olivLaw · US equity research
LATAM Airlines Group S.A. LTM
Air Transportation, Scheduled · SIC 4512 · Vertical: Air Transportation, Scheduled (SIC 4512)
LATAM Airlines Group is the largest airline group in South America, operating passenger and cargo services across five domestic markets as well as regional and long-haul routes. The group closed fiscal 2025 with total revenues of 14265.1 million USD, up 11.2%, in a period of capacity expansion and a normalising cargo market after the strong performance of late 2024.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, LATAM Airlines Group S.A. (LTM) stock was 47.78 USD (+8.37% on the day), with market capitalisation 27,436.0 bn USD, P/E 19,289.5 on diluted EPS of 0.00 USD over the last 12 months, dividend yield 0.00%, beta 1.03, 52-week range 42.38–68.46 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 51.8
- neutral
- Bollinger (20, 2)
- 42.03 – 51.42
- in the upper half of the band · %B 0.61 · band width 20.1%
- SMA 50 / 200
- 49.38 / 52.54
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.47 / -1.56
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −5.9% | −2.0% | −3.9 pp | — |
| 3 months | −17.2% | −2.2% | −15.0 pp | — |
| 6 months | −7.8% | +4.3% | −12.1 pp | — |
| Year to date | −11.5% | +10.6% | −22.1 pp | — |
| 1 year | +10.0% | +10.5% | −0.5 pp | +3.7% |
| 3 years | unavailable | +73.7% | unavailable | +63.7% |
| 5 years | unavailable | +61.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 50 percentile of its own 2-quarter history (min 17,066.8, median 19,435.7, max 21,804.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9.9 bn | 10.1 bn | 3.9 bn | 4.9 bn | 9.4 bn | 11.6 bn | 12.8 bn | 14.3 bn |
| Revenue YoY | +2.9% | +1.8% | −61.0% | +24.5% | +91.7% | +24.3% | +10.2% | +11.2% |
| Net income | 309.8 m | 190.4 m | -4.5 bn | -4.6 bn | 1.3 bn | 581.8 m | 977.0 m | 1.5 bn |
| Net income YoY | +184.5% | −38.5% | −2,487.2% | unavailable | unavailable | −56.6% | +67.9% | +49.4% |
| Diluted EPS | 0.51 | 0.31 | -7.50 | -7.66 | 0.01 | 0.00 | 0.00 | 0.00 |
| Diluted EPS YoY | +184.5% | −38.5% | −2,487.2% | unavailable | unavailable | −92.9% | +67.8% | +53.3% |
| net % | 3.1% | 1.9% | -115.9% | -95.2% | 14.3% | 5.0% | 7.6% | 10.2% |
| Free cash flow | 1.4 bn | 1.6 bn | -819.0 m | -771.3 m | -683.7 m | 1.5 bn | 1.8 bn | 2.0 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.2 bn USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 1.3 bn USD
- Total assets
- 17.6 bn USD
- Debt / equity
- unavailable
- Current ratio
- 0.60x
- ROE
- 142.5%
- ROA
- 8.9%
- FCF margin
- 13.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 3.9 bn | 4.9 bn | 9.4 bn | 11.6 bn | 12.8 bn | 14.3 bn | SEC (XBRL)· 05 Mar 2026verified |
| Cost of revenue | 4.5 bn | 5.0 bn | 8.1 bn | 8.8 bn | 9.6 bn | 10.1 bn | SEC (XBRL)· 05 Mar 2026verified |
| Gross profit | -589.6 m | -79.5 m | 1.3 bn | 2.8 bn | 3.3 bn | 4.2 bn | SEC (XBRL)· 05 Mar 2026verified |
| Operating income | -4.5 bn | -3.4 bn | 1.2 bn | 1.1 bn | 1.5 bn | 2.3 bn | SEC (XBRL)· 05 Mar 2026verified |
| Depreciation & amortisation | 1.4 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.4 bn | 1.7 bn | SEC (XBRL)· 05 Mar 2026verified |
| EBITDA | -3.1 bn ≈ | -2.3 bn ≈ | 2.4 bn ≈ | 2.3 bn ≈ | 3.0 bn ≈ | 4.1 bn ≈ | SEC (XBRL)· 05 Mar 2026derived |
| Interest expense | 587.0 m | 805.5 m | 942.4 m | 698.2 m | 882.0 m | 721.4 m | SEC (XBRL)· 05 Mar 2026verified |
| Pre-tax income | -5.1 bn | -4.1 bn | 1.3 bn | 596.5 m | 993.9 m | 1.6 bn | SEC (XBRL)· 05 Mar 2026verified |
| Income tax | -550.2 m | 568.9 m | 8.9 m | 14.9 m | 16.5 m | 155.1 m | SEC (XBRL)· 05 Mar 2026verified |
| Net income | -4.5 bn | -4.6 bn | 1.3 bn | 581.8 m | 977.0 m | 1.5 bn | SEC (XBRL)· 05 Mar 2026verified |
| Diluted EPS | -7.50 | -7.66 | 0.01 | 0.00 | 0.00 | 0.00 | SEC (XBRL)· 05 Mar 2026verified |
