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

EPA:AF • FR001400J770

Current stock price

9.036 EUR
+0.31 (+3.55%)
Last:

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

5

1. AF.PA Profitability Analysis

1.1 Basic Checks

  • AF had positive earnings in the past year.
  • AF had a positive operating cash flow in the past year.
  • Of the past 5 years AF 4 years were profitable.
  • Each year in the past 5 years AF had a positive operating cash flow.
AF.PA Yearly Net Income VS EBIT VS OCF VS FCFAF.PA 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 2025 0 2B -2B 4B -4B -6B

1.2 Ratios

  • The Return On Assets of AF (2.38%) is worse than 80.00% of its industry peers.
  • AF has a better Return On Equity (1205.26%) than 93.33% of its industry peers.
  • The Return On Invested Capital of AF (6.83%) is worse than 60.00% of its industry peers.
  • Measured over the past 3 years, the Average Return On Invested Capital for AF is below the industry average of 9.31%.
  • The 3 year average ROIC (6.06%) for AF is below the current ROIC(6.83%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 2.38%
ROE 1205.26%
ROIC 6.83%
ROA(3y)2.27%
ROA(5y)-0.52%
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)6.06%
ROIC(5y)N/A
AF.PA Yearly ROA, ROE, ROICAF.PA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 100 200 300 400 500

1.3 Margins

  • AF has a worse Profit Margin (2.80%) than 80.00% of its industry peers.
  • AF's Profit Margin has improved in the last couple of years.
  • AF's Operating Margin of 6.18% is on the low side compared to the rest of the industry. AF is outperformed by 60.00% of its industry peers.
  • In the last couple of years the Operating Margin of AF has grown nicely.
  • With a Gross Margin value of 48.48%, AF perfoms like the industry average, outperforming 46.67% of the companies in the same industry.
  • AF's Gross Margin has improved in the last couple of years.
Industry RankSector Rank
OM 6.18%
PM (TTM) 2.8%
GM 48.48%
OM growth 3Y16.08%
OM growth 5YN/A
PM growth 3Y27.5%
PM growth 5YN/A
GM growth 3Y2.43%
GM growth 5Y6.03%
AF.PA Yearly Profit, Operating, Gross MarginsAF.PA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20 -20 40 -40 -60

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1

2. AF.PA Health Analysis

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so AF is still creating some value.
  • The number of shares outstanding for AF remains at a similar level compared to 1 year ago.
  • AF has more shares outstanding than it did 5 years ago.
  • Compared to 1 year ago, AF has an improved debt to assets ratio.
AF.PA Yearly Shares OutstandingAF.PA Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 50M 100M 150M 200M 250M
AF.PA Yearly Total Debt VS Total AssetsAF.PA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10B 20B 30B

2.2 Solvency

  • Based on the Altman-Z score of 0.54, we must say that AF is in the distress zone and has some risk of bankruptcy.
  • With a Altman-Z score value of 0.54, AF is not doing good in the industry: 80.00% of the companies in the same industry are doing better.
  • The Debt to FCF ratio of AF is 17.97, which is on the high side as it means it would take AF, 17.97 years of fcf income to pay off all of its debts.
  • The Debt to FCF ratio of AF (17.97) is worse than 60.00% of its industry peers.
  • AF has a Debt/Equity ratio of 163.37. This is a high value indicating a heavy dependency on external financing.
  • With a Debt to Equity ratio value of 163.37, AF is not doing good in the industry: 80.00% of the companies in the same industry are doing better.
Industry RankSector Rank
Debt/Equity 163.37
Debt/FCF 17.97
Altman-Z 0.54
ROIC/WACC1.41
WACC4.86%
AF.PA Yearly LT Debt VS Equity VS FCFAF.PA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 5B -5B 10B 15B

