Stock Analysis on Net
Stock Analysis on Net

American Airlines Group Inc. (NASDAQ:AAL)

$22.49

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

Common-Size Balance Sheet: Assets

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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
Short-term investments
Restricted cash and short-term investments
Accounts receivable, net
Aircraft fuel, spare parts and supplies, net
Prepaid expenses and other
Current assets
Property and equipment, net
Operating lease right-of-use assets
Goodwill
Intangibles, net of accumulated amortization
Deferred tax asset
Other assets
Other assets
Noncurrent assets
Total assets

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).

Cash and Short-Term Investments
The proportion of cash relative to total assets shows a steady increase over the analyzed period, rising from 0.47% in 2019 to 0.92% in 2023. Short-term investments also surged notably from 5.91% in 2019 to a peak of 18.29% in 2021, followed by a gradual decline to 11.1% in 2023. Restricted cash and short-term investments increased from 0.26% in 2019 to 1.54% in 2022 before slightly decreasing to 1.44% in 2023. This pattern indicates an overall strengthening of liquidity, with a notable allocation shift into short-term investments during the middle years.
Current Assets
Current assets as a percentage of total assets expanded substantially from 13.68% in 2019 to a high of 26.08% in 2021, before contracting to 21.52% in 2023. This increase through 2021 corresponds largely to the rise in short-term investments and cash equivalents. Accounts receivable grew modestly, reflecting an increase in credit sales or services rendered on a short-term basis, while inventory-like items such as aircraft fuel and spare parts showed a rising trend, indicating stronger operational stocking levels preparing for increased activity post-2020.
Property, Equipment, and Related Assets
The net value of property and equipment as a share of total assets declined from 58.33% in 2019 to 44.44% in 2021 but then recovered to 48.79% by 2023. Operating lease right-of-use assets steadily decreased from 14.56% in 2019 to 11.81% in 2021 and remained relatively stable thereafter. These trends suggest a reduction in owned capital assets during the early period, likely due to operational adjustments, with gradual reinvestment or asset valuation recovery afterward.
Intangible Assets and Goodwill
Goodwill declined slightly from 6.82% in 2019 to 6.15% in 2021 before experiencing a minor recovery to 6.49% in 2023. Similarly, net intangible assets decreased in proportion from 3.47% in 2019 to 2.99% in 2021 and then rose modestly to 3.25% in 2023. These changes may reflect amortization effects or impairment considerations with some stabilization in later periods.
Deferred Tax Assets and Other Assets
Deferred tax assets showed a significant increase from 1.08% in 2019 to around 5.3% in both 2020 and 2021, before slightly decreasing to 4.58% in 2023. Other assets rose from 2.06% in 2019 to a peak near 3.17% in 2021 but declined to 2.78% in 2023. A broader category of other assets (likely including noncurrent components) also grew from 13.43% to approximately 17% post-2019, stabilizing in subsequent years. This indicates an accumulation of deferred tax benefits and diversification or growth in other asset categories during the early recovery years.
Asset Structure
Noncurrent assets constituted a dominant share of total assets, though their proportion declined from 86.32% in 2019 to a low of 73.92% in 2021 as current assets surged, before rebounding to 78.48% in 2023. The fluctuation largely corresponds to the increased liquidity position and operational asset adjustments during the period, reflecting a temporary shift towards more liquid holdings amidst broader economic challenges followed by gradual asset rebalancing.