AIR FRANCE-KLM (1AF.MI) Fundamental Analysis & Valuation

BIT:1AF • FR001400J770

10.15 EUR
-1.05 (-9.42%)
Last: Mar 3, 2026, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership

This 1AF.MI fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

3

Taking everything into account, 1AF scores 3 out of 10 in our fundamental rating. 1AF was compared to 14 industry peers in the Passenger Airlines industry. There are concerns on the financial health of 1AF while its profitability can be described as average. 1AF is cheap, but on the other hand it scores bad on growth.


Dividend Valuation Growth Profitability Health

4

1. 1AF.MI Profitability Analysis

1.1 Basic Checks

  • In the past year 1AF was profitable.
  • In the past year 1AF had a positive cash flow from operations.
  • The reported net income has been mixed in the past 5 years: 1AF reported negative net income in multiple years.
  • Of the past 5 years 1AF 4 years had a positive operating cash flow.
1AF.MI Yearly Net Income VS EBIT VS OCF VS FCF1AF.MI Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2B -2B 4B -4B -6B

1.2 Ratios

  • Looking at the Return On Assets, with a value of 2.46%, 1AF is doing worse than 71.43% of the companies in the same industry.
  • Looking at the Return On Equity, with a value of 1248.68%, 1AF belongs to the top of the industry, outperforming 92.86% of the companies in the same industry.
  • The Return On Invested Capital of 1AF (7.89%) is better than 64.29% of its industry peers.
  • 1AF had an Average Return On Invested Capital over the past 3 years of 6.06%. This is below the industry average of 9.03%.
  • The 3 year average ROIC (6.06%) for 1AF is below the current ROIC(7.89%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 2.46%
ROE 1248.68%
ROIC 7.89%
ROA(3y)1.58%
ROA(5y)-6%
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)6.06%
ROIC(5y)N/A
1AF.MI Yearly ROA, ROE, ROIC1AF.MI Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50 100

1.3 Margins

  • 1AF's Profit Margin of 2.90% is on the low side compared to the rest of the industry. 1AF is outperformed by 71.43% of its industry peers.
  • 1AF's Profit Margin has declined in the last couple of years.
  • 1AF's Operating Margin of 6.12% is in line compared to the rest of the industry. 1AF outperforms 42.86% of its industry peers.
  • 1AF's Operating Margin has improved in the last couple of years.
  • 1AF has a Gross Margin (45.30%) which is comparable to the rest of the industry.
  • 1AF's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 6.12%
PM (TTM) 2.9%
GM 45.3%
OM growth 3YN/A
OM growth 5Y3.22%
PM growth 3YN/A
PM growth 5Y-5.03%
GM growth 3Y0.72%
GM growth 5Y-1.01%
1AF.MI Yearly Profit, Operating, Gross Margins1AF.MI Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 20 -20 40 -40 -60

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1

2. 1AF.MI Health Analysis

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), 1AF is creating some value.
  • There is no outstanding debt for 1AF. This means it has a Debt/Equity and Debt/FCF ratio of 0 and it is amongst the best of the sector and industry.
1AF.MI Yearly Shares Outstanding1AF.MI Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M 200M 250M
1AF.MI Yearly Total Debt VS Total Assets1AF.MI Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 10B 20B 30B

2.2 Solvency

  • Based on the Altman-Z score of 0.54, we must say that 1AF is in the distress zone and has some risk of bankruptcy.
  • 1AF's Altman-Z score of 0.54 is on the low side compared to the rest of the industry. 1AF is outperformed by 71.43% of its industry peers.
  • The Debt to FCF ratio of 1AF is 17.97, which is on the high side as it means it would take 1AF, 17.97 years of fcf income to pay off all of its debts.
  • The Debt to FCF ratio of 1AF (17.97) is worse than 64.29% of its industry peers.
  • A Debt/Equity ratio of 163.37 is on the high side and indicates that 1AF has dependencies on debt financing.
  • 1AF's Debt to Equity ratio of 163.37 is on the low side compared to the rest of the industry. 1AF is outperformed by 71.43% of its industry peers.
Industry RankSector Rank
Debt/Equity 163.37
Debt/FCF 17.97
Altman-Z 0.54
ROIC/WACC1.35
WACC5.84%
1AF.MI Yearly LT Debt VS Equity VS FCF1AF.MI Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5B -5B 10B 15B

