Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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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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Historical Valuation Ratios (Summary)
American Airlines Group Inc., historical price multiples (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).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio displays significant volatility and incomplete data across the periods. Notably, a P/E of 7.16 is recorded at March 31, 2020, followed by another period of missing entries. In later periods, particularly from March 31, 2023, onward, there is a conspicuous rise to 79.81 at March 31, 2023, indicating a period of high valuation relative to earnings. Subsequently, this ratio declines sharply over the next three quarters, settling at values around 4.33 to 11.78 by December 31, 2023, which suggests a normalization or potentially improved earnings performance relative to price.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio exhibits some sparse data in initial periods, with a notable increase to 36.02 in June 30, 2020. This spike indicates a significant rise in price relative to operating profit at that time, possibly reflecting operational challenges or market expectations during that period. Following this peak, there are gaps in data until a more consistent presence of values appears from March 31, 2023. Here, the ratio decreases notably to 6.31 and continues to decline across subsequent quarters to a low of 1.99 at December 31, 2023. This trend suggests an improvement or stabilization in operating profitability relative to market price by year-end 2023.
- Price to Sales (P/S) Ratio
- The P/S ratio begins at 0.26 in March 31, 2020, drops to a low of 0.12 by June 30, 2020, and gradually recovers towards the end of 2020. It peaks again at 1.0 in June 30, 2021, indicating a high market valuation relative to sales during this period. After this peak, a consistent decreasing trend is observed through 2022 and into 2023, with values moving downward from 0.38 to a trough of 0.14 by September 30, 2023, before a slight recovery to 0.18 by December 31, 2023. This general downward trend may reflect reduced market confidence or declining sales relative to stock price over these periods.
- Price to Book Value (P/BV) Ratio
- Data for the P/BV ratio is extremely limited, with only one significant value of 80.52 noted early in the series. Due to the absence of subsequent measurements, no conclusive trend or insight can be derived for this ratio over the reported periods.
Price to Earnings (P/E)
American Airlines Group Inc., historical P/E 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Net income (loss) (in millions) | ||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||
| 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 Data adjusted for splits and stock dividends.
2 Q4 2023 Calculation
EPS
= (Net income (loss)Q4 2023
+ Net income (loss)Q3 2023
+ Net income (loss)Q2 2023
+ Net income (loss)Q1 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of American Airlines Group Inc. Quarterly or Annual Report.
4 Q4 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited a downward trend from early 2019, starting at $33.06 in March 2019 and declining steadily to a low of $11.77 by June 2020. This decline coincided with the onset of a significant market disruption in early 2020. Subsequently, the share price showed a recovery beginning in the third quarter of 2020, rising to a high of $21.16 by June 2021. Following this, however, the price experienced volatility and a general downward trend for the next year, falling to $12.88 by March 2023 before showing signs of recovery toward the end of 2023, closing at $14.79 in December 2023.
- Earnings Per Share (EPS) Development
- EPS values were only reported from March 2020 onward. There was a marked deterioration starting in the first quarter of 2020, with EPS plunging from a positive $3.96 in March 2020 to negative values afterward, hitting a trough at -$13.89 in March 2021. After this low point, EPS gradually improved, transitioning from increasingly less negative values in the subsequent quarters of 2021 and 2022, and ultimately turning positive again in the first quarter of 2023 with $0.19. The positive trend continued throughout 2023, reaching a peak of $4.03 in September 2023 before a slight decline in the last quarter.
- Price-to-Earnings (P/E) Ratio Fluctuations
- The P/E ratio data were only available for certain periods starting from March 2020. The ratio was initially 7.16 in March 2020 but was unavailable during much of the year, possibly due to negative earnings. By March 2023, a very high P/E ratio of 79.81 appeared, reflecting a low share price relative to earnings or possibly anomalous earnings. This was followed by a sharp decline in the ratio for the remainder of 2023, stabilizing between four and twelve, which aligns with the improvement in EPS and the fluctuating share price observed during the same period.
