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LATAM Airlines (LTM)

Market Price (3/15/2026): $47.6 | Market Cap: $13.7 Bil
Sector: Industrials | Industry: Passenger Airlines

LATAM Airlines (LTM)

Market Price (3/15/2026): $47.6
Market Cap: $13.7 Bil
Sector: Industrials
Industry: Passenger Airlines

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 2.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.8%		 
1 Low stock price volatility
Vol 12M is 35%		 
2 Megatrend and thematic drivers
Megatrends include Experience Economy & Premiumization, Advanced Aviation & Space, and Energy Transition & Decarbonization. Themes include Travel & Leisure Tech, Show more.		 
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 2.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.8%
1 Low stock price volatility
Vol 12M is 35%
2 Megatrend and thematic drivers
Megatrends include Experience Economy & Premiumization, Advanced Aviation & Space, and Energy Transition & Decarbonization. Themes include Travel & Leisure Tech, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

LATAM Airlines (LTM) stock has remained largely at the same level since 11/30/2025 because of the following key factors:

1. Strong Q4 2025 Financial Performance and Positive 2026 Outlook.

LATAM Airlines reported robust financial results for Q4 2025, with total revenues increasing by 16.3% year-over-year to $3.95 billion, and passenger revenue rising by 20.3%. The company's adjusted operating income surged by 42.7% to $661 million, and net income increased by 78.1% to $484 million. Diluted earnings per share (EPS) of $1.69 significantly beat analysts' expectations of $1.32 by 28.03%. This strong performance and an optimistic 2026 outlook, projecting capacity growth of 8-10% and an adjusted operating margin between 15-17%, likely provided a significant positive impetus, contributing to the stock reaching an all-time high of $68.46 on February 2, 2026.

2. Sustained Recovery and Growth in the South American Aviation Market.

The broader South American aviation market maintained its recovery momentum into 2026, building on a strong 2025 where regional traffic grew 3.8% year-over-year. The market is projected to grow from $11.20 billion in 2025 to $11.45 billion in 2026, with an estimated CAGR of 1.84% over 2026-2031. LATAM Airlines reinforced its position as the region's largest operator, increasing seats by 6.5% year-over-year in Q1 2026 to 26.8 million. This favorable macroeconomic environment and LATAM's dominant market share provided underlying support for the stock, helping to maintain its level despite post-earnings fluctuations.

Show more

Stock Movement Drivers

Fundamental Drivers

The 1.4% change in LTM stock from 11/30/2025 to 3/13/2026 was primarily driven by a 12.6% change in the company's Net Income Margin (%).
(LTM values as of)113020253132026Change
Stock Price ($)46.9647.621.4%
Change Contribution By: 
Total Revenues ($ Mil)13,72814,2653.9%
Net Income Margin (%)9.1%10.2%12.6%
P/E Multiple10.99.4-14.4%
Shares Outstanding (Mil)2902871.2%
Cumulative Contribution1.4%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/13/2026
ReturnCorrelation
LTM1.4% 
Market (SPY)-3.1%41.8%
Sector (XLI)7.1%36.6%

Fundamental Drivers

The -2.7% change in LTM stock from 8/31/2025 to 3/13/2026 was primarily driven by a -25.1% change in the company's P/E Multiple.
(LTM values as of)83120253132026Change
Stock Price ($)48.9447.62-2.7%
Change Contribution By: 
Total Revenues ($ Mil)13,17414,2658.3%
Net Income Margin (%)8.9%10.2%15.2%
P/E Multiple12.59.4-25.1%
Shares Outstanding (Mil)2992874.2%
Cumulative Contribution-2.7%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/13/2026
ReturnCorrelation
LTM-2.7% 
Market (SPY)3.0%37.3%
Sector (XLI)8.8%39.5%

