Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
American Airlines Group Inc., solvency ratios (quarterly data)
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | American Airlines Group Inc. debt to capital ratio deteriorated from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
| Debt to capital (including operating lease liability) ratio | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | American Airlines Group Inc. debt to capital ratio (including operating lease liability) deteriorated from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | American Airlines Group Inc. debt to assets ratio improved from Q2 2023 to Q3 2023 but then deteriorated significantly from Q3 2023 to Q4 2023. |
| Debt to assets (including operating lease liability) ratio | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | American Airlines Group Inc. debt to assets ratio (including operating lease liability) improved from Q2 2023 to Q3 2023 but then deteriorated significantly from Q3 2023 to Q4 2023. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | American Airlines Group Inc. interest coverage ratio deteriorated from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
Debt to Equity
American Airlines Group Inc., debt to equity calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Current maturities of long-term debt and finance leases | 3,632) | 3,767) | 3,874) | 3,579) | 3,274) | 2,749) | 2,106) | 2,382) | 2,489) | 2,550) | 2,798) | 2,444) | 2,797) | 2,710) | 2,575) | 3,518) | 2,861) | 3,608) | 3,500) | 3,370) | ||||||
| Long-term debt and finance leases, net of current maturities | 29,270) | 29,722) | 30,772) | 31,586) | 32,389) | 34,185) | 34,963) | 35,461) | 35,571) | 36,047) | 37,201) | 37,247) | 29,796) | 30,076) | 28,698) | 21,564) | 21,454) | 21,625) | 21,791) | 20,660) | ||||||
| Total debt | 32,902) | 33,489) | 34,646) | 35,165) | 35,663) | 36,934) | 37,069) | 37,843) | 38,060) | 38,597) | 39,999) | 39,691) | 32,593) | 32,786) | 31,273) | 25,082) | 24,315) | 25,233) | 25,291) | 24,030) | ||||||
| Stockholders’ equity (deficit) | (5,202) | (5,136) | (4,385) | (5,771) | (5,799) | (7,893) | (8,422) | (8,940) | (7,340) | (7,437) | (7,667) | (7,945) | (6,867) | (5,528) | (3,169) | (2,636) | (118) | 160) | (22) | (636) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to equity1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 157.71 | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | ||||||||||||||||||||||||||
| FedEx Corp. | 0.79 | 0.82 | 0.84 | 0.80 | 0.81 | 0.84 | 0.82 | 0.85 | 0.86 | 1.07 | 1.11 | 1.20 | 1.20 | 1.03 | 1.01 | 1.03 | 0.99 | 0.93 | 0.90 | 0.88 | ||||||
| Uber Technologies Inc. | 0.84 | 0.99 | 1.07 | 1.23 | 1.26 | 1.48 | 1.39 | 1.04 | 0.64 | 0.67 | 0.55 | 0.57 | 0.62 | 0.75 | 0.70 | 0.50 | — | — | — | — | ||||||
| Union Pacific Corp. | 2.20 | 2.35 | 2.52 | 2.71 | 2.74 | 2.85 | 2.52 | 2.71 | 2.10 | 2.11 | 2.01 | 1.64 | 1.58 | 1.63 | 1.73 | 1.74 | — | — | — | — | ||||||
| United Airlines Holdings Inc. | 3.40 | 3.57 | 4.17 | 4.80 | 4.68 | 6.74 | 8.55 | 9.55 | 7.03 | 6.55 | 7.39 | 5.69 | 4.75 | 4.03 | 2.25 | 1.88 | — | — | — | — | ||||||
| United Parcel Service Inc. | 1.29 | 1.10 | 1.04 | 1.11 | 0.99 | 1.20 | 1.26 | 1.42 | 1.54 | 1.84 | 2.09 | 3.32 | 37.53 | 4.60 | 6.18 | 8.67 | — | — | — | — | ||||||
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity (deficit)
