Is the business good?
How good a business is AAL?
American Airlines Group Inc. earns 4.7% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
4.7%
Return on invested capital · cost of capital 9.0% · 4.3 points below what the capital costs: growth destroys value
- Operating margin
- 1.7%
Operating margin · Airlines median 6.3% · 12 months to Q2 2026
- Share count, year on year
- +0.34%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | −60% |
| FY2021 | −3.5% |
| FY2022 | 3.3% |
| FY2023 | 5.8% |
| FY2024 | 4.8% |
| FY2025 | 2.7% |
Details›
- Operating margin12 months to Q2 2026
- 1.7%
- Net margin12 months to Q2 2026
- −0.56%
- Free cash flow margin
- 0.49%
- Revenue, trailing twelve months
- $58.3B
- Free cash flow, trailing twelve months
- $285M
- Net income, trailing twelve months
- −$326M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 4.7%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.