AIR France - KLM (FR:AF)
:AF
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AIR France KLM
(AF)
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Rating:64Neutral
Price Target:
€12.50
▲(18.71% Upside)
Action:Reiterated
Date:06/13/26
The score is anchored by mixed financial performance: profitability and operating cash flow have improved, but negative equity, high debt, and weak free-cash-flow conversion are major risks. Offsetting this, technicals indicate an established uptrend and valuation looks very inexpensive on P/E.
Positive Factors
Profitability & operating cash flow recovery
Earnings have returned to positive territory and OCF is strong on a TTM basis, which strengthens the group's ability to fund operations, absorb cyclical dips, and invest in network and fleet needs. Solid OCF supports near-term liquidity and operational continuity across travel cycles.
Negative Factors
Negative equity and high debt
Persistent negative equity combined with a sizable debt stock creates structural leverage risk: it constrains strategic choices, increases vulnerability to interest cost swings, and can limit access to capital or worsen covenant outcomes during downturns, posing multi-month financial fragility.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability & operating cash flow recovery
Earnings have returned to positive territory and OCF is strong on a TTM basis, which strengthens the group's ability to fund operations, absorb cyclical dips, and invest in network and fleet needs. Solid OCF supports near-term liquidity and operational continuity across travel cycles.
Read all positive factors
AIR France KLM (AF) vs. iShares MSCI France ETF (EWQ)
Market Cap
€3.27B
Dividend YieldN/A
Average Volume (3M)1.01M
Price to Earnings (P/E)2.1
Beta (1Y)1.87
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
€11.29Price Target Upside7.21% Upside
Rating ConsensusHold
Number of Analyst Covering9
EPS Forecast (FY)2.4
Revenue Forecast (FY)€35.22B
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
10.54
Positive
10.60
Positive
10.94
Positive
Market Momentum
0.51
Negative
68.16
Neutral
83.26
Negative
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 11.57, below the 50-day MA of 10.54, and below the 200-day MA of 10.94, indicating a bullish trend. The MACD of 0.51 indicates Negative momentum. The RSI at 68.16 is Neutral, neither overbought nor oversold. The STOCH value of 83.26 is Negative, 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 | €4.12B | 30.39 | ― | 1.67% | 12.18% | 2.51% | |
64 Neutral | €3.27B | 2.09 | ― | ― | 4.22% | 233.12% | |
61 Neutral | €15.41B | 43.70 | ― | 1.73% | ― | ― | |
58 Neutral | €11.40B | 34.26 | 15.99% | 2.64% | 0.59% | -31.29% | |
58 Neutral | €1.14B | 9.66 | ― | 3.96% | 7.76% | 18.31% | |
57 Neutral | €10.90B | 29.40 | 2.20% | 2.69% | 8.87% | 11.59% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
FR:AF
AIR France KLM
12.44
4.66
59.96%
FR:AC
Accor SA
48.39
7.89
19.47%
FR:ADP
Aeroports de Paris ADP
111.20
12.14
12.25%
FR:BAIN
Monte-Carlo Societe des Bains de Mer
134.50
33.16
32.72%
FR:BOL
Bollore
5.46
0.24
4.56%
FR:CDA
Compagnie des Alpes
22.45
4.30
23.72%
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.