2.3 Liquidity

  • A Current Ratio of 0.65 indicates that 1AF may have some problems paying its short term obligations.
  • With a Current ratio value of 0.65, 1AF perfoms like the industry average, outperforming 50.00% of the companies in the same industry.
  • 1AF has a Quick Ratio of 0.65. This is a bad value and indicates that 1AF is not financially healthy enough and could expect problems in meeting its short term obligations.
  • 1AF's Quick ratio of 0.60 is in line compared to the rest of the industry. 1AF outperforms 50.00% of its industry peers.
Industry RankSector Rank
Current Ratio 0.65
Quick Ratio 0.6
1AF.MI Yearly Current Assets VS Current Liabilites1AF.MI Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

2

3. 1AF.MI Growth Analysis

3.1 Past

  • The Earnings Per Share has grown by an impressive 229.40% over the past year.
EPS 1Y (TTM)229.4%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%162.94%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%2.61%

3.2 Future

  • 1AF is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 7.84% yearly.
  • The Revenue is expected to grow by 3.24% on average over the next years.
EPS Next Y8.48%
EPS Next 2Y14.29%
EPS Next 3Y12.97%
EPS Next 5Y7.84%
Revenue Next Year4.53%
Revenue Next 2Y5.06%
Revenue Next 3Y3.43%
Revenue Next 5Y3.24%

3.3 Evolution

1AF.MI Yearly Revenue VS Estimates1AF.MI Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 10B 20B 30B
1AF.MI Yearly EPS VS Estimates1AF.MI Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 0 -20 -40 -60

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8

4. 1AF.MI Valuation Analysis

4.1 Price/Earnings Ratio

  • With a Price/Earnings ratio of 2.70, the valuation of 1AF can be described as very cheap.
  • Based on the Price/Earnings ratio, 1AF is valued cheaper than 85.71% of the companies in the same industry.
  • The average S&P500 Price/Earnings ratio is at 27.03. 1AF is valued rather cheaply when compared to this.
  • With a Price/Forward Earnings ratio of 2.49, the valuation of 1AF can be described as very cheap.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of 1AF indicates a rather cheap valuation: 1AF is cheaper than 92.86% of the companies listed in the same industry.
  • 1AF is valuated cheaply when we compare the Price/Forward Earnings ratio to 25.11, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 2.7
Fwd PE 2.49
1AF.MI Price Earnings VS Forward Price Earnings1AF.MI Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • 1AF's Enterprise Value to EBITDA is on the same level as the industry average.
  • Based on the Price/Free Cash Flow ratio, 1AF is valued cheaper than 92.86% of the companies in the same industry.
Industry RankSector Rank
P/FCF 3.21
EV/EBITDA 3.59
1AF.MI Per share data1AF.MI EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 20 40 60 80 100

4.3 Compensation for Growth

  • The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
  • 1AF's earnings are expected to grow with 12.97% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.32
PEG (5Y)N/A
EPS Next 2Y14.29%
EPS Next 3Y12.97%

More info and screens

Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

0

5. 1AF.MI Dividend Analysis

5.1 Amount

  • 1AF does not give a dividend.
Industry RankSector Rank
Dividend Yield 0%

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1AF.MI Fundamentals: All Metrics, Ratios and Statistics

AIR FRANCE-KLM

BIT:1AF (3/3/2026, 7:00:00 PM)

