Auckland International Airport Limited

AIA.NZ

Airlines, Airports & Air Services · Industrials

Price

NZ$8.81

+0.05 (+0.57%)

Market Cap

NZ$14.93B

Exchange

New Zealand Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 10, 2026 · filings through Dec 31, 2025

Share count rising — dilution

+10.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 1.47B (2021) → 1.63B (2025)

Auckland International Airport Limited owns and operates New Zealand's largest airport, located in Auckland. It serves as the main gateway for international travelers entering or leaving New Zealand, handling tens of millions of passengers each year across airlines like Air New Zealand and Qantas. The company also manages retail shops, car parks, hotels, and property on the airport land.

The airport makes money by charging airlines fees to land and use its terminals, and by collecting rent from shops, restaurants, and other businesses operating on its property. It operates as a regulated monopoly — there is only one Auckland International Airport, so airlines and passengers have no alternative. This gives it a durable competitive position, though New Zealand's government regulates how much it can charge airlines. The key growth driver is a long-term expansion program to upgrade terminals and increase capacity, but rising construction costs and regulatory pricing decisions remain the main risks to profitability.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+12.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+282.5% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

0.0%ownership

Relatively low insider ownership

Cash Runway

~6 years

$4.1B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$4.1B cash & investments at current burn rate

Growth context

Auckland International Airport Limited is growing revenue at 12% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

50.5%

Healthy — 50.5% gross margin

Operating Margin

47.8%

Excellent — 47.8% operating margin

ROCE

1.8%

Weak — 1.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+9.0%

Steady sales growth (+9.0% YoY)

EPS YoY

+454.3%

Earnings growing fast (+454.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

101%

Turns 101% of profit into real cash

FCF Margin

-42.6%

Burning cash (-42.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.25

Conservative — low debt load (0.25)

Interest Cover

6.87x

Adequate interest coverage (6.9x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

36.7x

Pricey — P/E 36.7

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

-3.2

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

1.53%

Small dividend — 1.53% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

-39.5%

Dividend cut (-39.5% YoY) — warning sign

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