Stock Analysis on Net
Stock Analysis on Net

American Airlines Group Inc. (NASDAQ:AAL)

This company has been moved to the archive! The financial data has not been updated since February 21, 2024.

Analysis of Goodwill and Intangible Assets

Microsoft Excel

Adjustments to Financial Statements: Removal of Goodwill

American Airlines Group Inc., adjustments to financial statements

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Adjustment to Total Assets
Total assets (as reported) 63,058 64,716 66,467 62,008 59,995
Less: Goodwill 4,091 4,091 4,091 4,091 4,091
Total assets (adjusted) 58,967 60,625 62,376 57,917 55,904
Adjustment to Stockholders’ Deficit
Stockholders’ deficit (as reported) (5,202) (5,799) (7,340) (6,867) (118)
Less: Goodwill 4,091 4,091 4,091 4,091 4,091
Stockholders’ deficit (adjusted) (9,293) (9,890) (11,431) (10,958) (4,209)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

American Airlines Group Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

American Airlines Group Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Total Asset Turnover
Reported total asset turnover 0.84 0.76 0.45 0.28 0.76
Adjusted total asset turnover 0.90 0.81 0.48 0.30 0.82
Financial Leverage
Reported financial leverage — — — — —
Adjusted financial leverage — — — — —
Return on Equity (ROE)
Reported ROE — — — — —
Adjusted ROE — — — — —
Return on Assets (ROA)
Reported ROA 1.30% 0.20% -3.00% -14.33% 2.81%
Adjusted ROA 1.39% 0.21% -3.20% -15.34% 3.02%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. American Airlines Group Inc. adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. American Airlines Group Inc. adjusted ROA improved from 2021 to 2022 and from 2022 to 2023.

American Airlines Group Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Operating revenues 52,788 48,971 29,882 17,337 45,768
Total assets 63,058 64,716 66,467 62,008 59,995
Activity Ratio
Total asset turnover1 0.84 0.76 0.45 0.28 0.76
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Operating revenues 52,788 48,971 29,882 17,337 45,768
Adjusted total assets 58,967 60,625 62,376 57,917 55,904
Activity Ratio
Adjusted total asset turnover2 0.90 0.81 0.48 0.30 0.82

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

1 Total asset turnover = Operating revenues ÷ Total assets
= 52,788 ÷ 63,058 = 0.84

2 Adjusted total asset turnover = Operating revenues ÷ Adjusted total assets
= 52,788 ÷ 58,967 = 0.90

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. American Airlines Group Inc. adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Total assets 63,058 64,716 66,467 62,008 59,995
Stockholders’ deficit (5,202) (5,799) (7,340) (6,867) (118)
Solvency Ratio
Financial leverage1 — — — — —
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets 58,967 60,625 62,376 57,917 55,904
Adjusted stockholders’ deficit (9,293) (9,890) (11,431) (10,958) (4,209)
Solvency Ratio
Adjusted financial leverage2 — — — — —

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

1 Financial leverage = Total assets ÷ Stockholders’ deficit
= 63,058 ÷ -5,202 = —

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ deficit
= 58,967 ÷ -9,293 = —

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) 822 127 (1,993) (8,885) 1,686
Stockholders’ deficit (5,202) (5,799) (7,340) (6,867) (118)
Profitability Ratio
ROE1 — — — — —
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income (loss) 822 127 (1,993) (8,885) 1,686
Adjusted stockholders’ deficit (9,293) (9,890) (11,431) (10,958) (4,209)
Profitability Ratio
Adjusted ROE2 — — — — —

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

1 ROE = 100 × Net income (loss) ÷ Stockholders’ deficit
= 100 × 822 ÷ -5,202 = —

2 Adjusted ROE = 100 × Net income (loss) ÷ Adjusted stockholders’ deficit
= 100 × 822 ÷ -9,293 = —

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) 822 127 (1,993) (8,885) 1,686
Total assets 63,058 64,716 66,467 62,008 59,995
Profitability Ratio
ROA1 1.30% 0.20% -3.00% -14.33% 2.81%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income (loss) 822 127 (1,993) (8,885) 1,686
Adjusted total assets 58,967 60,625 62,376 57,917 55,904
Profitability Ratio
Adjusted ROA2 1.39% 0.21% -3.20% -15.34% 3.02%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

1 ROA = 100 × Net income (loss) ÷ Total assets
= 100 × 822 ÷ 63,058 = 1.30%

2 Adjusted ROA = 100 × Net income (loss) ÷ Adjusted total assets
= 100 × 822 ÷ 58,967 = 1.39%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. American Airlines Group Inc. adjusted ROA improved from 2021 to 2022 and from 2022 to 2023.