Share count
589.3Bpeak FY2024
← All companies ← LSPD Manual LU → ← JBLU Airlines LUV →
LTM, LATAM Airlines Group S.A.
An airline, a high-fixed-cost business selling a perishable seat.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$14.3B
+11.2% YoY · 29% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $14.3B 5-yr avg $10.6B
ROIC 32%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- Situation
- Capital build-out. Capital spending has surged to 12% of sales, today's earnings are charged less depreciation than tomorrow's will be. Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
- What moves the needle
- Gross margin has run about 21% and operating margin about 9.0% through the cycle, a thin spread that turns the result on volume and the cost of what it sells far more than on the price it sets. The margin is cyclical, swinging between −115% and 16% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. The cash cycle has run negative through the cycle (a median of −32 days): the operation is paid before it pays, so working capital releases cash as the business grows rather than tying it up. Read this kind of business on load factor against unit cost, and fuel. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has rarely cleared the cost of capital (median 4%, above 15% in 0 of 5 years). By owner earnings: roughly 13% of revenue reaches owners as cash, though it swings, and customers and suppliers fund the business through negative working capital. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 20-F →Revenue spreads across 7 regions, the largest Brazil at 43%.
Revenue by geography, FY2025
- Brazil43%$6.1B
- Chile15%$2.1B
- United States10%$1.4B
- Peru9%$1.3B
- Europe8%$1.1B
- Asia Pacific and rest of Latin America5%$763M
- Other10%$1.4B
From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2016–2025
realized figures from each filing · older years to the left| 2016’16 | 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||
| $9.0B | $9.6B | $9.9B | $10.1B | $3.9B | $4.9B | $9.4B | $11.6B | $12.8B | $14.3B | $14.3B | RevenueRevenue |
| 22% | 24% | 21% | 21% | −15% | −2% | 13% | 24% | 25% | 29% | 29% | Gross marginGross mgn |
| $493M | $862M | $940M | $753M | ($4.5B) | ($3.4B) | $1.2B | $1.1B | $1.5B | $2.3B | $2.3B | Operating incomeOp. inc. |
| 5.5% | 9.0% | 9.5% | 7.5% | −115.5% | −70.1% | 12.9% | 9.3% | 12.0% | 16.4% | 16.4% | Operating marginOp. mgn |
| $69M | $109M | $310M | $190M | ($4.5B) | ($4.6B) | $1.3B | $582M | $977M | $1.5B | $1.5B | Net incomeNet inc. |
| — | 59% | 19% | — | — | — | 1% | 3% | 2% | 10% | 10% | Effective tax rateTax rate |
| Cash flow & returns | |||||||||||
| $981M | $2.2B | $2.1B | $2.8B | ($495M) | ($174M) | $97M | $2.3B | $3.1B | $3.7B | $3.7B | Operating cash flowOp. cash |
| $960M | $1.4B | $1.4B | $1.5B | $1.4B | $1.2B | $1.2B | $1.2B | $1.4B | $1.7B | $1.7B | DepreciationDeprec. |
| ($49M) | $701M | $391M | $1.2B | $2.7B | $3.3B | ($2.4B) | $476M | $682M | $541M | $541M | Working capital & otherWC & other |
| $694M | $404M | $661M | $1.3B | $324M | $597M | $781M | $796M | $1.3B | $1.8B | $1.8B | CapexCapex |
| 7.7% | 4.2% | 6.7% | 12.7% | 8.3% | 12.2% | 8.3% | 6.8% | 10.3% | 12.4% | 12.4% | Capex / revenueCapex/rev |
| $287M | $1.8B | $1.4B | $1.6B | ($819M) | ($771M) | ($684M) | $1.5B | $1.8B | $2.0B | $2.0B | Owner earningsOwner earn. |
| 3.2% | 18.5% | 14.3% | 15.4% | −20.9% | −15.8% | −7.3% | 12.6% | 13.9% | 13.7% | 13.7% | Owner earnings marginOE mgn |
| $287M | $1.8B | $1.4B | $1.6B | ($819M) | ($771M) | ($684M) | $1.5B | $1.8B | $2.0B | $2.0B | Free cash flowFCF |
