American Airlines Group Inc. AAL

IndustrialsPassenger Transportation ServicesUnited States of America

Last close 13.08 USD on Nov 2, 2026, −14.7% year to date

Quant rating

Quant rating D Rank 348 of 486 in Industrials

Growth A 60 of 486
Valuation C 263 of 486
Quality C 332 of 486
Revisions D 353 of 486
Momentum C 324 of 486

Wall Street consensus Buy (2.46)Average target 15.21 USD +16.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 8.7B
Enterprise value: 29.6B
52-week range: 10.10 – 18.79
3-year range: 9.07 – 18.79
Dividend yield: –
Beta (5 years): 1.45
Shares outstanding: 663M
Next earnings: Jan 25, 2027

About the company

American Airlines Group Inc. is a holding company. Its primary business activity is the operation of a major network air carrier, providing scheduled air transportation for passengers and cargo through its hubs in Charlotte, Chicago, Dallas/Fort Worth, Los Angeles, Miami, New York, Philadelphia, Phoenix and Washington, D.C. and partner gateways, including in London, Doha, Madrid, Seattle/Tacoma, Sydney and Tokyo, among others. Together with its regional airline subsidiaries and third-party regional carriers operating as American Eagle. Its cargo division provides a wide range of freight and mail services, with facilities and interline connections available across the globe. It operates approximately 1,013 mainline aircraft supported by its regional airline subsidiaries and third-party regional carriers, which together operate an additional 567 regional aircraft. Its subsidiaries include American Airlines, Inc., Envoy Aviation Group Inc., PSA Airlines, Inc. and Piedmont Airlines, Inc.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	54,633	54,211	52,788	48,971	29,882	–
Revenue growth	0.8%	2.7%	7.8%	63.9%	72.4%	25.8%
EPS (basic, normalized)	0.36	1.96	2.65	0.50	−8.38	–
EPS growth	−81.6%	−26.0%	430.0%	–	–	–
Gross margin	64.7%	63.5%	62.4%	57.9%	57.1%	61.1%
Net margin	0.2%	1.6%	1.6%	0.3%	−6.7%	−0.6%
ROE	–	–	–	–	–	–

Balance sheet, last quarter
Cash & short-term investments (mil)	8,738
Current ratio	0.53x
Long-term debt (mil)	25,943
Net debt (mil)	20,897
Total equity (mil)	−4,224
Net debt / equity	−4.95x
Net debt / EBITDA	5.94x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	54,633	+0.8%	0.5x	3,519	−29.7%	8.4x	0.36	−81.6%	36.3x
2026	63,911	+17.0%	0.5x	2,341	−33.5%	12.6x	−1.25	−448.1%	−10.4x
2027	68,513	+7.2%	0.4x	3,882	+65.8%	7.6x	0.79	+163.0%	16.6x
2028	70,787	+3.3%	0.4x	6,103	+57.2%	4.8x	3.17	+301.9%	4.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	63,911	+1.1%	+1.4%	+2.6%	−1.25	−136.0%	−1,405.9%	−1,817.4%
2027	68,513	+3.1%	+4.2%	+6.2%	0.79	−54.8%	−68.4%	−64.6%
2028	70,787	+2.2%	+3.2%	+4.7%	3.17	−4.4%	−2.0%	+0.3%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	12,570	14,334	13,647	13,660	12,551	14,392	13,691	13,999	13,912	16,735
Sales mean (mil)	12,602	14,360	13,489	13,395	12,604	14,296	13,628	14,028	13,794	16,707
Surprise	−0.3%	−0.2%	+1.2%	+2.0%	−0.4%	+0.7%	+0.5%	−0.2%	+0.9%	+0.2%
EPS reported	−0.34	1.09	0.30	0.86	−0.59	0.95	−0.17	0.16	−0.40	0.15
EPS mean	−0.29	1.05	0.16	0.64	−0.65	0.78	−0.28	0.34	−0.47	0.03
Surprise	−17.0%	+4.0%	+91.5%	+34.5%	+8.8%	+21.5%	+39.0%	−53.3%	+15.4%	+344.4%

Peer comparison Passenger Transportation Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
AAL American Airlines Group Inc.	8.7B	5.94x	0.2%	−2.05x	−10.4x	16.6x	12.6x	7.6x
DAL Delta Air Lines, Inc.	54.9B	1.10x	7.9%	2.44x	15.6x	11.8x	8.1x	6.6x
UAL United Airlines Holdings, Inc.	35.5B	1.44x	5.7%	2.00x	15.7x	9.4x	7.2x	5.4x
RYAAY Ryanair Holdings PLC	27.9B	−0.50x	14.0%	2.71x	14.4x	12.5x	6.3x	5.9x
LUV Southwest Airlines Co	21.5B	1.08x	1.6%	2.93x	15.9x	10.5x	7.0x	5.7x
CPA Copa Holdings, S.A.	5.6B	1.10x	18.6%	1.95x	9.3x	7.2x	5.8x	4.9x
Mean		1.69x	8.0%	1.66x	10.1x	11.3x	7.8x	6.0x
Median		1.10x	6.8%	2.22x	15.0x	11.1x	7.1x	5.8x

