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美国航空集团（AAL）与Frontier Group Holdings, Inc.（ULCC）财务数据对比。点击上方公司名可切换其他公司
美国航空集团的季度营收约是Frontier Group Holdings, Inc.的14.0倍（$14.0B vs $997.0M）。Frontier Group Holdings, Inc.净利率更高（5.3% vs 0.7%，领先4.6%）。美国航空集团同比增速更快（2.5% vs -0.5%）。Frontier Group Holdings, Inc.自由现金流更多（$-113.0M vs $-1.9B）。过去两年Frontier Group Holdings, Inc.的营收复合增速更高（7.4% vs 5.5%）
美国航空集团是美国头部航司，总部坐落于得克萨斯州沃斯堡的达拉斯-沃斯堡都会区，按客运量、日航班量计算为全球最大航司。集团旗下连同区域子公司及以American Eagle品牌运营的合作航司，每日运营近6800个航班，覆盖48个国家近350个目的地，拥有完善的国内外航线网络。
前沿通信母公司（Frontier Communications Parent, Inc.）是一家美国电信企业，拥有自营光纤网络，提供云服务，目前隶属于威瑞森。公司此前曾先后以公民公用事业公司、公民通信公司、前沿通信公司为名开展运营。
AAL vs ULCC — 直观对比
营收规模更大
AAL
是对方的14.0倍
$997.0M
营收增速更快
AAL
高出3.0%
-0.5%
净利率更高
ULCC
高出4.6%
0.7%
自由现金流更多
ULCC
多$1.8B
$-1.9B
两年增速更快
ULCC
近两年复合增速
5.5%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $14.0B | $997.0M |
| 净利润 | $99.0M | $53.0M |
| 毛利率 | — | — |
| 营业利润率 | 3.2% | 4.9% |
| 净利率 | 0.7% | 5.3% |
| 营收同比 | 2.5% | -0.5% |
| 净利润同比 | -83.2% | -1.9% |
| 每股收益（稀释后） | $0.15 | $0.24 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收AALULCC
| Q4 25 | $14.0B | $997.0M | ||
| Q3 25 | $13.7B | $886.0M | ||
| Q2 25 | $14.4B | $929.0M | ||
| Q1 25 | $12.6B | $912.0M | ||
| Q4 24 | $13.7B | $1.0B | ||
| Q3 24 | $13.6B | $935.0M | ||
| Q2 24 | $14.3B | $973.0M | ||
| Q1 24 | $12.6B | $865.0M |
净利润AALULCC
| Q4 25 | $99.0M | $53.0M | ||
| Q3 25 | $-114.0M | $-77.0M | ||
| Q2 25 | $599.0M | $-70.0M | ||
| Q1 25 | $-473.0M | $-43.0M | ||
| Q4 24 | $590.0M | $54.0M | ||
| Q3 24 | $-149.0M | $26.0M | ||
| Q2 24 | $717.0M | $31.0M | ||
| Q1 24 | $-312.0M | $-26.0M |
营业利润率AALULCC
| Q4 25 | 3.2% | 4.9% | ||
| Q3 25 | 1.1% | -8.7% | ||
| Q2 25 | 7.9% | -8.1% | ||
| Q1 25 | -2.2% | -5.0% | ||
| Q4 24 | 8.3% | 4.5% | ||
| Q3 24 | 0.7% | 2.0% | ||
| Q2 24 | 9.7% | 2.6% | ||
| Q1 24 | 0.1% | -3.6% |
净利率AALULCC
| Q4 25 | 0.7% | 5.3% | ||
| Q3 25 | -0.8% | -8.7% | ||
| Q2 25 | 4.2% | -7.5% | ||
| Q1 25 | -3.8% | -4.7% | ||
| Q4 24 | 4.3% | 5.4% | ||
| Q3 24 | -1.1% | 2.8% | ||
| Q2 24 | 5.0% | 3.2% | ||
| Q1 24 | -2.5% | -3.0% |
每股收益（稀释后）AALULCC
| Q4 25 | $0.15 | $0.24 | ||
| Q3 25 | $-0.17 | $-0.34 | ||
| Q2 25 | $0.91 | $-0.31 | ||
| Q1 25 | $-0.72 | $-0.19 | ||
| Q4 24 | $0.94 | $0.24 | ||
| Q3 24 | $-0.23 | $0.11 | ||
| Q2 24 | $1.01 | $0.14 | ||
| Q1 24 | $-0.48 | $-0.12 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | — | $671.0M |
| 总债务越低越好 | $25.3B | $620.0M |
| 股东权益账面价值 | $-3.7B | $491.0M |
| 总资产 | $61.8B | $7.2B |
| 负债/权益比越低杠杆越低 | — | 1.26× |
8季度趋势，按日历期对齐
现金及短期投资AALULCC
| Q4 25 | — | $671.0M | ||
| Q3 25 | — | $566.0M | ||
| Q2 25 | — | $563.0M | ||
| Q1 25 | — | $686.0M | ||
| Q4 24 | — | $740.0M | ||
| Q3 24 | — | $576.0M | ||
| Q2 24 | — | $658.0M | ||
| Q1 24 | — | $622.0M |
总债务AALULCC
| Q4 25 | $25.3B | $620.0M | ||
| Q3 25 | $25.1B | $673.0M | ||
| Q2 25 | $25.3B | $565.0M | ||
| Q1 25 | $24.7B | $512.0M | ||
