AALAmerican Airlines Group Inc.

Air Transportation, Scheduled

Revenue: $54.6B; 0.8% YoY
Operating margin: 2.7%; 44% YoY
EBITDA: $3.7B; 24% YoY
Market cap: $8.3B
Employees: —
Net debt / EBITDA: 7.5×; $27.4B net debt
AI in 10-K: 3.0; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 1 of 7

TSR below peersYes
3 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
28× net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
2% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
6% of assets
Over 40% of assets
Shareholder dissentNo
100% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
3.0 per 10K words · 69th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
7.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$8.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$7M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$29.9B	$49.0B	$52.8B	$54.2B	$54.6B	0.8%
Operating income	−$1.1B	$1.6B	$3.0B	$2.6B	$1.5B	44%
Net income	−$2.0B	$127M	$822M	$846M	$111M	87%
Operating cash flow	$704M	$2.2B	$3.8B	$4.0B	$3.1B	22%
Capex	$208M	$2.5B	$2.6B	$2.7B	$3.8B	41%
Stock-based comp	$98M	$78M	$102M	$92M	$57M	38%
Buybacks	$18M	$21M	—	—	—

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $7M · 11
Net: −$7M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	97	85
FY2024	—	—	61	61
FY2023	—	—	48	62
FY2022	—	—	45	48
FY2021	—	—	63	74