= 32,902 ÷ -5,202 = —
2 Click competitor name to see calculations.
Debt to Equity (including Operating Lease Liability)
American Airlines Group Inc., debt to equity (including operating lease liability) calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Current maturities of long-term debt and finance leases | 3,632) | 3,767) | 3,874) | 3,579) | 3,274) | 2,749) | 2,106) | 2,382) | 2,489) | 2,550) | 2,798) | 2,444) | 2,797) | 2,710) | 2,575) | 3,518) | 2,861) | 3,608) | 3,500) | 3,370) | ||||||
| Long-term debt and finance leases, net of current maturities | 29,270) | 29,722) | 30,772) | 31,586) | 32,389) | 34,185) | 34,963) | 35,461) | 35,571) | 36,047) | 37,201) | 37,247) | 29,796) | 30,076) | 28,698) | 21,564) | 21,454) | 21,625) | 21,791) | 20,660) | ||||||
| Total debt | 32,902) | 33,489) | 34,646) | 35,165) | 35,663) | 36,934) | 37,069) | 37,843) | 38,060) | 38,597) | 39,999) | 39,691) | 32,593) | 32,786) | 31,273) | 25,082) | 24,315) | 25,233) | 25,291) | 24,030) | ||||||
| Current operating lease liabilities | 1,309) | 1,387) | 1,431) | 1,439) | 1,465) | 1,467) | 1,483) | 1,490) | 1,507) | 1,490) | 1,587) | 1,595) | 1,651) | 1,736) | 1,804) | 1,752) | 1,708) | 1,672) | 1,639) | 1,629) | ||||||
| Noncurrent operating lease liabilities | 6,452) | 6,329) | 6,506) | 6,325) | 6,559) | 6,281) | 6,313) | 6,529) | 6,610) | 6,568) | 6,711) | 6,738) | 6,777) | 6,683) | 6,972) | 7,239) | 7,421) | 7,535) | 7,818) | 7,785) | ||||||
| Total debt (including operating lease liability) | 40,663) | 41,205) | 42,583) | 42,929) | 43,687) | 44,682) | 44,865) | 45,862) | 46,177) | 46,655) | 48,297) | 48,024) | 41,021) | 41,205) | 40,049) | 34,073) | 33,444) | 34,440) | 34,748) | 33,444) | ||||||
| Stockholders’ equity (deficit) | (5,202) | (5,136) | (4,385) | (5,771) | (5,799) | (7,893) | (8,422) | (8,940) | (7,340) | (7,437) | (7,667) | (7,945) | (6,867) | (5,528) | (3,169) | (2,636) | (118) | 160) | (22) | (636) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to equity (including operating lease liability)1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 215.25 | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||
| FedEx Corp. | 1.47 | 1.54 | 1.58 | 1.50 | 1.49 | 1.52 | 1.48 | 1.49 | 1.51 | 1.75 | 1.83 | 1.95 | 1.97 | 1.78 | 1.78 | 1.81 | 0.99 | 0.93 | 0.90 | 0.88 | ||||||
| Uber Technologies Inc. | 1.00 | 1.17 | 1.27 | 1.48 | 1.52 | 1.77 | 1.68 | 1.25 | 0.77 | 0.78 | 0.67 | 0.70 | 0.76 | 0.94 | 0.88 | 0.65 | — | — | — | — | ||||||
| Union Pacific Corp. | 2.29 | 2.44 | 2.62 | 2.81 | 2.85 | 2.96 | 2.62 | 2.82 | 2.20 | 2.20 | 2.10 | 1.71 | 1.65 | 1.71 | 1.81 | 1.83 | — | — | — | — | ||||||
| United Airlines Holdings Inc. | 3.94 | 4.15 | 4.85 | 5.58 | 5.41 | 7.84 | 9.94 | 11.12 | 8.17 | 7.60 | 8.52 | 6.77 | 5.69 | 4.83 | 2.92 | 2.49 | — | — | — | — | ||||||
| United Parcel Service Inc. | 1.54 | 1.33 | 1.25 | 1.32 | 1.19 | 1.41 | 1.48 | 1.65 | 1.79 | 2.13 | 2.42 | 3.75 | 42.24 | 5.14 | 6.86 | 9.58 | — | — | — | — | ||||||
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity (deficit)