2.3 Liquidity

  • AF has a Current Ratio of 0.65. This is a bad value and indicates that AF is not financially healthy enough and could expect problems in meeting its short term obligations.
  • The Current ratio of AF (0.65) is worse than 60.00% of its industry peers.
  • AF has a Quick Ratio of 0.65. This is a bad value and indicates that AF is not financially healthy enough and could expect problems in meeting its short term obligations.
  • The Quick ratio of AF (0.60) is worse than 60.00% of its industry peers.
Industry RankSector Rank
Current Ratio 0.65
Quick Ratio 0.6
AF.PA Yearly Current Assets VS Current LiabilitesAF.PA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5B 10B 15B

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

6

3. AF.PA Growth Analysis

3.1 Past

  • The Earnings Per Share has grown by an impressive 411.40% over the past year.
  • Measured over the past years, AF shows a very strong growth in Earnings Per Share. The EPS has been growing by 21.56% on average per year.
  • The Revenue has been growing slightly by 4.92% in the past year.
  • AF shows a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 24.38% yearly.
EPS 1Y (TTM)411.4%
EPS 3Y21.56%
EPS 5YN/A
EPS Q2Q%832.26%
Revenue 1Y (TTM)4.92%
Revenue growth 3Y7.74%
Revenue growth 5Y24.38%
Sales Q2Q%3.91%

3.2 Future

  • AF is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 0.30% yearly.
  • The Revenue is expected to grow by 3.82% on average over the next years.
EPS Next Y-33.56%
EPS Next 2Y-8.78%
EPS Next 3Y-1.56%
EPS Next 5Y0.3%
Revenue Next Year5.88%
Revenue Next 2Y5.5%
Revenue Next 3Y4.96%
Revenue Next 5Y3.82%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
  • The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
AF.PA Yearly Revenue VS EstimatesAF.PA 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 40B
AF.PA Yearly EPS VS EstimatesAF.PA Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 0 -20 -40 -60

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7

4. AF.PA Valuation Analysis

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 1.55, which indicates a rather cheap valuation of AF.
  • Compared to the rest of the industry, the Price/Earnings ratio of AF indicates a rather cheap valuation: AF is cheaper than 93.33% of the companies listed in the same industry.
  • Compared to an average S&P500 Price/Earnings ratio of 26.54, AF is valued rather cheaply.
  • Based on the Price/Forward Earnings ratio of 2.33, the valuation of AF can be described as very cheap.
  • Based on the Price/Forward Earnings ratio, AF is valued cheaper than 93.33% of the companies in the same industry.
  • AF is valuated cheaply when we compare the Price/Forward Earnings ratio to 21.68, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 1.55
Fwd PE 2.33
AF.PA Price Earnings VS Forward Price EarningsAF.PA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • 66.67% of the companies in the same industry are more expensive than AF, based on the Enterprise Value to EBITDA ratio.
  • 93.33% of the companies in the same industry are more expensive than AF, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 2.86
EV/EBITDA 3.5
AF.PA Per share dataAF.PA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 20 40 60 80 100

4.3 Compensation for Growth

PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-8.78%
EPS Next 3Y-1.56%

More info and screens

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

0

5. AF.PA Dividend Analysis

5.1 Amount

  • No dividends for AF!.
Industry RankSector Rank
Dividend Yield 0%

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Find the best dividend stocksShow peers with best dividend

AF.PA Fundamentals: All Metrics, Ratios and Statistics

AIR FRANCE-KLM

EPA:AF (4/30/2026, 5:29:57 PM)

