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.
Paying user area
Try for free
American Airlines Group Inc. pages available for free this week:
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2013
- Operating Profit Margin since 2013
- Return on Equity (ROE) since 2013
- Price to Earnings (P/E) since 2013
- Price to Operating Profit (P/OP) since 2013
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to American Airlines Group Inc. for $22.49.
This is a one-time payment. There is no automatic renewal.
We accept:
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).
The analysis of the financial ratios over the observed periods reveals several notable trends in asset utilization and operational efficiency.
- Net Fixed Asset Turnover
- This ratio exhibited a marked decline from 1.28 in early 2020 to a low of 0.42 by the first quarter of 2021, indicating reduced efficiency in generating revenue from fixed assets during this timeframe. Subsequently, a steady recovery is evident, with the ratio increasing progressively to approximately 1.72 by the end of 2023. The rebound suggests a restoration of asset productivity, likely reflecting improved operational conditions or better capacity utilization.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- Starting at 1.02 in the first quarter of 2020, this adjusted ratio follows a similar downward trajectory, falling to 0.33 by March 2021. The subsequent recovery phase sees the ratio climbing to 1.36 by the end of 2023. The inclusion of right-of-use assets moderates the values but parallels the general trend, underscoring consistent improvements in the company's effective use of leased and owned fixed assets over the period.
- Total Asset Turnover
- The total asset turnover ratio declined significantly early in the period, from 0.75 in March 2020 to a low of 0.19 in the first quarter of 2021, indicating reduced efficiency in using all assets to generate revenue. Thereafter, a steady upward trend is observed, reaching 0.84 by the last quarter of 2023. This gradual recovery points to enhanced overall asset management and revenue generation capabilities post the downturn.
- Equity Turnover
- No data was available to assess the trend in equity turnover over the periods analyzed.
Overall, the data indicates a significant downturn in asset utilization metrics around the early 2021 period, likely attributable to external or industry-specific adverse conditions. Following that, there is a consistent and gradual improvement across all measured turnover ratios, suggesting a recovery in operational performance and asset efficiency. The trends highlight the company's strengthening ability to generate revenue from both fixed assets and total assets as conditions normalized.
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 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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).
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.
- Operating Revenues
- The operating revenues exhibit significant volatility starting from March 2020, reflecting a sharp decline likely due to an external disruption affecting the business environment. Revenues dropped from 8,515 million USD in March 2020 to a low of 1,622 million USD in June 2020. Following this trough, there is a strong recovery trend with revenues increasing steadily each quarter, peaking at 13,462 million USD in September 2022. Despite some fluctuations thereafter, revenues remain elevated relative to the initial disruption period, with values above 12,000 million USD in the last reported quarters, indicating a return toward pre-disruption performance levels but with some seasonal or cyclical variability.
- Property and Equipment, Net
- The net property and equipment value shows a gradual downward trend from 34,206 million USD at the start of the observation period in March 2020, decreasing consistently through the end of 2021 to 29,537 million USD. This suggests ongoing depreciation and limited asset additions or disposals reducing the asset base. From early 2022 onwards, the values stabilize around 30,000 million USD, with minor fluctuations possibly reflecting asset acquisition, disposals, or adjustments in valuation. The relative stability in the most recent periods indicates that asset levels have been maintained after an initial decline.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio declines sharply from 1.28 in March 2020 to a low of 0.42 by March 2021, signaling reduced efficiency in utilizing fixed assets to generate revenue during this period of operational disruption. Post-March 2021, there is a clear and continuous improvement in turnover ratios across subsequent quarters, climbing back above 1.0 by December 2021 and reaching a peak of 1.75 across mid to late 2023. This trend indicates a recovery in operating efficiency and better utilization of fixed assets to produce revenue, surpassing pre-disruption levels. The slight dip to 1.72 by December 2023 remains consistent with maintained operational improvements.
- Overall Trends and Insights
- The reviewed financial metrics collectively illustrate a period of initial significant operational challenge followed by a progressive recovery. The sharp drop in operating revenues and asset turnover corresponds with reduced business activity, while the slow decline in net fixed assets suggests asset depreciation or restructuring during this time. Over the subsequent quarters, operational revenues have rebounded strongly, and the efficiency of asset usage has substantially improved, indicating effective management responses and market recovery. Asset base stabilization further supports that the company has reached a more stable phase post-recovery. The data suggest resilience with improving financial health and asset productivity toward the latest period reported.
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 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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).
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
- The operating revenues exhibited significant volatility throughout the observed periods. Initially, a sharp decline was noted from $8,515 million in the first quarter of 2020 to a low of $1,622 million in the second quarter of 2020. This decline was followed by a gradual recovery trajectory with revenues increasing steadily over subsequent quarters, reaching $9,427 million by the fourth quarter of 2021. The upward trend continued through 2022, peaking at $13,462 million in the third quarter. In 2023, revenues maintained relatively high levels, fluctuating between $12,189 million and $14,055 million, indicating a recovery phase stabilizing at elevated values compared to the low points in 2020.