| Dividend per share | 0.00 | — | 0.00 | 0.00 | 0.00 | 0.00 | SEC (XBRL)· 05 Mar 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.7 bn | 1.0 bn | 1.2 bn | 1.7 bn | 2.0 bn | 2.2 bn | SEC (XBRL)· 05 Mar 2026verified |
| Receivables | 599.4 m | 881.8 m | 1.0 bn | 1.4 bn | 1.2 bn | 1.4 bn | SEC (XBRL)· 05 Mar 2026verified |
| Inventories | 323.6 m | 287.3 m | 477.8 m | 592.9 m | 438.5 m | 458.6 m | SEC (XBRL)· 05 Mar 2026verified |
| Current assets | 3.1 bn | 2.6 bn | 3.5 bn | 4.2 bn | 3.9 bn | 4.4 bn | SEC (XBRL)· 05 Mar 2026verified |
| Property, plant & equipment, net | 10.7 bn | 9.5 bn | 8.4 bn | 9.1 bn | 10.2 bn | 11.9 bn | SEC (XBRL)· 05 Mar 2026verified |
| Intangibles (excl. goodwill) | 1.0 bn | 1.0 bn | 1.1 bn | 1.2 bn | 1.0 bn | 1.1 bn | SEC (XBRL)· 05 Mar 2026verified |
| Total assets | 15.7 bn | 13.3 bn | 13.2 bn | 14.7 bn | 15.3 bn | 17.6 bn | SEC (XBRL)· 05 Mar 2026verified |
| Accounts payable | 2.3 bn | 4.8 bn | 1.6 bn | 1.8 bn | 2.1 bn | 2.7 bn | SEC (XBRL)· 05 Mar 2026verified |
| Short-term debt | 2.2 bn | 3.9 bn | 629.1 m | — | — | — | SEC (XBRL)· 10 Mar 2023verified |
| Long-term debt | 5.5 bn | 3.6 bn | — | — | — | — | SEC (XBRL)· 30 Mar 2022verified |
| Current liabilities | 7.5 bn | 12.3 bn | 5.1 bn | 5.7 bn | 6.3 bn | 7.3 bn | SEC (XBRL)· 05 Mar 2026verified |
| Total liabilities | 18.1 bn | 20.4 bn | 13.2 bn | 14.2 bn | 14.5 bn | 16.3 bn | SEC (XBRL)· 05 Mar 2026verified |
| Equity | -2.4 bn | -7.1 bn | 30.7 m | 438.3 m | 711.3 m | 1.3 bn | SEC (XBRL)· 05 Mar 2026verified |
| Shares outstanding at year end | 606.4 m | 606.4 m | 605.2 bn | 604.4 bn | 604.4 bn | 574.2 bn | SEC (XBRL)· 05 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -494.7 m | -174.2 m | 96.8 m | 2.3 bn | 3.1 bn | 3.7 bn | SEC (XBRL)· 05 Mar 2026verified |
| Capex | 324.3 m | 597.1 m | 780.5 m | 795.8 m | 1.3 bn | 1.8 bn | SEC (XBRL)· 05 Mar 2026verified |
| Free cash flow | -819.0 m ≈ | -771.3 m ≈ | -683.7 m ≈ | 1.5 bn ≈ | 1.8 bn ≈ | 2.0 bn ≈ | SEC (XBRL)· 05 Mar 2026derived |
| Investing cash flow | 33.6 m | -552.5 m | -749.0 m | -659.5 m | -1.2 bn | -1.6 bn | SEC (XBRL)· 05 Mar 2026verified |
| Financing cash flow | 1.1 bn | 109.6 m | 855.0 m | -1.2 bn | -1.6 bn | -2.0 bn | SEC (XBRL)· 05 Mar 2026verified |
| Dividends paid | 571.0 k | — | 0 | 0 | 174.8 m | 605.2 m | SEC (XBRL)· 05 Mar 2026verified |
| Share repurchases | — | — | — | 0 | 0 | 584.8 m | SEC (XBRL)· 05 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 38 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40 · (margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 27,436.0 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet16
- Valuation0
- Quality96
- Growth50
- Returns40
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.01 – 0.05 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E0.02 – 0.05 (Mid 0.02)7 companies used · median multiple 9.8x · quartiles 9.3x – 19.0xCPA, DAL, LUV, RJET, RYAAY, SKYW, UAL
- Dividend discount (DDM)0.01 – 0.02 (Mid 0.02)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 38/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 10.2% | 92 (vs peers) | 9% |
| FCF conversion · Quality | 134.3% | 100 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 15.1% | 100 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | -43.3% | 0 (on a fixed band) | 12% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.2x | 27 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 19,289.5x | 0 (vs peers) | 15% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 0.0% | 0 (on a fixed band) | 12% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | 30.9% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet16/100 · 2/3 factors with a value
- Growth50/100 · 2/2 factors with a value
- Quality96/100 · 2/3 factors with a value
- Returns40/100 · 2/2 factors with a value
- Valuation0/100 · 2/3 factors with a value
Memo
LATAM Airlines Group S.A. (LTM). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 14.3 bn USD in 2025; YoY growth 11.2%; net margin 10.2%; ROE 141.1%.
