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LATAM Airlines Group S.A.

LTM Industrials Airlines

LATAM Airlines Group S.A.’s revenue for fiscal 2025 (year ended December 2025) was $14.3 billion, up 11.2% from fiscal 2024.

Revenue
+18.0%
EPS
+17.8%
Free cash flow
−13.6%

Quarter to September 2026, against a year earlier

47.13 0.65 −1.36%
Market cap
$13.5B
P/E
8.3×
Fwd P/E
8.3×
Dividend yield
2.97%
F-score
8/9
Altman Z
1.81
Beneish M
−2.99
Dividend safety
65/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 13,510.00
Revenue ttm 16,560.39
Net income ttm 0.00
Free cash flow ttm 2,096.21
Net debt Q (2,870.93)
Valuation
P/E 8.31
Forward P/E 8.27
Price / sales 0.82
Forward P/S Powerpack
Price / FCF 6.45
Price / book 6.12 (above 6: high)
Financial health
Current ratio Q 0.68 (below 1: weak)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q 3.23
Growth
Revenue growth Q +17.97% (above 0%: growing)
Operating income growth Q −14.54% (below 0%: shrinking)
EPS, this year −7.19% (below 0%: weak)
EPS, next year A +31.26% (at or above 15%: strong)
Revenue, next year A +22.59% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +3.02%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.1×, against a ten-year median of 1.2×; over the ten years it ranged from 1.0× in 2026 to 1.7× in 2026.

Dividends

Yield
2.97%
Annual rate
1.40
Payout ratio
24.7%
Growth, 2017–25
−34.2%/yr
  1. 68.60 ’17
  2. 150.80 ’18 +120
  3. 177.00 ’19 +17
  4. 0.00 ’24 −100
  5. 2.41 ’25
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,715 1,958 2,150 2,871
Receivables 1,386 1,164 1,382 1,729
Inventory 593 439 459 595
Other 463 300 317 396
4,203 3,900 4,383 5,733
2023 2024 2025 Q'26
Payables 1,773 2,146 2,693 2,966
ST’ Debt — — — —
Other 3,913 4,138 4,570 5,414
5,688 6,291 7,294 8,441

Compound Annual Growth %

10y 5y 3y
Sales 3.89% 29.45% 15.07%
Cash Flow 8.10% 0.00% 237.98%
Earnings 0.00% 0.00% 2.92%
Book Value (7.57%) 0.00% 251.77%

Earnings Trends EPS, adjusted, against the consensus

Jun 2026 Estimate 0.14 Actual 0.58

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Sep 2025 1.26 1.30 Beat by 0.04
Dec 2025 1.35 1.69 Beat by 0.34
Mar 2026 1.35 2.01 Beat by 0.66
Jun 2026 0.14 0.58 Beat by 0.44
Sep 2026 1.07 — Reports 13 November 2026

