# Airports & Air Services — company-by-company sector analysis

> Airports & Air Services: Corporación América Airports S.A. owns the largest revenue base AND the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Airports & Air Services has underperformed S&P 500 by 28.4% over 52 weeks and 5.1% over 13 weeks. 1 of 4 covered companies beat the S&P 500 on Mansfield relative strength, while 2 of 4 beat the sector itself. Corporación América Airports S.A. leads with revenue of $2,105 million, based on 4 of 4 comparable companies through Mar 2026.

### Is the Airports & Air Services sector outperforming S&P 500?

Airports & Air Services has underperformed S&P 500 by 28.4% over 52 weeks and 5.1% over 13 weeks. 1 of 4 covered companies beat the S&P 500 on Mansfield relative strength, while 2 of 4 beat the sector itself.

### Which Airports & Air Services company is largest by revenue?

Corporación América Airports S.A. leads with revenue of $2,105 million, based on 4 of 4 comparable companies through Mar 2026.

### Which Airports & Air Services company is growing fastest?

Corporación América Airports S.A. has the fastest current revenue growth at 17%, across 3 of 4 comparable companies.

### Which Airports & Air Services company has the strongest 4-Factor Sector Score?

Corporación América Airports S.A. ranks first at 70.1/100 with 79% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Airports & Air Services company reports the most CAPEX?

Joby Aviation, Inc. reports the largest latest CAPEX at $78 million, with 4 of 4 companies comparable.

### Which Airports & Air Services company has the least gross debt?

AerSale Corporation has the lowest comparable gross debt at $171 million. Corporación América Airports S.A. has the highest at $1,094 million.

### Which Airports & Air Services company has the lowest comparable PEG?

Corporación América Airports S.A. has the lowest comparable Guarded PEG at 0.57, among 1 of 4 companies that pass the metric’s comparability rules.

### How much history does this Airports & Air Services comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Airports & Air Services has underperformed S&P 500 by 28.4% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 5.1%. 1 of 4 covered companies currently beats the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Corporación América Airports S.A. is the strongest against the sector itself at +26.8%.

13-week sector return versus NIFTY 500: -5.1%
52-week sector return versus NIFTY 500: -28%
Stocks leading NIFTY: 1/4
Stocks leading sector: 2/4

Central tension: The central tension: current leadership is concentrated, so durability matters more than rank.

Companies: 4
Combined market value: ₹11.9K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Corporación América Airports S.A. (CAAP): 70/100 — Favorable setup; evidence 79%
   - Growth & earnings 26.5/35 | Capital efficiency 11.4/25 | Valuation 15.0/20 | Relative strength 17.2/20
   - Exact sum: 26.5 + 11.4 + 15 + 17.2 = 70.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. AerSale Corporation (ASLE): 47/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 18.1/35 | Capital efficiency 7.1/25 | Valuation 10.0/20 | Relative strength 12.0/20
   - Exact sum: 18.1 + 7.1 + 10 + 12 = 47.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
3. Joby Aviation, Inc. (JOBY): 38/100 — Thin evidence · provisional; evidence 54%
   - Growth & earnings 21.2/35 | Capital efficiency 7.2/25 | Valuation 10.0/20 | Relative strength 0.0/20
   - Exact sum: 21.2 + 7.2 + 10 + 0 = 38.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4. Wheels Up Experience Inc. (UP): 28/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 12.5/35 | Capital efficiency 2.5/25 | Valuation 10.0/20 | Relative strength 3.0/20
   - Exact sum: 12.5 + 2.5 + 10 + 3 = 28
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Corporación América Airports S.A. is the scale leader at $2,105 million, 189.1% ahead of Wheels Up Experience Inc.. Corporación América Airports S.A.'s growth is 17% from a $2,105 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Corporación América Airports S.A. is the scale benchmark; Corporación América Airports S.A. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Corporación América Airports S.A.'s growth falls below Corporación América Airports S.A.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: Corporación América Airports S.A. · $2,105 million | 189.1% versus #2 · Wheels Up Experience Inc. | 6/8 recent comparable periods | 4/4 companies · 65 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Corporación América Airports S.A. (CAAP): ₹2.1K Cr
2. Wheels Up Experience Inc. (UP): ₹728 Cr
3. AerSale Corporation (ASLE): ₹340 Cr
4. Joby Aviation, Inc. (JOBY): ₹78 Cr

### Revenue growth — fastest growers
1. Corporación América Airports S.A. (CAAP): 17%
2. AerSale Corporation (ASLE): 5.9%
3. Wheels Up Experience Inc. (UP): -5.8%