Fundamental Drivers

The 61.1% change in LTM stock from 2/28/2025 to 3/13/2026 was primarily driven by a 65.0% change in the company's Net Income Margin (%).
(LTM values as of)22820253132026Change
Stock Price ($)29.5647.6261.1%
Change Contribution By: 
Total Revenues ($ Mil)12,70714,26512.3%
Net Income Margin (%)6.2%10.2%65.0%
P/E Multiple11.39.4-17.4%
Shares Outstanding (Mil)3022875.3%
Cumulative Contribution61.1%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/13/2026
ReturnCorrelation
LTM61.1% 
Market (SPY)12.4%43.1%
Sector (XLI)22.0%45.1%

Fundamental Drivers

The 11967.9% change in LTM stock from 2/28/2023 to 3/13/2026 was primarily driven by a 383706.8% change in the company's P/S Multiple.
(LTM values as of)22820233132026Change
Stock Price ($)0.3947.6211967.9%
Change Contribution By: 
Total Revenues ($ Mil)8,59114,26566.0%
P/S Multiple0.01.0383706.8%
Shares Outstanding (Mil)5287-98.1%
Cumulative Contribution11967.9%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/13/2026
ReturnCorrelation
LTM11967.9% 
Market (SPY)73.4%-2.3%
Sector (XLI)70.2%2.7%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
LTM Return-76%18%22%4577%108%-7%3033%
Peers Return1%-20%4%60%4%-16%19%
S&P 500 Return27%-19%24%23%16%-1%80%

Monthly Win Rates [3]
LTM Win Rate33%42%42%58%75%33% 
Peers Win Rate43%50%43%63%55%33% 
S&P 500 Win Rate75%42%67%75%67%33% 

Max Drawdowns [4]
LTM Max Drawdown-82%-80%-41%-92%-4%-11% 
Peers Max Drawdown-12%-29%-18%-16%-40%-16% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-2% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: AAL, UAL, DAL, LUV, ALK.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/13/2026 (YTD)

How Low Can It Go

Unique KeyEventLTMS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-97.2%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven3536.4%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven661 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-89.5%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven851.8%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven1,519 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-55.5%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven124.7%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven1,793 days120 days

Compare to AAL, UAL, DAL, LUV, ALK

In The Past

LATAM Airlines's stock fell -97.2% during the 2022 Inflation Shock from a high on 6/1/2021. A -97.2% loss requires a 3536.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About LATAM Airlines (LTM)

LATAM Airlines Group S.A., together with its subsidiaries, provides passenger and cargo air transportation services in Peru, Argentina, the United States, Europe, Colombia, Brazil, Ecuador, Chile, the Asia Pacific, and rest of Latin America. The company provides passenger transport services to approximately 111 destinations in 16 countries, as well as cargo services to approximately 117 destinations in 20 countries; and operates loyalty programs. As of December 31, 2020, it operated a fleet of 297 aircraft, which include 286 passenger aircraft and 11 cargo aircraft; and subleased 3 aircraft comprising 2 passenger aircraft and 1 cargo aircraft to third parties. The company was formerly known as LAN Airlines S.A. and changed its name to LATAM Airlines Group S.A. in June 2012. LATAM Airlines Group S.A. was founded in 1929 and is headquartered in Santiago, Chile. On May 26, 2020, LATAM Airlines Group S.A., along with its affiliates, filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Southern District of New York.

AI Analysis | Feedback

1. It's like the Delta Airlines or American Airlines of South America, serving as a major international carrier for passengers and cargo across the continent.

2. A full-service international airline similar to Lufthansa or British Airways, but primarily focused on connecting Latin America and the world.

AI Analysis | Feedback

  • Passenger Air Transportation: Provides scheduled flights for individuals traveling to various domestic and international destinations.
  • Cargo Air Transportation: Offers freight services for businesses and individuals to transport goods by air across its network.
  • Loyalty Programs: Manages programs that reward frequent travelers with benefits such as points, upgrades, and exclusive offers.

