Latest Ratios: P/E Ratio 76.1x · EV/EBITDA 12.4x · ROE N/A. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.6B | $10.1B | $12.6B | $9.9B | $8.3B | $11.6B | $7.6B | $12.7B | $15.0B | $25.6B | $26.0B |
| Enterprise Value | $42.8B | $44.4B | $49.3B | $50.0B | $51.6B | $57.5B | $48.4B | $45.9B | $48.7B | $50.4B | $50.0B |
| P/E Ratio → | 76.12 | 90.18 | 14.06 | 12.05 | 66.95 | — | — | 7.55 | 10.60 | 13.34 | 9.71 |
| P/S Ratio | 0.16 | 0.19 | 0.23 | 0.19 | 0.17 | 0.39 | 0.44 | 0.28 | 0.34 | 0.60 | 0.65 |
| P/B Ratio | — | — | — | — | — | — | — | — | — | — | 6.86 |
| P/FCF | — | — | 9.67 | 8.19 | — | 23.32 | — | — | — | — | 32.74 |
| P/OCF | 2.76 | 3.27 | 3.16 | 2.60 | 3.83 | 16.43 | — | 3.34 | 4.23 | 5.39 | 3.98 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.81 | 0.91 | 0.95 | 1.05 | 1.92 | 2.79 | 1.00 | 1.09 | 1.18 | 1.25 |
| EV / EBITDA | 12.45 | 12.91 | 10.86 | 10.05 | 14.39 | 45.04 | — | 8.53 | 10.12 | 8.06 | 7.26 |
| EV / EBIT | 29.21 | 23.31 | 15.97 | 15.30 | 24.01 | — | — | 13.70 | 16.57 | 11.32 | 9.72 |
| EV / FCF | — | — | 37.93 | 41.40 | — | 115.87 | — | — | — | — | 63.03 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 19.2% | 19.2% | 21.1% | 22.4% | 18.5% | 0.1% | -41.7% | 24.3% | 22.6% | 26.6% | 29.2% |
| Operating Margin | 2.7% | 2.7% | 4.8% | 5.7% | 3.3% | -3.5% | -60.1% | 6.7% | 6.0% | 9.9% | 12.6% |
| Net Profit Margin | 0.2% | 0.2% | 1.6% | 1.6% | 0.3% | -6.7% | -51.2% | 3.7% | 3.2% | 3.0% | 6.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | — | — | — | 85.3% | 54.9% |
| ROA | 0.2% | 0.2% | 1.4% | 1.3% | 0.2% | -3.1% | -14.6% | 2.8% | 2.5% | 2.5% | 5.2% |
| ROIC | 3.5% | 3.5% | 5.8% | 6.3% | 3.2% | -2.2% | -23.3% | 6.9% | 6.9% | 12.3% | 14.2% |
| ROCE | 3.9% | 3.9% | 6.7% | 7.2% | 3.5% | -2.3% | -23.9% | 7.3% | 6.6% | 11.3% | 14.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | — | — | — | — | 6.43 |
| Debt / EBITDA | 10.45 | 10.45 | 8.27 | 8.18 | 12.19 | 36.19 | — | 6.21 | 7.07 | 4.01 | 3.54 |
| Net Debt / Equity | — | — | — | — | — | — | — | — | — | — | 6.35 |
| Net Debt / EBITDA | 9.96 | 9.96 | 8.09 | 8.07 | 12.07 | 35.97 | — | 6.16 | 7.01 | 3.96 | 3.49 |
| Debt / FCF | — | — | 28.26 | 33.21 | — | 92.55 | — | — | — | — | 30.29 |
| Interest Coverage | 1.11 | 1.11 | 1.60 | 1.52 | 1.09 | -0.42 | -8.33 | 3.06 | 2.78 | 4.22 | 5.19 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.50 | 0.50 | 0.54 | 0.62 | 0.71 | 0.91 | 0.67 | 0.45 | 0.48 | 0.60 | 0.74 |
| Quick Ratio | 0.38 | 0.38 | 0.43 | 0.51 | 0.60 | 0.82 | 0.57 | 0.35 | 0.39 | 0.51 | 0.67 |
| Cash Ratio | 0.27 | 0.27 | 0.29 | 0.34 | 0.42 | 0.65 | 0.41 | 0.21 | 0.26 | 0.33 | 0.46 |
| Asset Turnover | — | 0.88 | 0.88 | 0.84 | 0.76 | 0.45 | 0.28 | 0.76 | 0.74 | 0.81 | 0.78 |
| Inventory Turnover | 15.82 | 15.82 | 16.20 | 17.07 | 17.52 | 16.63 | 15.22 | 18.71 | 22.66 | 23.03 | 25.97 |
| Days Sales Outstanding | — | 13.86 | 13.51 | 14.01 | 15.94 | 18.38 | 28.25 | 13.96 | 13.98 | 15.00 | 14.49 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | 0.6% | 1.4% | 1.2% | 0.8% | 0.9% |
| Payout Ratio | — | — | — | — | — | — | — | 10.6% | 13.2% | 15.4% | 8.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.3% | 1.1% | 7.1% | 8.3% | 1.5% | — | — | 13.2% | 9.4% | 7.5% | 10.3% |
| FCF Yield | — | — | 10.3% | 12.2% | — | 4.3% | — | — | — | — | 3.1% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.2% | 2.3% | 8.6% | 5.6% | 6.3% | 17.3% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.2% | 2.8% | 10.0% | 6.8% | 7.1% | 18.2% |
| Shares Outstanding | — | $662M | $721M | $720M | $655M | $644M | $484M | $444M | $466M | $492M | $556M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying AAL stock.
