Tearsheet

American Airlines (AAL)


Market Price (11/4/2025): $13.0 | Market Cap: $8.6 Bil
Sector: Industrials | Industry: Passenger Airlines

American Airlines (AAL)


Market Price (11/4/2025): $13.0
Market Cap: $8.6 Bil
Sector: Industrials
Industry: Passenger Airlines

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow


0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.2%, FCF Yield is 11%
Weak multi-year price returns
2Y Excs Rtn is -48%, 3Y Excs Rtn is -83%
Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 350%
1 Attractive cash flow generation
CFO LTM is 3.8 Bil
  
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.2%, FCF Yield is 11%
1 Attractive cash flow generation
CFO LTM is 3.8 Bil
2 Weak multi-year price returns
2Y Excs Rtn is -48%, 3Y Excs Rtn is -83%
3 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 350%

Market Valuation & Key Metrics

AAL Stock


Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
AAL Return-45%14%-29%8%27%-27%-54%
Peers Return-29%1%-18%8%50%-2%-7%
S&P 500 Return16%27%-19%24%23%15%112%

Monthly Win Rates [3]
AAL Win Rate33%50%50%42%50%40% 
Peers Win Rate38%47%48%43%58%52% 
S&P 500 Win Rate58%75%42%67%75%70% 

Max Drawdowns [4]
AAL Max Drawdown-68%-5%-34%-14%-33%-48% 
Peers Max Drawdown-69%-13%-30%-15%-14%-35% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: DAL, UAL, LUV, AAL, AL. See AAL Returns vs. Peers.
[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] 2025 data is for the year up to 11/4/2025 (YTD)

How Low Can It Go

Unique KeyEventAALS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-57.7%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven136.4%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-70.3%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven237.1%51.3%
2020 Covid PandemicTime to BreakevenTime to BreakevenNot Fully Recovered days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-58.2%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven139.1%24.7%
2018 CorrectionTime to BreakevenTime to BreakevenNot Fully Recovered days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-97.2%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven3420.5%131.3%
2008 Global Financial CrisisTime to BreakevenTime to BreakevenNot Fully Recovered days1480 days

Compare to DAL, UAL, LUV, AAL, AL


In The Past

American Airlines's stock fell -57.7% during the 2022 Inflation Shock from a high on 6/2/2021. A -57.7% loss requires a 136.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About American Airlines (AAL)

Better Bets than American Airlines (AAL)

Latest Trefis Analyses

Trade Ideas

Select past ideas related to AAL. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
GEO_10312025_Dip_Buyer_FCFYield10312025GEOGEODip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-0.9%-0.9%-0.9%
RUN_10312025_Short_Squeeze10312025RUNSunrunSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.
-3.8%-3.8%-3.8%
PLPC_10312025_Quality_Momentum_RoomToRun_10%10312025PLPCPreformed Line ProductsQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run
-0.4%-0.4%-0.4%
VRSK_10172025_Monopoly_xInd_xCD_Getting_Cheaper10172025VRSKVerisk AnalyticsMonopolyMY | 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
-7.3%-7.3%-10.5%
CARR_10102025_Dip_Buyer_ValueBuy10102025CARRCarrier GlobalDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
2.5%2.5%-0.8%
AAL_5312019_Dip_Buyer_ValueBuy05312019AALAmerican AirlinesDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
6.3%-61.0%-66.5%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
GEO_10312025_Dip_Buyer_FCFYield10312025GEOGEODip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-0.9%-0.9%-0.9%
RUN_10312025_Short_Squeeze10312025RUNSunrunSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.
-3.8%-3.8%-3.8%
PLPC_10312025_Quality_Momentum_RoomToRun_10%10312025PLPCPreformed Line ProductsQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run
-0.4%-0.4%-0.4%
VRSK_10172025_Monopoly_xInd_xCD_Getting_Cheaper10172025VRSKVerisk AnalyticsMonopolyMY | 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
-7.3%-7.3%-10.5%
CARR_10102025_Dip_Buyer_ValueBuy10102025CARRCarrier GlobalDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
2.5%2.5%-0.8%
AAL_5312019_Dip_Buyer_ValueBuy05312019AALAmerican AirlinesDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
6.3%-61.0%-66.5%

Recent Active Movers

Recent Active Movers

More From Trefis

Peer Comparisons for American Airlines

Financials

AALDALUALLUVALMedian
NameAmerican.Delta Ai.United A.Southwes.Air Lease 
Mkt Price12.6555.6590.7729.6763.6455.65
Mkt Cap8.436.129.415.57.115.5
Rev LTM54,29462,92058,36827,5512,87354,294
Op Inc LTM2,2596,0725,1653156082,259
FCF LTM8823,0743,710-250-3,030882
FCF 3Y Avg9621,8351,783-1,019-2,596962
CFO LTM3,7717,9769,3692,0241,7543,771
CFO 3Y Avg3,6677,2538,2201,9171,6603,667