### 20-quarter Revenue history
- JOBY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 — | Jun 2025 ₹0 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹24 Cr | Jun 2026 —
- CAAP: Sep 2021 ₹187 Cr | Dec 2021 ₹247 Cr | Mar 2022 ₹258 Cr | Jun 2022 ₹333 Cr | Sep 2022 ₹395 Cr | Dec 2022 ₹373 Cr | Mar 2023 ₹382 Cr | Jun 2023 ₹423 Cr | Sep 2023 ₹470 Cr | Dec 2023 ₹365 Cr | Mar 2024 ₹433 Cr | Jun 2024 ₹416 Cr | Sep 2024 ₹462 Cr | Dec 2024 ₹473 Cr | Mar 2025 ₹448 Cr | Jun 2025 ₹477 Cr | Sep 2025 ₹527 Cr | Dec 2025 ₹563 Cr | Mar 2026 ₹538 Cr | Jun 2026 —
- ASLE: Sep 2021 ₹73 Cr | Dec 2021 ₹117 Cr | Mar 2022 ₹123 Cr | Jun 2022 ₹140 Cr | Sep 2022 ₹51 Cr | Dec 2022 ₹95 Cr | Mar 2023 ₹78 Cr | Jun 2023 ₹69 Cr | Sep 2023 ₹92 Cr | Dec 2023 ₹94 Cr | Mar 2024 ₹91 Cr | Jun 2024 ₹77 Cr | Sep 2024 ₹83 Cr | Dec 2024 ₹95 Cr | Mar 2025 ₹66 Cr | Jun 2025 ₹107 Cr | Sep 2025 ₹71 Cr | Dec 2025 ₹91 Cr | Mar 2026 ₹71 Cr | Jun 2026 —
- UP: Sep 2021 ₹302 Cr | Dec 2021 ₹345 Cr | Mar 2022 ₹326 Cr | Jun 2022 ₹426 Cr | Sep 2022 ₹420 Cr | Dec 2022 ₹408 Cr | Mar 2023 ₹352 Cr | Jun 2023 ₹335 Cr | Sep 2023 ₹320 Cr | Dec 2023 ₹246 Cr | Mar 2024 ₹197 Cr | Jun 2024 ₹196 Cr | Sep 2024 ₹194 Cr | Dec 2024 ₹205 Cr | Mar 2025 ₹178 Cr | Jun 2025 ₹190 Cr | Sep 2025 ₹185 Cr | Dec 2025 ₹184 Cr | Mar 2026 ₹169 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- CAAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 147% | Sep 2022 111% | Dec 2022 51% | Mar 2023 48% | Jun 2023 27% | Sep 2023 19% | Dec 2023 -2.1% | Mar 2024 13% | Jun 2024 -1.7% | Sep 2024 -1.7% | Dec 2024 30% | Mar 2025 3.5% | Jun 2025 15% | Sep 2025 14% | Dec 2025 19% | Mar 2026 20% | Jun 2026 —
- ASLE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 52% | Sep 2022 -30% | Dec 2022 -19% | Mar 2023 -37% | Jun 2023 -51% | Sep 2023 80% | Dec 2023 -1.1% | Mar 2024 17% | Jun 2024 12% | Sep 2024 -9.8% | Dec 2024 1.1% | Mar 2025 -27% | Jun 2025 39% | Sep 2025 -14% | Dec 2025 -4.2% | Mar 2026 7.6% | Jun 2026 —
- UP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 49% | Sep 2022 39% | Dec 2022 18% | Mar 2023 8.0% | Jun 2023 -21% | Sep 2023 -24% | Dec 2023 -40% | Mar 2024 -44% | Jun 2024 -41% | Sep 2024 -39% | Dec 2024 -17% | Mar 2025 -9.6% | Jun 2025 -3.1% | Sep 2025 -4.6% | Dec 2025 -10% | Mar 2026 -5.1% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Corporación América Airports S.A. leads opm at 25.9%; Joby Aviation, Inc. leads margin change at +271829.4 percentage points.

Investor read: Corporación América Airports S.A. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Corporación América Airports S.A. · 25.9% | 651.1% versus #2 · AerSale Corporation | 3/8 recent comparable periods | 4/4 companies · 60 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Corporación América Airports S.A. (CAAP): 26%
2. AerSale Corporation (ASLE): -4.7%
3. Wheels Up Experience Inc. (UP): -34%
4. Joby Aviation, Inc. (JOBY): -963%

### Margin change — fastest expanders
1. Joby Aviation, Inc. (JOBY): +2,71,829.4 pp
2. Wheels Up Experience Inc. (UP): +11.5 pp
3. AerSale Corporation (ASLE): +5.4 pp
4. Corporación América Airports S.A. (CAAP): +2.7 pp

### 20-quarter OPM history
- JOBY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -805% | Dec 2025 -671% | Mar 2026 -963% | Jun 2026 —
- CAAP: Sep 2021 1.5% | Dec 2021 23% | Mar 2022 20% | Jun 2022 22% | Sep 2022 23% | Dec 2022 22% | Mar 2023 27% | Jun 2023 26% | Sep 2023 28% | Dec 2023 72% | Mar 2024 29% | Jun 2024 22% | Sep 2024 22% | Dec 2024 24% | Mar 2025 23% | Jun 2025 25% | Sep 2025 28% | Dec 2025 24% | Mar 2026 26% | Jun 2026 —
- ASLE: Sep 2021 2.5% | Dec 2021 17% | Mar 2022 19% | Jun 2022 23% | Sep 2022 -17% | Dec 2022 9.6% | Mar 2023 -1.1% | Jun 2023 -10% | Sep 2023 -2.1% | Dec 2023 -1.1% | Mar 2024 5.2% | Jun 2024 -2.4% | Sep 2024 2.4% | Dec 2024 5.2% | Mar 2025 -10% | Jun 2025 12% | Sep 2025 4.0% | Dec 2025 7.8% | Mar 2026 -4.7% | Jun 2026 —
- UP: Sep 2021 -23% | Dec 2021 -24% | Mar 2022 -29% | Jun 2022 -22% | Sep 2022 -36% | Dec 2022 -54% | Mar 2023 -28% | Jun 2023 -46% | Sep 2023 -40% | Dec 2023 -26% | Mar 2024 -43% | Jun 2024 -40% | Sep 2024 -22% | Dec 2024 -26% | Mar 2025 -46% | Jun 2025 -31% | Sep 2025 -33% | Dec 2025 -0.9% | Mar 2026 -34% | Jun 2026 —

