(AF) Air France-KLM - Ratings and Ratios
Exchange: PA •
Country: France •
Currency: EUR •
Type: Common Stock •
ISIN: FR001400J770
Passenger Transport, Cargo Transport, Aircraft Maintenance, Component Support
Dividends
Currently no dividends paid| Risk via 10d forecast | |
|---|---|
| Volatility | 44.5% |
| Value at Risk 5%th | 64.8% |
| Relative Tail Risk | -11.44% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.68 |
| Alpha | 34.75 |
| CAGR/Max DD | -0.11 |
| Character TTM | |
|---|---|
| Hurst Exponent | 0.684 |
| Beta | 0.033 |
| Beta Downside | 0.053 |
| Drawdowns 3y | |
|---|---|
| Max DD | 61.88% |
| Mean DD | 37.90% |
| Median DD | 40.41% |
Description: AF Air France-KLM November 08, 2025
Air France-KLM SA (ticker AF) is a global airline group that offers passenger and cargo services under the Air France, KLM, and Transavia brands, and also provides maintenance, repair, and overhaul (MRO) services for airframes, engines, and components. The business is organized into Network, Maintenance, Transavia, and Other segments, and operates across Europe, Africa, the Americas, Asia, and Oceania from its Paris headquarters.
Key recent metrics: the group reported a 2024 Q2 load factor of ~84% (vs. 78% in Q2 2023), revenue passenger kilometers (RPK) up 12% YoY, and a cost-per-available-seat-kilometre (CASK) of €0.058, reflecting higher fuel prices and ongoing labor negotiations. The primary economic drivers are fuel price volatility, EU carbon-pricing (ETS) costs, and the pace of post-COVID travel demand recovery, especially in the premium-business segment where yield growth remains modest.
If you want a data-rich, scenario-based view of AF’s valuation and risk factors, the ValueRay platform offers a dedicated dashboard that can help you extend this analysis.
Piotroski VR‑10 (Strict, 0-10) 6.5
| Net Income (1.03b TTM) > 0 and > 6% of Revenue (6% = 1.95b TTM) |
| FCFTA 0.02 (>2.0%) and ΔFCFTA 9.10pp (YES ≥ +1.0pp, WARN ≥ +0.5pp) |
| NWC/Revenue -22.42% (prev -18.74%; Δ -3.68pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp) |
| CFO/TA 0.13 (>3.0%) and CFO 4.87b > Net Income 1.03b (YES >=105%, WARN >=100%) |
| Net Debt (7.95b) to EBITDA (5.31b) ratio: 1.50 <= 3.0 (WARN <= 3.5) |
| Current Ratio 0.60 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active) |
| Outstanding Shares last Quarter (262.6m) change vs 12m ago 0.0% (target <= -2.0% for YES) |
| Gross Margin 22.76% (prev 20.86%; Δ 1.90pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0) |
| Asset Turnover 87.69% (prev 85.91%; Δ 1.78pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0) |
| Interest Coverage Ratio 3.57 (EBITDA TTM 5.31b / Interest Expense TTM 678.0m) >= 6 (WARN >= 3) |
Altman Z'' -0.77
| (A) -0.19 = (Total Current Assets 11.09b - Total Current Liabilities 18.37b) / Total Assets 38.35b |
| (B) 0.01 = Retained Earnings (Balance) 387.0m / Total Assets 38.35b |
| (C) 0.07 = EBIT TTM 2.42b / Avg Total Assets 37.02b |
| (D) 0.01 = Book Value of Equity 263.0m / Total Liabilities 37.04b |
| Total Rating: -0.77 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D) |
ValueRay F-Score (Strict, 0-100) 71.72
| 1. Piotroski 6.50pt |
| 2. FCF Yield 9.51% |
| 3. FCF Margin 2.76% |
| 4. Debt/Equity -15.69 |
| 5. Debt/Ebitda 1.50 |
| 6. ROIC - WACC (= 263.5)% |
| 7. RoE -66.03% |
| 8. Rev. Trend 73.52% |
| 9. EPS Trend 15.81% |
What is the price of AF shares?
