OMAB 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: OMAB 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. OMAB 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 OMAB 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 Centro Norte, which brands itself OMA, operates 13 airports across nine states of central and northern Mexico. Its flagship is Monterrey, Mexico's third-largest metropolitan area and a major industrial and nearshoring center, alongside tourist gateways like Acapulco, Mazatlan, and Zihuatanejo and border cities such as Ciudad Juarez and Reynosa. Revenue comes from regulated aeronautical charges (per-passenger tariffs set in five-year cycles), commercial income from retail, parking, VIP lounges, hotels, and restaurants, plus construction revenue tied to mandated capital investment. Because an airport is effectively a local monopoly with mostly fixed costs, margins are structurally high, with adjusted EBITDA margins running in the low-to-mid 70 percent range that makes OMA one of the most efficient operators in the sector.

Full OMAB 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.

• OMAB drivers: Monterrey and nearshoring exposure; Regulated tariff resets.
• 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: Passenger traffic is cyclical and can be hit by economic downturns, security events, or weather. 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 OMAB 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 OMAB and PAC guides.

OMAB. OMAB trades like a regulated infrastructure operator, with a mid-to-high-teens trailing P/E that reflects monopoly economics and a solid dividend. Q1 2026 showed revenue up about 4.1 percent to roughly Ps. 3.3 billion on 4.7 percent passenger growth to 6.7 million, though net income slipped about 4.1 percent year over year, illustrating how higher costs and financing can offset top-line and traffic gains in a given quarter. Each ADR represents eight underlying Series B shares that also trade on the Mexican Bolsa under OMA.

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): OMAB shows revenue (ttm) ~$700-750M (Ps. ~13-14B), q1 2026 revenue ~Ps. 3.3B (+4.1% YoY), q1 2026 adj. ebitda margin ~73-74%, market cap ~$5.1-5.2B; 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.

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