- Overall Financial Indicators Summary
- The financial data reflects the significant adverse impact on earnings and market valuation during 2020 and 2021, likely due to extraordinary external factors. The recovery phase is characterized by a gradual improvement in earnings, recovering to positive territory in early 2023, paralleled by a fluctuating but somewhat recovering share price. The high volatility in the P/E ratio during early 2023 indicates market uncertainty or rapidly changing profitability expectations. Overall, the data suggests a company transitioning from severe financial stress toward stabilization and recovery.
Price to Operating Profit (P/OP)
American Airlines Group Inc., historical P/OP calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Operating income (loss) (in millions) | ||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||
| 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 Data adjusted for splits and stock dividends.
2 Q4 2023 Calculation
Operating profit per share
= (Operating income (loss)Q4 2023
+ Operating income (loss)Q3 2023
+ Operating income (loss)Q2 2023
+ Operating income (loss)Q1 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of American Airlines Group Inc. Quarterly or Annual Report.
4 Q4 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The data reveals significant fluctuations in the share price and operating profit per share over the analyzed quarters, reflecting varying market conditions and company performance.
- Share Price Trends
- The share price began near $33.06 in the first quarter of 2019, followed by a gradual decline throughout 2019, reaching $28.33 by the end of that year. A sharp drop occurred in early 2020, coinciding with a decrease to $12.01 in March and further dipping to $11.77 in June 2020, likely influenced by exceptional market challenges during this period. Subsequently, the price showed partial recovery in the latter half of 2020, rising to $17.99 in December. Throughout 2021, the share price demonstrated moderate volatility, fluctuating between $17.43 and $21.16. In 2022, there was a downward trend overall, with prices mostly below $16 and a low of $13.46 in September. The share price fluctuated again in 2023, showing some recovery with a peak of $17.44 in June but retreating to $11.45 in September before increasing to $14.79 at year-end.
- Operating Profit Per Share (OPPS) Dynamics
- Data on operating profit per share is available starting from March 2020. At that point, OPPS was positive at $7.19 but dropped precipitously to a marginal $0.33 in June 2020, turning negative (-$6.88) in September 2020, and worsening to -$14.11 by December 2020. The negative trend persisted into 2021, though losses lessened over the year, moving from -$16.29 in March to -$4.31 in December 2021. This recovery continued through 2022, with losses shrinking to -$1.37 in September and improving further to positive territory by December 2022 ($2.47). The positive momentum strengthened in 2023, with OPPS rising to $7.52 in September before a slight decline to $4.63 in December.
- Price to Operating Profit Ratio (P/OP)
- Available from March 2020 onward, the P/OP ratio demonstrates significant volatility corresponding to the fluctuations in operating profit per share and share price. Initially, it was relatively low at 3.94 in March 2020, but spiked dramatically to 36.02 in June 2020, reflecting the steep decline in operating profit. The ratio dropped out of sight during periods when operating profit was negative or negligible. In 2023, as operating profit improved and share price varied, the ratio fluctuated between 1.99 and 6.31, indicating varying investor valuation relative to operating performance.
Overall, the data indicates a company experiencing extreme operational challenges beginning in early 2020, with a severe impact on profitability and share price, followed by gradual recovery into positive operating profit territory by late 2022 and continuing in 2023. Share price trends somewhat mirror this recovery but retain substantial volatility. The significant shifts in the P/OP ratio suggest evolving market perceptions about the value and stability of the company’s earnings during this period.
Price to Sales (P/S)
American Airlines Group Inc., historical P/S calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Operating revenues (in millions) | ||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||
| 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 Data adjusted for splits and stock dividends.
2 Q4 2023 Calculation
Sales per share
= (Operating revenuesQ4 2023
+ Operating revenuesQ3 2023
+ Operating revenuesQ2 2023
+ Operating revenuesQ1 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of American Airlines Group Inc. Quarterly or Annual Report.
