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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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
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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).
- Price to Earnings (P/E) Ratio
- The P/E ratio data is unavailable until early 2023. Starting March 31, 2023, the ratio stood at a notably high 79.81, followed by a sharp decline in subsequent quarters. It dropped significantly to 4.75 by June 30, 2023, and remained relatively stable around the mid-4 range before increasing to 11.78 in the last quarter. This trend suggests an initial peak likely driven by specific events or earnings fluctuations, followed by normalization and some renewed investor optimism in the final quarter.
- Price to Operating Profit (P/OP) Ratio
- Initially, the P/OP ratio was quite elevated at 36.02 in March 2020 but data for most of 2020 and 2021 is missing. From March 31, 2022 onwards, the ratio declined markedly. It fell from 6.31 to below 2.5 in the latter part of 2022 and early 2023, hitting a low of 1.99 by December 31, 2022. However, it rose slightly again to 3.19 by the end of 2023. This decline and partial rebound indicate improved operating profitability or reduced price levels, reflecting potential recovery from earlier challenges.
- Price to Sales (P/S) Ratio
- The P/S ratio exhibited steady growth through 2020, increasing from 0.12 in March 2020 to a peak of 1.0 by March 2021. After reaching this peak, it declined consistently throughout the remainder of 2021 and into 2022, dropping to as low as 0.14 by September 2023. A slight uptick to 0.18 occurred by December 31, 2023. This pattern suggests strong sales value appreciation during the initial recovery phase, followed by revaluation or reduced investor expectations over the next two years.
- Price to Book Value (P/BV) Ratio
- No data was available for the Price to Book Value ratio during the periods analyzed, preventing any comment on trends or valuation based on book value.
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 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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).
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.
The analysis of the quarterly financial data reveals several notable trends regarding share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over the observed periods.
- Share Price
- The share price exhibited moderate fluctuations throughout the quarters. Starting at $12.01 in March 2020, it initially declined slightly and then increased steadily until reaching a peak of $21.16 in June 2021. Following this peak, there was a downward correction with some volatility, dropping to a low of $11.45 in September 2023 before a slight recovery to $14.79 by December 2023. Overall, the share price showed an upward trend during the recovery phase in 2021, followed by a phase of decline and moderate recovery in 2022 and 2023.
- Earnings per Share (EPS)
- EPS figures indicate a significant recovery trend after an initially deep negative performance. EPS started at -$1.75 in March 2020 and deteriorated further to reach a low of -$13.89 by December 2020. From 2021 onwards, EPS improved consistently, becoming less negative quarter by quarter, eventually turning positive in September 2022 with $0.19 per share. The positive trend was maintained in subsequent quarters, peaking at $4.03 in September 2023, and slightly declining to $1.26 by December 2023. This indicates a recovery from the losses experienced during the pandemic period and a return to profitability with some volatility in the most recent quarters.
- Price-to-Earnings (P/E) Ratio
- P/E ratio data is available only from March 2022 onwards. Initially, the P/E was extremely high at 79.81, reflecting the market's valuation in the context of low or slightly positive earnings. As EPS became stronger and stabilized, the P/E ratio decreased substantially, moving down to around 4.33 to 4.75 in mid to late 2022, indicating improved earnings relative to share price. There was a slight increase in the P/E ratio to 11.78 by December 2023, which may suggest a revaluation of the stock price relative to earnings or some moderation in earnings growth alongside share price movements.
In summary, the company experienced significant earnings challenges during 2020, likely influenced by external adverse conditions, followed by a steady improvement into profitability by late 2022. The share price reflected a lagged and somewhat volatile reaction to these earnings improvements, while the P/E ratio demonstrated market recalibration as earnings stabilized and increased. The trends suggest improving business fundamentals with ongoing volatility in market valuation.
Price to Operating Profit (P/OP)
American Airlines Group Inc., historical P/OP calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| 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).
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 financial data presents a clear depiction of the company's performance and stock market valuation trends over multiple quarters from March 2020 to December 2023.
- Share Price Trends
- The share price exhibited significant fluctuations throughout the observed periods. Starting at $12.01 in March 2020, it experienced a modest decline in the early quarters of 2020, reaching a low around mid-2020. Subsequently, the price increased steadily, peaking at $21.16 in June 2021. After this peak, the share price displayed a downward correction toward the end of 2021, thereafter showing variability with lower lows and moderate recoveries. By December 2023, the share price settled at $14.79, which is higher than the initial value in March 2020 but lower than the mid-2021 peak.
