The company has issued more shares over this period, which dilutes each existing shareholder’s stake.
Diluted shares outstanding: 1.15B (2021) → 28.06B (2025)
Air France-KLM S.A., operating with its affiliated companies, specializes in providing scheduled air transportation for both passengers and freight. Its extensive network spans Metropolitan France, the Benelux region, the broader European continent, and various international destinations. The company's business activities are strategically segmented into its Network, Maintenance, Transavia, and Other divisions. Beyond core flight services, Air France-KLM offers comprehensive aircraft maintenance, encompassing airframe and engine overhauls, as well as specialized component support for intricate electronic, mechanical, pneumatic, and hydraulic systems, alongside other ancillary services. The group also facilitates direct, point-to-point flights specifically between the Netherlands and France. As of December 31, 2021, the group maintained an operational fleet of 332 aircraft. Established in 1919, Air France-KLM's corporate headquarters are situated in Paris, France.
When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.
+9.9% YoY
YoY Growth Rate
Slow revenue growth
-97.7% YoY
YoY Growth Rate
Earnings declining
€0/ year
0.0% of revenue
Below sector average (4%)
Research and development spending
Cash flow positive
€6.2B cash & investments
Quarterly Free Cash Flow
↑ Burn rate improving
Company generates more cash than it spends — no dilution risk from fundraising
Air France-KLM S.A. is growing revenue at 10% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.
The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.
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ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.
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Earnings per share down more than 10%. Either a bad year, or a real decline.
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FCF margin between 0% and 10%. Some cash from sales, but not a lot.
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Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.
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P/E above the market average. People are paying up for expected growth.
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