AAL · CIK 0000006201 · FY2025 live · 2025-12-31
American Airlines Group Inc.
View as
Model
Z″
FY2025
−1.56
Zone
Distress
vs FY2024
−0.24
Market DD
—
1y PD
—
−1.56
Classic Z 0.54
Z″ −1.56 · distress below 1.10, grey to 2.60, safe above.
Z″ factor contributions
X1 Working capital / assets
Short-term liquidity. Carries more weight in Z″ than in classic Z.
−0.206.56 × = −1.30X2 Retained earnings / assets
Cushion from years of profits. Share buybacks can push this negative at otherwise healthy firms.
−0.113.26 × = −0.36X3 EBIT / assets
Operating return on assets. Highest weight in Z″.
0.026.72 × = 0.16X4 Book equity / liabilities
Book equity versus the liability stack. Sales / assets is omitted so asset-light names keep turnover from dragging the score.
−0.061.05 × = −0.06
Five-year path
Z″ plus liquidity (working capital / assets) and earnings (EBIT / assets) over the last 5 annual filings.
Meridian Rank
30.80
0–100 · Z″ family
Book standing
23
Year change
35
Market PD
—
O-score
46
Events on this name
Same published rows as Today.
Weaker in 4 consecutive annual prints (FY2022–FY2025)
high · 78
- Consecutive weaker prints: — → 4
- From FY: — → 2022
- Through FY: — → 2025
- Live score: −1.32 → −1.56
Overview
rule-v1
American Airlines Group Inc. is on Z″ at −1.56 (distress) for FY2025, from an SEC 10-K. Working capital / assets is the line that sets the print. Versus FY2024 the live print is still distress (−0.24 from −1.32). No market tape loaded. Z″ omits sales/assets so asset-light names keep turnover from dragging the score. X4 is book equity on every name.
Book screen Distress; market PD —. Market PD has not been priced on this name.
MD&A excerpt
Management notes that the post-pandemic demand recovery has restored unit revenue, but the balance sheet remains heavily levered with a large unfunded pension and a dense maturity calendar. The MD&A emphasizes capacity discipline, co-branded credit-card cash, and a plan to reduce gross debt from peak levels. Liquidity is described as including a sizable cash-and-undrawn-revolver buffer against fuel and labor cost volatility.
Market DD · naive Merton
No market tape yet.
Pull a year of closes (Yahoo, Nasdaq if Yahoo is limited) and size equity from Nasdaq cap or EDGAR shares. Distance-to-default and 1-year PD stay blank until then.
Sector peers
Closest Z″ scores · 18th percentile in Industrials.
- NCLHDistressNorwegian Cruise Line Holdings Ltd.−1.48
- GETYDistressGetty Images Holdings, Inc.−1.64
- CTEVDistressClaritev Corp−1.67
- THRYDistressThryv Holdings, Inc.−1.68
- FORRDistressFORRESTER RESEARCH, INC.−1.42
- RMNIDistressRimini Street, Inc.−1.39
- FISDistressFidelity National Information Services, Inc.−1.73
- IBATFDistressINTERNATIONAL BATTERY METALS LTD.−1.38
Filing line items
Current assets
$12.2B
Total assets
$61.8B
Current liabilities
$24.5B
Total liabilities
$65.5B
Working capital
−$12.3B
Retained earnings
−$6.7B
EBIT
$1.5B
Total sales
$54.6B
Book equity
−$3.7B
Accession 0000006201-26-000014. Live rank is the latest 10-K on EDGAR (FY2025, period 2025-12-31). Z″ is the live score. View as is a display overlay. X4 is book equity. Pulled 14 Sept 2026.