American Airlines Group Inc.
$13.17
−0.14 (−1.05%) · delayed · Nov 13, 2026
Five-year price
52w $10.09 to $18.79
- Market cap
- $8.7B
- Enterprise value
- $35.9B
- P/E
- 77.5×
- 15.1× on 3y avg EPS
- EV / EBIT
- 24.5×
- FCF yield
- −7.8%
- ROIC
- 4.1%
- Debt / equity
- —
- Piotroski F
- 5/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
40
- ○ROIC > 12% (5y avg)5y avg ROIC 4.2%
- –ROE > 15% (5y avg)5y avg ROE n/a
- ●Stable operating marginsMargin volatility 3.3% (σ, 5y)
- ○Earnings convert to cashFCF / net income -151% (5y avg)
- ●Growing revenueRevenue CAGR 5y 25.8%
- ○Shrinking share countDiluted shares 36.6% over 5y
Value
0
- ○P/E below 15P/E 77.5
- ○EV/EBIT below 12EV/EBIT 24.5
- ○FCF yield above 6%FCF yield -7.8%
- –Price below Graham NumberGraham Number n/a
- –P/B below 3P/B n/a
Safety
0
- –Debt / equity below 0.5D/E n/a
- ○Debt payable in < 4 yrs of earningsNet debt $27.2B
- ○Interest coverage > 8xCoverage 0.9x
- ○Current ratio > 1.5Current ratio 0.50
- ○Piotroski F-score ≥ 6F-score 5/9
Graham Defensive
17
- ●Adequate size (revenue > $2B)Revenue $54.6B
- ○Strong condition (current ratio ≥ 2)Current ratio 0.50
- ○Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- ○Earnings growth ≥ 33% (10y, 3y avgs)EPS growth -75%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 15.1
- –P/E × P/B ≤ 22.5Product n/a
Valuation lab
What do you have to believe?
Starting cash flow
Net debt $27.2B · 662M shares · 5y revenue CAGR 25.8%
Intrinsic value
$13.03
Price
$13.17
Premium paid
1%
What the price implies
The market is paying for 20.0% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
70% of the value sits beyond year 10. That means the answer depends mostly on the long-run assumptions.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 40,142 | 42,622 | 44,541 | 45,768 | 17,337 | 29,882 | 48,971 | 52,788 | 54,211 | 54,633 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 5,060 | 4,231 | 2,656 | 3,065 | (10,421) | (1,059) | 1,607 | 3,034 | 2,614 | 1,467 |
| Operating margin | 12.6% | 9.9% | 6.0% | 6.7% | -60.1% | -3.5% | 3.3% | 5.7% | 4.8% | 2.7% |
| Pre-tax income | 4,152 | 3,395 | 1,884 | 2,256 | (11,453) | (2,548) | 186 | 1,121 | 1,154 | 190 |
| Income tax | 1,568 | 2,113 | 472 | 570 | (2,568) | (555) | 59 | 299 | 308 | 79 |
| Net income | 2,584 | 1,282 | 1,412 | 1,686 | (8,885) | (1,993) | 127 | 822 | 846 | 111 |
| EPS (diluted) | 4.65 | 2.61 | 3.03 | 3.79 | -18.36 | -3.09 | 0.19 | 1.21 | 1.24 | 0.17 |
| Diluted shares | 556 | 492 | 466 | 444 | 484 | 644 | 655 | 720 | 721 | 661 |
Who owns it