The estimated value range is 0.02–0.03 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 0.02 USD, the price of 47.78 USD leaves a potential of -100.0% (value / price − 1) and a margin of safety of -237,746.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 38/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 10.2%
- FCF conversion: 134.3%
- Revenue CAGR 3Y: 15.1%
- Payout ratio (FCF): 30.9%
What contradicts it
- EPS CAGR 3Y: -43.3%
- Interest coverage: 3.2x
- Current ratio: 0.6x
- P/E (TTM): 19,289.5x
- FCF yield: 0.0%
- Shareholder yield (distributions): 0.0%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Air Transportation, Scheduled (SIC 4512) · same industry (4-digit SIC) · compared with 14 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LTMLATAM Airlines Group S.A. | 27,436.0 bn | 19,289.5 | 141.1% | 10.2% | +11.2% | +10% / unavailable |
| RYAAYRyanair Holdings plc | 61.6 bn | 40.6 | — | — | +3.8% | −13% / +25% |
| DALDelta Air Lines, Inc. | 54.8 bn | 16.6 | 15.9% | 4.6% | +2.8% | +30% / +126% |
| UALUnited Airlines Holdings, Inc. | 34.8 bn | 9.8 | 22.3% | 5.5% | +3.5% | +5% / +172% |
| LUVSouthwest Airlines Co | 21.3 bn | 21.4 | 13.9% | 3.3% | +2.1% | +25% / +70% |
| AALAmerican Airlines Group Inc. | 9.0 bn | — | — | -0.8% | +0.8% | −3% / +10% |
| CPACopa Holdings, S.A. | 6.0 bn | 9.0 | 26.1% | 18.6% | +5.0% | +20% / +57% |
| ALKAlaska Air Group, Inc. | 4.5 bn | — | -4.6% | -1.2% | +21.3% | −7% / +6% |
| SKYWSkywest Inc | 3.1 bn | 8.0 | 15.1% | 9.7% | +15.0% | −19% / +74% |
| ALGTAllegiant Travel Co | 2.2 bn | 56.7 | 1.8% | 0.9% | +3.7% | +7% / +19% |
| ULCCFrontier Group Holdings, Inc. | 1.6 bn | — | -175.4% | -8.9% | −1.4% | +55% / +81% |
| JBLUJetblue Airways Corp | 1.3 bn | — | -55.4% | -10.0% | −2.3% | −22% / −19% |
| RJETRepublic Airways Holdings Inc. | 958.4 m | 9.6 | 7.5% | 4.6% | +13.7% | +2% / +90% |
| FJETStarfighters Space, Inc. | 46.8 m | — | -94.2% | — | unavailable | unavailable / unavailable |
| AZULAzul SA | — | — | — | 0.6% | +10.8% | unavailable / unavailable |
1- and 3-year price returns: for LTM from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 32.05 Total return -33% · Per year -33% | 56.40 Total return 18% · Per year 18% | 84.60 Total return 77% · Per year 77% |
| 3 years | 38.02 Total return -20% · Per year -7% | 74.59 Total return 56% · Per year 16% | 121.83 Total return 155% · Per year 37% |
| 5 years | 45.09 Total return -6% · Per year -1% | 98.65 Total return 106% · Per year 16% | 175.43 Total return 267% · Per year 30% |
- Exit P/E± 18.65
- Net margin± 13.05
- Annual revenue growth± 9.74
- Annual dilution± 1.10
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Mar 2026; since then the company filed 6-K (03 Nov 2026), 6-K (08 Oct 2026), 6-K (08 Sept 2026), 6-K (02 Sept 2026), 6-K (10 Aug 2026).