| Q4 24 | $25.2B | $507.0M | ||
| Q3 24 | $26.3B | $474.0M | ||
| Q2 24 | $27.6B | $455.0M | ||
| Q1 24 | $28.2B | $469.0M |
股东权益AALULCC
| Q4 25 | $-3.7B | $491.0M | ||
| Q3 25 | $-4.0B | $434.0M | ||
| Q2 25 | $-3.9B | $506.0M | ||
| Q1 25 | $-4.5B | $570.0M | ||
| Q4 24 | $-4.0B | $604.0M | ||
| Q3 24 | $-4.9B | $549.0M | ||
| Q2 24 | $-4.7B | $520.0M | ||
| Q1 24 | $-5.5B | $484.0M |
总资产AALULCC
| Q4 25 | $61.8B | $7.2B | ||
| Q3 25 | $62.1B | $6.7B | ||
| Q2 25 | $63.7B | $6.5B | ||
| Q1 25 | $62.6B | $6.5B | ||
| Q4 24 | $61.8B | $6.2B | ||
| Q3 24 | $63.5B | $5.8B | ||
| Q2 24 | $64.1B | $5.7B | ||
| Q1 24 | $64.4B | $5.2B |
负债/权益比AALULCC
| Q4 25 | — | 1.26× | ||
| Q3 25 | — | 1.55× | ||
| Q2 25 | — | 1.12× | ||
| Q1 25 | — | 0.90× | ||
| Q4 24 | — | 0.84× | ||
| Q3 24 | — | 0.86× | ||
| Q2 24 | — | 0.88× | ||
| Q1 24 | — | 0.97× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-274.0M | $-91.0M |
| 自由现金流经营现金流 - 资本支出 | $-1.9B | $-113.0M |
| 自由现金流率自由现金流/营收 | -13.6% | -11.3% |
| 资本支出强度资本支出/营收 | 11.6% | 2.2% |
| 现金转化率经营现金流/净利润 | -2.77× | -1.72× |
| 过去12个月自由现金流最近4个季度 | $-680.0M | $-600.0M |
8季度趋势，按日历期对齐
经营现金流AALULCC
| Q4 25 | $-274.0M | $-91.0M | ||
| Q3 25 | $-46.0M | $-215.0M | ||
| Q2 25 | $963.0M | $-133.0M | ||
| Q1 25 | $2.5B | $-86.0M | ||
| Q4 24 | $398.0M | $87.0M | ||
| Q3 24 | $277.0M | $-156.0M | ||
| Q2 24 | $1.1B | $9.0M | ||
| Q1 24 | $2.2B | $-22.0M |
自由现金流AALULCC
| Q4 25 | $-1.9B | $-113.0M | ||
| Q3 25 | $-872.0M | $-217.0M | ||
| Q2 25 | $464.0M | $-166.0M | ||
| Q1 25 | $1.6B | $-104.0M | ||
| Q4 24 | $-342.0M | $73.0M | ||
| Q3 24 | $-191.0M | $-170.0M | ||
| Q2 24 | $477.0M | $-22.0M | ||
| Q1 24 | $1.4B | $-39.0M |
自由现金流率AALULCC
| Q4 25 | -13.6% | -11.3% | ||
| Q3 25 | -6.4% | -24.5% | ||
| Q2 25 | 3.2% | -17.9% | ||
| Q1 25 | 13.0% | -11.4% | ||
| Q4 24 | -2.5% | 7.3% | ||
| Q3 24 | -1.4% | -18.2% | ||
| Q2 24 | 3.3% | -2.3% | ||
| Q1 24 | 10.8% | -4.5% |
资本支出强度AALULCC
| Q4 25 | 11.6% | 2.2% | ||
| Q3 25 | 6.0% | 0.2% | ||
| Q2 25 | 3.5% | 3.6% | ||
| Q1 25 | 6.6% | 2.0% | ||
| Q4 24 | 5.4% | 1.4% | ||
| Q3 24 | 3.4% | 1.5% | ||
| Q2 24 | 4.5% | 3.2% | ||
| Q1 24 | 6.6% | 2.0% |
现金转化率AALULCC
| Q4 25 | -2.77× | -1.72× | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.61× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.67× | 1.61× | ||
| Q3 24 | — | -6.00× | ||
| Q2 24 | 1.57× | 0.29× | ||
| Q1 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
AAL
| Passenger Travel | $11.6B | 83% |
| Loyalty Program Travel Redemptions | $1.1B | 8% |
| Loyalty Program Marketing Services | $945.0M | 7% |
| Cargo And Freight | $227.0M | 2% |
| Other Revenue | $169.0M | 1% |
ULCC
| Aircraft Fare | $453.0M | 45% |
| Passenger Service Fees | $227.0M | 23% |
| Passenger Baggage | $177.0M | 18% |
| Passenger Seat Selection | $69.0M | 7% |
| Other Passenger Revenue | $36.0M | 4% |
| Other | $35.0M | 4% |
