AALAmerican Airlines Group Inc.
Is the business good?
The checks split: earnings fully cash-backed (5.6×), but margins compressing.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Operating profit is falling even as sales grow, costs are outrunning the top line.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is AAL?
American Airlines Group Inc. earns 4.5% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 4.5 points below what the capital costs: growth destroys value
- Operating margin
- 1.6%
Operating margin · Airlines median 7.5% · 12 months to Q3 2026
- Cash conversion
- 5.56×
Cash conversion · 2.46× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +0.36%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | −60% |
| FY2021 | −3.5% |
| FY2022 | 3.3% |
| FY2023 | 5.8% |
| FY2024 | 4.8% |
| FY2025 | 2.7% |
Details›
- Operating margin12 months to Q3 2026
- 1.6%
- Net margin12 months to Q3 2026
- −0.79%
- Free cash flow margin
- −0.15%
- Revenue, trailing twelve months
- $61.0B
- Free cash flow, trailing twelve months
- −$91M
- Net income, trailing twelve months
- −$481M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 4.5%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from AAL and who it buys from, as the companies report it.
None disclosed.
- RJETRepublic Airways Holdings Inc.43%
AAL is 43% of its revenue · FY2025 10-K
- BABoeing
Named in AAL’s FY2025 10-K
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; AAL’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported. A link without a share is named in one of the two companies’ annual reports, without a figure.