In brief
LATAM Airlines Group is the largest airline group in South America, operating passenger and cargo services across five domestic markets as well as regional and long-haul routes. The group closed fiscal 2025 with total revenues of 14265.1 million USD, up 11.2% 1, in a period of capacity expansion and a normalising cargo market after the strong performance of late 2024.
SWOT
Strengths
- Leading position in South America with a network across five domestic markets and international operations, giving operational flexibility.
- Diversification between passenger and cargo businesses that helps offset seasonal swings and revenue volatility.
- Recognised loyalty programme and global partnerships, including the Delta joint venture, that reinforce the commercial position.
Weaknesses
- High costs for fuel, maintenance and leases, partly fixed, which can weigh on margins when demand falls.
- Financial exposure to floating interest rates and to local currency movements, which can raise financing costs.
- Dependence on a small number of aircraft and engine suppliers, Airbus and Boeing, which limits flexibility when deliveries are delayed.
Opportunities
- Growing travel demand in South America and expansion of international routes could support additional revenues.
- Renewal of the fleet with more efficient aircraft could reduce fuel use and operating costs over the medium term.
- Expansion of dedicated cargo and logistics services could generate revenues less sensitive to seasonality.
Threats
- Low-cost competition and industry consolidation could pressure fares and market share.
- Political and economic instability in the countries where the group operates could affect demand and access to routes or airports.
- Changes in regulation or bilateral agreements could restrict routes and available slots.
Risks
- Intense competitionhigh
New market entrants or aggressive pricing could reduce unit revenues and the group's market share.
- Route and slot accesshigh
Changes to bilateral agreements or slot allocation rules could limit operations and expansion plans.
- Debt and financing costsmedium
Exposure to floating interest rates and large liquidity needs could raise costs and limit financial flexibility.
- Supplier dependencemedium
Delays or unavailability of aircraft and parts from a small group of suppliers could affect operational capacity.
- Political and economic environmentmedium
Regional instability and state intervention in economies could affect demand, costs and the regulatory framework.
Investment thesis
What would need to be true (bull case)
- If demand in South America remains solid, growth in passenger and cargo revenues could keep supporting the group's expansion.
- Fleet renewal and cost discipline could improve margins over the medium term, particularly if fuel prices stay below the prior year's level.
- The loyalty programme and the Delta partnership could strengthen the competitive advantage over smaller regional operators.
What would break the thesis
- If fares fall under low-cost pressure, margins could suffer, especially given the large fixed cost base.
- Debt and exposure to floating rates could limit investment capacity if interest rates remain high.
- Political instability or new regulation could restrict routes and reduce profitability in certain markets.
What to watch
- Trend in load factor and passenger yieldQ1 2027
- Delivery of the Embraer and Airbus aircraft in the fleet plan2027
- Evolution of fuel and personnel costsnext 10-K
- Changes to slot allocation rules at Brazilian airports2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Mar 2026; since then the company filed 6-K (03 Nov 2026), 6-K (08 Oct 2026), 6-K (08 Sept 2026), 6-K (02 Sept 2026), 6-K (10 Aug 2026).
The business
LATAM Airlines Group S.A. is a Chilean holding company that resulted from the 2012 merger of LAN with TAM of Brazil and operates as one unified business enterprise 1. The group carries passengers and cargo and also offers ground handling, courier, logistics and maintenance services; as of December 31, 2025 its consolidated fleet comprised 371 aircraft, including 20 dedicated cargo freighters 1. The company emerged from its Chapter 11 process on November 3, 2022 and is listed on the Santiago Stock Exchange and on the NYSE under the ticker LTM 1.
The LATAM Pass loyalty programme is described by the company as the largest in South America and the eighth largest in the world by number of members 1. The group also runs a joint venture with Delta Air Lines that has added new routes and frequencies between South America and North America 1.
The stated strategy aims to keep the group the leading airline in South America and to strengthen its financial health, with a focus on safety, punctuality, cost efficiency and fleet renewal with new aircraft, including 78 Airbus A320-family and 15 Boeing 787-9 deliveries planned by 2030 1.
Segments
Domestic and international operations
Domestic Brazil accounted for 30.9% of ASKs and international operations for 52.9%, giving geographic diversification but also exposure to several different economies 1.
Market context
The group operates in the South American airline market, where it keeps its leadership by ASKs and competes with low-cost carriers such as JetSmart and Sky Airline 1. Travel demand in the region stayed healthy during 2025 and passenger traffic grew across segments, although revenues still depend on fuel prices and exchange rates 1.
