ASR vs CAAP: Which Is the Better Buy in 2026?
Last updated August 2026
Short answer
ASR (Grupo Aeroportuario del Sureste) and CAAP (Corporación América Airports) share investment themes but are different businesses. The right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme.
ASR vs CAAP: the tie-breaker metrics
Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | ASR | CAAP | What it tells you |
|---|---|---|---|
| Forward P/E | 10.73 | 11.01 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Trailing P/E | 14.75 | 14.41 | Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price. |
| Beta | 0.18 | 0.70 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 14% of range | 59% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 3.46 | 2.27 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Before you buy: how ASR and CAAP affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. ASR and CAAP share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined ASR and CAAP exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does Grupo Aeroportuario del Sureste (ASR) do?
Grupo Aeroportuario del Sureste, which operates under the ASUR brand, holds concessions to operate, maintain, and develop 16 airports across the Americas. Its portfolio includes nine airports in southeastern Mexico (led by Cancun, plus Cozumel, Merida, Oaxaca, Veracruz, and others), six airports in northern Colombia through its Airplan unit (including the Medellin metro area hubs), and a 60% stake in Aerostar, which runs San Juan's Luis Munoz Marin International Airport in Puerto Rico. Roughly 58% of revenue comes from Cancun alone, making ASR heavily tied to leisure travel to Mexico's Caribbean coast. Revenue splits between aeronautical fees (charges tied to passengers and aircraft) and a fast-growing non-aeronautical segment (retail leasing, parking, advertising, and commercial services).
What does Corporación América Airports (CAAP) do?
Corporación América Airports acquires, develops and operates airport concessions rather than owning airports outright. Under long-dated contracts with national governments, the company collects aeronautical fees (passenger charges, landing and parking fees) and commercial revenue (duty free, parking, cargo warehousing, food and beverage, advertising, VIP lounges), and in exchange commits to a capital-investment plan written into each agreement. The portfolio spans ~52 airports in six countries. Argentina is by far the largest piece: the AA2000 concession covers 37 of Argentina's 56 national-system airports, including Ezeiza and Aeroparque in Buenos Aires, and contributed roughly ~54% of consolidated revenue in 2025. Outside Argentina, the company holds Carrasco and Punta del Este in Uruguay, Guayaquil and the Galápagos in Ecuador, Brasília in Brazil through the ~51%-owned Inframerica vehicle, Zvartnots in Armenia through 2067, and Florence plus Pisa in Italy through the ~62%-held Toscana Aeroporti. Concessions to operate Baghdad International Airport in Iraq and António Agostinho Neto International Airport in Angola have been awarded, with definitive agreements still under negotiation.
ASR vs CAAP: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- ASR drivers: Concession-protected airport franchise; Non-aeronautical and commercial growth.
- CAAP drivers: Argentine traffic recovery and open-skies capacity; Commercial revenue per passenger.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The single largest risk is Cancun concentration: about 58% of revenue derives from one airport tied to leisure travel, so any sustained slowdown in Mexican Caribbean tourism hits results directly. For CAAP, argentina concentrates the risk: the AA2000 concession runs only to February 2038 after a ten-year extension, requires payment of ~15% of revenue excluding construction services to the government, and can be bought out by the Argentine state at any time since February 2018, with compensation terms that would be negotiated rather than fixed in advance.
ASR or CAAP: which should you pick?
ASR vs CAAP: the full fundamentals
ASR. Full-year 2025 revenue grew about 19% to roughly Ps.37 billion, though reported earnings declined versus the prior year, partly reflecting the higher concession fee and cost pressures. The stock trades at a mid-to-high-teens price-to-earnings multiple, typical for a regulated infrastructure operator with monopoly-like concessions. Figures are approximate and based on public reporting; the ADR is denominated in US dollars while the underlying results are reported in Mexican pesos.
CAAP. Full-year 2025 revenue was roughly ~$1.96 billion with net income near ~$248 million, so the trailing figures reflect a strong first quarter of 2026 in which revenue rose ~18.8% and net income rose ~89%. Free cash flow of about ~$470 million against a ~$4.1 billion market value works out to a high single-digit yield, which is one reason the multiple sits below that of Mexican and European airport operators despite faster reported growth. Second-quarter 2026 results were scheduled for release on August 13, 2026, and June traffic data had already signalled a softer Argentine domestic quarter.
Headline figures (approximate, July 2026): ASR shows revenue (fy2025) ~Ps.37 billion (~$2.0B USD), q1 2026 revenue ~Ps.8.9 billion (+0.8% YoY), net income (fy2025) ~Ps.10.5 billion, net debt / ltm ebitda ~0.8x; CAAP shows revenue (ttm) ~$2.10 billion, net income (ttm) ~$289 million, diluted eps (ttm) ~$1.76, operating margin (ttm) ~25.5%.
The bottom line: ASR vs CAAP
ASR and CAAP are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined ASR and CAAP exposure against your real portfolio. It is not an investment adviser.
Wondering how ASR or CAAP fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Grupo Aeroportuario del Sureste with AI
Connect the broker you already use and ask Walnut's AI how ASR fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between ASR and CAAP?
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Grupo Aeroportuario del Sureste, which operates under the ASUR brand, holds concessions to operate, maintain, and develop 16 airports across the Americas. Corporación América Airports acquires, develops and operates airport concessions rather than owning airports outright. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is ASR or CAAP the better stock?
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Neither is universally better; they suit different views and risk levels. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, ASR or CAAP?
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On forward P/E (as of August 2026), ASR trades at 10.73x and CAAP at 11.01x, so ASR is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both ASR and CAAP?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of ASR vs CAAP?
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ASR: The single largest risk is Cancun concentration: about 58% of revenue derives from one airport tied to leisure travel, so any sustained slowdown in Mexican Caribbean tourism hits results directly. International arrivals to Cancun and other Mexican beach destinations have shown recent double-digit declines, reflecting softer US travel demand and rising competition from other sun-and-beach markets. Mexican regulatory risk is material: authorities amended the tariff base regulation and raised the concession fee on regulated revenues (from 5.0% to 9.0% starting in 2024), and future maximum-tariff reviews could pressure returns. As an ADR of a Mexican company, the stock also carries peso currency risk, and required multi-year capital investment plans commit large sums regardless of the traffic cycle. CAAP: Argentina concentrates the risk: the AA2000 concession runs only to February 2038 after a ten-year extension, requires payment of ~15% of revenue excluding construction services to the government, and can be bought out by the Argentine state at any time since February 2018, with compensation terms that would be negotiated rather than fixed in advance. Because Argentina has been classified as a hyperinflationary economy since July 2018, results are restated under IAS 29 and then translated to dollars, so reported revenue can move sharply on peso devaluation independent of underlying traffic; INDEC reported inflation of ~31.5% in 2025, ~117.8% in 2024 and ~211.4% in 2023. Sovereign risk extends beyond currency to tariff regulation, capital controls and the political durability of the current reform program. Traffic itself is cyclical and single-carrier sensitive, as June 2026's ~18.0% Argentine domestic decline demonstrated. Other concessions carry their own end dates (Guayaquil in July 2031, Galápagos in December 2032), major subsidiaries such as Brasília and Toscana Aeroporti have substantial minority shareholders whose interests may diverge, and the annual report describes ongoing environmental, tax and administrative proceedings across several jurisdictions in the normal course of business.
Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell ASR or CAAP; figures are approximate and dated (as of August 2026). Verify current data before investing.