- Operating Profit Per Share
- Operating profit per share (OPPS) reveals a period of substantial initial losses, notably negative from March 2020 through most of 2021. The deepest operating losses occurred between September 2020 and December 2020, with the lowest point around -$16.29 per share. From late 2021, the trend reversed as operating profit per share approached break-even and moved into positive territory by December 2022. This positive momentum continued into 2023, peaking at $7.52 in September before a slight decline to $4.63 in December 2023. This indicates an operational recovery and improved profitability over the latter part of the period.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio, available for selected quarters from December 2022 to December 2023, shows a marked decrease from a high of 6.31 to a low near 1.99 before a moderate increase to 3.19. The declining trend suggests that the stock price relative to operating profit per share became more favorable, reflecting investors' increased confidence in the company's operational earnings. The lower ratio in late 2023 may also indicate that the market perceives the earnings as more sustainably valuable or less risky.
In summary, the company navigated through a challenging operational period with heavy losses in 2020 and early 2021, likely influenced by external circumstances impacting the industry. The gradual and consistent improvement in operating profit per share from late 2021 through 2023 was accompanied by fluctuating yet relatively strong share price performance. This recovery phase is further supported by falling price-to-operating-profit ratios, pointing to enhanced investor sentiment and better alignment of market valuation with operating profitability.
Price to Sales (P/S)
American Airlines Group Inc., historical P/S calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| 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).
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 Trend
- The share price exhibited considerable volatility throughout the analyzed periods. It started at $12.01 and experienced a drop to approximately $11.77 and $13.15 early in the period, followed by a significant peak at $20.07 in March 2021. After mid-2021, the price generally declined with some fluctuations, reaching a low near $11.45 in September 2023 before rebounding slightly to $14.79 by the end of 2023.
- Sales Per Share Pattern
- Sales per share demonstrated a distinct recovery trend. Initially, it declined sharply from $103.33 in March 2020 to $20 in March 2021, reflecting a significant decrease during this interval. Subsequently, there was a consistent increase in sales per share, rising steadily from $20 to over $80 by the end of 2023. This recovery suggests an improving revenue generation capability per share after the initial downturn.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio started very low at 0.12 in March 2020 and rose substantially to 1.00 by March 2021, indicating a marked increase in the share price relative to sales per share during the early period. After this peak, the ratio gradually declined and stabilized between 0.14 and 0.22 for the rest of the period, suggesting the market's valuation became less aggressive compared to the peak and more in line with the improving sales figures.
- Overall Insights
- The data reveal a recovery phase after an initial downturn, likely influenced by market conditions impacting both share price and sales per share. The substantial initial decline in sales per share followed by a steady rebound points to improving operational performance or market demand. However, share price volatility and a declining P/S ratio after an early peak may indicate cautious investor sentiment or valuation adjustments despite improving sales metrics.
Price to Book Value (P/BV)
American Airlines Group Inc., historical P/BV calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| 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).
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 analysis of the quarterly financial data reveals several noteworthy trends regarding share price and book value per share (BVPS) over the observed periods.
- Share Price Trend
- The share price demonstrated initial weakness during the early stages of the period, starting at $12.01 and reaching a low point near mid-2020 at $11.77. Subsequently, a notable recovery took place by the end of 2020, with the price rising to $17.99. The first half of 2021 exhibited further upward momentum, peaking at $21.16 in June, before a gradual decline occurred towards the end of the year, settling at $17.43 in December 2021.
- In 2022, the share price showed volatility, with a decrease to $14.08 by June and continued fluctuations throughout the year, ending at $15.56 in December. In 2023, the price again varied widely, reaching a lower point of $11.45 in September before improving to $14.79 by the end of December. Overall, the share price experienced a cyclical pattern with significant peaks in mid-2021 and troughs in mid-2023.
- Book Value Per Share (BVPS) Trend
- The book value per share consistently remained negative through the entire period, indicating that total liabilities exceeded total assets in terms of equity value per share.
- Starting from -$6.23 at the beginning of 2020, BVPS deteriorated noticeably, reaching its lowest point near -$13.76 in March 2022. This decline signals increasing financial strain or accumulated losses impacting shareholder equity.
- Post-March 2022, there was a partial recovery in BVPS, improving to -$6.71 by June 2023, but the value still remained significantly negative by the end of 2023 at -$7.94. This partial rebound could suggest some positive developments in asset management or profitability, although not sufficient to restore a positive equity value per share.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio was not provided in the data and therefore cannot be evaluated in this analysis.
- Summary Insights
- The share price fluctuations suggest fluctuating market sentiment and possibly external factors influencing valuation. However, the persistently negative and fluctuating BVPS highlights underlying challenges in achieving positive equity value, possibly reflecting sustained losses or balance sheet pressures.
- The partial improvement in BVPS during the later periods indicates some progress in stabilizing financial conditions, though the lack of positive book value signals continued risk from an equity perspective.