AI Analysis | Feedback

LATAM Airlines Group S.A. (LTM) sells primarily to individuals through its passenger transport services. The major categories of individual customers it serves include:

  • Leisure Travelers: Individuals and families traveling for tourism, vacations, and recreational purposes.
  • Business Travelers: Individuals traveling for corporate purposes, meetings, conferences, and work-related activities.
  • Visiting Friends and Relatives (VFR) Travelers: Individuals traveling to visit friends and family, often connecting communities across the diverse regions LATAM serves.

AI Analysis | Feedback

  • Airbus SE (AIR.PA)
  • The Boeing Company (BA)
  • General Electric (GE)
  • Rolls-Royce Holdings PLC (RR.L)
  • RTX Corporation (RTX)
  • Safran S.A. (SAF.PA)

AI Analysis | Feedback

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AI Analysis | Feedback

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Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1LTM Stock Surges 17% With A 8-day Winning Spree On Zacks 'Strong-Buy'01/28/2026
2LTM Stock Surges 14% With A 7-day Winning Spree On Zacks 'Strong-Buy' Upgrade01/27/2026
3LTM Stock Surges 12% With A 6-day Winning Spree On Zacks Upgrade01/24/2026
4LTM Dip Buy Analysis07/10/2025
5LATAM Airlines (LTM) Valuation Ratios Comparison05/15/2025
6LATAM Airlines Total Shareholder Return (TSR): 4578.5% in 2024 and ...% 3-yr compounded annual returns (below peer average)03/07/2025
7LATAM Airlines Stock Shares Rally 17% In A Month, Time To Buy The Stock?02/28/2025
8LATAM Airlines (LTM) Net Income Comparison02/15/2025
9LATAM Airlines (LTM) Operating Income Comparison02/15/2025
10LATAM Airlines (LTM) Revenue Comparison02/13/2025
11ARTICLES 
12LTM Tops Southwest Airlines Stock on Price & Potential03/07/2026
13Stronger Bet Than Southwest Airlines Stock: LTM Delivers More02/24/2026
14LTM Looks Smarter Buy Than Southwest Airlines Stock02/12/2026
15Mid Cap Stocks Trading At 52-Week High02/03/2026
16LTM Stock Surges 17% With A 8-day Winning Spree On Zacks ‘Strong-Buy’ Upgrade01/28/2026
Title
0DASHBOARDS
1LTM Stock Surges 17% With A 8-day Winning Spree On Zacks 'Strong-Buy'
2LTM Stock Surges 14% With A 7-day Winning Spree On Zacks 'Strong-Buy' Upgrade
3LTM Stock Surges 12% With A 6-day Winning Spree On Zacks Upgrade
4LTM Dip Buy Analysis
5LATAM Airlines (LTM) Valuation Ratios Comparison
6LATAM Airlines Total Shareholder Return (TSR): 4578.5% in 2024 and ...% 3-yr compounded annual returns (below peer average)
7LATAM Airlines Stock Shares Rally 17% In A Month, Time To Buy The Stock?
8LATAM Airlines (LTM) Net Income Comparison
9LATAM Airlines (LTM) Operating Income Comparison
10LATAM Airlines (LTM) Revenue Comparison
11ARTICLES
12LTM Tops Southwest Airlines Stock on Price & Potential
13Stronger Bet Than Southwest Airlines Stock: LTM Delivers More
14LTM Looks Smarter Buy Than Southwest Airlines Stock
15Mid Cap Stocks Trading At 52-Week High
16LTM Stock Surges 17% With A 8-day Winning Spree On Zacks ‘Strong-Buy’ Upgrade