= 40,663 ÷ -5,202 = —
2 Click competitor name to see calculations.
Debt to Capital
American Airlines Group Inc., debt to capital calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Current maturities of long-term debt and finance leases | 3,632) | 3,767) | 3,874) | 3,579) | 3,274) | 2,749) | 2,106) | 2,382) | 2,489) | 2,550) | 2,798) | 2,444) | 2,797) | 2,710) | 2,575) | 3,518) | 2,861) | 3,608) | 3,500) | 3,370) | ||||||
| Long-term debt and finance leases, net of current maturities | 29,270) | 29,722) | 30,772) | 31,586) | 32,389) | 34,185) | 34,963) | 35,461) | 35,571) | 36,047) | 37,201) | 37,247) | 29,796) | 30,076) | 28,698) | 21,564) | 21,454) | 21,625) | 21,791) | 20,660) | ||||||
| Total debt | 32,902) | 33,489) | 34,646) | 35,165) | 35,663) | 36,934) | 37,069) | 37,843) | 38,060) | 38,597) | 39,999) | 39,691) | 32,593) | 32,786) | 31,273) | 25,082) | 24,315) | 25,233) | 25,291) | 24,030) | ||||||
| Stockholders’ equity (deficit) | (5,202) | (5,136) | (4,385) | (5,771) | (5,799) | (7,893) | (8,422) | (8,940) | (7,340) | (7,437) | (7,667) | (7,945) | (6,867) | (5,528) | (3,169) | (2,636) | (118) | 160) | (22) | (636) | ||||||
| Total capital | 27,700) | 28,353) | 30,261) | 29,394) | 29,864) | 29,041) | 28,647) | 28,903) | 30,720) | 31,160) | 32,332) | 31,746) | 25,726) | 27,258) | 28,104) | 22,446) | 24,197) | 25,393) | 25,269) | 23,394) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to capital1 | 1.19 | 1.18 | 1.14 | 1.20 | 1.19 | 1.27 | 1.29 | 1.31 | 1.24 | 1.24 | 1.24 | 1.25 | 1.27 | 1.20 | 1.11 | 1.12 | 1.00 | 0.99 | 1.00 | 1.03 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | ||||||||||||||||||||||||||
| FedEx Corp. | 0.44 | 0.45 | 0.46 | 0.44 | 0.45 | 0.46 | 0.45 | 0.46 | 0.46 | 0.52 | 0.53 | 0.54 | 0.55 | 0.51 | 0.50 | 0.51 | 0.50 | 0.48 | 0.47 | 0.47 | ||||||
| Uber Technologies Inc. | 0.46 | 0.50 | 0.52 | 0.55 | 0.56 | 0.60 | 0.58 | 0.51 | 0.39 | 0.40 | 0.35 | 0.36 | 0.38 | 0.43 | 0.41 | 0.33 | — | — | — | — | ||||||
| Union Pacific Corp. | 0.69 | 0.70 | 0.72 | 0.73 | 0.73 | 0.74 | 0.72 | 0.73 | 0.68 | 0.68 | 0.67 | 0.62 | 0.61 | 0.62 | 0.63 | 0.64 | — | — | — | — | ||||||
| United Airlines Holdings Inc. | 0.77 | 0.78 | 0.81 | 0.83 | 0.82 | 0.87 | 0.90 | 0.91 | 0.88 | 0.87 | 0.88 | 0.85 | 0.83 | 0.80 | 0.69 | 0.65 | — | — | — | — | ||||||
| United Parcel Service Inc. | 0.56 | 0.52 | 0.51 | 0.53 | 0.50 | 0.55 | 0.56 | 0.59 | 0.61 | 0.65 | 0.68 | 0.77 | 0.97 | 0.82 | 0.86 | 0.90 | — | — | — | — | ||||||
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 32,902 ÷ 27,700 = 1.19
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | American Airlines Group Inc. debt to capital ratio deteriorated from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
Debt to Capital (including Operating Lease Liability)
