American Airlines Group Inc. (AAL) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+2167.9%

$299.13

vs $13.19 price

Levered DCF

$221.98

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.67

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	90.18×	13.51×	10.9×	63.6×	-5.81×	-0.86×	7.55×	10.56×
P/B	-2.72×	-2.88×	-1.73×	-1.43×	-1.58×	-1.11×	-107.76×	-88.2×
P/S	0.19×	0.21×	0.17×	0.17×	0.39×	0.44×	0.28×	0.33×
EV / EBITDA	10.77×	9.04×	8.89×	11.59×	36.21×	-6.16×	8.09×	9.55×
Gross margin	19.2%	21.1%	22.4%	18.5%	0.1%	-41.7%	24.3%	22.6%
Operating margin	2.7%	4.8%	5.7%	3.3%	-3.5%	-60.1%	6.7%	6.0%
Net margin	0.2%	1.6%	1.6%	0.3%	-6.7%	-51.2%	3.7%	3.2%
Current ratio	0.5×	0.54×	0.62×	0.71×	0.91×	0.67×	0.45×	0.48×
Debt / equity	-9.65×	-9.44×	-7.82×	-7.53×	-6.29×	-5.97×	-283.42×	-201.36×
Interest coverage	0.85×	1.35×	1.41×	0.82×	-0.59×	-8.49×	2.8×	2.52×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.6%	1.4%	1.2%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	-0.5%	10.6%	13.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-3.0%	-21.3%	-15.8%	-2.2%	27.2%	129.4%	-1428.8%	-835.5%
Return on invested capital	2.0%	4.4%	4.8%	2.3%	-1.6%	-16.2%	5.0%	4.2%
Return on assets	0.2%	1.4%	1.3%	0.2%	-3.0%	-14.3%	2.8%	2.3%
Free cash flow yield	-6.7%	11.4%	13.4%	-4.5%	4.3%	-113.7%	-3.6%	-1.4%
Earnings yield	1.1%	7.4%	9.2%	1.5%	-17.2%	-116.4%	13.3%	9.5%
Enterprise value	$44.4B	$48.2B	$49.1B	$51.5B	$57.5B	$48.4B	$45.9B	$48.7B
Net debt / EBITDA	8.31×	6.89×	7.26×	9.73×	28.93×	-5.19×	5.85×	6.62×
Cash conversion cycle (days)	13	15	14	17	19	34	12	11