Trade Ideas

Select ideas related to LTM.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
EFX_2272026_Monopoly_xInd_xCD_Getting_Cheaper02272026EFXEquifaxMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		0.0%0.0%0.0%
LZ_2202026_Dip_Buyer_High_CFO_Margins_ExInd_DE02202026LZLegalZoom.comDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap		7.2%7.2%-5.0%
ADP_2132026_Dip_Buyer_ValueBuy02132026ADPAutomatic Data ProcessingDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		1.1%1.1%-3.0%
TREX_2132026_Dip_Buyer_ValueBuy02132026TREXTrexDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-3.2%-3.2%-5.9%
PCTY_2132026_Dip_Buyer_High_CFO_Margins_ExInd_DE02132026PCTYPaylocityDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap		-0.6%-0.6%-4.8%

Recent Active Movers

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Peer Comparisons

Peers to compare with:

Financials

LTMAALUALDALLUVALKMedian
NameLATAM Ai.American.United A.Delta Ai.Southwes.Alaska A. 
Mkt Price47.6210.3086.6058.7838.7538.0043.19
Mkt Cap13.76.828.038.123.64.418.6
Rev LTM14,26554,63359,06963,36428,06314,23941,348
Op Inc LTM2,3371,6264,9715,8224285531,981
FCF LTM--1,7862,5573,843-830-339-339
FCF 3Y Avg-542,0422,623-926-20054
CFO LTM-1,9308,4318,3421,8431,2491,930
CFO 3Y Avg-3,0158,2627,6101,8231,2543,015

Growth & Margins

LTMAALUALDALLUVALKMedian
NameLATAM Ai.American.United A.Delta Ai.Southwes.Alaska A. 
Rev Chg LTM11.2%0.8%3.5%2.8%2.1%21.3%3.2%
Rev Chg 3Y Avg15.2%3.8%9.7%7.9%5.7%14.0%8.8%
Rev Chg Q16.1%2.5%4.8%2.9%7.4%2.8%3.8%
QoQ Delta Rev Chg LTM3.9%0.6%1.2%0.7%1.9%0.7%1.0%
Op Mgn LTM16.4%3.0%8.4%9.2%1.5%3.9%6.1%
Op Mgn 3Y Avg12.9%5.5%9.0%9.5%1.2%6.6%7.8%
QoQ Delta Op Mgn LTM1.1%-1.2%-0.4%-0.5%0.4%-0.4%-0.4%
CFO/Rev LTM-3.5%14.3%13.2%6.6%8.8%8.8%
CFO/Rev 3Y Avg-5.6%14.6%12.4%6.8%10.4%10.4%
FCF/Rev LTM--3.3%4.3%6.1%-3.0%-2.4%-2.4%
FCF/Rev 3Y Avg-0.1%3.5%4.2%-3.4%-1.7%0.1%

Valuation

LTMAALUALDALLUVALKMedian
NameLATAM Ai.American.United A.Delta Ai.Southwes.Alaska A. 
Mkt Cap13.76.828.038.123.64.418.6
P/S1.00.10.50.60.80.30.5
P/EBIT6.13.65.15.534.711.55.8
P/E9.461.38.47.653.443.926.6
P/CFO-3.53.34.612.83.53.5
Total Yield12.8%1.6%12.0%13.5%3.6%2.3%7.8%
Dividend Yield2.1%0.0%0.0%0.3%1.7%0.0%0.2%
FCF Yield 3Y Avg-0.7%5.7%6.8%-4.4%-4.2%0.7%
D/E0.65.41.10.50.31.60.8
Net D/E0.44.60.70.40.11.10.6