9.036

+0.31 (+3.55%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupTransportation
GICS IndustryPassenger Airlines
Industry Strength25.68
Industry Growth99.33
Earnings (Last)04-30
Earnings (Next)N/A
Inst Owners17.35%
Inst Owner ChangeN/A
Ins Owners0.05%
Ins Owner ChangeN/A
Market Cap2.37B
Revenue(TTM)33.01B
Net Income(TTM)916.00M
Analysts69.29
Price Target11.34 (25.5%)
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)-8.76%
PT rev (3m)-3.3%
EPS NQ rev (1m)0%
EPS NQ rev (3m)15.87%
EPS NY rev (1m)-11.22%
EPS NY rev (3m)-4.92%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0.06%
Revenue NY rev (1m)1.12%
Revenue NY rev (3m)1.71%
Valuation
Industry RankSector Rank
PE 1.55
Fwd PE 2.33
P/S 0.07
P/FCF 2.86
P/OCF 0.48
P/B 31.24
P/tB N/A
EV/EBITDA 3.5
EPS(TTM)5.83
EY64.52%
EPS(NY)3.87
Fwd EY42.86%
FCF(TTM)3.16
FCFY35%
OCF(TTM)18.91
OCFY209.28%
SpS124.44
BVpS0.29
TBVpS-5
PEG (NY)N/A
PEG (5Y)N/A
Graham Number6.15949 (-31.83%)
Profitability
Industry RankSector Rank
ROA 2.38%
ROE 1205.26%
ROCE 9.29%
ROIC 6.83%
ROICexc 6.83%
ROICexgc 7.29%
OM 6.18%
PM (TTM) 2.8%
GM 48.48%
FCFM 2.54%
ROA(3y)2.27%
ROA(5y)-0.52%
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)6.06%
ROIC(5y)N/A
ROICexc(3y)8.99%
ROICexc(5y)N/A
ROICexgc(3y)10.01%
ROICexgc(5y)N/A
ROCE(3y)8.32%
ROCE(5y)N/A
ROICexgc growth 3Y9.82%
ROICexgc growth 5YN/A
ROICexc growth 3Y11.1%
ROICexc growth 5YN/A
OM growth 3Y16.08%
OM growth 5YN/A
PM growth 3Y27.5%
PM growth 5YN/A
GM growth 3Y2.43%
GM growth 5Y6.03%
F-Score7
Asset Turnover0.85
Health
Industry RankSector Rank
Debt/Equity 163.37
Debt/FCF 17.97
Debt/EBITDA 2.52
Cap/Depr 142.84%
Cap/Sales 12.65%
Interest Coverage 2.99
Cash Conversion 101.02%
Profit Quality 90.72%
Current Ratio 0.65
Quick Ratio 0.6
Altman-Z 0.54
F-Score7
WACC4.86%
ROIC/WACC1.41
Cap/Depr(3y)143%
Cap/Depr(5y)128.92%
Cap/Sales(3y)12.39%
Cap/Sales(5y)12.76%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)411.4%
EPS 3Y21.56%
EPS 5YN/A
EPS Q2Q%832.26%
EPS Next Y-33.56%
EPS Next 2Y-8.78%
EPS Next 3Y-1.56%
EPS Next 5Y0.3%
Revenue 1Y (TTM)4.92%
Revenue growth 3Y7.74%
Revenue growth 5Y24.38%
Sales Q2Q%3.91%
Revenue Next Year5.88%
Revenue Next 2Y5.5%
Revenue Next 3Y4.96%
Revenue Next 5Y3.82%
EBIT growth 1Y120.5%
EBIT growth 3Y25.06%
EBIT growth 5YN/A
EBIT Next Year171.45%
EBIT Next 3Y47.45%
EBIT Next 5Y27.76%
FCF growth 1Y142.75%
FCF growth 3Y-31.48%
FCF growth 5YN/A
OCF growth 1Y120.06%
OCF growth 3Y1.35%
OCF growth 5YN/A

AIR FRANCE-KLM / AF.PA Fundamental Analysis FAQ

Can you provide the ChartMill fundamental rating for AIR FRANCE-KLM?

ChartMill assigns a fundamental rating of 4 / 10 to AF.PA.


Can you provide the valuation status for AIR FRANCE-KLM?

ChartMill assigns a valuation rating of 7 / 10 to AIR FRANCE-KLM (AF.PA). This can be considered as Undervalued.


What is the profitability of AF stock?

AIR FRANCE-KLM (AF.PA) has a profitability rating of 5 / 10.


Can you provide the financial health for AF stock?

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


Can you provide the expected EPS growth for AF stock?

The Earnings per Share (EPS) of AIR FRANCE-KLM (AF.PA) is expected to decline by -33.56% in the next year.