### 20-quarter Margin change history
- JOBY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 −6,03,779.0 pp | Sep 2025 +5,58,820.2 pp | Dec 2025 +2,71,829.4 pp | Mar 2026 — | Jun 2026 —
- CAAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +41.8 pp | Sep 2022 +21.9 pp | Dec 2022 −1.1 pp | Mar 2023 +6.6 pp | Jun 2023 +4.4 pp | Sep 2023 +4.6 pp | Dec 2023 +50.0 pp | Mar 2024 +2.1 pp | Jun 2024 −3.8 pp | Sep 2024 −6.1 pp | Dec 2024 −48.7 pp | Mar 2025 −5.6 pp | Jun 2025 +2.3 pp | Sep 2025 +6.0 pp | Dec 2025 0.0 pp | Mar 2026 +2.7 pp | Jun 2026 —
- ASLE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.6 pp | Sep 2022 −19.2 pp | Dec 2022 −7.3 pp | Mar 2023 −19.8 pp | Jun 2023 −32.5 pp | Sep 2023 +14.6 pp | Dec 2023 −10.7 pp | Mar 2024 +6.3 pp | Jun 2024 +7.6 pp | Sep 2024 +4.5 pp | Dec 2024 +6.3 pp | Mar 2025 −15.3 pp | Jun 2025 +14.1 pp | Sep 2025 +1.6 pp | Dec 2025 +2.6 pp | Mar 2026 +5.4 pp | Jun 2026 —
- UP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −13.4 pp | Sep 2022 −13.4 pp | Dec 2022 −30.5 pp | Mar 2023 +1.0 pp | Jun 2023 −23.6 pp | Sep 2023 −4.2 pp | Dec 2023 +28.0 pp | Mar 2024 −15.4 pp | Jun 2024 +5.4 pp | Sep 2024 +18.7 pp | Dec 2024 +0.3 pp | Mar 2025 −2.6 pp | Jun 2025 +8.9 pp | Sep 2025 −11.5 pp | Dec 2025 +25.1 pp | Mar 2026 +11.5 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Corporación América Airports S.A. leads with $307 million of TTM profit, 25.6× the profit of AerSale Corporation. Corporación América Airports S.A. shows ≥100% on the scoring scale (122.5% uncapped) growth from a $307 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Corporación América Airports S.A. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Corporación América Airports S.A. · $307 million | 25.6× versus #2 · AerSale Corporation | 3/8 recent comparable periods | 4/4 companies · 76 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Corporación América Airports S.A. (CAAP): ₹307 Cr
2. AerSale Corporation (ASLE): ₹12 Cr
3. Wheels Up Experience Inc. (UP): ₹-278 Cr
4. Joby Aviation, Inc. (JOBY): ₹-958 Cr

### Profit growth — fastest growers
1. Corporación América Airports S.A. (CAAP): 100%

### 20-quarter Net profit history
- JOBY: Sep 2021 ₹-79 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹-62 Cr | Jun 2022 ₹-50 Cr | Sep 2022 ₹-79 Cr | Dec 2022 ₹-67 Cr | Mar 2023 ₹-113 Cr | Jun 2023 ₹-286 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹-115 Cr | Mar 2024 ₹-95 Cr | Jun 2024 ₹-123 Cr | Sep 2024 ₹-144 Cr | Dec 2024 ₹-246 Cr | Mar 2025 ₹-82 Cr | Jun 2025 ₹-325 Cr | Sep 2025 ₹-401 Cr | Dec 2025 ₹-122 Cr | Mar 2026 ₹-110 Cr | Jun 2026 —
- CAAP: Sep 2021 ₹-33 Cr | Dec 2021 ₹-3 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹72 Cr | Sep 2022 ₹73 Cr | Dec 2022 ₹-2 Cr | Mar 2023 ₹24 Cr | Jun 2023 ₹81 Cr | Sep 2023 ₹53 Cr | Dec 2023 ₹117 Cr | Mar 2024 ₹173 Cr | Jun 2024 ₹54 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹47 Cr | Mar 2025 ₹36 Cr | Jun 2025 ₹51 Cr | Sep 2025 ₹59 Cr | Dec 2025 ₹117 Cr | Mar 2026 ₹80 Cr | Jun 2026 —
- ASLE: Sep 2021 ₹-2 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹26 Cr | Sep 2022 ₹-9 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹-3 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹-3 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹-4 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹-5 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹-3 Cr | Jun 2026 —
- UP: Sep 2021 ₹-59 Cr | Dec 2021 ₹-77 Cr | Mar 2022 ₹-89 Cr | Jun 2022 ₹-93 Cr | Sep 2022 ₹-149 Cr | Dec 2022 ₹-225 Cr | Mar 2023 ₹-101 Cr | Jun 2023 ₹-161 Cr | Sep 2023 ₹-145 Cr | Dec 2023 ₹-81 Cr | Mar 2024 ₹-97 Cr | Jun 2024 ₹-97 Cr | Sep 2024 ₹-58 Cr | Dec 2024 ₹-88 Cr | Mar 2025 ₹-99 Cr | Jun 2025 ₹-82 Cr | Sep 2025 ₹-84 Cr | Dec 2025 ₹-29 Cr | Mar 2026 ₹-83 Cr | Jun 2026 —

