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

EPA:AF • FR001400J770

Current stock price

10.17 EUR
+0.05 (+0.49%)
Last:

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

6

1. AF.PA Profitability Analysis

1.1 Basic Checks

  • AF had positive earnings in the past year.
  • In the past year AF had a positive cash flow from operations.
  • AF had positive earnings in 4 of the past 5 years.
  • AF had a positive operating cash flow in each of the past 5 years.
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

  • Looking at the Return On Assets, with a value of 2.46%, AF is doing worse than 66.67% of the companies in the same industry.
  • Looking at the Return On Equity, with a value of 1248.68%, AF belongs to the top of the industry, outperforming 93.33% of the companies in the same industry.
  • AF has a Return On Invested Capital of 6.76%. This is comparable to the rest of the industry: AF outperforms 46.67% of its industry peers.
  • Measured over the past 3 years, the Average Return On Invested Capital for AF is below the industry average of 8.81%.
  • The last Return On Invested Capital (6.76%) for AF is above the 3 year average (6.06%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 2.46%
ROE 1248.68%
ROIC 6.76%
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 Profit Margin of 2.90%. This is in the lower half of the industry: AF underperforms 66.67% of its industry peers.
  • AF's Profit Margin has improved in the last couple of years.
  • Looking at the Operating Margin, with a value of 6.12%, AF is in line with its industry, outperforming 46.67% of the companies in the same industry.
  • In the last couple of years the Operating Margin of AF has grown nicely.
  • With a Gross Margin value of 45.30%, 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 6.12%
PM (TTM) 2.9%
GM 45.3%
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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2

2. AF.PA Health Analysis

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), AF is creating some value.
  • Compared to 1 year ago, AF has about the same amount of shares outstanding.
  • AF has more shares outstanding than it did 5 years ago.
  • The debt/assets ratio for AF has been reduced compared to a year ago.
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.
  • AF has a worse Altman-Z score (0.54) than 66.67% of its industry peers.
  • AF has a debt to FCF ratio of 17.97. This is a negative value and a sign of low solvency as AF would need 17.97 years to pay back of all of its debts.
  • AF has a Debt to FCF ratio (17.97) which is comparable to the rest of the industry.
  • A Debt/Equity ratio of 163.37 is on the high side and indicates that AF has dependencies on debt financing.
  • AF's Debt to Equity ratio of 163.37 is on the low side compared to the rest of the industry. AF is outperformed by 73.33% of its industry peers.
Industry RankSector Rank
Debt/Equity 163.37
Debt/FCF 17.97
Altman-Z 0.54
ROIC/WACC1.33
WACC5.07%
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.
  • With a Current ratio value of 0.65, AF perfoms like the industry average, outperforming 46.67% of the companies in the same industry.
  • 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 comparable to the rest of the industry.
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.
  • AF shows a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 21.56% yearly.
  • AF shows a small growth in Revenue. In the last year, the Revenue has grown by 4.92%.
  • 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

  • Based on estimates for the next years, AF will show a small growth in Earnings Per Share. The EPS will grow by 0.86% on average per year.
  • AF is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 3.38% yearly.
EPS Next Y-33.56%
EPS Next 2Y-8.78%
EPS Next 3Y-1.56%
EPS Next 5Y0.86%
Revenue Next Year5.36%
Revenue Next 2Y5.33%
Revenue Next 3Y4.84%
Revenue Next 5Y3.38%

3.3 Evolution

  • The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
  • 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 1.74, which indicates a rather cheap valuation of AF.
  • 93.33% of the companies in the same industry are more expensive than AF, based on the Price/Earnings ratio.
  • AF is valuated cheaply when we compare the Price/Earnings ratio to 27.33, which is the current average of the S&P500 Index.
  • A Price/Forward Earnings ratio of 2.63 indicates a rather cheap valuation of AF.
  • Based on the Price/Forward Earnings ratio, AF is valued cheaply inside the industry as 93.33% of the companies are valued more expensively.
  • When comparing the Price/Forward Earnings ratio of AF to the average of the S&P500 Index (38.16), we can say AF is valued rather cheaply.
Industry RankSector Rank
PE 1.74
Fwd PE 2.63
AF.PA Price Earnings VS Forward Price EarningsAF.PA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

  • AF's Enterprise Value to EBITDA is on the same level as the industry average.
  • AF's Price/Free Cash Flow ratio is rather cheap when compared to the industry. AF is cheaper than 93.33% of the companies in the same industry.
Industry RankSector Rank
P/FCF 3.22
EV/EBITDA 3.59
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

  • The decent profitability rating of AF may justify a higher PE ratio.
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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AF.PA Fundamentals: All Metrics, Ratios and Statistics

AIR FRANCE-KLM

EPA:AF (4/15/2026, 3:56:04 PM)

10.17

+0.05 (+0.49%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupTransportation
GICS IndustryPassenger Airlines
Earnings (Last)02-19
Earnings (Next)04-30
Inst Owners17.35%
Inst Owner ChangeN/A
Ins Owners0.05%
Ins Owner ChangeN/A
Market Cap2.67B
Revenue(TTM)33.01B
Net Income(TTM)949.00M
Analysts69.29
Price Target11.6 (14.06%)
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)-6.64%
PT rev (3m)-0.76%
EPS NQ rev (1m)0%
EPS NQ rev (3m)15.87%
EPS NY rev (1m)-11.22%
EPS NY rev (3m)-4.09%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0.06%
Revenue NY rev (1m)0.62%
Revenue NY rev (3m)1.21%
Valuation
Industry RankSector Rank
PE 1.74
Fwd PE 2.63
P/S 0.08
P/FCF 3.22
P/OCF 0.54
P/B 35.16
P/tB N/A
EV/EBITDA 3.59
EPS(TTM)5.83
EY57.33%
EPS(NY)3.87
Fwd EY38.08%
FCF(TTM)3.16
FCFY31.1%
OCF(TTM)18.91
OCFY185.94%
SpS124.44
BVpS0.29
TBVpS-5
PEG (NY)N/A
PEG (5Y)N/A
Graham Number6.15949 (-39.43%)
Profitability
Industry RankSector Rank
ROA 2.46%
ROE 1248.68%
ROCE 9.2%
ROIC 6.76%
ROICexc 6.76%
ROICexgc 7.22%
OM 6.12%
PM (TTM) 2.9%
GM 45.3%
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-Score6
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-Score6
WACC5.07%
ROIC/WACC1.33
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 5Y0.86%
Revenue 1Y (TTM)4.92%
Revenue growth 3Y7.74%
Revenue growth 5Y24.38%
Sales Q2Q%3.91%
Revenue Next Year5.36%
Revenue Next 2Y5.33%
Revenue Next 3Y4.84%
Revenue Next 5Y3.38%
EBIT growth 1Y118.32%
EBIT growth 3Y25.06%
EBIT growth 5YN/A
EBIT Next Year171.45%
EBIT Next 3Y47.45%
EBIT Next 5Y28.02%
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 2 / 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.