American Airlines Group Inc., debt to capital (including operating lease liability) calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Current maturities of long-term debt and finance leases | 3,632) | 3,767) | 3,874) | 3,579) | 3,274) | 2,749) | 2,106) | 2,382) | 2,489) | 2,550) | 2,798) | 2,444) | 2,797) | 2,710) | 2,575) | 3,518) | 2,861) | 3,608) | 3,500) | 3,370) | ||||||
| Long-term debt and finance leases, net of current maturities | 29,270) | 29,722) | 30,772) | 31,586) | 32,389) | 34,185) | 34,963) | 35,461) | 35,571) | 36,047) | 37,201) | 37,247) | 29,796) | 30,076) | 28,698) | 21,564) | 21,454) | 21,625) | 21,791) | 20,660) | ||||||
| Total debt | 32,902) | 33,489) | 34,646) | 35,165) | 35,663) | 36,934) | 37,069) | 37,843) | 38,060) | 38,597) | 39,999) | 39,691) | 32,593) | 32,786) | 31,273) | 25,082) | 24,315) | 25,233) | 25,291) | 24,030) | ||||||
| Current operating lease liabilities | 1,309) | 1,387) | 1,431) | 1,439) | 1,465) | 1,467) | 1,483) | 1,490) | 1,507) | 1,490) | 1,587) | 1,595) | 1,651) | 1,736) | 1,804) | 1,752) | 1,708) | 1,672) | 1,639) | 1,629) | ||||||
| Noncurrent operating lease liabilities | 6,452) | 6,329) | 6,506) | 6,325) | 6,559) | 6,281) | 6,313) | 6,529) | 6,610) | 6,568) | 6,711) | 6,738) | 6,777) | 6,683) | 6,972) | 7,239) | 7,421) | 7,535) | 7,818) | 7,785) | ||||||
| Total debt (including operating lease liability) | 40,663) | 41,205) | 42,583) | 42,929) | 43,687) | 44,682) | 44,865) | 45,862) | 46,177) | 46,655) | 48,297) | 48,024) | 41,021) | 41,205) | 40,049) | 34,073) | 33,444) | 34,440) | 34,748) | 33,444) | ||||||
| Stockholders’ equity (deficit) | (5,202) | (5,136) | (4,385) | (5,771) | (5,799) | (7,893) | (8,422) | (8,940) | (7,340) | (7,437) | (7,667) | (7,945) | (6,867) | (5,528) | (3,169) | (2,636) | (118) | 160) | (22) | (636) | ||||||
| Total capital (including operating lease liability) | 35,461) | 36,069) | 38,198) | 37,158) | 37,888) | 36,789) | 36,443) | 36,922) | 38,837) | 39,218) | 40,630) | 40,079) | 34,154) | 35,677) | 36,880) | 31,437) | 33,326) | 34,600) | 34,726) | 32,808) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to capital (including operating lease liability)1 | 1.15 | 1.14 | 1.11 | 1.16 | 1.15 | 1.21 | 1.23 | 1.24 | 1.19 | 1.19 | 1.19 | 1.20 | 1.20 | 1.15 | 1.09 | 1.08 | 1.00 | 1.00 | 1.00 | 1.02 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||
| FedEx Corp. | 0.60 | 0.61 | 0.61 | 0.60 | 0.60 | 0.60 | 0.60 | 0.60 | 0.60 | 0.64 | 0.65 | 0.66 | 0.66 | 0.64 | 0.64 | 0.64 | 0.50 | 0.48 | 0.47 | 0.47 | ||||||
| Uber Technologies Inc. | 0.50 | 0.54 | 0.56 | 0.60 | 0.60 | 0.64 | 0.63 | 0.56 | 0.43 | 0.44 | 0.40 | 0.41 | 0.43 | 0.48 | 0.47 | 0.40 | — | — | — | — | ||||||
| Union Pacific Corp. | 0.70 | 0.71 | 0.72 | 0.74 | 0.74 | 0.75 | 0.72 | 0.74 | 0.69 | 0.69 | 0.68 | 0.63 | 0.62 | 0.63 | 0.64 | 0.65 | — | — | — | — | ||||||