| 3.2% | 18.5% | 14.3% | 15.4% | −20.9% | −15.8% | −7.3% | 12.6% | 13.9% | 13.7% | 13.7% | Free cash flow marginFCF mgn |
| $41M | $67M | $73M | $55M | $571K | — | $0 | $0 | $175M | $605M | $605M | Dividends paidDiv. paid |
| — | — | — | — | — | — | — | $0 | $0 | $585M | — | BuybacksBuybacks |
| 2% | 4% | 8% | 10% | -99% | — | — | — | — | — | 32% | ROICROIC |
| 2% | 3% | 9% | 6% | — | — | 3168% | 129% | 135% | 109% | 109% | Return on equityROE |
| 1% | 1% | 7% | 4% | — | — | n/m | 129% | 111% | 64% | 64% | Retained to equityRetained/eq |
| Balance sheet | |||||||||||
| $1.7B | $1.7B | $1.5B | $1.6B | $1.7B | $1.1B | $1.7B | $1.9B | $2.0B | $2.2B | $2.2B | Cash & investmentsCash+inv |
| $1.1B | $1.2B | $1.2B | $1.2B | $599M | $882M | $1.0B | $1.4B | $1.2B | $1.4B | $1.4B | ReceivablesReceiv. |
| $241M | $237M | $279M | $354M | $324M | $287M | $478M | $593M | $439M | $459M | $459M | InventoryInvent. |
| $359M | $1.7B | $499M | $2.2B | $2.3B | $4.8B | $1.6B | $1.8B | $2.1B | $2.7B | $2.7B | Accounts payablePayables |
| $990M | ($229M) | $983M | ($624M) | ($1.4B) | ($3.7B) | ($142M) | $214M | ($531M) | ($844M) | ($844M) | Operating working capitalOper. WC |
| $3.6B | $3.8B | $3.3B | $4.0B | $3.1B | $2.6B | $3.5B | $4.2B | $3.9B | $4.4B | $4.4B | Current assetsCur. assets |
| $6.2B | $6.2B | $5.9B | $7.0B | $7.5B | $12.3B | $5.1B | $5.7B | $6.3B | $7.3B | $7.3B | Current liabilitiesCur. liab. |
| 0.6× | 0.6× | 0.6× | 0.6× | 0.4× | 0.2× | 0.7× | 0.7× | 0.6× | 0.6× | 0.6× | Current ratioCurr. ratio |
| $2.7B | $2.7B | $2.3B | $2.2B | — | — | — | — | — | — | $2.2B | GoodwillGoodwill |
| $19.2B | $21.7B | $20.1B | $21.1B | $15.7B | $13.3B | $13.2B | $14.7B | $15.3B | $17.6B | $17.6B | Total assetsAssets |
| $8.6B | $7.9B | $7.3B | $5.8B | $7.7B | $7.4B | — | — | — | — | $7.4B | Total debtDebt |
| $6.9B | $6.2B | $5.8B | $4.2B | $6.0B | $6.3B | — | — | — | — | $5.2B | Net debt / (cash)Net debt |
| 1.2× | 1.5× | 1.7× | 1.3× | -7.7× | -4.3× | 1.3× | 1.5× | 1.7× | 3.2× | 3.2× | Interest coverageInt. cov. |
| $4.1B | $3.9B | $3.4B | $3.1B | ($2.4B) | ($7.1B) | $42M | $450M | $723M | $1.3B | $1.3B | Shareholders’ equityEquity |
| Per share | |||||||||||
| — | — | — | — | — | 606M | 96.61B | 604.44B | 604.44B | 589.30B | 589.30B | Shares out (diluted)Shares |
| — | — | — | — | — | $8.05 | $0.10 | $0.02 | $0.02 | $0.02 | $0.02 | Revenue / shareRev/sh |
| — | — | — | — | — | $-7.66 | $0.01 | $0.00 | $0.00 | $0.00 | $0.00 | EPS (diluted)EPS |
| — | — | — | — | — | $-1.27 | $-0.01 | $0.00 | $0.00 | $0.00 | $0.00 | Owner earnings / shareOE/sh |
| — | — | — | — | — | $-1.27 | $-0.01 | $0.00 | $0.00 | $0.00 | $0.00 | Free cash flow / shareFCF/sh |
| — | — | — | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | Dividends / shareDiv/sh |
| — | — | — | — | — | $0.98 | $0.01 | $0.00 | $0.00 | $0.00 | $0.00 | Cap. spending / shareCapex/sh |
| — | — | — | — | — | $-11.64 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | Book value / shareBVPS |
The diluted share count moved ×159.32 into 2022 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×6.26 into 2023 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
Per-share growththe realized rate an owner's share compounded
| 9-yr | 5-yr | |
|---|---|---|
| Revenue / share | −76.6%/yr (4-yr) | −76.6%/yr (4-yr) |
| Capital spending / share | −76.5%/yr (4-yr) | −76.5%/yr (4-yr) |
The record, charted
FY2016–2025Each measure over its full record; the current point and the worst year marked.
ROIC
−99%low FY2020
Gross margin
29%low FY2020
Net debt ÷ owner earnings
2.7×peak FY2016
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
$2.0Bowner earningsvs.$1.5Bnet incomelow FY2020
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedEach year's operating cash, by what management did with it: the mix, and how it drifts.
FY2016FY2025
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business turned $1.5B of profit into $2.0B of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Reported net income | $1.5B | $977M | $582M | $1.3B | ($4.6B) |
| Depreciation & amortizationnon-cash charge added back | +$1.7B | +$1.4B | +$1.2B | +$1.2B | +$1.2B |
| Working capital & othertiming of cash in and out, other non-cash items | +$541M | +$682M | +$476M | −$2.4B | +$3.3B |
| Cash from operations | $3.7B | $3.1B | $2.3B | $97M | ($174M) |
| Capital expenditurecash put back in to keep running and to grow | −$1.8B | −$1.3B | −$796M | −$781M | −$597M |
| Owner earnings | $2.0B | $1.8B | $1.5B | ($684M) | ($771M) |
| Owner-earnings marginowner earnings ÷ revenue | 14% | 14% | 13% | -7% | -16% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F · source on SEC EDGAR →
Will it survive?
- AdequateOperating income $2.3B ÷ interest expense $721M
What this means
Comfortable in a normal year, but below the margin of safety Graham looked for. Worth checking how stable the coverage has been across a full cycle.
- How heavy is the debt, net of cash? $5.2B · 2.2× operating profitMeaningful net debtCash $2.2B + ST investments $71M − debt $7.4B
What this means
Netting $2.2B of cash and short-term investments against $7.4B of debt leaves $5.2B owed, about 2.2× a year's operating profit (3.2× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Negative, funded by othersDSO 35 + DIO 17 − DPO 97 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. A negative cycle is a quiet moat: suppliers and customers fund the operation (Buffett's “float”), the company grows on other people's money.
Is it a good business?
- Below average through the cycle5-yr median, range -99%–10%; 32% latest = NOPAT $2.1B ÷ invested capital $6.6BIndustry peers: median 7%
What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 5 years (it ran 32% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
- Solid through the cycle10-yr median margin, range -21%–19%; latest $2.0B = operating cash $3.7B − maintenance capex $1.8BIndustry peers: median 9%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 14% of revenue this year, a 13% median across 10 years.
- Cash-backedCash from ops $3.7B ÷ net income $1.5B
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
How is the cash used?
- Returns about halfDividends + buybacks $1.2B ÷ Owner Earnings $2.0B
What this means
Of $2.0B Owner Earnings, $1.2B (61%) went back to shareholders, $605M dividends, $585M buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
- Investing or harvesting? 1.02×MaintainingCapex $1.8B ÷ depreciation $1.7B
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 2 of 6 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size PassRevenue ≥ $2B · $14.3B
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity MissCurrent ratio ≥ 2× · 0.60×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt MissDebt ≤ working capital · $7.4B vs ($2.9B) WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Earnings stability MissA profit every year (10-yr record) · 2 loss years
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record MissUninterrupted dividends · 7 of 10 yrs
What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
- Earnings growth PassEarnings +33% over the record · +519%
What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.00/share (latest year $0.00), the averaged base the calculator's gate runs on, and book value is $0.00/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2016–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 8 of 10
What this means
Lost money in 2 year(s), look at what happened there before trusting the average.
- Return on capital ≥ 15% 0 of 5 yrs
What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
- Operating margin 8% → 13% (3-yr avg ends)
In the filing’s words The margin widened even though the filing names price competition — the gain came from volume or cost, not pricing power. Read where.
What this means
Through the cycle the operating margin widened — about 8% early to 13% lately, median 9% — pricing power intact or improving.
- Reinvestment, incremental ROIC returns capital
What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
- Owner earnings growth +7%/yr
What this means
Owner earnings grew about 7% a year over the record.