### 20-quarter Profit growth history
- JOBY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -1,440% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -7,300% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CAAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 71% | Jun 2023 13% | Sep 2023 -27% | Dec 2023 — | Mar 2024 621% | Jun 2024 -33% | Sep 2024 -98% | Dec 2024 -60% | Mar 2025 -79% | Jun 2025 -5.6% | Sep 2025 5,800% | Dec 2025 149% | Mar 2026 122% | Jun 2026 —
- ASLE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 53% | Sep 2022 — | Dec 2022 -18% | Mar 2023 -100% | Jun 2023 -112% | Sep 2023 — | Dec 2023 -133% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -183% | Jun 2025 — | Sep 2025 -100% | Dec 2025 20% | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Joby Aviation, Inc. reports $78 million of CAPEX; Joby Aviation, Inc. has the highest covered intensity at 325%. Coverage is only 4 of 4 companies and 74 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Joby Aviation, Inc. · $78 million | 25.8% versus #2 · Wheels Up Experience Inc. | 3/3 recent comparable periods | 4/4 companies · 74 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Joby Aviation, Inc. (JOBY): ₹78 Cr
2. Wheels Up Experience Inc. (UP): ₹62 Cr
3. Corporación América Airports S.A. (CAAP): ₹3 Cr
4. AerSale Corporation (ASLE): ₹1 Cr

### CAPEX intensity — highest reinvestment intensity
1. Joby Aviation, Inc. (JOBY): 325%
2. Wheels Up Experience Inc. (UP): 37%
3. AerSale Corporation (ASLE): 1.4%
4. Corporación América Airports S.A. (CAAP): 0.6%

### 20-quarter CAPEX history
- JOBY: Sep 2021 ₹6 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹30 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹78 Cr | Jun 2026 —
- CAAP: Sep 2021 ₹1 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹2 Cr | Dec 2023 — | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 — | Mar 2025 ₹2 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- ASLE: Sep 2021 ₹1 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- UP: Sep 2021 ₹2 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹66 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹108 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹40 Cr | Mar 2026 ₹62 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- JOBY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 57% | Dec 2025 45% | Mar 2026 325% | Jun 2026 —
- CAAP: Sep 2021 0.5% | Dec 2021 0.8% | Mar 2022 0.4% | Jun 2022 0.6% | Sep 2022 0.5% | Dec 2022 1.1% | Mar 2023 0.8% | Jun 2023 0.5% | Sep 2023 0.4% | Dec 2023 — | Mar 2024 0.5% | Jun 2024 0.5% | Sep 2024 0.4% | Dec 2024 — | Mar 2025 0.4% | Jun 2025 0.8% | Sep 2025 0.9% | Dec 2025 1.1% | Mar 2026 0.6% | Jun 2026 —
- ASLE: Sep 2021 1.4% | Dec 2021 0.0% | Mar 2022 1.6% | Jun 2022 1.4% | Sep 2022 5.9% | Dec 2022 2.1% | Mar 2023 1.3% | Jun 2023 4.3% | Sep 2023 3.3% | Dec 2023 4.3% | Mar 2024 4.4% | Jun 2024 5.2% | Sep 2024 2.4% | Dec 2024 5.3% | Mar 2025 3.0% | Jun 2025 0.9% | Sep 2025 1.4% | Dec 2025 2.2% | Mar 2026 1.4% | Jun 2026 —
- UP: Sep 2021 0.7% | Dec 2021 2.6% | Mar 2022 20% | Jun 2022 2.3% | Sep 2022 1.0% | Dec 2022 1.0% | Mar 2023 2.6% | Jun 2023 0.9% | Sep 2023 0.0% | Dec 2023 3.3% | Mar 2024 2.0% | Jun 2024 3.1% | Sep 2024 2.6% | Dec 2024 53% | Mar 2025 8.4% | Jun 2025 8.4% | Sep 2025 12% | Dec 2025 22% | Mar 2026 37% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Joby Aviation, Inc. has the clearest covered balance-sheet capacity with $1,730 million net cash and gross debt of $736 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: AerSale Corporation · $171 million | 68.2% versus #2 · Wheels Up Experience Inc. | 0/8 recent comparable periods | 4/4 companies · 76 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. AerSale Corporation (ASLE): ₹171 Cr
2. Wheels Up Experience Inc. (UP): ₹538 Cr
3. Joby Aviation, Inc. (JOBY): ₹736 Cr
4. Corporación América Airports S.A. (CAAP): ₹1.1K Cr

