Two-compartment models provide more precise information about the contribution of the different portions of the airways to exhaled nitric oxide (NO). Airway wall concentration of NO (Caw,NO) and maximum flux of NO in the airways (J'aw,NO) reflect the tissue production rate of NO and they can be modified by corticosteroids. The airway wall diffusing capacity of NO (Daw,NO) depends on diverse physical and anatomical determinants of the airways, such as gas exchange surface area. Daw,NO can be modified by structural and physiological changes that are characteristic of airway remodeling, which take place over the long term. The alveolar concentration of NO (Calv,NO) represents the degree of small airway inflammation. The persistence of high Calv,NO in patients treated with inhaled corticosteroids could reflect the incapacity of these drugs to reach distal locations due to the heterogeneity of the acinar ventilation. In this review, we evaluate the parameters provided by the compartmentalized analysis of exhaled NO that could be useful in characterizing asthma patients.