- Worst year 2020 · −115.5% op. margin
What this means
Operations went underwater in 2020, understand why before trusting the good years.
- Dividend record rising
What this means
Paid and raised the dividend across the record, the continuity Graham prized.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing Raised, but not as a competitor
The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$4.4B
- Cash & short-term investments$2.2B
- Receivables$1.4B
- Inventory$459M
- Other current assets$322M
Current liabilities$7.3B
- Debt due within a year$3.9B
- Accounts payable$2.7B
- Other current liabilities$741M
Current ratio0.60×all current assets ÷ what's due · Graham looked for 2×
Quick ratio0.54×stricter: inventory excluded
Cash ratio0.30×strictest: cash alone against what's due
Working capital($2.9B)the cushion left after near-term bills
Debt due this year vs. cash$3.9B due · $2.2B cash
cash alone won't cover the maturities; it leans on refinancing or operating cash · both figures from the Dec 31, 2025 balance sheet
Deeper floors
Tangible book value($2.0B)equity stripped of goodwill & intangibles
Net current asset value($11.9B)Graham's net-net: current assets less all liabilities
Debt incl. operating leases$7.4Bno operating-lease liability tagged this quarter, so debt alone
From the company's latest filing.
How the cash was used, 2016–2025
Over the record, the business generated $16.6B of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.
- Reinvested$8.6B · 52%
- Dividends$1.0B · 6%
- Buybacks$585M · 4%
- Retained (debt / cash)$6.4B · 38%
- Returned to owners$1.6B
20% of the owner earnings the business produced over the span, $1.0B as dividends and $585M as buybacks.
- Average price paid for buybacks—
Buybacks ran $585M over the span, but the filings don't tag the share count needed to deduce the average price paid.
- Net change in share count97079.2%
The diluted count rose from 606M to 589302M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
- Dividend record$0.00/sh
Paid in 7 of the years on record. It was never cut over the span.
Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.
Inverting the record
Invert: instead of why LATAM Airlines Group S.A. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.
1 of the 4 tests turned up something to look into; the other 3 came back clean.
- Look hereDid the share count rise anyway?97079.2%
Diluted shares grew 97079.2% over 2016–2025, even as the company spent $585M on buybacks. The repurchases were outrun by issuance — to staff, in a raise, or in a deal — and the filing says which; owners' slice still shrank. Read the buyback line beside this one, not on its own.
And these came back clean
- Is it less profitable than it was?
- Did debt outgrow the business?
- Did receivables and inventory outpace sales?
Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.
Peers, Airlines
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| UALUnited Airlines Holdings | $59.1B | — | 7.9% | 12% | 9% |
| AALAmerican Airlines Group | $54.6B | — | 5.3% | 8% | 2% |
| LUVSouthwest Airlines Co. | $28.1B | — | 7.6% | 11% | 11% |
| LTMLATAM Airlines Group S.A. | $14.3B | 22% | 9.1% | 4% | 13% |
| ALKAlaska Air | $14.2B | — | 6.3% | 7% | 10% |
| JBLUJetBlue Airways Corporation | $9.1B | — | -1.9% | -2% | 4% |
| SKYWSkyWest Inc. | $4.1B | 12% | 11.3% | 6% | 22% |
| ULCCFrontier Group Holdings Inc. | $3.7B | — | -1.4% | -24% | -4% |
| Group median | — | — | 7.0% | 6% | 9% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the US price, in dollars: the NYSE/Nasdaq quote you hold. Per the filing's own cover, “American Depositary Shares (as evidenced by American Depositary Receipts), each representing 2,000 shares of Common”; LATAM Airlines Group S.A. reports in USD, so every figure in this tool is stated per ADS so your dollar quote reconciles exactly. The record tables elsewhere on this page remain as filed.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what LATAM Airlines Group S.A. has delivered.
$
Through the cycle, LATAM Airlines Group S.A. earns about $1.9B on its 13.2% median owner-earnings margin. This year’s 13.7% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth · ’16→’25+7%/yr
Owner-earnings growth · ’16→’25+7%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Owner earnings $2.0B on 287M shares outstanding, per the 20-F cover, as of 2025-12-31; net debt $5.2B. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "LATAM Airlines Group S.A. (LTM), the owner's record," https://ownerscorecard.com/c/LTM, data as of 2026-07-09.
Manual order: ← LSPD its page in the Manual LU →
Industry order: ← JBLU the Airlines chapter LUV →