| United Airlines Holdings Inc. | 0.80 | 0.81 | 0.83 | 0.85 | 0.84 | 0.89 | 0.91 | 0.92 | 0.89 | 0.88 | 0.89 | 0.87 | 0.85 | 0.83 | 0.75 | 0.71 | — | — | — | — | ||||||
| United Parcel Service Inc. | 0.61 | 0.57 | 0.56 | 0.57 | 0.54 | 0.58 | 0.60 | 0.62 | 0.64 | 0.68 | 0.71 | 0.79 | 0.98 | 0.84 | 0.87 | 0.91 | — | — | — | — | ||||||
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 40,663 ÷ 35,461 = 1.15
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital (including operating lease liability) ratio | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | American Airlines Group Inc. debt to capital ratio (including operating lease liability) deteriorated from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
Debt to Assets
American Airlines Group Inc., debt to assets calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Current maturities of long-term debt and finance leases | 3,632) | 3,767) | 3,874) | 3,579) | 3,274) | 2,749) | 2,106) | 2,382) | 2,489) | 2,550) | 2,798) | 2,444) | 2,797) | 2,710) | 2,575) | 3,518) | 2,861) | 3,608) | 3,500) | 3,370) | ||||||
| Long-term debt and finance leases, net of current maturities | 29,270) | 29,722) | 30,772) | 31,586) | 32,389) | 34,185) | 34,963) | 35,461) | 35,571) | 36,047) | 37,201) | 37,247) | 29,796) | 30,076) | 28,698) | 21,564) | 21,454) | 21,625) | 21,791) | 20,660) | ||||||
| Total debt | 32,902) | 33,489) | 34,646) | 35,165) | 35,663) | 36,934) | 37,069) | 37,843) | 38,060) | 38,597) | 39,999) | 39,691) | 32,593) | 32,786) | 31,273) | 25,082) | 24,315) | 25,233) | 25,291) | 24,030) | ||||||
| Total assets | 63,058) | 65,711) | 67,260) | 66,786) | 64,716) | 66,652) | 67,963) | 67,401) | 66,467) | 68,437) | 72,464) | 68,649) | 62,008) | 62,773) | 64,544) | 58,580) | 59,995) | 61,175) | 61,967) | 60,787) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to assets1 | 0.52 | 0.51 | 0.52 | 0.53 | 0.55 | 0.55 | 0.55 | 0.56 | 0.57 | 0.56 | 0.55 | 0.58 | 0.53 | 0.52 | 0.48 | 0.43 | 0.41 | 0.41 | 0.41 | 0.40 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | ||||||||||||||||||||||||||
| FedEx Corp. | 0.24 | 0.24 | 0.24 | 0.23 | 0.24 | 0.24 | 0.24 | 0.25 | 0.25 | 0.28 | 0.29 | 0.30 | 0.30 | 0.28 | 0.27 | 0.27 | 0.32 | 0.34 | 0.32 | 0.33 | ||||||
| Uber Technologies Inc. | 0.24 | 0.26 | 0.27 | 0.29 | 0.29 | 0.30 | 0.30 | 0.28 | 0.24 | 0.25 | 0.22 | 0.23 | 0.23 | 0.23 | 0.24 | 0.19 | — | — | — | — | ||||||
| Union Pacific Corp. | 0.49 | 0.49 | 0.50 | 0.51 | 0.51 | 0.51 | 0.50 | 0.50 | 0.47 | 0.47 | 0.46 | 0.43 | 0.43 | 0.44 | 0.45 | 0.45 | — | — | — | — | ||||||
| United Airlines Holdings Inc. | 0.45 | 0.43 | 0.44 | 0.45 | 0.48 | 0.48 | 0.48 | 0.50 | 0.52 | 0.51 | 0.51 | 0.48 | 0.48 | 0.46 | 0.35 | 0.33 | — | — | — | — | ||||||
