American Airlines Group
AAL on Nasdaq. American Airlines Group sells air travel to passengers and freight shippers. Market value $8.5bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Industrials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $3.31 of spare cash in the past 12 months. A savings account pays about $4.
You pay 35.7 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 5 cents a year. Above 10 is good.
Quality score: 40 of 100. Price score: 18 of 100. Our list needs 70 on quality and 60 on price.
$13.00 a share, 29% above its 1-year low
Over the past year the price has ranged from $10.09 to $18.79.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $285 million in the past 12 months, a shortfall of $680 million in the year to December 2025.
| Revenue | |||||
| Revenue | $29.9bn | $49.0bn | $52.8bn | $54.2bn | $54.6bn |
| Operating margin | |||||
| Operating margin | -3.5% | 3.3% | 5.7% | 4.8% | 2.7% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.65bn | 0.65bn | 0.66bn | 0.66bn | 0.66bn |
Health checks
- Free cash flow positive2 of 4 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 25.8% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $16.7 billion last quarter, up 16% on a year ago.
- Profit: $71 million, down 88% on a year ago.
- It keeps 2 cents of each $1 of sales as operating profit, down from 4 cents a year earlier.
- Spare cash over the past 12 months: $285 million, down from $1.6 billion.
- About the same number of shares as a year ago.
- Debt is $27.4 billion more than cash, down from $28.9 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $13.6bn |
| December 2024 | $13.7bn |
| March 2025 | $12.6bn |
| June 2025 | $14.4bn |
| September 2025 | $13.7bn |
| December 2025 | $14.0bn |
| March 2026 | $13.9bn |
| June 2026 | $16.7bn |
| Quarter to | Amount |
|---|---|
| September 2024 | -$149m |
| December 2024 | $590m |
| March 2025 | -$473m |
| June 2025 | $599m |
| September 2025 | -$114m |
| December 2025 | $99m |
| March 2026 | -$382m |
| June 2026 | $71m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 18 February 2026
- Next quarterly (estimated, 10-Q)
- 22 October 2026
Who owns it
6 long-term investors we follow own it, up from 4 last quarter. 578 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Orbis Investment ManagementOrbis team (Allan Gray lineage) | $292m | 1.0% | Added |
| AppaloosaDavid Tepper | $136m | 1.8% | New |
| Sound Shore ManagementHarry Burn | $108m | 3.3% | New |
| LSV Asset ManagementJosef Lakonishok | $46m | <0.1% | Cut |
| Hosking PartnersJeremy Hosking | $18m | 0.6% | Added |
| Gotham Asset ManagementJoel Greenblatt | $4m | <0.1% | Added |
Largest holders overall
- Primecap Management$1.3bnAdded
- BlackRock$1.1bnAdded
- Vanguard Portfolio Management$540mAdded
- Vanguard Capital Management$532m
- TWO Sigma Investments, LP$492mAdded
- State Street$354m
- Orbis Investment Management$292mAdded
- Geode Capital Management$247mAdded
- Jane Street Group$228mAdded
- Jacobs Levy Equity Management$175mNew
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- PRIMECAP MANAGEMENT CO/CA/Passive investor10.5%+2.9 ptsSince 31 May 2026
- Vanguard Capital ManagementPassive investor5.1%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
PRIMECAP MANAGEMENT CO/CA/ Passive investor | 10.5%+2.9 pts | 31 May 2026 | |
Vanguard Capital Management Passive investor | 5.1% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 3 sold $7m, $4m of it under preset trading plans.
- Johnson Stephen LVice ChairSold
- Date
- 31 July 2026
- Shares
- 30,000
- Price
- $15.29
- Value
- $458,790
- Owens AngelaSVP Corporate ControllerSold
- Date
- 31 July 2026
- Shares
- 40,077
- Price
- $15.26
- Value
- $611,623
- Johnson Stephen LVice ChairSold
- Date
- 30 July 2026
- Shares
- 30,000
- Price
- $15.26
- Value
- $457,878
- Johnson Stephen LVice ChairSold
- Date
- 29 July 2026
- Shares
- 30,000
- Price
- $15.01
- Value
- $450,378
- Johnson Stephen LVice ChairSold
- Date
- 28 July 2026
- Shares
- 30,000
- Price
- $15.16
- Value
- $454,818
- Owens AngelaSVP Corporate ControllerSold
- Date
- 28 July 2026
- Shares
- 39,168
- Price
- $15.34
- Value
- $601,017
- Johnson Stephen LVice ChairSold
- Date
- 27 July 2026
- Shares
- 30,000
- Price
- $14.67
- Value
- $440,112
- Seymour DavidEVP Chief Operating OfficerSoldunder a preset trading plan
- Date
- 25 June 2026
- Shares
- 56,456
- Price
- $18.00
- Value
- $1m
- Seymour DavidEVP Chief Operating OfficerSoldunder a preset trading plan
- Date
- 24 June 2026
- Shares
- 69,343
- Price
- $17.00
- Value
- $1m
- Seymour DavidEVP Chief Operating OfficerSoldunder a preset trading plan
- Date
- 16 December 2025
- Shares
- 25,595
- Price
- $16.01
- Value
- $409,776
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 31 July 2026 | Johnson Stephen L Vice Chair | Sold | 30,000 | $15.29 | $458,790 |
| 31 July 2026 | Owens Angela SVP Corporate Controller | Sold | 40,077 | $15.26 | $611,623 |
| 30 July 2026 | Johnson Stephen L Vice Chair | Sold | 30,000 | $15.26 | $457,878 |
| 29 July 2026 | Johnson Stephen L Vice Chair | Sold | 30,000 | $15.01 | $450,378 |
| 28 July 2026 | Johnson Stephen L Vice Chair | Sold | 30,000 | $15.16 | $454,818 |
| 28 July 2026 | Owens Angela SVP Corporate Controller | Sold | 39,168 | $15.34 | $601,017 |
| 27 July 2026 | Johnson Stephen L Vice Chair | Sold | 30,000 | $14.67 | $440,112 |
| 25 June 2026 | Seymour David EVP Chief Operating Officer | Sold under a preset trading plan | 56,456 | $18.00 | $1m |
| 24 June 2026 | Seymour David EVP Chief Operating Officer | Sold under a preset trading plan | 69,343 | $17.00 | $1m |
| 16 December 2025 | Seymour David EVP Chief Operating Officer | Sold under a preset trading plan | 25,595 | $16.01 | $409,776 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 18 Feb 2026, plus the 10-Q filed 23 Jul 2026 and 10 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
- It isn't cheap on profits: 35.7× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.