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

EPA:AF • FR001400J770

Current stock price

8.746 EUR
-0.39 (-4.29%)
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

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

  • With a Return On Assets value of 2.46%, AF is not doing good in the industry: 62.50% of the companies in the same industry are doing better.
  • Looking at the Return On Equity, with a value of 1248.68%, AF belongs to the top of the industry, outperforming 100.00% 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 43.75% of its industry peers.
  • The Average Return On Invested Capital over the past 3 years for AF is below the industry average of 9.65%.
  • The 3 year average ROIC (6.06%) for AF is below the current ROIC(6.76%), indicating increased profibility in the last year.
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 worse Profit Margin (2.90%) than 62.50% of its industry peers.
  • AF's Profit Margin has improved in the last couple of years.
  • AF's Operating Margin of 6.12% is in line compared to the rest of the industry. AF outperforms 50.00% of its industry peers.
  • In the last couple of years the Operating Margin of AF has grown nicely.
  • AF has a Gross Margin (45.30%) which is comparable to the rest of the industry.
  • In the last couple of years the Gross Margin of AF has grown nicely.
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

  • The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so AF is still creating some value.
  • Compared to 1 year ago, AF has about the same amount of shares outstanding.
  • The number of shares outstanding for AF has been increased compared to 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.
  • Looking at the Altman-Z score, with a value of 0.54, AF is doing worse than 75.00% of the companies in the same industry.
  • 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.
  • 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.
  • The Debt to Equity ratio of AF (163.37) is worse than 75.00% of its industry peers.
Industry RankSector Rank
Debt/Equity 163.37
Debt/FCF 17.97
Altman-Z 0.54
ROIC/WACC1.39
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

  • A Current Ratio of 0.65 indicates that AF may have some problems paying its short term obligations.
  • AF has a Current ratio of 0.65. This is comparable to the rest of the industry: AF outperforms 43.75% of its industry peers.
  • A Quick Ratio of 0.60 indicates that AF may have some problems paying 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.
  • The Earnings Per Share has been growing by 21.56% on average over the past years. This is a very strong growth
  • Looking at the last year, AF shows a small growth in Revenue. The Revenue has grown by 4.92% in the last 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

  • The Earnings Per Share is expected to grow by 0.86% on average over the next years.
  • The Revenue is expected to grow by 3.38% on average over the next years.
EPS Next Y-25.17%
EPS Next 2Y-5.93%
EPS Next 3Y-0.21%
EPS Next 5Y0.86%
Revenue Next Year4.71%
Revenue Next 2Y4.98%
Revenue Next 3Y4.51%
Revenue Next 5Y3.38%

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.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
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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Find the best growth stocksShow best growing peers

7

4. AF.PA Valuation Analysis

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 1.50, 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 100.00% of the companies listed in the same industry.
  • AF's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 24.89.
  • A Price/Forward Earnings ratio of 2.00 indicates a rather cheap valuation of AF.
  • Based on the Price/Forward Earnings ratio, AF is valued cheaply inside the industry as 100.00% of the companies are valued more expensively.
  • AF's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 22.19.
Industry RankSector Rank
PE 1.5
Fwd PE 2
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

4.2 Price Multiples

  • Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of AF is on the same level as its industry peers.
  • Based on the Price/Free Cash Flow ratio, AF is valued cheaper than 100.00% of the companies in the same industry.
Industry RankSector Rank
P/FCF 2.77
EV/EBITDA 3.52
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-5.93%
EPS Next 3Y-0.21%

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 (3/27/2026, 7:00:00 PM)

8.746

-0.39 (-4.29%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupTransportation
GICS IndustryPassenger Airlines
Earnings (Last)02-19
Earnings (Next)04-30
Inst Owners17.04%
Inst Owner ChangeN/A
Ins Owners0.03%
Ins Owner ChangeN/A
Market Cap2.30B
Revenue(TTM)33.01B
Net Income(TTM)949.00M
Analysts54.07
Price Target11.97 (36.86%)
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)1.74%
PT rev (3m)2.35%
EPS NQ rev (1m)0%
EPS NQ rev (3m)15.87%
EPS NY rev (1m)7.1%
EPS NY rev (3m)8.02%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0.06%
Revenue NY rev (1m)0.27%
Revenue NY rev (3m)0.58%
Valuation
Industry RankSector Rank
PE 1.5
Fwd PE 2
P/S 0.07
P/FCF 2.77
P/OCF 0.46
P/B 30.24
P/tB N/A
EV/EBITDA 3.52
EPS(TTM)5.83
EY66.66%
EPS(NY)4.36
Fwd EY49.88%
FCF(TTM)3.16
FCFY36.16%
OCF(TTM)18.91
OCFY216.21%
SpS124.44
BVpS0.29
TBVpS-5
PEG (NY)N/A
PEG (5Y)N/A
Graham Number6.16
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
WACC4.86%
ROIC/WACC1.39
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-25.17%
EPS Next 2Y-5.93%
EPS Next 3Y-0.21%
EPS Next 5Y0.86%
Revenue 1Y (TTM)4.92%
Revenue growth 3Y7.74%
Revenue growth 5Y24.38%
Sales Q2Q%3.91%
Revenue Next Year4.71%
Revenue Next 2Y4.98%
Revenue Next 3Y4.51%
Revenue Next 5Y3.38%
EBIT growth 1Y118.32%
EBIT growth 3Y25.06%
EBIT growth 5YN/A
EBIT Next Year180.81%
EBIT Next 3Y48.02%
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 5 / 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.


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

AIR FRANCE-KLM (AF.PA) has a profitability rating of 6 / 10.


What is the valuation of AIR FRANCE-KLM based on its PE and PB ratios?

The Price/Earnings (PE) ratio for AIR FRANCE-KLM (AF.PA) is 1.5 and the Price/Book (PB) ratio is 30.24.


Can you provide the dividend sustainability for AF stock?

The dividend rating of AIR FRANCE-KLM (AF.PA) is 0 / 10 and the dividend payout ratio is 0.11%.