XXX XXX
EBITDA $4.0B XXX $4.1B XXX XXX XXX
EBITDA Margin 60% XXX 63% XXX XXX XXX
EBIT $3.1B XXX $2.9B XXX XXX XXX
EBIT Margin 46% XXX 46% XXX XXX XXX
Net Profit $2.2B XXX $2.2B XXX XXX XXX
Net Margin 33% XXX 34% XXX XXX XXX
Net Debt XXX XXX n/a XXX XXX XXX

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Aena Stock Performance

As of May 30, 2025, Aena's stock price is EUR 237 (or $266).

Aena has current market cap of EUR 35.5B (or $39.9B), and EV of EUR 40.4B (or $45.4B).

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Aena Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$45.4B $39.9B XXX XXX XXX XXX $14.90

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Aena Valuation Multiples

As of May 30, 2025, Aena has market cap of $39.9B and EV of $45.4B.

Aena's trades at 7.0x EV/Revenue multiple, and 11.1x EV/EBITDA.

Equity research analysts estimate Aena's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

Aena has a P/E ratio of 17.8x.

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Aena Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $39.9B XXX $39.9B XXX XXX XXX
EV (current) $45.4B XXX $45.4B XXX XXX XXX
EV/Revenue 6.8x XXX 7.0x XXX XXX XXX
EV/EBITDA 11.2x XXX 11.1x XXX XXX XXX
EV/EBIT 14.7x XXX 15.4x XXX XXX XXX
EV/Gross Profit 7.0x XXX n/a XXX XXX XXX
P/E 17.8x XXX 18.4x XXX XXX XXX
EV/FCF 20.7x XXX 21.0x XXX XXX XXX

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Aena Margins & Growth Rates

Aena's last 12 month revenue growth is 6%

Aena's revenue per employee in the last FY averaged $0.6M, while opex per employee averaged $0.2M for the same period.

Aena's rule of 40 is 69% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Aena's rule of X is 74% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Aena Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 6% XXX 6% XXX XXX XXX
EBITDA Margin 60% XXX 63% XXX XXX XXX
EBITDA Growth 6% XXX 8% XXX XXX XXX
Rule of 40 69% XXX 69% XXX XXX XXX
Bessemer Rule of X XXX XXX 74% XXX XXX XXX
Revenue per Employee XXX XXX $0.6M XXX XXX XXX
Opex per Employee XXX XXX $0.2M XXX XXX XXX
S&M Expenses to Revenue XXX XXX n/a XXX XXX XXX
G&A Expenses to Revenue XXX XXX n/a XXX XXX XXX
R&D Expenses to Revenue XXX XXX n/a XXX XXX XXX
Opex to Revenue XXX XXX 26% XXX XXX XXX

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Aena Public Comps

See public comps and valuation multiples for Airports & Aviation Services comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Abu Dhabi Aviation XXX XXX XXX XXX XXX XXX
Ferrovial XXX XXX XXX XXX XXX XXX
Athens International XXX XXX XXX XXX XXX XXX
Airports Of Thailand XXX XXX XXX XXX XXX XXX
GMR Airports XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Aena M&A and Investment Activity

Aena acquired  XXX companies to date.

Last acquisition by Aena was  XXXXXXXX, XXXXX XXXXX XXXXXX . Aena acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Aena

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Aena

When was Aena founded? Aena was founded in 2010.
Where is Aena headquartered? Aena is headquartered in Spain.
How many employees does Aena have? As of today, Aena has 10.5K+ employees.
Who is the CEO of Aena? Aena's CEO is Mr. Maurici Lucena Betriu.
Is Aena publicy listed? Yes, Aena is a public company listed on MAD.
What is the stock symbol of Aena? Aena trades under AENA ticker.
When did Aena go public? Aena went public in 2015.
Who are competitors of Aena? Similar companies to Aena include e.g. Abu Dhabi Aviation, Ferrovial, Athens International, Airports Of Thailand.
What is the current market cap of Aena? Aena's current market cap is $39.9B
What is the current revenue of Aena? Aena's last 12 months revenue is $6.7B.
What is the current revenue growth of Aena? Aena revenue growth (NTM/LTM) is 6%.
What is the current EV/Revenue multiple of Aena? Current revenue multiple of Aena is 6.8x.
Is Aena profitable? Yes, Aena is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Aena? Aena's last 12 months EBITDA is $4.0B.
What is Aena's EBITDA margin? Aena's last 12 months EBITDA margin is 60%.
What is the current EV/EBITDA multiple of Aena? Current EBITDA multiple of Aena is 11.2x.
What is the current FCF of Aena? Aena's last 12 months FCF is $2.2B.
What is Aena's FCF margin? Aena's last 12 months FCF margin is 33%.
What is the current EV/FCF multiple of Aena? Current FCF multiple of Aena is 20.7x.

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