| United Parcel Service Inc. | 0.31 | 0.30 | 0.30 | 0.31 | 0.28 | 0.29 | 0.29 | 0.31 | 0.32 | 0.34 | 0.35 | 0.37 | 0.40 | 0.41 | 0.43 | 0.47 | — | — | — | — | ||||||
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
Debt to assets = Total debt ÷ Total assets
= 32,902 ÷ 63,058 = 0.52
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | American Airlines Group Inc. debt to assets ratio improved from Q2 2023 to Q3 2023 but then deteriorated significantly from Q3 2023 to Q4 2023. |
Debt to Assets (including Operating Lease Liability)
American Airlines Group Inc., debt to assets (including operating lease liability) calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Current maturities of long-term debt and finance leases | 3,632) | 3,767) | 3,874) | 3,579) | 3,274) | 2,749) | 2,106) | 2,382) | 2,489) | 2,550) | 2,798) | 2,444) | 2,797) | 2,710) | 2,575) | 3,518) | 2,861) | 3,608) | 3,500) | 3,370) | ||||||
| Long-term debt and finance leases, net of current maturities | 29,270) | 29,722) | 30,772) | 31,586) | 32,389) | 34,185) | 34,963) | 35,461) | 35,571) | 36,047) | 37,201) | 37,247) | 29,796) | 30,076) | 28,698) | 21,564) | 21,454) | 21,625) | 21,791) | 20,660) | ||||||
| Total debt | 32,902) | 33,489) | 34,646) | 35,165) | 35,663) | 36,934) | 37,069) | 37,843) | 38,060) | 38,597) | 39,999) | 39,691) | 32,593) | 32,786) | 31,273) | 25,082) | 24,315) | 25,233) | 25,291) | 24,030) | ||||||
| Current operating lease liabilities | 1,309) | 1,387) | 1,431) | 1,439) | 1,465) | 1,467) | 1,483) | 1,490) | 1,507) | 1,490) | 1,587) | 1,595) | 1,651) | 1,736) | 1,804) | 1,752) | 1,708) | 1,672) | 1,639) | 1,629) | ||||||
| Noncurrent operating lease liabilities | 6,452) | 6,329) | 6,506) | 6,325) | 6,559) | 6,281) | 6,313) | 6,529) | 6,610) | 6,568) | 6,711) | 6,738) | 6,777) | 6,683) | 6,972) | 7,239) | 7,421) | 7,535) | 7,818) | 7,785) | ||||||
| Total debt (including operating lease liability) | 40,663) | 41,205) | 42,583) | 42,929) | 43,687) | 44,682) | 44,865) | 45,862) | 46,177) | 46,655) | 48,297) | 48,024) | 41,021) | 41,205) | 40,049) | 34,073) | 33,444) | 34,440) | 34,748) | 33,444) | ||||||
| Total assets | 63,058) | 65,711) | 67,260) | 66,786) | 64,716) | 66,652) | 67,963) | 67,401) | 66,467) | 68,437) | 72,464) | 68,649) | 62,008) | 62,773) | 64,544) | 58,580) | 59,995) | 61,175) | 61,967) | 60,787) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to assets (including operating lease liability)1 | 0.64 | 0.63 | 0.63 | 0.64 | 0.68 | 0.67 | 0.66 | 0.68 | 0.69 | 0.68 | 0.67 | 0.70 | 0.66 | 0.66 | 0.62 | 0.58 | 0.56 | 0.56 | 0.56 | 0.55 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||
| FedEx Corp. | 0.44 | 0.44 | 0.44 | 0.44 | 0.43 | 0.44 | 0.44 | 0.44 | 0.44 | 0.47 | 0.47 | 0.49 | 0.49 | 0.48 | 0.47 | 0.48 | 0.32 | 0.34 | 0.32 | 0.33 | ||||||
