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

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.

Reading it: ASR 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 PAC 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 PAC 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, 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).

Full ASR guide

Grupo Aeroportuario del Pacifico (GAP) operates 12 airports across central and northwestern Mexico plus two in Jamaica, including major hubs like Guadalajara and Tijuana and tourist gateways such as Los Cabos and Puerto Vallarta. Its revenue comes from regulated aeronautical charges (per-passenger tariffs set in five-year cycles), non-aeronautical commercial income (retail, parking, advertising), and construction revenue tied to mandated capital investment. Margins are structurally high because an airport is a local monopoly with mostly fixed costs, which is why EBITDA margins sit near 68 percent.

Full PAC 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.
• PAC drivers: Regulated tariff resets; Commercial revenue per passenger.

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 PAC, passenger traffic is cyclical and exposed to shocks: Q1 2026 total traffic fell about 5.5 percent on Hurricane Melissa in Jamaica and security events in Jalisco.

Pick ASR if you believe its drivers more; PAC 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 PAC guides.

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.

PAC. PAC trades like a regulated infrastructure operator: a low-20s trailing P/E and an EV/EBITDA near 12, richer than a pure cyclical because of monopoly economics and a high dividend. Q1 2026 showed revenue up about 2.8 percent and EBITDA up 6.4 percent even as passenger traffic fell 5.5 percent, illustrating how tariff resets and cost control can carry earnings through a soft traffic 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; PAC shows revenue (ttm) ~$2.4B (Ps. ~45B), q1 2026 revenue ~Ps. 11.4B (+2.8% YoY), q1 2026 ebitda margin ~68%, market cap ~$12-14B.

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