- Property and Equipment, Net (Including Operating Lease, Right-of-Use Asset)
- The net value of property and equipment showed a gradual decline from $42,825 million in the first quarter of 2020 to $37,387 million by the end of 2021. This was followed by a stabilization phase with values fluctuating narrowly around $37,000 million during 2022. In 2023, a moderate upward adjustment occurred, with the net asset value increasing to approximately $38,700 million by the fourth quarter. This pattern suggests a combination of asset depreciation or disposals in the earlier periods with possible reinvestment or revaluation effects emerging in the later quarters.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- The net fixed asset turnover ratio experienced a marked decline from 1.02 in the first quarter of 2020 to a low of 0.33 in the first quarter of 2021, reflecting diminished efficiency in generating revenues from fixed assets during this period. A subsequent recovery phase was observed, with the ratio rising steadily through the end of 2021 and throughout 2022, reaching levels above 1.30 by the third quarter of 2023. This resurgence indicates improved utilization of fixed assets to generate sales, consistent with the recovery in operating revenues. The ratio's stability near 1.36 in the final quarter of 2023 suggests a sustained improvement in asset efficiency.
Total Asset Turnover
American Airlines Group Inc., total asset turnover calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ 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).
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.
The quarterly financial data reveals several notable trends in the operational and asset management performance. Operating revenues experienced a dramatic decline from the first quarter of 2020 through the second quarter of 2020, reaching a low point due to external factors impacting demand. Following this trough, revenues steadily increased, surpassing pre-decline levels by mid-2021 and maintaining a generally upward trajectory with some fluctuations through the end of 2023. Despite periodic variations, revenues remained robust, indicating a recovery and stabilization in the company's business activities.
Total assets showed a distinct pattern over the observed period. The asset base initially expanded from the first quarter of 2020 through the middle of 2021, reflecting possible investments or acquisitions. Subsequently, total assets gradually decreased from mid-2021 onward, demonstrating a trend of cautious asset management or divestitures. By the end of 2023, total assets had decreased compared to the mid-2021 peak but remained above the early 2020 level, suggesting a strategic consolidation of asset holdings.
Total asset turnover, a key efficiency ratio measuring the revenue generated per unit of asset, declined sharply in early 2020, corresponding with the downturn in revenues. From the low point in the first quarter of 2021, this ratio showed consistent and steady improvement, indicating enhanced utilization of assets to generate revenues. The steady increase in total asset turnover through the end of 2023 highlights improved operational efficiency and the company's ability to leverage its asset base more effectively over time.
- Operating Revenues
- Experienced a significant drop in early 2020, followed by a steady recovery and eventual increase beyond pre-decline levels by mid-2021, with sustained strong performance into 2023.
- Total Assets
- Increased until mid-2021, then gradually decreased through 2023, indicating a phase of asset expansion followed by moderated consolidation or divestment.
- Total Asset Turnover
- Declined sharply during the early 2020 downturn but exhibited a consistent and steady upward trend from early 2021 onward, reflecting enhanced asset utilization and operational efficiency.
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 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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).
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 financial data reveals several notable trends over the analyzed quarters. Operating revenues experienced a significant decline in early 2020, reaching a low point in the second quarter. This was followed by a steady recovery beginning in the third quarter of 2020, with revenues rising consistently through 2021 and into 2022. Revenues peaked in the second quarter of 2022 before showing a moderate decline towards the end of 2022 and into 2023, although still maintaining levels considerably higher than those in the middle of 2020.
Stockholders’ equity (deficit) shows a negative balance throughout the entire period, indicating a persistent deficit. This deficit increased sharply from the first quarter of 2020 to the end of 2020, reflecting a deterioration in the financial position during that time frame. In 2021, the deficit gradually improved but remained substantial and negative. Entering 2022, the deficit expanded again, reaching its highest negative value in the first quarter of 2022. Subsequently, the deficit began to decrease, showing improvement during the remainder of 2022. In 2023, while the deficit continued to fluctuate, it generally displayed some stabilization but remained significantly negative by the end of the year.
No data was provided for the equity turnover ratio, thus no analysis can be made regarding this metric.
- Operating Revenues
- There was a pronounced drop in the early quarters of 2020, followed by a recovery trend through 2021 into 2022, peaking mid-2022 before a slight decline in 2023.
- Stockholders’ Equity (Deficit)
- Consistently negative, with the largest deficit occurring around early 2022. Some improvement was visible after that period but the equity remained in deficit by the end of 2023.