ASR vs GAP: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of October 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.

Reading it: GAP is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

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 GAP 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 GAP 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.

Grupo Aeroportuario del Sureste, which operates under the ASUR brand, built its business on concessions to operate, maintain, and develop 16 airports across the Americas. That 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. On September 1, 2026 ASUR closed its acquisition of Motiva's entire interest in Companhia de Participacoes em Concessoes (CPC) for about R$5.1 billion (US$992 million), adding 20 airports across Brazil, Ecuador, Costa Rica and Curacao that together serve roughly 45 million passengers a year. The deal was financed with a loan facility, and in October 2026 the Cancun airport subsidiary placed 6.711% senior notes due 2031 and 7.491% senior notes due 2036. Before the deal, roughly 58% of revenue came 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).

Full ASR guide

Gap Inc. sells clothing under four owned brands and reports each of them separately. Old Navy is the volume engine at roughly $2.0 billion of the $3.5 billion first quarter of fiscal 2026, with the Gap brand at ~$796 million, Banana Republic at ~$431 million and Athleta at ~$270 million. The company ended that quarter with nearly 3,500 store locations across about 35 countries, of which 2,477 were company-operated, and it employs about 79,000 people. Online is ~38% of net sales. Richard Dickson has run the company since 2023, and the turnaround he inherited has been mostly about product, marketing and inventory discipline rather than store expansion.

Full GAP guide

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.
• GAP drivers: The Gap brand is genuinely working; Tariff costs and the merchandise margin path.

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 derived from one airport tied to leisure travel before the Motiva deal, so any sustained slowdown in Mexican Caribbean tourism hits results directly. For GAP, guidance for fiscal 2026 was cut in May to net sales growth of 1% to 2% from 2% to 3%, second-quarter sales then came in ~2% lower year over year, and the August update narrowed sales expectations further, so the top line offers very little cushion.

Pick ASR if you believe its drivers more; GAP if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the ASR and GAP guides.

ASR. The stock has de-rated to about 13x trailing and 10x forward earnings after a 27% year-to-date fall, cheap for a concession operator but consistent with flat traffic, recent earnings misses and a heavier debt load. Analysts expect 2026 revenue of about Ps.40.3 billion, rising to about Ps.45.5 billion in 2027 as the acquired airports are consolidated. The October 22 third-quarter report (consensus revenue about Ps.9.9 billion) is the first to include part of the Motiva platform. Figures are approximate; the ADR is denominated in US dollars while results are reported in Mexican pesos.

GAP. Trailing reported figures include one-time items, notably the ~$313 million net interchange-litigation gain booked in the first quarter of fiscal 2026, which is why trailing EPS of ~$3.32 runs well ahead of the ~$2.35 to ~$2.45 adjusted range guided for the full year. On the adjusted guide the multiple is roughly 10x at $23.57, still low for a retailer that has beaten or matched EPS estimates in three of the last four quarters, and the mean analyst target sits near ~$26.5. Third-quarter results are expected around November 19, 2026, with consensus near $0.79 of EPS on ~$4.01 billion of sales.

Headline figures (approximate, October 2026): ASR shows revenue (ttm) ~Ps.38.1 billion; Q2 2026 ~Ps.9.6 billion, up ~10%, net income (ttm) ~Ps.9.9 billion; ~26% net margin, market cap ~$7.1 billion at ~$236.50 per ADR (Oct 16, 2026), p/e ~12.9x trailing, ~10.2x forward; GAP shows revenue (ttm) ~$15.3B; Q2 FY2026 ~$3.65B, down ~2% year over year, q2 fy2026 adjusted eps $0.52 vs ~$0.48 consensus; Gap brand comps +10%, fy2026 adjusted eps guidance ~$2.35-$2.45, raised in August, net income / eps (ttm, reported) ~$1.25B; ~$3.32, including one-time gains.

ASR and GAP 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 GAP exposure against your real portfolio. It is not an investment adviser.