### Net debt — lowest net debt
1. Joby Aviation, Inc. (JOBY): ₹-1.7K Cr
2. AerSale Corporation (ASLE): ₹169 Cr
3. Corporación América Airports S.A. (CAAP): ₹322 Cr
4. Wheels Up Experience Inc. (UP): ₹484 Cr

### 20-quarter Gross debt history
- JOBY: Sep 2021 ₹3 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹27 Cr | Mar 2023 ₹26 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹30 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹31 Cr | Jun 2024 ₹30 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹31 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹36 Cr | Dec 2025 ₹35 Cr | Mar 2026 ₹736 Cr | Jun 2026 —
- CAAP: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- ASLE: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹33 Cr | Mar 2023 ₹32 Cr | Jun 2023 ₹40 Cr | Sep 2023 ₹47 Cr | Dec 2023 ₹67 Cr | Mar 2024 ₹84 Cr | Jun 2024 ₹109 Cr | Sep 2024 ₹105 Cr | Dec 2024 ₹76 Cr | Mar 2025 ₹169 Cr | Jun 2025 ₹149 Cr | Sep 2025 ₹158 Cr | Dec 2025 ₹145 Cr | Mar 2026 ₹171 Cr | Jun 2026 —
- UP: Sep 2021 ₹120 Cr | Dec 2021 ₹115 Cr | Mar 2022 ₹124 Cr | Jun 2022 ₹119 Cr | Sep 2022 ₹117 Cr | Dec 2022 ₹366 Cr | Mar 2023 ₹325 Cr | Jun 2023 ₹308 Cr | Sep 2023 ₹320 Cr | Dec 2023 ₹337 Cr | Mar 2024 ₹317 Cr | Jun 2024 ₹290 Cr | Sep 2024 ₹287 Cr | Dec 2024 ₹473 Cr | Mar 2025 ₹467 Cr | Jun 2025 ₹474 Cr | Sep 2025 ₹471 Cr | Dec 2025 ₹473 Cr | Mar 2026 ₹538 Cr | Jun 2026 —

### 20-quarter Net debt history
- JOBY: Sep 2021 ₹-1.4K Cr | Dec 2021 ₹-1.3K Cr | Mar 2022 ₹-1.2K Cr | Jun 2022 ₹-1.2K Cr | Sep 2022 ₹-1.1K Cr | Dec 2022 ₹-1.0K Cr | Mar 2023 ₹-952 Cr | Jun 2023 ₹-1.2K Cr | Sep 2023 ₹-1.1K Cr | Dec 2023 ₹-1.0K Cr | Mar 2024 ₹-893 Cr | Jun 2024 ₹-795 Cr | Sep 2024 ₹-678 Cr | Dec 2024 ₹-902 Cr | Mar 2025 ₹-781 Cr | Jun 2025 ₹-960 Cr | Sep 2025 ₹-942 Cr | Dec 2025 ₹-1.4K Cr | Mar 2026 ₹-1.7K Cr | Jun 2026 —
- CAAP: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹952 Cr | Sep 2023 ₹873 Cr | Dec 2023 ₹889 Cr | Mar 2024 ₹759 Cr | Jun 2024 ₹686 Cr | Sep 2024 ₹635 Cr | Dec 2024 ₹643 Cr | Mar 2025 ₹625 Cr | Jun 2025 ₹555 Cr | Sep 2025 ₹469 Cr | Dec 2025 ₹390 Cr | Mar 2026 ₹322 Cr | Jun 2026 —
- ASLE: Sep 2021 ₹-62 Cr | Dec 2021 ₹-130 Cr | Mar 2022 ₹-172 Cr | Jun 2022 ₹-197 Cr | Sep 2022 ₹-151 Cr | Dec 2022 ₹-114 Cr | Mar 2023 ₹-56 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹44 Cr | Dec 2023 ₹61 Cr | Mar 2024 ₹81 Cr | Jun 2024 ₹105 Cr | Sep 2024 ₹95 Cr | Dec 2024 ₹71 Cr | Mar 2025 ₹164 Cr | Jun 2025 ₹143 Cr | Sep 2025 ₹153 Cr | Dec 2025 ₹141 Cr | Mar 2026 ₹169 Cr | Jun 2026 —
- UP: Sep 2021 ₹-415 Cr | Dec 2021 ₹-670 Cr | Mar 2022 ₹-414 Cr | Jun 2022 ₹-308 Cr | Sep 2022 ₹-168 Cr | Dec 2022 ₹-220 Cr | Mar 2023 ₹-38 Cr | Jun 2023 ₹156 Cr | Sep 2023 ₹75 Cr | Dec 2023 ₹73 Cr | Mar 2024 ₹136 Cr | Jun 2024 ₹149 Cr | Sep 2024 ₹171 Cr | Dec 2024 ₹257 Cr | Mar 2025 ₹295 Cr | Jun 2025 ₹367 Cr | Sep 2025 ₹346 Cr | Dec 2025 ₹339 Cr | Mar 2026 ₹484 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Corporación América Airports S.A. leads ROCE at 3.6%, 4.2 percentage points above AerSale Corporation. Joby Aviation, Inc. has the strongest latest improvement at +3 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Corporación América Airports S.A. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Corporación América Airports S.A. · 3.6% | 700% versus #2 · AerSale Corporation | 4/8 recent comparable periods | 4/4 companies · 76 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Corporación América Airports S.A. (CAAP): 3.6%
2. AerSale Corporation (ASLE): -0.6%
3. Joby Aviation, Inc. (JOBY): -12%
4. Wheels Up Experience Inc. (UP): -50%