4 Q4 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price displayed a downward trend from March 2019 to June 2020, declining from $33.06 to a low of $11.77. This period coincides with a significant drop, likely attributed to external market conditions. Following June 2020, there was a partial recovery with fluctuations characterized by intermittent rises and falls. Notably, the share price peaked at $20.22 in March 2022 but subsequently experienced another decrease, ending at $14.79 by December 2023. Overall, the share price remained volatile with no sustained upward momentum over the latter quarters.
- Sales Per Share
- Sales per share data begins in March 2020 at $107.42 and initially showed a sharp decline reaching a low of $20 in June 2021. From this low point, a continuous upward trajectory was observed with sales per share increasing steadily to $80.62 by December 2023. This indicates a strong recovery and growth in sales capacity per share post the initial downturn period, suggesting an improvement in the company’s revenue-generating efficiency over time.
- Price to Sales Ratio (P/S)
- The P/S ratio was relatively low in early 2020, starting at 0.26 in March and declining to 0.12 by June 2020. Thereafter, the ratio experienced volatility, spiking up to 1 in June 2021, which reflects an increase in market valuation relative to its sales. After this peak, the P/S ratio declined and stabilized at lower levels, fluctuating between 0.14 and 0.38 through December 2023. This suggests variability in investor valuation relative to the sales trend, with no consistent positive correlation to sales growth observed in the period following mid-2021.
- Summary of Trends and Insights
- The overall share price trend implies sensitivity to broader market or industry-specific factors, experiencing a significant drop during the early 2020 period and subsequent oscillations without a lasting upward trend. Conversely, sales per share demonstrated a robust recovery and growth trajectory after mid-2021, indicating operational recovery and increased sales efficiency. The P/S ratio, however, showed inconsistency, peaking sharply and then declining, reflecting fluctuating investor sentiment or valuation metrics independent of the steady improvement in sales per share. The divergence between share price performance and sales recovery suggests external influences affecting market perception beyond fundamental sales improvements.
Price to Book Value (P/BV)
American Airlines Group Inc., historical P/BV 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Stockholders’ equity (deficit) (in millions) | ||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||
| 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 Data adjusted for splits and stock dividends.
2 Q4 2023 Calculation
BVPS = Stockholders’ equity (deficit) ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of American Airlines Group Inc. Quarterly or Annual Report.
4 Q4 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The share price demonstrated a notable decline beginning in the first quarter of 2020, dropping sharply from $28.33 at the end of 2019 to a low around $11.77 in the second quarter of 2020. This decrease coincides with the onset of a significant negative shift in book value per share (BVPS), which moved from a slight negative of -0.28 at the end of 2019 to a much deeper negative range between -6.23 and -10.87 throughout 2020. Following this low point, the share price partially recovered in 2021, reaching approximately $20.07 in the first quarter before fluctuating and generally declining again toward the end of 2021 and into 2022 and early 2023. By the fourth quarter of 2023, the share price stood around $14.79, indicating volatility and ongoing challenges.
The BVPS exhibited sustained negative values throughout the entire period, reflecting persistent equity deficits or accumulated losses. The most pronounced negative BVPS was observed during 2020, with values nearing -10.87. Subsequent quarters show some improvement, with values approaching -7.94 by the end of 2023, indicating a gradual, though still insufficient, recovery in book value relative to prior quarters.
The price-to-book value (P/BV) ratio is only reported for one quarter and shows an extreme value of 80.52, which is likely influenced by the denominator's negative or near-zero values, thus limiting its usefulness for comparative analysis.
Overall, the data reflect a period of significant financial stress beginning in early 2020, with a severe impact on both market valuation and book equity. Although partial recovery in market price and slight improvements in book value occurred during subsequent quarters, the company continues to face challenges, as evidenced by sustained negative BVPS and share price volatility through 2023.