Price to Book Value (P/BV)
since 2013
Calculation
American Airlines Group Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity (deficit)1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 21, 2024 | — | = | 14.79 | ÷ | -7.94 | -7.94 | = | -5,202 | ÷ | 654,756,816 | |
| Feb 22, 2023 | — | = | 15.56 | ÷ | -8.90 | -8.90 | = | -5,799 | ÷ | 651,430,518 | |
| Feb 22, 2022 | — | = | 17.43 | ÷ | -11.31 | -11.31 | = | -7,340 | ÷ | 649,160,117 | |
| Feb 17, 2021 | — | = | 17.99 | ÷ | -10.74 | -10.74 | = | -6,867 | ÷ | 639,675,800 | |
| Feb 19, 2020 | — | = | 28.33 | ÷ | -0.28 | -0.28 | = | -118 | ÷ | 426,058,744 | |
| Feb 25, 2019 | — | = | 35.90 | ÷ | -0.38 | -0.38 | = | -169 | ÷ | 449,055,548 | |
| Feb 21, 2018 | 6.36 | = | 52.78 | ÷ | 8.30 | 8.30 | = | 3,926 | ÷ | 473,138,683 | |
| Feb 22, 2017 | 6.17 | = | 46.32 | ÷ | 7.51 | 7.51 | = | 3,785 | ÷ | 504,154,397 | |
| Feb 24, 2016 | 4.35 | = | 40.66 | ÷ | 9.34 | 9.34 | = | 5,635 | ÷ | 603,018,015 | |
| Feb 25, 2015 | 17.14 | = | 49.73 | ÷ | 2.90 | 2.90 | = | 2,021 | ÷ | 696,649,850 | |
| Feb 28, 2014 | — | = | 36.93 | ÷ | -5.18 | -5.18 | = | -2,731 | ÷ | 526,805,522 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of American Airlines Group Inc. Annual Report.
The financial trajectory from 2014 to 2024 exhibits significant volatility in equity valuation, characterized by a transition from positive book value to a sustained period of negative equity.
- Share Price Trends
- The share price experienced a period of growth between 2014 and 2018, reaching a peak of 52.78 USD. Following this apex, a consistent downward trend is observed, with the price declining to 14.79 USD by February 2024. This represents a substantial contraction in market valuation over the latter half of the observed period.
- Book Value per Share (BVPS) Dynamics
- BVPS shows extreme fluctuations. After starting at a negative 5.18 USD in 2014, it shifted to positive territory, peaking at 9.34 USD in 2016. However, the BVPS returned to negative values in 2019 and deteriorated further, reaching a low of -11.31 USD in 2022. While there is a slight recovery toward -7.94 USD by 2024, the BVPS has remained negative for six consecutive years, indicating that liabilities exceed total assets on a per-share basis.
- Price to Book Value (P/BV) Interpretation
- The P/BV ratio is only applicable during the window when BVPS was positive (2015–2018). A peak ratio of 17.14 was recorded in 2015, suggesting a high market premium relative to the book value. Between 2016 and 2018, the ratio stabilized between 4.35 and 6.36. From 2019 onward, the P/BV ratio becomes mathematically undefined or non-meaningful due to the negative book value, reflecting a state of negative shareholder equity.
In summary, the divergence between the market price and the book value is stark. While the share price has declined steadily since 2018, the underlying book value has suffered a more severe collapse, remaining in negative territory for the majority of the last six years.
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Comparison to Competitors
American Airlines Group Inc., P/BV, 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. | |
|---|---|---|---|---|---|---|
| Feb 21, 2024 | — | 2.45 | 15.02 | 10.29 | 1.60 | 7.32 |
| Feb 22, 2023 | — | 2.27 | 9.36 | 10.34 | 2.32 | 7.75 |
| Feb 22, 2022 | — | 3.26 | 4.71 | 10.90 | 3.06 | 12.76 |
| Feb 17, 2021 | — | 2.35 | 8.24 | 8.07 | 2.85 | 213.26 |
| Feb 19, 2020 | — | 2.49 | 3.99 | 7.00 | 1.52 | 27.98 |
| Feb 25, 2019 | — | 3.15 | — | 5.72 | 2.34 | 31.82 |
| Feb 21, 2018 | 6.36 | 3.60 | — | 3.99 | 2.16 | 90.21 |
| Feb 22, 2017 | 6.17 | 3.10 | — | 4.43 | 2.71 | 231.41 |
| Feb 24, 2016 | 4.35 | 3.23 | — | 3.07 | 2.08 | 34.99 |
| Feb 25, 2015 | 17.14 | 2.82 | — | 5.07 | 10.91 | 42.88 |
| Feb 28, 2014 | — | 1.89 | — | 3.79 | 5.69 | 13.65 |
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., P/BV, long-term trends, comparison to sector (transportation)
| American Airlines Group Inc. | Transportation | |
|---|---|---|
| Feb 21, 2024 | — | 6.69 |
| Feb 22, 2023 | — | 5.91 |
| Feb 22, 2022 | — | 6.92 |
| Feb 17, 2021 | — | 8.09 |
| Feb 19, 2020 | — | 5.19 |
| Feb 25, 2019 | — | 5.63 |
| Feb 21, 2018 | 6.36 | 5.25 |
| Feb 22, 2017 | 6.17 | 5.80 |
| Feb 24, 2016 | 4.35 | 4.60 |
| Feb 25, 2015 | 17.14 | 6.55 |
| Feb 28, 2014 | — | 4.55 |
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., P/BV, long-term trends, comparison to industry (industrials)
| American Airlines Group Inc. | Industrials | |
|---|---|---|
| Feb 21, 2024 | — | 6.85 |
| Feb 22, 2023 | — | 5.50 |
| Feb 22, 2022 | — | 5.44 |
| Feb 17, 2021 | — | 5.89 |
| Feb 19, 2020 | — | 6.28 |
| Feb 25, 2019 | — | 5.96 |
| Feb 21, 2018 | 6.36 | 5.37 |
| Feb 22, 2017 | 6.17 | 4.89 |
| Feb 24, 2016 | 4.35 | 3.68 |
| Feb 25, 2015 | 17.14 | 3.70 |
| Feb 28, 2014 | — | 3.14 |
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).