American Airlines Group vs United Airlines
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KIRA’s take AI analyst
I put American Airlines Group and United Airlines side by side, using each one’s latest annual report. Here is what stands out:
- United Airlines is the larger business, with $59.1B of revenue in fiscal 2025 against $54.6B for American Airlines Group.
- United Airlines grew revenue faster (3.5%, against 0.8%).
- United Airlines kept more of each dollar of sales as operating profit (8.0% operating margin, against 2.7%).
- United Airlines turned more of its sales into free cash flow (4.3% FCF margin, against −1.2%).
- United Airlines earned a higher return on the capital invested in it (15.3%, against 5.7%).
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
American Airlines Group
AAL
1/9
Share count change
United Airlines
UAL
8/9
Revenue growth5-year growthOperating marginNet marginFCF marginReturn on capitalPiotroski F-scoreNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | AAL FY25 | UAL FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.0B | $32.1B |
| Revenue | $54.6B | $59.1B |
| Free cash flow | −$680M | $2.6B |
| Net income | $111M | $3.4B |
| Growth | ||
| Revenue growth | 0.8% | 3.5% |
| 5-year growth | 25.8% | 30.9% |
| Share count change | −8.4% | −1.4% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 2.7% | 8.0% |
| Net margin | 0.2% | 5.7% |
| FCF margin | −1.2% | 4.3% |
| Return on capital | 5.7% | 15.3% |
| Return on equity | — | 24.0% |
| Balance sheet | ||
| Net debt | $19.4B | $9.5B |
| Net debt / EBITDA | 5.3x | 1.2x |
| Dividends and buybacks | $0.0M | $637M |
| Valuation & quality | ||
| P/E | — | 9.0x |
| Piotroski F-score | 5 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.