As of December 14, 2025, the stock is trading at EUR 11.12 with a total of 2,594,870 shares traded.
Over the past week, the price has changed by +1.14%, over one month by +15.37%, over three months by -14.30% and over the past year by +39.81%.
Over the past week, the price has changed by +1.14%, over one month by +15.37%, over three months by -14.30% and over the past year by +39.81%.
Is AF a buy, sell or hold?
Air France-KLM has no consensus analysts rating.
What are the forecasts/targets for the AF price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 11.5 | 3.7% |
| Analysts Target Price | - | - |
| ValueRay Target Price | 11.2 | 0.7% |
AF Fundamental Data Overview December 10, 2025
Market Cap USD = 3.44b (2.94b EUR * 1.1701 EUR.USD)
Market Cap EUR = 2.94b (2.94b EUR * 1.0 EUR.EUR)
P/E Trailing = 3.4477
P/E Forward = 2.9967
P/S = 0.09
P/B = 37.9818
P/EG = 0.1341
Beta = 1.127
Revenue TTM = 32.47b EUR
EBIT TTM = 2.42b EUR
EBITDA TTM = 5.31b EUR
Long Term Debt = 2.08b EUR (from longTermDebt, last quarter)
Short Term Debt = 2.56b EUR (from shortTermDebt, last quarter)
Debt = 12.80b EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = 7.95b EUR (from netDebt column, last quarter)
Enterprise Value = 9.43b EUR (2.94b + Debt 12.80b - CCE 6.31b)
Interest Coverage Ratio = 3.57 (Ebit TTM 2.42b / Interest Expense TTM 678.0m)
FCF Yield = 9.51% (FCF TTM 897.0m / Enterprise Value 9.43b)
FCF Margin = 2.76% (FCF TTM 897.0m / Revenue TTM 32.47b)
Net Margin = 3.18% (Net Income TTM 1.03b / Revenue TTM 32.47b)
Gross Margin = 22.76% ((Revenue TTM 32.47b - Cost of Revenue TTM 25.08b) / Revenue TTM)
Gross Margin QoQ = 25.68% (prev 18.60%)
Tobins Q-Ratio = 0.25 (Enterprise Value 9.43b / Total Assets 38.35b)
Interest Expense / Debt = 1.64% (Interest Expense 210.0m / Debt 12.80b)
Taxrate = 30.26% (279.0m / 922.0m)
NOPAT = 1.69b (EBIT 2.42b * (1 - 30.26%))
Current Ratio = 0.60 (Total Current Assets 11.09b / Total Current Liabilities 18.37b)
Debt / Equity = -15.69 (negative equity) (Debt 12.80b / totalStockholderEquity, last quarter -816.0m)
Debt / EBITDA = 1.50 (Net Debt 7.95b / EBITDA 5.31b)
Debt / FCF = 8.86 (Net Debt 7.95b / FCF TTM 897.0m)
Total Stockholder Equity = -1.56b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.69% (Net Income 1.03b / Total Assets 38.35b)
RoE = -66.03% (negative equity) (Net Income TTM 1.03b / Total Stockholder Equity -1.56b)
RoCE = 471.1% (EBIT 2.42b / Capital Employed (Equity -1.56b + L.T.Debt 2.08b))
RoIC = 265.6% (NOPAT 1.69b / Invested Capital 635.2m)
WACC = 2.08% (E(2.94b)/V(15.74b) * Re(6.14%) + D(12.80b)/V(15.74b) * Rd(1.64%) * (1-Tc(0.30)))
Discount Rate = 6.14% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 8.05%
Shares Correlation 3-Years: 33.33 | Cagr: 18.67%
[DCF Debug] Terminal Value 70.46% ; FCFE base≈897.0m ; Y1≈588.9m ; Y5≈269.3m
Fair Price DCF = 20.15 (DCF Value 5.29b / Shares Outstanding 262.7m; 5y FCF grow -40.0% → 3.0% )