American Airlines Group Inc.'s current P/E ratio is 76.1x. The historical average is 22.3x. This places it at the 92th percentile of its historical range.
American Airlines Group Inc.'s current EV/EBITDA is 12.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.5x.
Based on historical data, American Airlines Group Inc. is trading at a P/E of 76.1x. This is at the 92th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
American Airlines Group Inc. has 19.2% gross margin and 2.7% operating margin.
American Airlines Group Inc.'s Debt/EBITDA ratio is 10.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Labor costs and negative guidance
Metrics are mathematically derived from official filings.
Margins Squeezed by Cost Pressures
Despite a 16.3% revenue surge in Q2 2026, operating margin contracted to 2.7% from 7.9% a year earlier, per recent SEC filings, indicating cost growth is absorbing revenue gains.
Gross margin of 20.7% in Q2 2026 remains below the 24.3% seen in Q2 2024, suggesting structural cost inflation, likely from labor and fuel. The net margin of 0.4% underscores the fragility of earnings, with any minor cost shock potentially pushing the company to a loss. Investors should monitor whether the new labor agreements permanently raise the break-even load factor, as the negative forward EPS guidance hints at sustained margin pressure.
Capital Returns Remain Subdued
ROIC of 1.1% in Q2 2026 is well below the 3.1% in Q2 2024, based on reported figures, indicating that returns on invested capital are not yet recovering despite revenue growth.
The company's ROIC has been volatile, swinging from -0.6% in Q1 2026 to 1.1% in Q2 2026, but the trend over the past year shows a decline from the 2.6-3.1% range in mid-2024. This suggests that the heavy capital expenditure on fleet renewal is not yet generating sufficient incremental returns, possibly due to rising costs. The negative equity base complicates ROE analysis, but the persistent negative equity indicates that the company is not compounding shareholder value at this stage.
Working Capital Efficiency Stable but Thin
The cash conversion cycle improved to 7 days in Q2 2026 from 13 days a year earlier, per company reports, reflecting tighter management of receivables and payables, though liquidity remains constrained.
DSO improved to 11 days in Q2 2026 from 13 days in Q2 2025, while DPO remained stable at 25 days, indicating that AAL is collecting cash faster without stretching suppliers excessively. However, the current ratio of 0.53 and quick ratio of 0.42 highlight a persistent liquidity gap, as current liabilities exceed current assets. This suggests that the company relies heavily on operating cash flow and external financing to meet short-term obligations, which could be vulnerable in a downturn.
Debt Burden Weighs on Coverage
Interest coverage of 1.15x in Q2 2026, as reported in financial statements, is barely above the danger zone, with D/EBITDA at 38.67x, indicating that debt service consumes a significant portion of operating income.
The D/EBITDA ratio of 38.67x in Q2 2026 is distorted by depressed EBITDA, but even the forward EV/EBITDA of 7.40x suggests that leverage remains elevated relative to peers like Delta (8.48x) and United (8.02x). Interest coverage has improved from 0.13x in Q1 2026 but remains thin, implying that any rise in interest rates or decline in earnings could strain debt service. The negative equity base further limits financial flexibility, and investors should monitor refinancing risk as debt maturities approach.
Liquidity Buffer Remains Thin
The current ratio of 0.53 in Q2 2026, based on recent balance sheet data, indicates that current liabilities exceed current assets by nearly half, leaving little cushion for operational shocks.
With cash and equivalents of only $1.0B against a debt load of $35.7B, the liquidity position appears vulnerable to a severe demand downturn or fuel price spike. The quick ratio of 0.42 suggests that even without inventory, the company cannot cover short-term obligations from liquid assets alone. This thin buffer implies that AAL may need to access capital markets or asset sales to weather a crisis, which could be costly given its strained credit profile.
Misapplied Metric: EV/EBITDA
EV/EBITDA is commonly misapplied to AAL because its heavy debt and negative equity distort the ratio, per industry practice, obscuring the true earnings power of the loyalty program.
AAL's EV/EBITDA of 12.56x appears elevated, but this is partly due to depressed EBITDA from thin margins and high interest costs. The market may be undervaluing the high-margin AAdvantage program, which generates stable cash flows but is not fully captured in EBITDA. Analysts should consider a sum-of-the-parts valuation that separates the loyalty business from the airline operations, or use EV/EBITDAR to normalize for aircraft leases, to better assess the company's intrinsic value.