AIR France - KLM (FR:AF)
:AF
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AIR France KLM
(AF)
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Rating:57Neutral
Price Target:
€11.50
▲(9.21% Upside)
Action:Reiterated
Date:05/03/26
The score is driven mainly by improved profitability and operating cash flow, offset by a still-weak capital structure (negative equity and high debt). Technicals are bearish with the price below major moving averages, while the very low P/E provides a meaningful valuation cushion.
Positive Factors
Improved profitability
The group’s return to positive net income (TTM €1.58B) and an ~8.1% EBIT margin reflects structural operating recovery vs prior loss years. Sustained mid-single-digit margins improve cash generation and buffer fixed costs, supporting medium-term network and service investments.
Negative Factors
Negative shareholders' equity
Negative equity erodes the company’s financial cushion and limits ability to absorb shocks or pursue opportunistic investments. With a thin equity base, the group faces higher refinancing and covenant risk, reducing strategic flexibility over the coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved profitability
The group’s return to positive net income (TTM €1.58B) and an ~8.1% EBIT margin reflects structural operating recovery vs prior loss years. Sustained mid-single-digit margins improve cash generation and buffer fixed costs, supporting medium-term network and service investments.
Read all positive factors
AIR France KLM (AF) vs. iShares MSCI France ETF (EWQ)
Market Cap
€2.97B
Dividend YieldN/A
Average Volume (3M)1.01M
Price to Earnings (P/E)1.9
Beta (1Y)1.81
Revenue Growth4.22%
EPS Growth233.12%
CountryFR
Employees78,399
SectorGeneral
Sector StrengthN/A
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)5.86
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
€10.68Price Target Upside1.40% Upside
Rating ConsensusHold
Number of Analyst Covering9
EPS Forecast (FY)2.52
Revenue Forecast (FY)€35.21B
AIR France KLM Business Overview & Revenue Model
Company Description
Air France-KLM S.A., through its various subsidiaries, offers scheduled air transport for both passengers and freight. Its extensive network covers Metropolitan France, the Benelux countries, the remainder of Europe, and numerous international rou...
How the Company Makes Money
Air France-KLM primarily makes money by selling air transportation services, with revenue concentrated in passenger ticket sales across its route networks operated by Air France and KLM. Passenger revenue is driven by seat sales in multiple cabin ...
AIR France KLM Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
28
Negative
Cash Flow
56
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 33.32B | 33.01B | 31.46B | 30.02B | 26.39B | 14.31B |
| Gross Profit | 5.24B | 3.94B | 4.99B | 6.17B | 7.97B | 3.10B |
| EBITDA | 5.86B | 5.28B | 4.02B | 4.64B | 3.73B | -371.00M |
| Net Income | 1.58B | 1.59B | 317.00M | 934.00M | 728.00M | -3.27B |
Balance Sheet | ||||||
| Total Assets | 42.89B | 39.45B | 36.16B | 34.49B | 32.30B | 30.68B |
| Cash, Cash Equivalents and Short-Term Investments | 5.92B | 6.04B | 5.98B | 7.38B | 7.23B | 6.80B |
| Total Debt | 17.46B | 22.17B | 14.53B | 13.53B | 14.71B | 16.24B |
| Total Liabilities | 41.04B | 38.36B | 35.36B | 33.99B | 34.78B | 34.50B |
| Stockholders Equity | -254.00M | -983.00M | -1.76B | -2.05B | -3.00B | -3.82B |
Cash Flow | ||||||
| Free Cash Flow | 315.00M | 115.00M | -232.00M | -426.00M | 1.88B | -668.00M |
| Operating Cash Flow | 4.49B | 4.56B | 3.50B | 3.13B | 4.86B | 1.53B |
| Investing Cash Flow | -2.95B | -3.03B | -2.77B | -3.24B | -2.15B | -1.24B |
| Financing Cash Flow | -210.00M | -1.62B | -2.11B | -285.00M | -2.76B | -77.00M |
AIR France KLM Technical Analysis
Positive
10.53
Price Trends
10.01
Positive
10.49
Positive
11.03
Positive
Market Momentum
0.44
Negative
62.43
Neutral
58.80
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:AF, the sentiment is Positive. The current price of 10.53 is below the 20-day moving average (MA) of 10.74, above the 50-day MA of 10.01, and below the 200-day MA of 11.03, indicating a bullish trend. The MACD of 0.44 indicates Negative momentum. The RSI at 62.43 is Neutral, neither overbought nor oversold. The STOCH value of 58.80 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 | €4.06B | 27.76 | ― | 1.67% | 8.20% | 4.79% | |
61 Neutral | €15.34B | 44.43 | ― | 1.73% | ― | ― | |
58 Neutral | €1.12B | 9.55 | ― | 3.96% | 7.76% | 18.23% | |
57 Neutral | €2.97B | 1.88 | ― | ― | 4.22% | 233.12% | |
57 Neutral | €10.59B | 27.72 | 2.20% | 2.69% | 8.87% | 11.59% | |
56 Neutral | €10.72B | 31.83 | 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
11.33
1.96
20.86%
FR:AC
Accor SA
45.39
0.49
1.09%
FR:ADP
Aeroports de Paris ADP
107.00
-1.15
-1.06%
FR:BAIN
Monte-Carlo Societe des Bains de Mer
133.00
32.15
31.88%
FR:BOL
Bollore
5.49
0.20
3.74%
FR:CDA
Compagnie des Alpes
22.10
4.57
26.03%
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.