EPS $

Mar Jun Sep Dec Year
’26 2.01 0.44 1.53 — —
’25 1.18 0.81 1.30 1.69 4.95
’24 0.86 0.48 1.00 0.90 3.23
’23 0.40 0.00 0.00 0.27 1.92
’22 (1.26k) (1.72k) (980.00) 3.99k 27.14
’21 (1.42k) (2.54k) (2.28k) (9.08k) (15.32k)
’20 (7.00k) (2.94k) (1.90k) (3.20k) (15.00k)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 4,081 4,123 4,482 — —
’25 3,348 3,243 3,799 3,875 14,265
’24 3,267 2,983 3,245 3,337 12,833
’23 2,772 2,633 3,025 3,212 11,641
’22 1,917 2,176 2,558 2,712 9,363
’21 842 826 1,276 1,940 4,884
’20 2,266 442 405 811 3,924
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 933 610 1,030 — —
’25 678 863 988 1,208 3,737
’24 458 897 760 991 3,106
’23 442 528 588 705 2,264
’22 (4) 235 226 (360) 97
’21 (199) (168) 8 186 (174)
’20 181 (8) (501) (167) (495)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 588 219 532 — —
’25 310 276 616 757 1,959
’24 362 567 423 431 1,784
’23 373 357 388 328 1,446
’22 (101) 112 (31) (657) (677)
’21 (234) (242) (262) (16) (755)
’20 98 (108) (554) (254) (819)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 8,988 9,614 9,895 10,070 3,924 4,884 9,363 11,641 12,833 14,265 16,560 +5.3% 17,488 18,541 19,794 +11.5%
Gross margin, % 22.49 22.59 21.44 21.04 (15.03) (1.63) 13.45 24.26 25.46 29.16 24.99 +6.7 pt
EBT 274 374 416 142 (5,106) (4,084) 1,346 596 994 1,619 1,712 +21.8%
EBT margin, % 3.05 3.89 4.20 1.41 (130.13) (83.62) 14.38 5.12 7.75 11.35 10.34 +8.3 pt
Net income — — — — — — — — — — 0 —
Per share, $
Per share, $ Revenue 32,888.18 31,708.14 32,636.73 33,212.60 12,940.85 16,108.23 193.81 38.52 42.46 48.41 57.74 (51.5%)
Earnings 260.00 520.00 1,021.80 620.00 (15,000.00) (15,320.00) 27.68 1.92 3.23 4.95 5.67 (35.6%)
Cash flow 3,589.04 5,497.16 6,838.11 9,322.78 (1,631.59) (574.67) 2.00 7.49 10.28 12.68 13.19 (46.6%)
Capex (2,586.43) (1,450.09) (1,758.44) (4,506.83) (1,069.03) (1,914.98) (16.03) (2.70) (4.38) (6.04) (5.88) (49.0%)
Free cash flow 1,002.61 4,047.07 5,079.67 4,815.95 (2,700.62) (2,489.65) (14.02) 4.79 5.90 6.65 7.31 (42.7%)
Book value 15,313.96 14,074.00 11,347.63 10,320.50 (8,055.36) (23,307.73) 0.64 1.45 2.35 4.54 7.70 (59.5%)
Shares, m 0 0 0 0 0 0 48 302 302 295 289 +117.3%
Valuation, ×
Valuation, × P/E 15.29 15.29 15.29 15.29 15.29 15.29 15.29 15.29 8.51 10.85 8.31 14.2
P/S 0.60 0.60 0.60 0.60 0.60 0.60 0.60 0.60 0.65 1.12 0.82 0.7
P/B 14.14 14.14 14.14 14.14 14.14 14.14 14.14 14.14 11.72 11.90 6.12 13.7
EV/Sales 1.04 1.04 1.04 1.04 1.04 1.04 1.04 1.04 1.07 1.48 1.09 1.1
EV/FCF 7.87 7.87 7.87 7.87 7.87 7.87 7.87 7.87 7.69 10.77 8.58 8.1
Cash, $m
Cash, $m Operating cash flow 981 1,667 2,073 2,827 (495) (174) 97 2,264 3,106 3,737 3,782 +16.0%
Capex (707) (440) (533) (1,366) (324) (581) (774) (817) (1,323) (1,778) (1,686) +10.8%
Free cash flow 274 1,227 1,540 1,460 (819) (755) (677) 1,446 1,784 1,959 2,096 +24.4%
Balance, $m
Balance, $m Working capital (2,595) (2,097) (2,656) (2,943) (4,348) (9,701) (1,552) (1,485) (2,390) (2,911) (2,708) +1.3%
Net debt (949) (1,142) (1,082) (1,073) (1,696) (1,047) (1,217) (1,715) (1,958) (2,150) (2,871) +9.5%
Shareholders’ equity 4,185 4,267 3,441 3,129 (2,442) (7,067) 31 438 711 1,337 2,209 (11.9%)
Returns, %
Returns, % ROA 0.37 0.82 1.59 0.93 (24.75) (32.12) 10.11 4.17 6.53 8.88 8.68 +8.5 pt
ROIC 9.53 14.13 24.92 22.89 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (9.5) pt
ROE 1.94 3.67 8.04 5.80 (1,323.80) 97.75 (38.07) 248.12 169.97 142.54 98.45 +140.6 pt
People
People Employees 45,916 43,095 41,170 41,729 28,400 29,114 32,507 35,568 38,664 41,125 — (1.2%)
Revenue/emp, $m 0.20 0.22 0.24 0.24 0.14 0.17 0.29 0.33 0.33 0.35 — +6.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

LATAM Airlines Group S.A. vs peers in Airlines (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
DAL Delta Air Lines, Inc. $56.2B 17.0× 16.2× +21.07% (above 0%: growing) −47.25% (below 0%: shrinking) −56.40% (below 0%: shrinking) 21.85% 7.20% Compare
UAL United Airlines Holdings Inc $35.9B 10.1× 12.2× +17.41% (above 0%: growing) +8.28% (above 0%: growing) −615.58% (below 0%: shrinking) 64.34% 8.08% Compare
RYAAY Ryanair Holdings PLC $30.3B 14.3× — +2.39% (above 0%: growing) −62.31% (below 0%: shrinking) −150.18% (below 0%: shrinking) 60.67% 31.94% Compare
LUV Southwest Airlines Co. $21.8B 21.1× 17.1× +21.20% (above 0%: growing) +450.00% (above 0%: growing) +46.94% (above 0%: growing) 21.40% 4.49% Compare
LTM LATAM Airlines Group S.A. $13.5B 8.3× 8.3× +17.97% (above 0%: growing) +17.79% (above 0%: growing) −13.57% (below 0%: shrinking) 23.04% 13.14%
AAL American Airlines Group Inc. $8.6B — (loss-making) — (loss-making) +19.31% (above 0%: growing) n/m −43.12% (below 0%: shrinking) 19.23% 0.70% Compare
CPA Copa Holdings, S.A. $5.8B 9.4× 8.5× +25.72% (above 0%: growing) −53.74% (below 0%: shrinking) +207.63% (above 0%: growing) 50.85% 8.65% Compare
ALK Alaska Air Group, Inc. $4.3B — (loss-making) — (loss-making) +14.39% (above 0%: growing) n/m −16.83% (below 0%: shrinking) 100.00% 1.90% Compare
SKYW SkyWest, Inc. $3.0B 7.6× 7.7× +6.41% (above 0%: growing) +7.27% (above 0%: growing) −119.57% (below 0%: shrinking) 69.21% 15.75% Compare
Median of peers $15.2B 12.2× 12.2× +18.36% −19.99% −49.76% 55.76% 7.64%

All 19 Airlines stocks →

LATAM Airlines Group S.A. (LTM) Latest News

5 Nov

Impact 3 · · GuruFocus.com

4 Nov

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26 Oct

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26 Mar

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LTM metrics, ten years each

stockrow.com/LTM · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com