Grupo Aeroportuario del Centro Norte S.A.B. de C.V.
OMAB Industrials Airports & Air Services
Grupo Aeroportuario del Centro Norte S.A.B. de C.V.’s revenue for fiscal 2025 (year ended December 2025) was $886.9 million, up 22.3% from fiscal 2024. In the quarter to June 2026, revenue grew 15.0%, EPS grew 18.4%, free cash flow grew 2.87% and total debt rose 29.7%, each against the same quarter a year earlier.
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Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (OMAB) Beneish M-score
Grupo Aeroportuario del Centro Norte S.A.B. de C.V.'s Beneish M-score for fiscal 2025 is −2.69; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.69 | (0.12) |
| FY2024 | −2.57 | (0.15) |
| FY2023 | −2.41 | 0.07 |
| FY2022 | −2.48 | 0.36 |
| FY2021 | −2.84 | (1.08) |
| FY2020 | −1.76 | 0.56 |
| FY2019 | −2.33 | 0.35 |
| FY2018 | −2.68 | (0.19) |
| FY2017 | −2.49 | (0.17) |
| FY2016 | −2.32 | 0.66 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.98 | — | 0.91 | |
| Gross margin index | 0.95 | — | 0.50 | |
| Asset quality index | 0.96 | — | 0.39 | |
| Sales growth index | 1.22 | — | 1.09 | |
| Depreciation index | 0.87 | — | 0.10 | |
| SG&A index | 1.06 | — | −0.18 | |
| Total accruals to total assets | (0.07) | — | −0.31 | |
| Leverage index | 1.04 | — | −0.34 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.69 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| UP Wheels Up Experience Inc. compare | −3.5× |
| CAAP Corporacion America Airports S.A. compare | −2.8× |
| PAC Grupo Aeroportuario Del Pacifico, S.A. de C.V. compare | −2.8× |
| OMAB Grupo Aeroportuario del Centro Norte S.A.B. de C.V. | −2.7× |
| ASR Grupo Aeroportuario del Sureste, S.A. de C.V. compare | −2.4× |
| ASLE AerSale Corporation compare | −2.0× |
| SOAR Volato Group, Inc. compare | 20.5× |
| JOBY Joby Aviation, Inc. compare | 345× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI