Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2013
- Return on Assets (ROA) since 2013
- Current Ratio since 2013
- Price to Book Value (P/BV) since 2013
- Analysis of Revenues
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Long-term Activity Ratios (Summary)
American Airlines Group Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
- Net fixed asset turnover
- The net fixed asset turnover ratio exhibits a notable decline beginning in the first quarter of 2020, dropping from 1.31 in March 2019 to a low of 0.42 by March 2021. This reduction indicates a significant decrease in revenue generated from each dollar of net fixed assets, likely reflecting operational disruptions. From mid-2021 onward, a steady recovery is observed, with the ratio improving consistently to reach 1.72 by the fourth quarter of 2023, surpassing pre-pandemic levels. This upward trend suggests enhanced asset utilization and operational efficiency during the recovery period.
- Net fixed asset turnover (including operating lease, right-of-use asset)
- This inclusive measure follows a similar trajectory to the standard net fixed asset turnover but with generally lower values. Starting at 1.05 in March 2019, it decreases steadily to a trough of 0.33 in June 2021, reflecting reduced asset productivity when accounting for leased assets. Subsequently, the ratio recovers progressively, reaching 1.36 by December 2023. The recovery indicates improved deployment of both owned and leased assets, though the values remain slightly below the net fixed asset turnover excluding leases, highlighting the impact of lease obligations on asset efficiency metrics.
- Total asset turnover
- The total asset turnover ratio demonstrates a pronounced decline from 0.76 in March 2019 to a minimum of 0.19 in June 2020, signifying a drastic reduction in sales generated per dollar of total assets. This trend aligns with the period characterized by heightened operational challenges. Following this low point, the ratio exhibits a gradual upward trend, rising to 0.84 by December 2023. The recovery indicates an improving capacity to generate revenue relative to total assets, though the pace of improvement is more moderate compared to net fixed asset turnover ratios.
- Equity turnover
- Data for equity turnover is unavailable across the observed periods, precluding analysis of trends or insights related to this measure.
Net Fixed Asset Turnover
American Airlines Group Inc., net fixed asset turnover calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Operating revenues | ||||||||||||||||||||||||||
| Property and equipment, net | ||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Net fixed asset turnover1 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||
| FedEx Corp. | ||||||||||||||||||||||||||
| Uber Technologies Inc. | ||||||||||||||||||||||||||
| Union Pacific Corp. | ||||||||||||||||||||||||||
| United Airlines Holdings Inc. | ||||||||||||||||||||||||||
| United Parcel Service Inc. | ||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
Net fixed asset turnover
= (Operating revenuesQ4 2023
+ Operating revenuesQ3 2023
+ Operating revenuesQ2 2023
+ Operating revenuesQ1 2023)
÷ Property and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The operating revenues exhibit a marked fluctuation over the observed periods, impacted significantly by external factors during 2020. Beginning at a strong level in early 2019, revenues peak in the third quarter of 2019 before experiencing a sharp decline in early 2020, coinciding with a global downturn. The lowest point occurs in the second quarter of 2020, reflecting a substantial contraction. Subsequent quarters show a gradual recovery, with revenues steadily increasing through 2021 and reaching levels in 2022 and 2023 that approach or exceed pre-crisis figures, indicating a robust rebound in demand and operational capacity.
The net book value of property and equipment, net, shows a gradual downward trend throughout the period under review from 2019 through 2021, with values decreasing from approximately 34,410 million US dollars to around 29,500 million US dollars. This decline suggests sustained depreciation, disposals, or potential asset impairments. From 2022 onward, the asset base stabilizes with minor fluctuations, maintaining a range between roughly 29,800 million and 30,700 million US dollars, which may indicate a period of limited capital expenditure or asset replacement strategy alignment with operational needs.
The net fixed asset turnover ratio provides insight into the efficiency of utilizing fixed assets to generate revenue. In 2019, the ratio is relatively robust, exceeding 1.3 at its peak, indicating efficient asset use. However, a significant decline begins in early 2020, coinciding with decreased operating revenues. The ratio reaches a trough in mid-2020, highlighting reduced asset utilization amidst lowered operations. Thereafter, a steady improvement is observable across 2021 through the end of 2023, with the ratio climbing back above 1.7, surpassing pre-2019 levels. This trend demonstrates enhanced asset efficiency and suggests successful operational recovery and optimization in asset employment during the latter periods.
Overall, the data depict a pronounced disruption in financial performance and asset utilization in 2020, followed by consistent and strong recovery through subsequent years. The stabilization of the asset base coupled with improving turnover ratios highlights a renewed operational effectiveness and possible strategic management of asset resources. The resurgence of operating revenues reinforces the positive trajectory toward regaining market position and financial stability.
- Operating revenues
- Sharp decline in early 2020; gradual and sustained recovery through 2021–2023, surpassing pre-disruption levels.
- Property and equipment, net
- Gradual decline from 2019 to 2021; stabilization with minor fluctuations from 2022 onward, indicating reduced capital expenditure or asset disposals.
- Net fixed asset turnover
- High efficiency prior to 2020; significant drop during 2020; steady recovery exceeding pre-event ratios by 2023, reflecting enhanced asset utilization.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
American Airlines Group Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Operating revenues | ||||||||||||||||||||||||||
| Property and equipment, net | ||||||||||||||||||||||||||
| Operating lease right-of-use assets | ||||||||||||||||||||||||||
| Property and equipment, net (including operating lease, right-of-use asset) | ||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||||||||||||||||||||||
| FedEx Corp. | ||||||||||||||||||||||||||
| Uber Technologies Inc. | ||||||||||||||||||||||||||
| Union Pacific Corp. | ||||||||||||||||||||||||||
| United Airlines Holdings Inc. | ||||||||||||||||||||||||||
| United Parcel Service Inc. | ||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Operating revenuesQ4 2023
+ Operating revenuesQ3 2023
+ Operating revenuesQ2 2023
+ Operating revenuesQ1 2023)
÷ Property and equipment, net (including operating lease, right-of-use asset)
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Operating revenues
- Operating revenues displayed a notable decline beginning in early 2020, dropping sharply from $11,313 million in December 2019 to $1,622 million by June 2020. This represents a significant decrease likely influenced by external adverse factors impacting business operations. Subsequently, revenues gradually recovered over the following quarters, increasing to $9,427 million by December 2021. From 2022 onward, the revenues stabilized at higher levels, peaking at $14,055 million in June 2023 before slightly declining to $13,062 million by December 2023. This recovery trend indicates a strong rebound in business activity following the initial downturn.
- Property and equipment, net (including operating lease, right-of-use asset)
- The net value of property and equipment exhibited a gradual downward trend throughout the period under review. From $43,732 million at the end of 2019, the figure steadily declined to approximately $37,387 million by December 2021. From 2022 forward, the net value stabilized somewhat around $37,500 million, fluctuating modestly but without a clear directional change, finishing at $38,703 million by the end of 2023. This pattern suggests ongoing depreciation or asset disposals, with limited new capital investment or acquisitions over these years.
- Net fixed asset turnover (including operating lease, right-of-use asset)
- The net fixed asset turnover ratio experienced a pronounced decrease from 1.05 in December 2019 to a low of 0.33 in June 2020, reflecting diminished asset utilization during the significant revenue downturn. Following this trough, the ratio steadily increased, surpassing pre-decline levels by early 2022 and continuing to improve through 2023. By December 2023, the ratio reached 1.36, indicating enhanced efficiency in utilizing fixed assets to generate revenues. This upward trajectory correlates with the recovery in operating revenues and suggests improved operational performance and asset productivity.
Total Asset Turnover
American Airlines Group Inc., total asset turnover calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Operating revenues | ||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Total asset turnover1 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||
| FedEx Corp. | ||||||||||||||||||||||||||
| Uber Technologies Inc. | ||||||||||||||||||||||||||
| Union Pacific Corp. | ||||||||||||||||||||||||||
| United Airlines Holdings Inc. | ||||||||||||||||||||||||||
| United Parcel Service Inc. | ||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
Total asset turnover
= (Operating revenuesQ4 2023
+ Operating revenuesQ3 2023
+ Operating revenuesQ2 2023
+ Operating revenuesQ1 2023)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Operating Revenues
- The operating revenues exhibit a downward trend beginning in early 2020, coinciding with a substantial decline starting March 31, 2020, where revenues drop from 11,313 million US dollars in December 2019 to 8,515 million US dollars. The decline continues sharply in the second quarter of 2020, reaching a low point of 1,622 million US dollars. Following this trough, there is a gradual recovery trend with revenues increasing steadily each quarter through 2023. By December 31, 2023, revenues reach 13,062 million US dollars, surpassing pre-pandemic levels seen in 2019. This pattern reflects a significant disruption likely related to external factors impacting the business early in 2020, followed by a sustained recovery phase.
- Total Assets
- Total assets show a moderate level of fluctuation over the period. Assets peak at 61,987 million US dollars in June 2019, then decrease gradually through 2019 and the first half of 2020, hitting a low of 58,580 million US dollars in March 2020. A rebound occurs in the subsequent quarters, with assets rising to over 67,000 million US dollars in early 2022. Post-2022, there is a slight downward trend evident towards the end of 2023 with assets declining to 63,058 million US dollars by December 31, 2023. Overall, the asset base appears relatively stable, albeit with some increase through mid-period, followed by modest contraction.
- Total Asset Turnover Ratio
- The total asset turnover ratio data starts from September 30, 2019, at 0.76 and remains relatively stable through December 2019 at 0.75. A sharp decline occurs starting March 31, 2020, dropping to 0.52, followed by continued reduction reaching a low of 0.19 in June 2020. Subsequently, a steady improvement trend is visible, increasing quarter-over-quarter to reach 0.84 by December 31, 2023. This metric suggests that asset utilization efficiency deteriorated significantly at the onset of 2020 but has since recovered gradually to surpass previous performance levels by the end of 2023.
- Overall Insights
- The data indicates a substantial operational impact beginning in the first quarter of 2020, likely associated with broad market or industry disruptions. Operating revenues and asset turnover ratios suffered marked declines but have shown persistent recovery, illustrating resiliency and possible strategic adjustments to improve asset utilization. Total assets remained more stable, with some expansion post-2020 followed by a slight contraction toward 2023. The upward trend in asset turnover alongside recovering revenues suggests enhanced efficiency and productivity improvements in the later periods analyzed.
Equity Turnover
American Airlines Group Inc., equity turnover calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Operating revenues | ||||||||||||||||||||||||||
| Stockholders’ equity (deficit) | ||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||
| FedEx Corp. | ||||||||||||||||||||||||||
| Uber Technologies Inc. | ||||||||||||||||||||||||||
| Union Pacific Corp. | ||||||||||||||||||||||||||
| United Airlines Holdings Inc. | ||||||||||||||||||||||||||
| United Parcel Service Inc. | ||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
Equity turnover
= (Operating revenuesQ4 2023
+ Operating revenuesQ3 2023
+ Operating revenuesQ2 2023
+ Operating revenuesQ1 2023)
÷ Stockholders’ equity (deficit)
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several key trends in the company's operating revenues and stockholders’ equity over the period from March 31, 2019, to December 31, 2023.
- Operating Revenues
-
Operating revenues show a fluctuating trend with a significant drop followed by a gradual recovery. Revenues started at 10,584 million USD in the first quarter of 2019 and increased to a peak of 11,960 million USD in June 2019, maintaining a similar range throughout 2019.
Starting in the first quarter of 2020, there is a sharp decline to 8,515 million USD, and a further steep decrease in the second quarter to 1,622 million USD, likely reflecting external challenges during that period. Revenues then progressively increase quarter by quarter, reaching 9,427 million USD by December 2021.
Throughout 2022, operating revenues continue to improve significantly, peaking at 13,462 million USD in June 2022. This upward trend carries into 2023 with some volatility but staying robust, fluctuating between approximately 12,000 and 14,000 million USD, with a high of 14,055 million USD in June 2023 before slightly declining towards the end of the year.
- Stockholders’ Equity (Deficit)
-
The stockholders’ equity position remains negative throughout the period, indicating persistent deficits. Starting at -636 million USD in March 2019, the deficit worsens significantly beginning in the first quarter of 2020, reaching -2,636 million USD and then deepening dramatically to -6,867 million USD by December 2020.
During 2021, the deficit continues to increase, peaking at approximately -7,945 million USD in March 2021 before showing slight improvement but remaining heavily negative through that year and into 2022.
From 2022 onward, there is a noticeable reduction in the stockholders’ equity deficit, improving to -5,799 million USD by December 2022. The trend continues with further improvements in 2023, reaching around -4,385 million USD by June 2023, though the deficit experiences minor fluctuations thereafter.
Overall, despite persistent negative equity, the trend indicates gradual strengthening in the company’s capital structure over the recent quarters following the deepening losses seen during the initial impact period in 2020.
- Summary of Observations
-
The company experienced a significant operational and financial impact beginning in early 2020, which is evident from the sharp decline in operating revenues and the deepening equity deficit during that year. This corresponds with an external disruption likely affecting business operations.
Following this period, there is a clear recovery trajectory in operating revenues, with figures progressively improving and nearing pre-disruption levels by late 2021 and further growth into 2022 and 2023.
Simultaneously, financial stability indicators such as stockholders’ equity show severe deterioration initially but exhibit signs of recovery in the most recent quarters, suggesting measures taken to improve financial health are having a positive effect.
These patterns highlight resilience in operational performance and gradual stabilization of financial foundations after a period of substantial business challenges.
- Additional Notes
-
The equity turnover ratio data is not available, which limits further analysis on the efficiency of equity utilization over the periods.