### ROCE change — fastest improvers
1. Joby Aviation, Inc. (JOBY): +3.0 pp
2. Corporación América Airports S.A. (CAAP): +0.7 pp
3. AerSale Corporation (ASLE): +0.6 pp
4. Wheels Up Experience Inc. (UP): −15.9 pp

### 20-quarter ROCE history
- JOBY: Sep 2021 -6.1% | Dec 2021 -7.9% | Mar 2022 -9.0% | Jun 2022 -9.9% | Sep 2022 -7.0% | Dec 2022 -7.4% | Mar 2023 -7.7% | Jun 2023 -8.6% | Sep 2023 -10% | Dec 2023 -10% | Mar 2024 -13% | Jun 2024 -12% | Sep 2024 -14% | Dec 2024 -13% | Mar 2025 -15% | Jun 2025 -15% | Sep 2025 -16% | Dec 2025 -14% | Mar 2026 -12% | Jun 2026 —
- CAAP: Sep 2021 0.1% | Dec 2021 2.0% | Mar 2022 1.8% | Jun 2022 2.4% | Sep 2022 3.1% | Dec 2022 2.8% | Mar 2023 3.3% | Jun 2023 3.5% | Sep 2023 4.0% | Dec 2023 8.8% | Mar 2024 3.8% | Jun 2024 2.8% | Sep 2024 2.9% | Dec 2024 3.5% | Mar 2025 2.9% | Jun 2025 3.2% | Sep 2025 4.0% | Dec 2025 3.6% | Mar 2026 3.6% | Jun 2026 —
- ASLE: Sep 2021 0.6% | Dec 2021 5.1% | Mar 2022 5.7% | Jun 2022 7.4% | Sep 2022 -2.0% | Dec 2022 2.0% | Mar 2023 -0.2% | Jun 2023 -1.5% | Sep 2023 -0.4% | Dec 2023 -0.2% | Mar 2024 0.9% | Jun 2024 -0.4% | Sep 2024 0.4% | Dec 2024 1.0% | Mar 2025 -1.2% | Jun 2025 2.2% | Sep 2025 0.5% | Dec 2025 1.3% | Mar 2026 -0.6% | Jun 2026 —
- UP: Sep 2021 -9.5% | Dec 2021 -12% | Mar 2022 -18% | Jun 2022 -20% | Sep 2022 -21% | Dec 2022 -31% | Mar 2023 -15% | Jun 2023 -30% | Sep 2023 -26% | Dec 2023 -13% | Mar 2024 -22% | Jun 2024 -30% | Sep 2024 -14% | Dec 2024 -16% | Mar 2025 -35% | Jun 2025 -38% | Sep 2025 -51% | Dec 2025 -1.1% | Mar 2026 -50% | Jun 2026 —

### 20-quarter ROCE change history
- JOBY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.9 pp | Dec 2022 +0.5 pp | Mar 2023 +1.3 pp | Jun 2023 +1.3 pp | Sep 2023 −3.1 pp | Dec 2023 −2.9 pp | Mar 2024 −4.9 pp | Jun 2024 −3.3 pp | Sep 2024 −4.0 pp | Dec 2024 −2.3 pp | Mar 2025 −2.5 pp | Jun 2025 −3.1 pp | Sep 2025 −2.3 pp | Dec 2025 −1.7 pp | Mar 2026 +3.0 pp | Jun 2026 —
- CAAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.0 pp | Dec 2022 +0.8 pp | Mar 2023 +1.5 pp | Jun 2023 +1.1 pp | Sep 2023 +0.9 pp | Dec 2023 +6.0 pp | Mar 2024 +0.5 pp | Jun 2024 −0.7 pp | Sep 2024 −1.1 pp | Dec 2024 −5.3 pp | Mar 2025 −0.9 pp | Jun 2025 +0.4 pp | Sep 2025 +1.1 pp | Dec 2025 +0.1 pp | Mar 2026 +0.7 pp | Jun 2026 —
- ASLE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.6 pp | Dec 2022 −3.1 pp | Mar 2023 −5.9 pp | Jun 2023 −8.9 pp | Sep 2023 +1.6 pp | Dec 2023 −2.2 pp | Mar 2024 +1.1 pp | Jun 2024 +1.1 pp | Sep 2024 +0.8 pp | Dec 2024 +1.2 pp | Mar 2025 −2.1 pp | Jun 2025 +2.6 pp | Sep 2025 +0.1 pp | Dec 2025 +0.3 pp | Mar 2026 +0.6 pp | Jun 2026 —
- UP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −11.1 pp | Dec 2022 −19.1 pp | Mar 2023 +2.9 pp | Jun 2023 −10.0 pp | Sep 2023 −4.9 pp | Dec 2023 +18.0 pp | Mar 2024 −6.3 pp | Jun 2024 +0.2 pp | Sep 2024 +11.9 pp | Dec 2024 −3.3 pp | Mar 2025 −12.9 pp | Jun 2025 −7.8 pp | Sep 2025 −37.5 pp | Dec 2025 +15.3 pp | Mar 2026 −15.9 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Corporación América Airports S.A. has the lowest comparable Guarded PEG at 0.57×. Only 1 of 4 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Corporación América Airports S.A. · 0.57× | Not enough peers | 0/8 recent comparable periods | 1/4 companies · 1 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Corporación América Airports S.A. (CAAP): 0.6

### P/E — lowest P/E
1. Corporación América Airports S.A. (CAAP): 14.4
2. AerSale Corporation (ASLE): 28.3

### 20-quarter Guarded PEG history
- CAAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.6 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- CAAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15.5 | Sep 2022 8.2 | Dec 2022 8.3 | Mar 2023 9.5 | Jun 2023 10.8 | Sep 2023 13.3 | Dec 2023 10.8 | Mar 2024 6.8 | Jun 2024 7.1 | Sep 2024 8.1 | Dec 2024 10.7 | Mar 2025 21.3 | Jun 2025 23.8 | Sep 2025 16.5 | Dec 2025 17.1 | Mar 2026 14.4 | Jun 2026 —
- ASLE: Sep 2021 27.0 | Dec 2021 23.3 | Mar 2022 18.1 | Jun 2022 15.1 | Sep 2022 22.3 | Dec 2022 19.5 | Mar 2023 36.6 | Jun 2023 — | Sep 2023 166.0 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 57.3 | Mar 2025 — | Jun 2025 42.9 | Sep 2025 63.0 | Dec 2025 39.5 | Mar 2026 28.3 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Corporación América Airports S.A. leads ev/ebitda at 5.81×; AerSale Corporation leads p/bv at 0.7×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Corporación América Airports S.A. · 5.81× | 50.3% versus #2 · AerSale Corporation | 0/8 recent comparable periods | 2/4 companies · 37 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Corporación América Airports S.A. (CAAP): 5.8
2. AerSale Corporation (ASLE): 11.7

### P/BV — lowest P/BV
1. AerSale Corporation (ASLE): 0.7
2. Corporación América Airports S.A. (CAAP): 2.3
3. Joby Aviation, Inc. (JOBY): 4.1

### 20-quarter EV/EBITDA history
- CAAP: Sep 2021 17.9 | Dec 2021 13.4 | Mar 2022 8.4 | Jun 2022 6.0 | Sep 2022 5.2 | Dec 2022 5.4 | Mar 2023 5.3 | Jun 2023 5.3 | Sep 2023 5.2 | Dec 2023 6.6 | Mar 2024 5.8 | Jun 2024 5.8 | Sep 2024 6.3 | Dec 2024 8.6 | Mar 2025 9.2 | Jun 2025 9.1 | Sep 2025 7.3 | Dec 2025 6.5 | Mar 2026 5.8 | Jun 2026 —
- ASLE: Sep 2021 13.3 | Dec 2021 11.3 | Mar 2022 8.1 | Jun 2022 6.3 | Sep 2022 10.5 | Dec 2022 10.8 | Mar 2023 19.7 | Jun 2023 241.6 | Sep 2023 86.4 | Dec 2023 — | Mar 2024 84.1 | Jun 2024 40.5 | Sep 2024 20.7 | Dec 2024 15.8 | Mar 2025 30.9 | Jun 2025 13.4 | Sep 2025 16.3 | Dec 2025 13.6 | Mar 2026 11.7 | Jun 2026 —

### 20-quarter P/BV history
- JOBY: Sep 2021 4.7 | Dec 2021 3.4 | Mar 2022 3.2 | Jun 2022 2.4 | Sep 2022 2.3 | Dec 2022 1.8 | Mar 2023 2.6 | Jun 2023 6.6 | Sep 2023 4.0 | Dec 2023 4.5 | Mar 2024 3.9 | Jun 2024 4.1 | Sep 2024 4.6 | Dec 2024 7.0 | Mar 2025 5.5 | Jun 2025 10.0 | Sep 2025 15.7 | Dec 2025 8.6 | Mar 2026 4.1 | Jun 2026 —
- CAAP: Sep 2021 2.0 | Dec 2021 2.0 | Mar 2022 2.0 | Jun 2022 1.4 | Sep 2022 1.5 | Dec 2022 2.0 | Mar 2023 2.1 | Jun 2023 2.2 | Sep 2023 2.5 | Dec 2023 3.6 | Mar 2024 2.5 | Jun 2024 2.2 | Sep 2024 2.2 | Dec 2024 2.2 | Mar 2025 2.1 | Jun 2025 2.3 | Sep 2025 2.0 | Dec 2025 2.6 | Mar 2026 2.3 | Jun 2026 —
- ASLE: Sep 2021 1.9 | Dec 2021 2.2 | Mar 2022 1.9 | Jun 2022 1.6 | Sep 2022 2.1 | Dec 2022 1.9 | Mar 2023 2.0 | Jun 2023 1.7 | Sep 2023 1.7 | Dec 2023 1.5 | Mar 2024 0.8 | Jun 2024 0.8 | Sep 2024 0.6 | Dec 2024 0.7 | Mar 2025 0.9 | Jun 2025 0.7 | Sep 2025 0.9 | Dec 2025 0.8 | Mar 2026 0.7 | Jun 2026 —
- UP: Sep 2021 2.1 | Dec 2021 1.6 | Mar 2022 1.2 | Jun 2022 0.8 | Sep 2022 0.6 | Dec 2022 1.0 | Mar 2023 1.0 | Jun 2023 2.3 | Sep 2023 2.4 | Dec 2023 24.5 | Mar 2024 2,138.2 | Jun 2024 -18.3 | Sep 2024 -14.4 | Dec 2024 -5.7 | Mar 2025 -2.5 | Jun 2025 -2.2 | Sep 2025 -3.4 | Dec 2025 -1.2 | Mar 2026 -0.8 | Jun 2026 —

## Market action

Corporación América Airports S.A. has the strongest one-year price move in Airports & Air Services at +33.6%. It also leads on Mansfield relative strength against the S&P 500 at +0.2%. 1 of 4 covered companies is above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Corporación América Airports S.A. (CAAP): 34%
2. AerSale Corporation (ASLE): 10%
3. Joby Aviation, Inc. (JOBY): -58%
4. Wheels Up Experience Inc. (UP): -80%

### Strongest relative strength versus NIFTY 500
1. Corporación América Airports S.A. (CAAP): 0.2%
2. AerSale Corporation (ASLE): -15%
3. Joby Aviation, Inc. (JOBY): -45%
4. Wheels Up Experience Inc. (UP): -72%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Thin comparisons: Valuation, Enterprise and book valuation have fewer than three usable current readings.

## Every company
- Joby Aviation, Inc. (JOBY) — market value ₹7.2K Cr; latest fundamentals Mar 2026
- Corporación América Airports S.A. (CAAP) — market value ₹4.3K Cr; latest fundamentals Mar 2026
- AerSale Corporation (ASLE) — market value ₹307 Cr; latest fundamentals Mar 2026
- Wheels Up Experience Inc. (UP) — market value ₹200 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Airports & Air Services company is the biggest?

Corporación América Airports S.A. is the largest, with trailing-twelve-month revenue of $2,105 million, ahead of Wheels Up Experience Inc. at $728 million. That covers 4 of 4 companies with comparable reporting through Mar 2026.

### Which Airports & Air Services company is growing fastest?

Corporación América Airports S.A. has the fastest revenue growth at 17% year on year, across 3 of 4 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Airports & Air Services company has the best profit margins?

Corporación América Airports S.A. has the highest operating margin at 25.9%, from 4 of 4 comparable companies. Joby Aviation, Inc. shows the biggest recent improvement, at +271829.4 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Airports & Air Services company makes the most profit?

Corporación América Airports S.A. earns the most, at $307 million of trailing-twelve-month net profit, from 4 of 4 comparable companies. Corporación América Airports S.A. has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Airports & Air Services company earns the highest return on capital?

Corporación América Airports S.A. leads on return on capital employed at 3.6%, across 4 of 4 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Airports & Air Services stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Corporación América Airports S.A. screens cheapest at 0.57×. Only 1 of 4 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Airports & Air Services company has the strongest balance sheet?

AerSale Corporation carries the lowest comparable gross debt at $171 million, from 4 of 4 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Airports & Air Services company is investing most in new capacity?

Joby Aviation, Inc. reports the largest capital spending at $78 million, across 4 of 4 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Airports & Air Services sector beating the market?

Airports & Air Services has underperformed S&P 500 by 28.4% over the last 52 weeks and 5.1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 1 of 4 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Airports & Air Services stock has the strongest price momentum?

Corporación América Airports S.A. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Airports & Air Services company scores highest for research priority?

Corporación América Airports S.A. scores 70.1 out of 100 with 79% evidence confidence, from 26.5 points on growth and earnings, 11.4 on capital efficiency, 15 on valuation and 17.2 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Airports & Air Services companies does this comparison cover, and over what period?

It compares 4 listed companies over up to 20 reported quarters of fundamentals and 5 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Airports & Air Services sector?

The 4 Airports & Air Services companies on this page carry $11,917 million of combined market value. Joby Aviation, Inc. is the largest at $7,151 million, about 60% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### How is the Airports & Air Services sector performing?

1 of the 4 covered Airports & Air Services companies are beating S&P 500 on Mansfield relative strength. The sector itself is 28.4% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Airports & Air Services stocks are listed in the US?

This comparison covers 4 listed Airports & Air Services companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/airports-air-services