The air cargo market is shaped by international trade and currency movements, and logistics groups such as Maersk, CMA CGM and MSC have entered air transport, which intensifies competition 1.
Trends
- Capacity and traffic growthmixed
Capacity and traffic both grew 8.2% in fiscal 2025, which suggests solid demand, but rapid expansion could pressure fares if demand slows 1.
- Jet fuel pricestailwind
The average jet fuel price fell during 2025 and fuel expense declined, yet the group remains exposed to price volatility, partly mitigated by its hedging policy 1.
- Industry consolidationheadwind
Alliances and mergers such as Abra Group could increase concentration and the resources of competitors, which is a pressure on LATAM's position 1.
- Personnel and amortisation costsheadwind
Wage and depreciation expenses rose sharply in fiscal 2025 as the fleet and headcount expanded, which could limit margins if revenues do not keep pace 1.
Competitive position
Airlines compete on fares, frequency, brand recognition and loyalty programmes, and low-cost carriers such as JetSmart and Sky Airline have an important impact on industry revenues 1.
Competitors backed by governments, such as Aerolineas Argentinas, may enjoy an advantage, and in cargo logistics operators such as DSV and MSC become direct competitors 1.
- JetSmart
Low-cost carrier active in Chile, Peru and Colombia, exerting pressure on fares, described in the source as having an important impact on regional markets.
- Sky Airline
Low-cost operator present in the Chilean and Peruvian markets that contributes to fare competition in the region.
- Avianca
Airline that has adopted low-cost elements while keeping its network and loyalty programme, and is part of Abra Group.
- Azul
Operator that received slot allocations at Congonhas airport and benefits from agreements with the Brazilian government on tax debts.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- LATAM Airbus A320 Evacuated On Runway After Huge Flames Erupt From EngineSimple Flying · 20 Oct 2026 · EN
- LATAM Boeing 767 Drops 23,000 Feet As Oxygen Masks Deploy In Midair EmergencySimple Flying · 18 Oct 2026 · EN
- AI could boost LatAm, Caribbean economy 5.1% but wages may fall, IDB saysCNA (Channel NewsAsia) · 21 Sept 2026 · EN
- AI could boost LatAm, Caribbean economy 5.1% over a decade but wages may fall, IDB saysCNA (Channel NewsAsia) · 21 Sept 2026 · EN
- Latam Airlines Secures $505M Loan to Finance New AircraftBloomberg Markets · 14 Sept 2026 · EN
- LATAM Airbus A320 Veers Dozens Of Feet Off Runway In Rainy BrazilSimple Flying · 31 Aug 2026 · EN
- Brazil’s China borrowing, Trump accuses 9 Latam countries: 7 Latin America relations readsSouth China Morning Post — China · 31 Aug 2026 · EN
- LATAM Airlines plane sends mayday signal in Argentinian airspaceTASS (RU, EN) · 10 Aug 2026 · EN
- Operation Escaneo Signals Shift in LatAm Threat LandscapeDark Reading · 18 Jun 2026 · RO
- Japan’s SMBC Weighs SRTs on Project Finance, LatAm LoansBloomberg Markets · 18 Jun 2026 · EN
- Latam Airlines CEO on Price Hikes, Taxation, ExpansionBloomberg Markets · 08 Jun 2026 · EN
- BTMOB RAT Spreads Across Brazil, LatAm via MaaS ModelDark Reading · 28 May 2026 · RO
- BlackRock Latam ETF Sees Outflows on AI Shift, Local PoliticsBloomberg Markets · 21 May 2026 · EN
- Flight to Argentina: How significant is it for Israel’s LatAm outreach?Al Jazeera English · 19 May 2026 · EN
- ZTE showcases at GSMA M360 LATAM 2026, driving future business model restructuring - AI & network two-way integrationThe Register · 15 May 2026 · RO
- LatAm Vibe Hackers Generate Custom Hacking Tools on the FlyDark Reading · 13 May 2026 · RO
The latest news item in our archive is from 20 Oct 2026; the newest SEC filing is from 03 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)03 Nov 2026
- Current report (foreign issuer)03 Nov 2026
- Current report (foreign issuer)08 Oct 2026
- Current report (foreign issuer)08 Sept 2026
- Current report (foreign issuer)02 Sept 2026
- Current report (foreign issuer)10 Aug 2026
- Current report (foreign issuer)04 Aug 2026
- Current report (foreign issuer)04 Aug 2026
- Current report (foreign issuer)03 Aug 2026
- Current report (foreign issuer)10 Jul 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / LATAM Airlines Group S.A. · 05 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.