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

EPA:AF • FR001400J770

12.98 EUR
+1.37 (+11.75%)
Last: Feb 19, 2026, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership
Fundamental Rating

4

Overall AF gets a fundamental rating of 4 out of 10. We evaluated AF against 15 industry peers in the Passenger Airlines industry. There are concerns on the financial health of AF while its profitability can be described as average. AF scores decently on growth, while it is valued quite cheap. This could make an interesting 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.
  • The reported net income has been mixed in the past 5 years: AF reported negative net income in multiple years.
  • AF had a positive operating cash flow in 4 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 0 2B -2B 4B -4B -6B

1.2 Ratios

  • AF's Return On Assets of 2.46% is on the low side compared to the rest of the industry. AF is outperformed by 80.00% of its industry peers.
  • With an excellent Return On Equity value of 1248.68%, AF belongs to the best of the industry, outperforming 86.67% of the companies in the same industry.
  • AF has a Return On Invested Capital of 7.89%. 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 9.63%.
  • The 3 year average ROIC (6.06%) for AF 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
AF.PA Yearly ROA, ROE, ROICAF.PA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50 100

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 80.00% of its industry peers.
  • In the last couple of years the Profit Margin of AF has declined.
  • With a Operating Margin value of 6.12%, AF is not doing good in the industry: 66.67% of the companies in the same industry are doing better.
  • In the last couple of years the Operating Margin of AF has grown nicely.
  • AF has a Gross Margin of 45.30%. This is in the lower half of the industry: AF underperforms 60.00% of its industry peers.
  • AF'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%
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 0 20 -20 40 -40 -60

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ROAROEROICOperating and Profit MarginShow most profitable peers

0

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.
  • AF has a worse debt/assets ratio than last year.
AF.PA Yearly Shares OutstandingAF.PA Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 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 10B 20B 30B

2.2 Solvency

  • Based on the Altman-Z score of 0.55, we must say that AF is in the distress zone and has some risk of bankruptcy.
  • AF has a Altman-Z score of 0.55. This is in the lower half of the industry: AF underperforms 66.67% of its industry peers.
  • 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's Debt to FCF ratio of 17.97 is on the low side compared to the rest of the industry. AF is outperformed by 80.00% 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 86.67% of its industry peers.
Industry RankSector Rank
Debt/Equity 163.37
Debt/FCF 17.97
Altman-Z 0.55
ROIC/WACC1.26
WACC6.26%
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 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.
  • The Current ratio of AF (0.65) is worse than 66.67% 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.
  • With a Quick ratio value of 0.60, AF is not doing good in the industry: 66.67% of the companies in the same industry are doing better.
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 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 209.52% over the past year.
  • AF shows a very negative growth in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -24.31% yearly.
  • AF shows a small growth in Revenue. In the last year, the Revenue has grown by 5.52%.
  • The Revenue has been growing slightly by 2.96% on average over the past years.
EPS 1Y (TTM)209.52%
EPS 3YN/A
EPS 5Y-24.31%
EPS Q2Q%-15.15%
Revenue 1Y (TTM)5.52%
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
  • Based on estimates for the next years, AF will show a small growth in Revenue. The Revenue will grow by 2.86% on average per year.
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

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
  • 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

  • AF is valuated cheaply with a Price/Earnings ratio of 3.99.
  • AF's Price/Earnings ratio is rather cheap when compared to the industry. AF is cheaper than 86.67% of the companies in the same industry.
  • When comparing the Price/Earnings ratio of AF to the average of the S&P500 Index (27.09), we can say AF is valued rather cheaply.
  • Based on the Price/Forward Earnings ratio of 3.19, the valuation of AF can be described as very cheap.
  • Based on the Price/Forward Earnings ratio, AF is valued cheaper than 86.67% of the companies in the same industry.
  • Compared to an average S&P500 Price/Forward Earnings ratio of 27.98, AF is valued rather cheaply.
Industry RankSector Rank
PE 3.99
Fwd PE 3.19
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

  • 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 86.67% of the companies in the same industry.
Industry RankSector Rank
P/FCF 4.1
EV/EBITDA 3.67
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

  • AF's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
  • AF's earnings are expected to grow with 62.64% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.02
PEG (5Y)N/A
EPS Next 2Y89.03%
EPS Next 3Y62.64%

More info and screens

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

0

5. Dividend

5.1 Amount

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

More info and screens

Find the best dividend stocksShow peers with best dividend

AIR FRANCE-KLM

EPA:AF (2/19/2026, 7:00:00 PM)

12.98

+1.37 (+11.75%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupTransportation
GICS IndustryPassenger Airlines
Earnings (Last)11-06
Earnings (Next)02-19
Inst Owners16.12%
Inst Owner ChangeN/A
Ins Owners0.03%
Ins Owner ChangeN/A
Market Cap3.41B
Revenue(TTM)32.70B
Net Income(TTM)949.00M
Analysts67.86
Price Target11.76 (-9.4%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 0%
Yearly Dividend0
Dividend Growth(5Y)-58.45%
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)0.6%
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 3.99
Fwd PE 3.19
P/S 0.1
P/FCF 4.1
P/OCF 0.69
P/B 44.88
P/tB N/A
EV/EBITDA 3.67
EPS(TTM)3.25
EY25.04%
EPS(NY)4.07
Fwd EY31.38%
FCF(TTM)3.16
FCFY24.36%
OCF(TTM)18.91
OCFY145.69%
SpS124.44
BVpS0.29
TBVpS-5
PEG (NY)0.02
PEG (5Y)N/A
Graham Number4.6
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 0.55
F-Score5
WACC6.26%
ROIC/WACC1.26
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)209.52%
EPS 3YN/A
EPS 5Y-24.31%
EPS Q2Q%-15.15%
EPS Next Y225.52%
EPS Next 2Y89.03%
EPS Next 3Y62.64%
EPS Next 5Y34.82%
Revenue 1Y (TTM)5.52%
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 3.99 and the Price/Book (PB) ratio is 44.88.


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%.