Stock Analysis on Net
Stock Analysis on Net

American Airlines Group Inc. (NASDAQ:AAL)

This company has been moved to the archive! The financial data has not been updated since February 21, 2024.

Common-Size Balance Sheet: Assets

American Airlines Group Inc., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Cash 0.92 0.68 0.41 0.40 0.47
Short-term investments 11.10 13.17 18.29 10.67 5.91
Restricted cash and short-term investments 1.44 1.54 1.49 0.98 0.26
Accounts receivable, net 3.21 3.30 2.26 2.16 2.92
Aircraft fuel, spare parts and supplies, net 3.81 3.52 2.70 2.60 3.09
Prepaid expenses and other 1.04 1.38 0.93 1.07 1.04
Current assets 21.52% 23.59% 26.08% 17.89% 13.68%
Property and equipment, net 48.79 46.67 44.44 51.12 58.33
Operating lease right-of-use assets 12.59 12.51 11.81 12.96 14.56
Goodwill 6.49 6.32 6.15 6.60 6.82
Intangibles, net of accumulated amortization 3.25 3.18 2.99 3.27 3.47
Deferred tax asset 4.58 4.79 5.35 5.22 1.08
Other assets 2.78 2.94 3.17 2.93 2.06
Other assets 17.10% 17.23% 17.67% 18.02% 13.43%
Noncurrent assets 78.48% 76.41% 73.92% 82.11% 86.32%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

A strategic shift in the asset composition is evident between 2019 and 2023, characterized by a transition from a heavy concentration in noncurrent assets toward a higher proportion of liquid current assets.

Liquidity and Current Asset Trends
Current assets increased from 13.68% of total assets in 2019 to a peak of 26.08% in 2021, before moderating to 21.52% by the end of 2023. This expansion was primarily driven by short-term investments, which surged from 5.91% in 2019 to 18.29% in 2021, reflecting a significant build-up of liquid reserves. Although short-term investments declined to 11.10% by 2023, the overall liquidity posture remains elevated compared to the 2019 baseline. Cash as a percentage of total assets remained minimal but showed a gradual increase from 0.47% to 0.92% over the five-year period.
Fixed Asset and Lease Composition
Property and equipment, net, experienced a notable decline in its relative weight, dropping from 58.33% in 2019 to a low of 44.44% in 2021, before recovering to 48.79% in 2023. Similarly, operating lease right-of-use assets followed a generally downward trend, decreasing from 14.56% in 2019 to 12.59% in 2023. These trends indicate a reduction in the relative intensity of fixed capital investment as a portion of the total asset base.
Other Noncurrent Asset Dynamics
Deferred tax assets showed a significant increase, rising from 1.08% in 2019 to 5.35% in 2021, and remaining high at 4.58% in 2023, suggesting the recognition of substantial tax benefits or losses during the intervening years. Goodwill and intangible assets remained relatively stable, with goodwill fluctuating between 6.15% and 6.82% and intangibles remaining consistent around 3% of total assets.

In summary, the balance sheet shifted from a noncurrent asset dominance of 86.32% in 2019 to 78.48% in 2023. This redistribution highlights a move away from fixed operational assets toward a more liquid financial position.

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