Returns

LTMAALUALDALLUVALKMedian
NameLATAM Ai.American.United A.Delta Ai.Southwes.Alaska A. 
1M Rtn-22.4%-28.2%-24.0%-17.5%-24.3%-33.9%-24.2%
3M Rtn-11.7%-31.1%-18.9%-15.6%-5.1%-26.1%-17.3%
6M Rtn1.1%-20.2%-18.7%-1.3%23.5%-40.0%-10.0%
12M Rtn59.0%-3.5%23.9%35.5%27.5%-27.8%25.7%
3Y Rtn12,861.4%-29.7%87.4%70.8%35.6%-10.1%53.2%
1M Excs Rtn-20.0%-25.8%-21.6%-15.1%-21.9%-31.5%-21.8%
3M Excs Rtn-7.0%-30.4%-18.0%-14.1%-0.3%-25.0%-16.1%
6M Excs Rtn-2.5%-23.3%-23.7%-5.0%20.4%-43.4%-14.2%
12M Excs Rtn38.6%-26.8%-1.5%10.3%10.3%-49.8%4.4%
3Y Excs Rtn11,617.4%-107.6%-10.1%-17.2%-47.6%-92.5%-32.4%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Air Transport12,83311,641   
Cargo  1,7261,5421,210
Passengers  7,6363,3422,714
Total12,83311,6419,3634,8843,924


Price Behavior

Price Behavior
Market Price$47.62 
Market Cap ($ Bil)13.8 
First Trading Date10/07/2014 
Distance from 52W High-30.4% 
   50 Days200 Days
DMA Price$58.33$47.38
DMA Trendupup
Distance from DMA-18.4%0.5%
 3M1YR
Volatility41.9%35.2%
Downside Capture209.3885.59
Upside Capture169.44116.24
Correlation (SPY)41.4%43.5%
LTM Betas & Captures as of 2/28/2026

 1M2M3M6M1Y3Y
Beta1.021.131.200.970.72-44.28
Up Beta0.580.250.490.420.560.62
Down Beta-1.39-0.24-0.230.320.7044.06
Up Capture85%243%298%165%128%32%
Bmk +ve Days9203170142431
Stock +ve Days9243366145365
Down Capture275%173%144%129%75%-2819%
Bmk -ve Days12213054109320
Stock -ve Days12172755102341

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with LTM
LTM59.9%35.1%1.39-
Sector ETF (XLI)28.0%19.2%1.1645.2%
Equity (SPY)19.6%18.9%0.8143.2%
Gold (GLD)71.9%26.3%2.0510.8%
Commodities (DBC)19.3%17.3%0.897.6%
Real Estate (VNQ)6.2%16.3%0.1927.1%
Bitcoin (BTCUSD)-15.3%44.2%-0.2523.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with LTM
LTM-44.0%100.2%-0.02-
Sector ETF (XLI)13.4%17.1%0.6217.2%
Equity (SPY)13.1%17.0%0.6113.3%
Gold (GLD)24.1%17.3%1.141.8%
Commodities (DBC)11.2%19.0%0.476.0%
Real Estate (VNQ)4.8%18.8%0.169.0%
Bitcoin (BTCUSD)6.3%56.7%0.330.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with LTM
LTM-34.1%85.7%-0.02-
Sector ETF (XLI)13.8%19.8%0.6126.4%
Equity (SPY)14.5%17.9%0.7023.4%
Gold (GLD)14.4%15.6%0.773.4%
Commodities (DBC)8.6%17.6%0.4013.0%
Real Estate (VNQ)5.6%20.7%0.2321.1%
Bitcoin (BTCUSD)67.4%66.8%1.073.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date2272026
Short Interest: Shares Quantity2.5 Mil
Short Interest: % Change Since 215202614.4%
Average Daily Volume1.5 Mil
Days-to-Cover Short Interest1.7 days
Basic Shares Quantity287.0 Mil
Short % of Basic Shares0.9%

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   

SEC Filings

Expand for More
Report DateFiling DateFiling
12/31/202503/05/202620-F
09/30/202511/17/20256-K
06/30/202507/29/20256-K
03/31/202504/28/20256-K
12/31/202403/13/202520-F
09/30/202411/06/20246-K
06/30/202408/07/20246-K
03/31/202405/03/20246-K
12/31/202302/22/202420-F
09/30/202310/31/20236-K
06/30/202308/03/20236-K
03/31/202305/04/20236-K
12/31/202203/10/202320-F
09/30/202211/10/20226-K
06/30/202208/10/20226-K
03/31/202205/11/20226-K

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