10.15

-1.05 (-9.42%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupTransportation
GICS IndustryPassenger Airlines
Earnings (Last)02-19
Earnings (Next)04-30
Inst Owners16.12%
Inst Owner ChangeN/A
Ins Owners0.03%
Ins Owner ChangeN/A
Market Cap2.67B
Revenue(TTM)N/A
Net Income(TTM)949.00M
Analysts67.86
Price Target11.82 (16.45%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 0%
Yearly Dividend0.01
Dividend Growth(5Y)N/A
DP0.11%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)60.25%
Min EPS beat(2)-9.17%
Max EPS beat(2)129.67%
EPS beat(4)3
Avg EPS beat(4)51.5%
Min EPS beat(4)-9.17%
Max EPS beat(4)129.67%
EPS beat(8)4
Avg EPS beat(8)9.32%
EPS beat(12)7
Avg EPS beat(12)93.85%
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)0
Avg Revenue beat(2)-3.78%
Min Revenue beat(2)-4.58%
Max Revenue beat(2)-2.99%
Revenue beat(4)0
Avg Revenue beat(4)-2.09%
Min Revenue beat(4)-4.58%
Max Revenue beat(4)-0.23%
Revenue beat(8)0
Avg Revenue beat(8)-2.46%
Revenue beat(12)1
Avg Revenue beat(12)-2.09%
Revenue beat(16)4
Avg Revenue beat(16)-1.15%
PT rev (1m)-0.04%
PT rev (3m)-5%
EPS NQ rev (1m)143.11%
EPS NQ rev (3m)136.63%
EPS NY rev (1m)1.23%
EPS NY rev (3m)-2.2%
Revenue NQ rev (1m)-0.79%
Revenue NQ rev (3m)0.17%
Revenue NY rev (1m)-0.26%
Revenue NY rev (3m)-0.91%
Valuation
Industry RankSector Rank
PE 2.7
Fwd PE 2.49
P/S 0.08
P/FCF 3.21
P/OCF 0.54
P/B 35.09
P/tB N/A
EV/EBITDA 3.59
EPS(TTM)3.76
EY37.04%
EPS(NY)4.07
Fwd EY40.13%
FCF(TTM)3.16
FCFY31.16%
OCF(TTM)18.91
OCFY186.31%
SpS124.44
BVpS0.29
TBVpS-5
PEG (NY)0.32
PEG (5Y)N/A
Graham Number4.95
Profitability
Industry RankSector Rank
ROA 2.46%
ROE 1248.68%
ROCE 9.2%
ROIC 7.89%
ROICexc 7.89%
ROICexgc 8.43%
OM 6.12%
PM (TTM) 2.9%
GM 45.3%
FCFM 2.54%
ROA(3y)1.58%
ROA(5y)-6%
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)6.06%
ROIC(5y)N/A
ROICexc(3y)9.52%
ROICexc(5y)N/A
ROICexgc(3y)10.72%
ROICexgc(5y)N/A
ROCE(3y)7.14%
ROCE(5y)N/A
ROICexgc growth 3YN/A
ROICexgc growth 5Y5.52%
ROICexc growth 3YN/A
ROICexc growth 5Y5.83%
OM growth 3YN/A
OM growth 5Y3.22%
PM growth 3YN/A
PM growth 5Y-5.03%
GM growth 3Y0.72%
GM growth 5Y-1.01%
F-Score5
Asset Turnover0.85
Health
Industry RankSector Rank
Debt/Equity 163.37
Debt/FCF 17.97
Debt/EBITDA 2.53
Cap/Depr 142.84%
Cap/Sales 12.65%
Interest Coverage 2.96
Cash Conversion 101.43%
Profit Quality 87.57%
Current Ratio 0.65
Quick Ratio 0.6
Altman-Z 0.54
F-Score5
WACC5.84%
ROIC/WACC1.35
Cap/Depr(3y)135.34%
Cap/Depr(5y)114.46%
Cap/Sales(3y)11.65%
Cap/Sales(5y)13.85%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)229.4%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%162.94%
EPS Next Y8.48%
EPS Next 2Y14.29%
EPS Next 3Y12.97%
EPS Next 5Y7.84%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%2.61%
Revenue Next Year4.53%
Revenue Next 2Y5.06%
Revenue Next 3Y3.43%
Revenue Next 5Y3.24%
EBIT growth 1Y118.32%
EBIT growth 3YN/A
EBIT growth 5Y6.27%
EBIT Next Year257.06%
EBIT Next 3Y61.49%
EBIT Next 5Y34.36%
FCF growth 1Y36.01%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y30.25%
OCF growth 3Y31.6%
OCF growth 5Y-2.14%

AIR FRANCE-KLM / 1AF.MI FAQ

What is the ChartMill fundamental rating of AIR FRANCE-KLM (1AF.MI) stock?

ChartMill assigns a fundamental rating of 3 / 10 to 1AF.MI.


What is the valuation status of AIR FRANCE-KLM (1AF.MI) stock?

ChartMill assigns a valuation rating of 8 / 10 to AIR FRANCE-KLM (1AF.MI). This can be considered as Undervalued.


Can you provide the profitability details for AIR FRANCE-KLM?

AIR FRANCE-KLM (1AF.MI) has a profitability rating of 4 / 10.


What are the PE and PB ratios of AIR FRANCE-KLM (1AF.MI) stock?

The Price/Earnings (PE) ratio for AIR FRANCE-KLM (1AF.MI) is 2.7 and the Price/Book (PB) ratio is 35.09.


Can you provide the financial health for 1AF stock?

The financial health rating of AIR FRANCE-KLM (1AF.MI) is 1 / 10.