Technical analysis

1M+1.1%
3M−14.3%
1Y−0.4%
3Y+14.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, American Airlines Group Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	54,633	54,211	52,788	48,971	29,882	17,337
Cost of revenue	19,267	19,766	19,826	20,605	12,821	9,739
Gross profit	35,366	34,445	32,962	28,366	17,061	7,598
Selling, general & administrative expenses	19,563	17,833	16,379	14,787	12,915	13,217
Research & development	–	–	–	–	–	–
Depreciation/amortization	2,219	2,245	2,254	2,298	2,335	2,365
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	202	651	1,061	198	−4,455	−966
Other operating expenses	11,955	11,110	10,316	9,476	7,325	3,403
Operating income	1,427	2,606	2,952	1,607	−1,059	−10,421
Net interest income (expense)	−1,334	−1,530	−1,834	−1,746	−1,782	−1,186
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	97.0	78.0	3.0	325	293	154
Net income before taxes	190	1,154	1,121	186	−2,548	−11,453
Provision for taxes	79.0	308	299	59.0	−555	−2,568
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	111	846	822	127	−1,993	−8,885
Extraordinary items	–	–	–	–	–	–
Net income	111	846	822	127	−1,993	−8,885
EBIT, normalized	1,629	3,257	4,013	1,808	−5,485	−11,352
EBITDA, normalized	3,848	5,502	6,320	4,149	−3,037	−8,819
Basic EPS, normalized	0.36	1.96	2.65	0.50	−8.38	–

Balance sheet in millions of USD, fiscal years

Balance sheet, American Airlines Group Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	6,469	7,618	7,578	8,965	12,431	6,864
Receivables	2,075	2,006	2,026	2,138	1,505	1,342
Total inventory	2,792	2,638	2,400	2,279	1,795	1,614
Prepaid expenses	767	794	658	892	615	666
Other current assets	102	98.0	910	995	990	609
Total current assets	12,205	13,154	13,572	15,269	17,336	11,095
Property, plant & equipment	39,631	38,460	38,703	38,294	37,387	39,738
Goodwill	4,091	4,091	4,091	4,091	4,091	4,091
Intangibles	2,066	2,044	2,051	2,059	1,988	2,029
Long-term investments	603	515	541	245	239	161
Note receivable	–	–	–	–	–	–
Other long-term assets	3,178	3,519	4,100	4,758	5,426	4,894
Total assets	61,774	61,783	63,058	64,716	66,467	62,008
Liabilities
Accounts payable	2,840	2,455	2,353	2,149	1,772	1,196
Payable/accrued	–	–	–	–	–	–
Accrued expenses	6,102	6,203	6,424	6,159	5,762	5,786
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	3,753	5,322	3,632	3,274	2,489	2,797
Other current liabilities	11,797	10,315	9,653	9,914	8,983	6,790
Total current liabilities	24,492	24,295	22,062	21,496	19,006	16,569
Long-term debt	25,254	25,154	29,270	32,389	35,571	29,796
Minority interest	–	–	–	–	–	–
Other liabilities	15,755	16,311	16,928	16,630	19,230	22,510
Total liabilities	65,501	65,760	68,260	70,515	73,807	68,875
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	7.0	7.0	7.0	6.0	6.0	6.0
Additional paid-in capital	7,387	7,424	7,374	7,291	7,234	6,894
Retained earnings (accumulated deficit)	−6,732	−6,843	−7,689	−8,511	−8,638	−6,664
Treasury stock	–	–	–	–	–	–
Other equity	−4,389	−4,565	−4,894	−4,585	−5,942	−7,103
Total equity	−3,727	−3,977	−5,202	−5,799	−7,340	−6,867
Total liabilities & shareholders' equity	61,774	61,783	63,058	64,716	66,467	62,008

Cash flow statement in millions of USD, fiscal years

Cash flow statement, American Airlines Group Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	111	846	822	127	−1,993	−8,885
Depreciation, depletion & amortization	2,219	2,245	2,254	2,298	2,335	2,370
Deferred taxes	79.0	308	299	65.0	−555	−2,568
Non-cash items	−56.0	−231	192	−135	−124	1,323
Changes in working capital	746	815	236	−182	1,041	1,217
Cash from operations	3,099	3,983	3,803	2,173	704	−6,543
Investing activities
Capital expenditures	−3,779	−2,683	−2,596	−2,906	−412	−1,958
Other investing cash flows	1,885	1,715	2,094	3,542	−5,571	−2,384
Cash from investing	−1,894	−968	−502	636	−5,983	−4,342
Financing activities
Financing cash flow items	680	3.0	−310	73.0	−1.0	−5.0
Cash dividends paid	–	–	–	–	0	−43.0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−1,731	−2,797	−2,896	−2,704	5,289	11,042
Cash from financing	−1,051	−2,794	−3,206	−2,631	5,288	10,994
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	154	221	95.0	178	9.0	109
Free cash flow	−680	1,300	1,207	−733	292	−8,501

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.