| Uber Technologies Inc. | 0.29 | 0.31 | 0.32 | 0.34 | 0.35 | 0.36 | 0.36 | 0.34 | 0.29 | 0.30 | 0.26 | 0.27 | 0.28 | 0.29 | 0.30 | 0.25 | — | — | — | — | ||||||
| Union Pacific Corp. | 0.50 | 0.51 | 0.52 | 0.53 | 0.53 | 0.53 | 0.52 | 0.52 | 0.49 | 0.49 | 0.48 | 0.45 | 0.45 | 0.46 | 0.47 | 0.47 | — | — | — | — | ||||||
| United Airlines Holdings Inc. | 0.52 | 0.50 | 0.51 | 0.53 | 0.55 | 0.56 | 0.56 | 0.58 | 0.60 | 0.60 | 0.59 | 0.57 | 0.57 | 0.55 | 0.45 | 0.44 | — | — | — | — | ||||||
| United Parcel Service Inc. | 0.38 | 0.36 | 0.36 | 0.37 | 0.33 | 0.34 | 0.34 | 0.36 | 0.37 | 0.39 | 0.40 | 0.42 | 0.44 | 0.46 | 0.48 | 0.52 | — | — | — | — | ||||||
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 40,663 ÷ 63,058 = 0.64
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets (including operating lease liability) ratio | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | American Airlines Group Inc. debt to assets ratio (including operating lease liability) improved from Q2 2023 to Q3 2023 but then deteriorated significantly from Q3 2023 to Q4 2023. |
Financial Leverage
American Airlines Group Inc., financial leverage calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Total assets | 63,058) | 65,711) | 67,260) | 66,786) | 64,716) | 66,652) | 67,963) | 67,401) | 66,467) | 68,437) | 72,464) | 68,649) | 62,008) | 62,773) | 64,544) | 58,580) | 59,995) | 61,175) | 61,967) | 60,787) | ||||||
| Stockholders’ equity (deficit) | (5,202) | (5,136) | (4,385) | (5,771) | (5,799) | (7,893) | (8,422) | (8,940) | (7,340) | (7,437) | (7,667) | (7,945) | (6,867) | (5,528) | (3,169) | (2,636) | (118) | 160) | (22) | (636) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Financial leverage1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 382.34 | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | ||||||||||||||||||||||||||
| FedEx Corp. | 3.34 | 3.47 | 3.55 | 3.41 | 3.45 | 3.43 | 3.38 | 3.37 | 3.43 | 3.77 | 3.86 | 3.99 | 4.02 | 3.72 | 3.75 | 3.77 | 3.06 | 2.74 | 2.76 | 2.71 | ||||||
| Uber Technologies Inc. | 3.44 | 3.84 | 3.93 | 4.32 | 4.37 | 4.98 | 4.66 | 3.68 | 2.68 | 2.65 | 2.56 | 2.55 | 2.71 | 3.23 | 2.96 | 2.65 | — | — | — | — | ||||||
| Union Pacific Corp. | 4.54 | 4.75 | 5.00 | 5.30 | 5.38 | 5.56 | 5.07 | 5.38 | 4.49 | 4.48 | 4.34 | 3.80 | 3.68 | 3.70 | 3.86 | 3.89 | — | — | — | — | ||||||
| United Airlines Holdings Inc. | 7.63 | 8.26 | 9.52 | 10.56 | 9.77 | 14.08 | 17.76 | 19.05 | 13.56 | 12.76 | 14.49 | 11.84 | 9.99 | 8.74 | 6.45 | 5.63 | — | — | — | — | ||||||
| United Parcel Service Inc. | 4.09 | 3.67 | 3.51 | 3.60 | 3.59 | 4.10 | 4.30 | 4.55 | 4.87 | 5.46 | 6.00 | 8.86 | 94.99 | 11.16 | 14.22 | 18.46 | — | — | — | — | ||||||
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity (deficit)