Growth & Margins

AALDALUALLUVALMedian
NameAmerican.Delta Ai.United A.Southwes.Air Lease 
Rev Chg LTM1.3%4.3%4.2%0.6%6.2%4.2%
Rev Chg 3Y Avg6.5%10.8%13.2%6.8%8.1%8.1%
Rev Chg Q0.3%6.4%2.6%1.1%9.7%2.6%
QoQ Delta Rev Chg LTM0.1%1.6%0.7%0.3%2.3%0.7%
Op Mgn LTM4.2%9.7%8.8%1.1%21.2%8.8%
Op Mgn 3Y Avg6.1%9.5%9.2%0.3%24.4%9.2%
QoQ Delta Op Mgn LTM-0.9%0.3%-0.5%-0.0%0.0%-0.0%
CFO/Rev LTM6.9%12.7%16.1%7.3%61.0%12.7%
CFO/Rev 3Y Avg6.9%12.1%14.8%7.3%61.9%12.1%
FCF/Rev LTM1.6%4.9%6.4%-0.9%-105.5%1.6%
FCF/Rev 3Y Avg1.8%3.0%3.1%-3.8%-96.9%1.8%

Valuation

AALDALUALLUVALMedian
NameAmerican.Delta Ai.United A.Southwes.Air Lease 
Mkt Cap8.436.129.415.57.115.5
P/S0.20.60.50.62.50.6
P/EBIT3.25.55.325.25.55.5
P/E13.97.88.940.97.38.9
P/CFO2.24.53.17.74.14.1
Total Yield7.2%13.4%11.2%5.0%15.1%11.2%
Dividend Yield0.0%0.6%0.0%2.6%1.3%0.6%
FCF Yield 3Y Avg11.6%5.7%7.7%-5.9%-47.8%5.7%
D/E4.30.61.10.32.91.1
Net D/E3.50.50.60.12.80.6

Returns

AALDALUALLUVALMedian
NameAmerican.Delta Ai.United A.Southwes.Air Lease 
1M Rtn9.2%-2.5%-4.8%-8.8%-0.1%-2.5%
3M Rtn8.7%5.6%3.5%-0.3%16.3%5.6%
6M Rtn21.3%25.4%23.5%0.6%21.7%21.7%
12M Rtn-2.6%-1.0%17.5%1.5%45.8%1.5%
3Y Rtn-10.3%74.6%113.0%-14.4%91.5%74.6%
1M Excs Rtn6.5%-4.7%-7.0%-9.4%-0.5%-4.7%
3M Excs Rtn1.0%-3.6%-4.6%-6.3%9.8%-3.6%
6M Excs Rtn0.5%4.6%2.7%-20.2%0.9%0.9%
12M Excs Rtn-24.3%-20.3%-2.7%-19.5%27.2%-19.5%
3Y Excs Rtn-83.2%-8.6%34.0%-85.9%18.5%-8.6%

Financials

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Scheduled air transportation for passengers and cargo, and includes American’s loyalty program52,788    
Cargo 1,2331,314769863
Other revenue 3,1702,5052,0502,888
Passenger revenue 44,56826,06314,51842,010
Total52,78848,97129,88217,33745,761


Price Behavior

Short Interest

Short Interest: As Of Date10152025
Short Interest: Shares Quantity70,591,644
Short Interest: % Change Since 9302025-10.4%
Average Daily Volume71,423,227
Days-to-Cover Short Interest1
Basic Shares Quantity660,358,000
Short % of Basic Shares10.7%

SEC Filings

Expand for More

Report DateFiling DateFiling
93020251023202510-Q 9/30/2025
6302025724202510-Q 6/30/2025
3312025424202510-Q 3/31/2025
12312024219202510-K 12/31/2024
93020241024202410-Q 9/30/2024
6302024725202410-Q 6/30/2024
3312024425202410-Q 3/31/2024
12312023221202410-K 12/31/2023
93020231019202310-Q 9/30/2023
6302023720202310-Q 6/30/2023
3312023427202310-Q 3/31/2023
12312022222202310-K 12/31/2022
93020221020202210-Q 9/30/2022
6302022721202210-Q 6/30/2022
3312022421202210-Q 3/31/2022
12312021222202210-K 12/31/2021

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value
Value of
Held Shares
Form
0Owens AngelaSVP Corporate Controller1282025Sell17.1551,906890,3121,928,136Form
1Isom Robert D JrCEO and President12302024Sell17.21102,4411,763,51251,093,548Form