CAAP 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: CAAP 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. CAAP 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 CAAP 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.

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.

Full CAAP 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.

• CAAP drivers: Argentine traffic recovery and open-skies capacity; Commercial revenue per passenger.
• 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: 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. 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.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick CAAP 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 CAAP and PAC guides.

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.

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, August 2026): CAAP shows revenue (ttm) ~$2.10 billion, net income (ttm) ~$289 million, diluted eps (ttm) ~$1.76, operating margin (ttm) ~25.5%; 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.

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