AIR France - KLM (FR:AF)
:AF
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AIR France KLM
(AF)
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Rating:58Neutral
Price Target:
€9.50
▼(-9.78% Downside)
Action:ReiteratedDate:03/03/26
The score is held back mainly by balance-sheet risk (negative equity and high leverage) and only moderate cash-flow quality despite improving operating results. Technicals are neutral-to-mixed with price below key moving averages, while valuation is a notable positive due to the very low P/E.
Positive Factors
Revenue recovery & profitability
Sustained revenue recovery into 2025 with meaningful improvement in operating profit demonstrates demand rebound and better cost absorption. This structural improvement supports ongoing cash generation and operating leverage, increasing resilience and funding capacity over the next several months.
Negative Factors
Negative shareholder equity
A persistent negative equity position reflects accumulated losses and materially weakens financial flexibility. It constrains access to capital markets, elevates creditor scrutiny and increases vulnerability to downturns, meaning balance-sheet repair will be a multi-quarter structural challenge.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue recovery & profitability
Sustained revenue recovery into 2025 with meaningful improvement in operating profit demonstrates demand rebound and better cost absorption. This structural improvement supports ongoing cash generation and operating leverage, increasing resilience and funding capacity over the next several months.
Read all positive factors
AIR France KLM (AF) vs. iShares MSCI France ETF (EWQ)
Market Cap
€2.42B
Dividend YieldN/A
Average Volume (3M)1.01M
Price to Earnings (P/E)1.9
Beta (1Y)1.77
Revenue Growth4.92%
EPS Growth527.81%
CountryFR
Employees78,399
SectorGeneral
Sector StrengthN/A
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)1.80
Shares Outstanding262,769,870
10 Day Avg. Volume1,113,403
30 Day Avg. Volume1,005,345
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)-3.09
Price to Sales (P/S)0.09
P/FCF Ratio26.42
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€10.76Price Target Upside2.19% Upside
Rating ConsensusHold
Number of Analyst Covering10
EPS Forecast (FY)2.98
Revenue Forecast (FY)€35.02B
AIR France KLM Business Overview & Revenue Model
Company Description
Air France-KLM SA, together with its subsidiaries, provides passenger and cargo transportation services on scheduled flights in Metropolitan France, Benelux, rest of Europe, and internationally. The company operates through Network, Maintenance, T...
How the Company Makes Money
Air France-KLM makes money primarily by selling air transportation and related travel services. Its main revenue streams include: (1) Passenger revenue: Ticket sales for scheduled flights across short-/medium-haul and long-haul routes, including r...
AIR France KLM Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
32
Negative
Cash Flow
52
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 33.01B | 31.46B | 30.02B | 26.39B | 14.31B |
| Gross Profit | 3.94B | 4.99B | 6.17B | 7.97B | 3.10B |
| EBITDA | 5.28B | 4.02B | 4.64B | 3.73B | -371.00M |
| Net Income | 1.59B | 317.00M | 934.00M | 728.00M | -3.27B |
Balance Sheet | |||||
| Total Assets | 39.45B | 36.16B | 34.49B | 32.30B | 30.68B |
| Cash, Cash Equivalents and Short-Term Investments | 6.04B | 5.98B | 7.38B | 7.23B | 6.80B |
| Total Debt | 22.17B | 14.53B | 13.53B | 14.71B | 16.24B |
| Total Liabilities | 38.36B | 35.36B | 33.99B | 34.78B | 34.50B |
| Stockholders Equity | -983.00M | -1.76B | -2.05B | -3.00B | -3.82B |
Cash Flow | |||||
| Free Cash Flow | 115.00M | -232.00M | -426.00M | 1.88B | -668.00M |
| Operating Cash Flow | 4.56B | 3.50B | 3.13B | 4.86B | 1.53B |
| Investing Cash Flow | -3.03B | -2.77B | -3.24B | -2.15B | -1.24B |
| Financing Cash Flow | -1.62B | -2.11B | -285.00M | -2.76B | -77.00M |
AIR France KLM Technical Analysis
Neutral
10.53
Price Trends
10.54
Negative
10.83
Negative
11.35
Negative
Market Momentum
-0.01
Negative
57.56
Neutral
84.35
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:AF, the sentiment is Neutral. The current price of 10.53 is above the 20-day moving average (MA) of 9.39, below the 50-day MA of 10.54, and below the 200-day MA of 11.35, indicating a neutral trend. The MACD of -0.01 indicates Negative momentum. The RSI at 57.56 is Neutral, neither overbought nor oversold. The STOCH value of 84.35 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for FR:AF.
AIR France KLM Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | €3.98B | 5.50 | ― | 1.67% | 8.20% | 4.79% | |
65 Neutral | €1.24B | 10.12 | ― | 3.96% | 12.77% | 15.61% | |
62 Neutral | €10.85B | 9.68 | 2.20% | 2.69% | 8.87% | 11.59% | |
61 Neutral | €14.84B | 40.77 | ― | 1.73% | ― | ― | |
58 Neutral | €2.42B | 1.91 | ― | ― | 4.92% | 527.81% | |
56 Neutral | €10.14B | 29.95 | 15.99% | 2.64% | 0.59% | -31.29% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
FR:AF
AIR France KLM
9.22
1.52
19.80%
FR:AC
Accor SA
43.21
1.51
3.61%
FR:ADP
Aeroports de Paris ADP
109.70
3.98
3.76%
FR:BAIN
Monte-Carlo Societe des Bains de Mer
130.50
31.60
31.95%
FR:BOL
Bollore
5.31
0.03
0.53%
FR:CDA
Compagnie des Alpes
24.55
8.60
53.92%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.