= 63,058 ÷ -5,202 = —
2 Click competitor name to see calculations.
Interest Coverage
American Airlines Group Inc., interest coverage calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Net income (loss) | 19) | (545) | 1,338) | 10) | 803) | 483) | 476) | (1,635) | (931) | 169) | 19) | (1,250) | (2,178) | (2,399) | (2,067) | (2,241) | 414) | 425) | 662) | 185) | ||||||
| Add: Income tax expense | 12) | (145) | 425) | 7) | 208) | 175) | 127) | (451) | (259) | 37) | (10) | (323) | (631) | (696) | (592) | (649) | 158) | 132) | 220) | 60) | ||||||
| Add: Interest expense, net | 520) | 537) | 548) | 540) | 532) | 499) | 468) | 463) | 467) | 476) | 486) | 371) | 376) | 340) | 254) | 257) | 265) | 284) | 275) | 271) | ||||||
| Earnings before interest and tax (EBIT) | 551) | (153) | 2,311) | 557) | 1,543) | 1,157) | 1,071) | (1,623) | (723) | 682) | 495) | (1,202) | (2,433) | (2,755) | (2,405) | (2,633) | 837) | 841) | 1,157) | 516) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Interest coverage1 | 1.52 | 1.97 | 2.63 | 2.12 | 1.09 | -0.06 | -0.32 | -0.62 | -0.42 | -1.44 | -3.75 | -6.56 | -8.33 | -6.23 | -3.17 | 0.19 | 3.06 | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Interest Coverage, Competitors2 | ||||||||||||||||||||||||||
| Uber Technologies Inc. | 4.74 | 2.67 | 0.55 | -4.42 | -15.49 | -15.64 | -19.05 | -13.64 | -1.20 | -4.91 | -1.89 | -7.20 | -14.24 | — | — | — | — | — | — | — | ||||||
| Union Pacific Corp. | 7.14 | 7.13 | 7.59 | 8.00 | 8.14 | 8.40 | 8.34 | 8.53 | 8.33 | 8.05 | 7.66 | 6.91 | 7.12 | — | — | — | — | — | — | — | ||||||
| United Airlines Holdings Inc. | 2.91 | 3.09 | 2.92 | 2.44 | 1.59 | 0.40 | 0.06 | -0.56 | -0.62 | -1.71 | -4.00 | -6.18 | -7.89 | — | — | — | — | — | — | — | ||||||
| United Parcel Service Inc. | 11.92 | 15.44 | 18.59 | 20.44 | 22.06 | 21.60 | 21.21 | 20.95 | 24.91 | 12.99 | 12.33 | 10.56 | 3.63 | — | — | — | — | — | — | — | ||||||
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
Interest coverage
= (EBITQ4 2023
+ EBITQ3 2023
+ EBITQ2 2023
+ EBITQ1 2023)
÷ (Interest expenseQ4 2023
+ Interest expenseQ3 2023
+ Interest expenseQ2 2023
+ Interest expenseQ1 2023)
= (551 + -153 + 2,311 + 557)
÷ (520 + 537 + 548 + 540)
= 1.52
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | American Airlines Group Inc. interest coverage ratio deteriorated from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |