Debt to Equity
since 2013
Calculation
American Airlines Group Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Long-term debt and finance leases1 | ÷ | Stockholders’ equity (deficit)1 | |
|---|---|---|---|---|---|
| Dec 31, 2023 | — | = | 32,902) | ÷ | (5,202) |
| Dec 31, 2022 | — | = | 35,663) | ÷ | (5,799) |
| Dec 31, 2021 | — | = | 38,060) | ÷ | (7,340) |
| Dec 31, 2020 | — | = | 32,593) | ÷ | (6,867) |
| Dec 31, 2019 | — | = | 24,315) | ÷ | (118) |
| Dec 31, 2018 | — | = | 24,473) | ÷ | (169) |
| Dec 31, 2017 | 6.38 | = | 25,065) | ÷ | 3,926) |
| Dec 31, 2016 | 6.43 | = | 24,344) | ÷ | 3,785) |
| Dec 31, 2015 | 3.65 | = | 20,561) | ÷ | 5,635) |
| Dec 31, 2014 | 8.86 | = | 17,904) | ÷ | 2,021) |
| Dec 31, 2013 | — | = | 16,799) | ÷ | (2,731) |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
1 US$ in millions
The financial structure of American Airlines Group Inc. is characterized by a significant increase in long-term leverage and a recurring state of stockholders' equity deficit over the observed period from 2013 to 2023.
- Long-term Debt and Finance Leases
- A consistent upward trend in long-term debt was observed from 2013, when obligations stood at 16,799 million USD, rising to 25,065 million USD by 2017. After a period of relative stability between 2018 and 2019, a sharp increase occurred, with debt peaking at 38,060 million USD in 2021. A gradual decline followed this peak, with the balance reducing to 32,902 million USD by December 31, 2023.
- Stockholders' Equity Dynamics
- Equity positions exhibited high volatility, transitioning from a deficit of -2,731 million USD in 2013 to a positive peak of 5,635 million USD in 2015. This positive trend reversed after 2015, leading back to a deficit position starting in 2018. The equity deficit expanded dramatically between 2020 and 2021, reaching its lowest point of -7,340 million USD. Since 2021, there has been a modest recovery, narrowing the deficit to -5,202 million USD by the end of 2023.
- Debt to Equity Analysis
- During the periods where equity was positive, the debt-to-equity ratio remained elevated, reaching 8.86 in 2014 before fluctuating between 3.65 and 6.43 through 2017. From 2018 through 2023, the persistent negative stockholders' equity indicates a state of technical insolvency, where total liabilities exceed total assets, rendering the traditional positive ratio inapplicable for the latter six years of the sequence.
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Comparison to Competitors
American Airlines Group Inc., debt to equity, long-term trends, comparison to competitors
| American Airlines Group Inc. | FedEx Corp. | Uber Technologies Inc. | Union Pacific Corp. | United Airlines Holdings Inc. | United Parcel Service Inc. | |
|---|---|---|---|---|---|---|
| Dec 31, 2023 | — | 0.79 | 0.84 | 2.20 | 3.40 | 1.29 |
| Dec 31, 2022 | — | 0.81 | 1.26 | 2.74 | 4.68 | 0.99 |
| Dec 31, 2021 | — | 0.86 | 0.64 | 2.10 | 7.03 | 1.54 |
| Dec 31, 2020 | — | 1.20 | 0.62 | 1.58 | 4.75 | 37.53 |
| Dec 31, 2019 | — | 0.99 | 0.40 | 1.39 | 1.29 | 7.73 |
| Dec 31, 2018 | — | 0.85 | — | 1.10 | 1.47 | 7.53 |
| Dec 31, 2017 | 6.38 | 0.93 | — | 0.68 | 1.63 | 24.29 |
| Dec 31, 2016 | 6.43 | 1.01 | — | 0.75 | 1.35 | 39.69 |
| Dec 31, 2015 | 3.65 | 0.48 | — | 0.69 | 1.31 | 5.80 |
| Dec 31, 2014 | 8.86 | 0.31 | — | 0.54 | 5.06 | 5.04 |
| Dec 31, 2013 | — | 0.17 | — | 0.45 | 4.16 | 1.68 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
Comparison to Sector (Transportation)
American Airlines Group Inc., debt to equity, long-term trends, comparison to sector (transportation)
| American Airlines Group Inc. | Transportation | |
|---|---|---|
| Dec 31, 2023 | — | 1.48 |
| Dec 31, 2022 | — | 1.61 |
| Dec 31, 2021 | — | 1.63 |
| Dec 31, 2020 | — | 2.02 |
| Dec 31, 2019 | — | 1.36 |
| Dec 31, 2018 | — | 1.45 |
| Dec 31, 2017 | 6.38 | 1.39 |
| Dec 31, 2016 | 6.43 | 1.32 |
| Dec 31, 2015 | 3.65 | 1.01 |
| Dec 31, 2014 | 8.86 | 0.95 |
| Dec 31, 2013 | — | 0.75 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
Comparison to Industry (Industrials)
American Airlines Group Inc., debt to equity, long-term trends, comparison to industry (industrials)
| American Airlines Group Inc. | Industrials | |
|---|---|---|
| Dec 31, 2023 | — | 1.52 |
| Dec 31, 2022 | — | 1.42 |
| Dec 31, 2021 | — | 1.37 |
| Dec 31, 2020 | — | 1.82 |
| Dec 31, 2019 | — | 1.82 |
| Dec 31, 2018 | — | 1.85 |
| Dec 31, 2017 | 6.38 | 1.65 |
| Dec 31, 2016 | 6.43 | 1.54 |
| Dec 31, 2015 | 3.65 | 1.51 |
| Dec 31, 2014 | 8.86 | 1.89 |
| Dec 31, 2013 | — | 1.79 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).