This study presents a model for assessing the asset management performance of airport operators, with a specific focus on the impacts of the COVID-19 pandemic and the subsequent recovery. The model aggregates asset values across various business units within a capital-intensive transport enterprise like an airport. At the core of the model is an objective function that evaluates added value on asset (AVA) based on a range of financial and operational variables, including revenues, operating costs, and cost of capital. Using a case study of Athens International Airport, the main airport in Greece and a major hub in the Mediterranean region, this study illustrates the fluctuations in asset values, highlighting the severe impact of the COVID-19 pandemic. Time-series analysis over an 8-year period provides insights into asset value ratios across different time windows. The coefficient of variation (COV) is used to measure AVA volatility, offering a nuanced understanding of airport business performance volatility. Key findings reveal significant disruptions caused by the pandemic, with a sharp decline in passenger traffic leading to substantial revenue losses and a negative AVA in 2020. However, a strong recovery was observed from 2021 onward, with AVA showing substantial improvement. The COV analysis indicated moderate volatility, suggesting both resilience and susceptibility to external shocks. The study provides actionable recommendations for improving asset management performance, enhancing financial stability, and optimizing operational efficiency. These include diversifying revenue streams, prioritizing high-return investments, implementing robust risk management strategies, and enhancing operational efficiency. This research contributes to the literature by offering a comprehensive methodological framework for airport asset valuation under varying conditions, providing practical insights and management implications for decision-makers and airport management.