Stock Analysis on Net

American Airlines Group Inc. (NASDAQ:AAL)

Price to FCFE (P/FCFE) 

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Free Cash Flow to Equity (FCFE)

American Airlines Group Inc., FCFE calculation

US$ in millions

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12 months ended: Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Net income (loss) (1,993) (8,885) 1,686  1,412  1,919 
Net noncash charges 1,656  1,125  2,996  2,687  3,235 
Changes in operating assets and liabilities 1,041  1,217  (867) (566) (410)
Net cash provided by (used in) operating activities 704  (6,543) 3,815  3,533  4,744 
Capital expenditures, net of aircraft purchase deposit returns (208) (1,958) (4,268) (3,745) (5,971)
Airport construction projects, net of reimbursements (204) (173) (98) —  — 
Proceeds from sale of property and equipment 193  351  54  111  94 
Proceeds from issuance of long-term debt 12,190  11,780  3,960  2,354  3,058 
Payments on long-term debt and finance leases (7,343) (3,535) (4,190) (2,941) (2,332)
Free cash flow to equity (FCFE) 5,332  (78) (727) (688) (407)

Based on: 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).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to American Airlines Group Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. American Airlines Group Inc. FCFE increased from 2019 to 2020 and from 2020 to 2021.

Price to FCFE Ratio, Current

American Airlines Group Inc., current P/FCFE calculation, comparison to benchmarks

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No. shares of common stock outstanding 649,514,848
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) 5,332 
FCFE per share 8.21
Current share price (P) 13.89
Valuation Ratio
P/FCFE 1.69
Benchmarks
P/FCFE, Competitors1
CSX Corp. 18.42
Delta Air Lines Inc.
FedEx Corp. 27.52
Union Pacific Corp. 14.27
United Airlines Holdings Inc. 2.01
United Parcel Service Inc. 20.12
P/FCFE, Sector
Transportation 15.07
P/FCFE, Industry
Industrials 635.32

Based on: 10-K (reporting date: 2021-12-31).

1 Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.


Price to FCFE Ratio, Historical

American Airlines Group Inc., historical P/FCFE calculation, comparison to benchmarks

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Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
No. shares of common stock outstanding1 649,160,117 639,675,800 426,058,744 449,055,548 473,138,683
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 5,332  (78) (727) (688) (407)
FCFE per share3 8.21 -0.12 -1.71 -1.53 -0.86
Share price1, 4 17.43 17.99 28.33 35.90 52.78
Valuation Ratio
P/FCFE5 2.12
Benchmarks
P/FCFE, Competitors6
CSX Corp. 22.62 22.81 12.48 8.96 22.97
Delta Air Lines Inc. 2.34 9.52 13.66 15.41
FedEx Corp. 36.75 13.28 38.51 135.12 62.69
Union Pacific Corp. 16.72 18.85 15.85 10.96 16.38
United Airlines Holdings Inc. 2.58 3.16 6.19 12.69 17.47
United Parcel Service Inc. 22.62 33.39 19.54 20.00 22.12
P/FCFE, Sector
Transportation 18.08 12.76 15.76 15.65 23.16
P/FCFE, Industry
Industrials 750.78 25.85 21.08 23.09 22.19

Based on: 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).

1 Data adjusted for splits and stock dividends.

2 See details »

3 2021 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 5,332,000,000 ÷ 649,160,117 = 8.21

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

5 2021 Calculation
P/FCFE = Share price ÷ FCFE per share
= 17.43 ÷ 8.21 = 2.12

6 Click competitor name to see calculations.