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Parent company of Air France and KLM, operating passenger and cargo flights across a global network.
Parent company of Air France and KLM, operating passenger and cargo flights across a global network.
Passenger ticket sales carry the group, funnelled through two hubs, Paris and Amsterdam, and sold jointly with Delta and Virgin Atlantic on transatlantic routes; maintenance for other airlines, cargo and the Flying Blue loyalty programme add other income. The French and Dutch states are shareholders, and both airlines keep separate brands and bases.
Moat: narrow (scale, installed base). Dual-hub network (Paris CDG, Amsterdam Schiphol) and slot access give scale advantages in a low-margin industry.
Headquarters: Paris, France · Founded: 2004 · Employees: 81,992
Size Air France-KLM (AF.PA) is a France Industrials company (Airlines) with a market value of $3.99B, the 75th largest of 206 France companies the cockpit tracks. Shares closed at €13.53 on 6 Nov 2026.
Performance Over six months the shares gained 33.7%, against +10.5% for the median peer and -0.4% for the France market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 5.2% over the last twelve months (peer median +11.3%); the operating margin is 6.2% (peer median 6.9%).
Valuation It trades at 4.7× forward earnings against a peer median of 19.0× (cheapest of 17).
Price implies For today's price to make sense, revenue must grow about -6% a year for seven years (Req g). Recent delivered growth is +24%, so the hurdle is -31 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.7 points above its cost of capital (6.6% WACC).
Credit Air France-KLM has 6 bonds outstanding ($3.68B), rated BB+ by the agencies and trading like BB+ at a weighted spread of 162 bp.
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €34.2B | €33.0B | €31.5B | €30.0B | €26.4B |
| Revenue growth | — | +5% | +5% | +14% | — |
| Gross profit | €4.11B | €3.94B | €3.41B | €3.33B | €2.57B |
| EBITDA | €5.44B | €5.28B | €4.40B | €4.27B | €3.74B |
| Net income | €1.08B | €1.53B | €244M | €934M | €728M |
| Free cash flow | €37.0M | €115M | -€856M | -€423M | €1.89B |
| Capital expenditure | €4.04B | €4.45B | €3.73B | €3.55B | €2.97B |
| Total debt | €16.6B | €16.7B | €15.6B | €14.6B | €15.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Air France-KLM AF.PA | $3.99B | +34% | +5% | 6% | 4.7× | -6.3% |
| Deutsche Lufthansa LHA.DE | $11.4B | +7% | +8% | -1% | 9.7× | n/a |
| International Consolidated Airlines IAG.L | $25.3B | +9% | +4% | 14% | 8.3× | -3.9% |
| Delta Air Lines DAL | $57.4B | +19% | +14% | 7% | 13.4× | 9.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AF.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +23.8% | +4.1% | 2nd highest of 21 |
| 6-month return | +33.7% | +10.5% | 3rd highest of 21 |
| Distance from 52-week high | -6.2% | -23.5% | 3rd highest of 21 |
| Revenue growth (TTM) | +5.2% | +11.3% | lowest of 21 |
| Operating margin | 6.2% | 6.9% | 10th lowest of 21 |
| Forward P/E | 4.7× | 19.0× | cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -6.3% | 2.2% | 4th least demanding of 10 |
| Growth delivered (Del g) | +24.4% | +24.4% | 5th lowest of 10 |
| Hurdle (Req g minus delivered) | -30.6 pp | -17.0 pp | 4th least demanding of 10 |
| ROIC minus cost of capital | +3.7 pp | -0.2 pp | 5th highest of 21 |
| EV / EBITDA | 3.2× | 5.2× | cheapest of 14 |
| Net debt / EBITDA | 2.1× | 2.2× | 8th least indebted of 16 |
| Bond spread | 162 bp | 245 bp | 2nd tightest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Air France-KLM AF.PA | France | $3.99B | +34% | +5% | 6% | 4.7× | -6.3% | +24.4% |
| Air Canada AC.TO | Canada | $3.95B | +10% | +13% | 2% | n/a | 14.3% | +30.8% |
| China Airlines 2610.TW | Taiwan | $3.94B | +17% | +8% | 8% | 9.9× | n/a | n/a |
| Alaska Air ALK | United States | $4.35B | -5% | +8% | -1% | n/a | n/a | n/a |
| Juneyao Airlines 603885.SS | China | $3.42B | -8% | +8% | 1% | 69.5× | 0.4% | +17.4% |
| Exchange Income EIF.TO | Canada | $4.77B | +13% | +33% | 11% | 24.6× | n/a | n/a |
| SkyWest SKYW | United States | $3.02B | -10% | +7% | 14% | 7.5× | 2.2% | +13.8% |
| Copa CPA | United States | $5.87B | +16% | +15% | 19% | 9.0× | n/a | n/a |
| Allegiant Travel ALGT | United States | $2.51B | +11% | +12% | 9% | 12.7× | n/a | n/a |
| Spring Airlines 601021.SS | China | $6.51B | -6% | +16% | 6% | 26.0× | n/a | n/a |
| Grupo Aeromexico, S.A.B. de C.V. Unsponsored ADR AERO | United States | $2.32B | +1% | +10% | 11% | 10.4× | -6.6% | +32.3% |
| easyJet EZJ.L | United Kingdom | $6.96B | +90% | +10% | 5% | 68.9× | 4.8% | +27.4% |
| Eva Airways 2618.TW | Taiwan | $7.12B | +28% | +6% | 14% | 10.1× | -17.0% | +19.9% |
| Air China Cargo 001391.SZ | China | $7.12B | -21% | +10% | 9% | n/a | n/a | n/a |
| Hainan Airlines 600221.SS | China | $7.85B | -20% | +6% | -3% | 24.2× | 5.0% | +18.4% |
| KAL 003490.KS | South Korea | $7.99B | +20% | +21% | 2% | 21.1× | n/a | n/a |
| Milkyway Intelligent Supply Chain Service 603713.SS | China | $1.90B | +29% | +15% | 8% | 16.8× | n/a | n/a |
| American Airlines AAL | United States | $8.73B | -1% | +12% | 2% | n/a | n/a | n/a |
| Starlux Airlines 2646.TW | Taiwan | $1.76B | -6% | +23% | 1% | 52.3× | n/a | n/a |
| Japan Airlines 9201.T | Japan | $9.08B | +34% | +10% | 8% | 15.3× | -9.7% | +33.1% |
| Frontier ULCC | United States | $1.71B | +40% | +24% | -15% | 1,818.4× | 31.6% | +24.4% |
Air France-KLM has 6 bonds outstanding with $3.68B face value. The agencies rate it BB+; its bonds trade like BB+. Weighted yield 4.80%, a spread of 162 bp over government bonds.