AIR FRANCE-KLM (AF.PA) Stock Fundamental Analysis

EPA:AF • FR001400J770

12.3 EUR
-0.84 (-6.39%)
Last: Feb 27, 2026, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership
Fundamental Rating

4

We assign a fundamental rating of 4 out of 10 to AF. AF was compared to 14 industry peers in the Passenger Airlines industry. While AF is still in line with the averages on profitability rating, there are concerns on its financial health. AF is valued quite cheap, while showing a decent growth score. This is a good combination!


Dividend Valuation Growth Profitability Health

4

1. Profitability

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

  • AF has a Return On Assets of 2.46%. This is in the lower half of the industry: AF underperforms 78.57% of its industry peers.
  • AF's Return On Equity of 1248.68% is amongst the best of the industry. AF outperforms 92.86% of its industry peers.
  • AF's Return On Invested Capital of 7.89% is in line compared to the rest of the industry. AF outperforms 50.00% of its industry peers.
  • AF had an Average Return On Invested Capital over the past 3 years of 6.06%. This is below the industry average of 9.75%.
  • The last Return On Invested Capital (7.89%) 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 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
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's Profit Margin of 2.90% is on the low side compared to the rest of the industry. AF is outperformed by 78.57% of its industry peers.
  • In the last couple of years the Profit Margin of AF has declined.
  • The Operating Margin of AF (6.12%) is worse than 64.29% of its industry peers.
  • AF's Operating Margin has improved in the last couple of years.
  • AF's Gross Margin of 45.30% is in line compared to the rest of the industry. AF outperforms 42.86% of its industry peers.
  • In the last couple of years the Gross Margin of AF has remained more or less at the same level.
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%
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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ROAROEROICOperating and Profit MarginShow most profitable peers

1

2. Health

2.1 Basic Checks

  • AF has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.
  • AF has about the same amout of shares outstanding than it did 1 year ago.
  • 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 0.56, we must say that AF is in the distress zone and has some risk of bankruptcy.
  • The Altman-Z score of AF (0.56) is worse than 64.29% 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.
  • The Debt to FCF ratio of AF (17.97) is worse than 78.57% of its industry peers.
  • A Debt/Equity ratio of 163.37 is on the high side and indicates that AF has dependencies on debt financing.
  • AF has a Debt to Equity ratio of 163.37. This is amonst the worse of the industry: AF underperforms 85.71% of its industry peers.
Industry RankSector Rank
Debt/Equity 163.37
Debt/FCF 17.97
Altman-Z 0.56
ROIC/WACC1.28
WACC6.14%
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 is not doing good in the industry: 64.29% of the companies in the same industry are doing better.
  • A Quick Ratio of 0.60 indicates that AF may have some problems paying its short term obligations.
  • AF has a worse Quick ratio (0.60) than 64.29% 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

5

3. Growth

3.1 Past

  • The Earnings Per Share has grown by an impressive 229.40% over the past year.
  • The earnings per share for AF have been decreasing by -24.31% on average. This is quite bad
  • AF shows a small growth in Revenue. In the last year, the Revenue has grown by 4.80%.
  • The Revenue has been growing slightly by 2.96% on average over the past years.
EPS 1Y (TTM)229.4%
EPS 3YN/A
EPS 5Y-24.31%
EPS Q2Q%162.94%
Revenue 1Y (TTM)4.8%
Revenue growth 3Y30.01%
Revenue growth 5Y2.96%
Sales Q2Q%2.61%

3.2 Future

  • The Earnings Per Share is expected to grow by 34.82% on average over the next years. This is a very strong growth
  • AF is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 2.86% yearly.
EPS Next Y225.52%
EPS Next 2Y89.03%
EPS Next 3Y62.64%
EPS Next 5Y34.82%
Revenue Next Year5.04%
Revenue Next 2Y4.73%
Revenue Next 3Y5.06%
Revenue Next 5Y2.86%

3.3 Evolution

  • The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
  • The Revenue growth rate is stable: in the next years the growth will be about the same 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
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 0 -20 -40 -60

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Find the best growth stocksShow best growing peers

9

4. Valuation

4.1 Price/Earnings Ratio

  • Based on the Price/Earnings ratio of 3.27, the valuation of AF can be described as very cheap.
  • Compared to the rest of the industry, the Price/Earnings ratio of AF indicates a rather cheap valuation: AF is cheaper than 92.86% of the companies listed in the same industry.
  • AF is valuated cheaply when we compare the Price/Earnings ratio to 27.10, which is the current average of the S&P500 Index.
  • A Price/Forward Earnings ratio of 3.02 indicates a rather cheap valuation of AF.
  • Based on the Price/Forward Earnings ratio, AF is valued cheaper than 92.86% of the companies in the same industry.
  • The average S&P500 Price/Forward Earnings ratio is at 28.06. AF is valued rather cheaply when compared to this.
Industry RankSector Rank
PE 3.27
Fwd PE 3.02
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

  • AF's Enterprise Value to EBITDA ratio is in line with the industry average.
  • Based on the Price/Free Cash Flow ratio, AF is valued cheaper than 92.86% of the companies in the same industry.
Industry RankSector Rank
P/FCF 3.89
EV/EBITDA 3.75
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 low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
  • A more expensive valuation may be justified as AF's earnings are expected to grow with 62.64% in the coming years.
PEG (NY)0.01
PEG (5Y)N/A
EPS Next 2Y89.03%
EPS Next 3Y62.64%

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

0

5. Dividend

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

AIR FRANCE-KLM

EPA:AF (2/27/2026, 7:00:00 PM)

12.3

-0.84 (-6.39%)

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 Cap3.23B
Revenue(TTM)31.46B
Net Income(TTM)949.00M
Analysts67.86
Price Target12.43 (1.06%)
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)0.31%
PT rev (3m)-5.86%
EPS NQ rev (1m)15.87%
EPS NQ rev (3m)220.59%
EPS NY rev (1m)0%
EPS NY rev (3m)-11.83%
Revenue NQ rev (1m)0.06%
Revenue NQ rev (3m)-0.49%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.65%
Valuation
Industry RankSector Rank
PE 3.27
Fwd PE 3.02
P/S 0.1
P/FCF 3.89
P/OCF 0.65
P/B 42.53
P/tB N/A
EV/EBITDA 3.75
EPS(TTM)3.76
EY30.57%
EPS(NY)4.07
Fwd EY33.12%
FCF(TTM)3.16
FCFY25.71%
OCF(TTM)18.91
OCFY153.74%
SpS124.44
BVpS0.29
TBVpS-5
PEG (NY)0.01
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 0.56
F-Score5
WACC6.14%
ROIC/WACC1.28
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 5Y-24.31%
EPS Q2Q%162.94%
EPS Next Y225.52%
EPS Next 2Y89.03%
EPS Next 3Y62.64%
EPS Next 5Y34.82%
Revenue 1Y (TTM)4.8%
Revenue growth 3Y30.01%
Revenue growth 5Y2.96%
Sales Q2Q%2.61%
Revenue Next Year5.04%
Revenue Next 2Y4.73%
Revenue Next 3Y5.06%
Revenue Next 5Y2.86%
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 / AF.PA 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 9 / 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 4 / 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 3.27 and the Price/Book (PB) ratio is 42.53.


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%.