AI 分析from Perplexity AI

AAL has actually risen modestly over the last 12 months (low?single?digit %), but it has lagged strong markets because investors still worry about its leverage, earnings volatility, and industry competition. The stock is in a recovery phase from a very depressed base, so sentiment and valuation are still being constrained by its balance sheet and cyclical risk.? Recent stock performance Over the past year, AAL is up only a few percent, which is essentially flat relative to a strong broader market.? The stock is still down dramatically from pre?COVID highs and has had large drawdowns, so many holders are just “getting back to even” rather than driving new upside.? Debt and balance sheet American ended Q2 2025 with about $38B total debt and $29B net debt, much higher leverage than many peers, which caps valuation multiples.? Management is prioritizing deleveraging (targeting total debt below $35B by 2027), meaning less room for aggressive buybacks or dividends that could re?rate the stock.?