EPS Correlation: 15.81 | EPS CAGR: 10.08% | SUE: -1.83 | # QB: 0
Revenue Correlation: 73.52 | Revenue CAGR: 17.81% | SUE: -0.75 | # QB: 0
EPS next Quarter (2026-03-31): EPS=-1.28 | Chg30d=N/A | Revisions Net=+0 | Analysts=1
EPS next Year (2026-12-31): EPS=4.49 | Chg30d=+0.136 | Revisions Net=-5 | Growth EPS=+10.4% | Growth Revenue=+4.4%
Market Cap EUR = 2.94b (2.94b EUR * 1.0 EUR.EUR)
P/E Trailing = 3.4477
P/E Forward = 2.9967
P/S = 0.09
P/B = 37.9818
P/EG = 0.1341
Beta = 1.127
Revenue TTM = 32.47b EUR
EBIT TTM = 2.42b EUR
EBITDA TTM = 5.31b EUR
Long Term Debt = 2.08b EUR (from longTermDebt, last quarter)
Short Term Debt = 2.56b EUR (from shortTermDebt, last quarter)
Debt = 12.80b EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = 7.95b EUR (from netDebt column, last quarter)
Enterprise Value = 9.43b EUR (2.94b + Debt 12.80b - CCE 6.31b)
Interest Coverage Ratio = 3.57 (Ebit TTM 2.42b / Interest Expense TTM 678.0m)
FCF Yield = 9.51% (FCF TTM 897.0m / Enterprise Value 9.43b)
FCF Margin = 2.76% (FCF TTM 897.0m / Revenue TTM 32.47b)
Net Margin = 3.18% (Net Income TTM 1.03b / Revenue TTM 32.47b)
Gross Margin = 22.76% ((Revenue TTM 32.47b - Cost of Revenue TTM 25.08b) / Revenue TTM)
Gross Margin QoQ = 25.68% (prev 18.60%)
Tobins Q-Ratio = 0.25 (Enterprise Value 9.43b / Total Assets 38.35b)
Interest Expense / Debt = 1.64% (Interest Expense 210.0m / Debt 12.80b)
Taxrate = 30.26% (279.0m / 922.0m)
NOPAT = 1.69b (EBIT 2.42b * (1 - 30.26%))
Current Ratio = 0.60 (Total Current Assets 11.09b / Total Current Liabilities 18.37b)
Debt / Equity = -15.69 (negative equity) (Debt 12.80b / totalStockholderEquity, last quarter -816.0m)
Debt / EBITDA = 1.50 (Net Debt 7.95b / EBITDA 5.31b)
Debt / FCF = 8.86 (Net Debt 7.95b / FCF TTM 897.0m)
Total Stockholder Equity = -1.56b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.69% (Net Income 1.03b / Total Assets 38.35b)
RoE = -66.03% (negative equity) (Net Income TTM 1.03b / Total Stockholder Equity -1.56b)
RoCE = 471.1% (EBIT 2.42b / Capital Employed (Equity -1.56b + L.T.Debt 2.08b))
RoIC = 265.6% (NOPAT 1.69b / Invested Capital 635.2m)
WACC = 2.08% (E(2.94b)/V(15.74b) * Re(6.14%) + D(12.80b)/V(15.74b) * Rd(1.64%) * (1-Tc(0.30)))
Discount Rate = 6.14% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 8.05%
Shares Correlation 3-Years: 33.33 | Cagr: 18.67%
[DCF Debug] Terminal Value 70.46% ; FCFE base≈897.0m ; Y1≈588.9m ; Y5≈269.3m
Fair Price DCF = 20.15 (DCF Value 5.29b / Shares Outstanding 262.7m; 5y FCF grow -40.0% → 3.0% )
EPS Correlation: 15.81 | EPS CAGR: 10.08% | SUE: -1.83 | # QB: 0
Revenue Correlation: 73.52 | Revenue CAGR: 17.81% | SUE: -0.75 | # QB: 0
EPS next Quarter (2026-03-31): EPS=-1.28 | Chg30d=N/A | Revisions Net=+0 | Analysts=1
EPS next Year (2026-12-31): EPS=4.49 | Chg30d=+0.136 | Revisions Net=-5 | Growth EPS=+10.4% | Growth Revenue=+4.4%