American Airlines Group Inc., current enterprise value calculation

Current share price (P)	$14.79
No. shares of common stock outstanding	654,756,816
US$ in millions
Common equity (market value)¹	9,684)
Total equity	9,684)
Add: Current maturities of long-term debt and finance leases (per books)	3,632)
Add: Long-term debt and finance leases, net of current maturities (per books)	29,270)
Total equity and debt	42,586)
Less: Cash	578)
Less: Short-term investments	7,000)
Less: Restricted cash and short-term investments	910)
Enterprise value (EV)	34,098)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 14.79 × 654,756,816

American Airlines Group Inc., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$14.79	$15.56	$17.43	$17.99	$28.33
No. shares of common stock outstanding¹	654,756,816	651,430,518	649,160,117	639,675,800	426,058,744
US$ in millions
Common equity (market value)³	9,684)	10,136)	11,315)	11,508)	12,070)
Total equity	9,684)	10,136)	11,315)	11,508)	12,070)
Add: Current maturities of long-term debt and finance leases (book value)	3,632)	3,274)	2,489)	2,797)	2,861)
Add: Long-term debt and finance leases, net of current maturities (book value)	29,270)	32,389)	35,571)	29,796)	21,454)
Total equity and debt	42,586)	45,799)	49,375)	44,101)	36,385)
Less: Cash	578)	440)	273)	245)	280)
Less: Short-term investments	7,000)	8,525)	12,158)	6,619)	3,546)
Less: Restricted cash and short-term investments	910)	995)	990)	609)	158)
Enterprise value (EV)	34,098)	35,839)	35,954)	36,628)	32,401)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of American Airlines Group Inc. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 14.79 × 654,756,816

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	American Airlines Group Inc. EV decreased from 2021 to 2022 and from 2022 to 2023.

American Airlines Group Inc. (NASDAQ:AAL)

Enterprise Value (EV)