Air China Limited (AD2) - Net Assets

Latest as of December 2025: €39.23 Billion EUR ≈ $45.87 Billion USD

Based on the latest financial reports, Air China Limited (AD2) has net assets worth €39.23 Billion EUR (≈ $45.87 Billion USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (€343.05 Billion ≈ $401.06 Billion USD) and total liabilities (€303.82 Billion ≈ $355.19 Billion USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check tangible equity quality of Air China Limited to evaluate the tangible quality of the company's equity base.

Key Net Assets Metrics

Metric	Value
Current Net Assets	€39.23 Billion
% of Total Assets	11.44%
Annual Growth Rate	-3.2%
5-Year Change	-40.44%
10-Year Change	-48.7%
Growth Volatility	29.59

Air China Limited - Net Assets Trend (2013–2025)

This chart illustrates how Air China Limited's net assets have evolved over time, based on quarterly financial data. See Air China Limited defensive interval ratio to measure how many days the company can operate on defensive assets alone.

Annual Net Assets for Air China Limited (2013–2025)

The table below shows the annual net assets of Air China Limited from 2013 to 2025. For live valuation and market cap data, see market cap of Air China Limited.

Year	Net Assets	Change
2025-12-31	€39.23 Billion ≈ $45.87 Billion	-4.19%
2024-12-31	€40.95 Billion ≈ $47.87 Billion	+16.03%
2023-12-31	€35.29 Billion ≈ $41.26 Billion	+63.67%
2022-12-31	€21.56 Billion ≈ $25.21 Billion	-67.27%
2021-12-31	€65.87 Billion ≈ $77.00 Billion	-21.42%
2020-12-31	€83.81 Billion ≈ $97.99 Billion	-17.32%
2019-12-31	€101.38 Billion ≈ $118.52 Billion	+0.82%
2018-12-31	€100.56 Billion ≈ $117.56 Billion	+5.93%
2017-12-31	€94.93 Billion ≈ $110.99 Billion	+24.14%
2016-12-31	€76.47 Billion ≈ $89.41 Billion	+14.83%
2015-12-31	€66.60 Billion ≈ $77.86 Billion	+10.55%
2014-12-31	€60.24 Billion ≈ $70.43 Billion	+3.96%
2013-12-31	€57.94 Billion ≈ $67.74 Billion	--

Equity Component Analysis

This analysis shows how different components contribute to Air China Limited's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.

Equity Composition Insights

Retained earnings have decreased by 222.7% over the analyzed period, potentially due to dividend distributions or operating losses.

Current Equity Component Breakdown (December 2025)

Component	Amount	Percentage
Other Components	€75.04 Billion	176.35%
Total Equity	€42.55 Billion	100.00%

Air China Limited Competitors by Market Cap

The table below lists competitors of Air China Limited ranked by their market capitalization.

Company	Market Cap
Shenzhen InfoGem Technologies Co Ltd SHE:300085	$2.76 Billion
Steadfast Group Limited F:1S6	$2.76 Billion
Soleno Therapeutics Inc NASDAQ:SLNO	$2.76 Billion
Four Corners Property Trust Inc NYSE:FCPT	$2.76 Billion
Salzgitter AG XETRA:SZG	$2.75 Billion
Investco Holding AS IS:INVES	$2.75 Billion
BSP Financial Group Ltd AU:BFL	$2.75 Billion
Data Patterns (India) Limited NSE:DATAPATTNS	$2.75 Billion

Equity Growth Attribution

This analysis shows how different factors contributed to changes in Air China Limited's equity between the two most recent reporting periods.

Equity Growth Insights

From 2024 to 2025, total equity changed from 45,147,411,000 to 42,551,575,000, a change of -2,595,836,000 (-5.7%).
Net loss of 1,770,393,000 reduced equity.
Dividend payments of 5,670,983,000 reduced retained earnings.
Other factors increased equity by 4,845,540,000.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	€-1.77 Billion	-4.16%
Dividends Paid	€5.67 Billion	-13.33%
Other Changes	€4.85 Billion	+11.39%
Total Change	€-	-5.75%

Book Value vs Market Value Analysis

This analysis compares Air China Limited's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.

Valuation Insights

Current price-to-book ratio: 0.20x
The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
The price-to-book ratio has increased from 0.08x to 0.20x over the analyzed period, suggesting growing market confidence.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2017-12-31	€5.93	€0.48	x
2018-12-31	€6.42	€0.48	x
2019-12-31	€6.44	€0.48	x
2020-12-31	€5.34	€0.48	x
2021-12-31	€4.23	€0.48	x
2022-12-31	€1.63	€0.48	x
2023-12-31	€2.30	€0.48	x
2024-12-31	€2.59	€0.48	x
2025-12-31	€2.44	€0.48	x

Capital Efficiency Dashboard

This dashboard shows how efficiently Air China Limited utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.

Capital Efficiency Insights

Current Return on Equity (ROE): -4.16%
The company may be facing challenges in efficiently utilizing shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: -1.03%
• Asset Turnover: 0.50x
• Equity Multiplier: 8.06x
Recent ROE (-4.16%) is above the historical average (-12.25%), indicating improving capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2013	6.13%	3.40%	0.48x	3.79x	€-2.10 Billion
2014	6.99%	3.64%	0.49x	3.88x	€-1.65 Billion
2015	11.32%	6.22%	0.51x	3.57x	€791.97 Million
2016	9.89%	5.98%	0.51x	3.25x	€-73.63 Million
2017	8.41%	5.97%	0.51x	2.74x	€-1.37 Billion
2018	7.87%	5.36%	0.56x	2.61x	€-1.99 Billion
2019	6.85%	4.71%	0.46x	3.15x	€-2.94 Billion
2020	-18.57%	-20.73%	0.24x	3.66x	€-22.17 Billion
2021	-27.10%	-22.33%	0.25x	4.86x	€-22.78 Billion
2022	-163.58%	-73.01%	0.18x	12.50x	€-40.98 Billion
2023	-2.81%	-0.74%	0.42x	9.01x	€-4.77 Billion
2024	-0.53%	-0.14%	0.48x	7.66x	€-4.75 Billion
2025	-4.16%	-1.03%	0.50x	8.06x	€-6.03 Billion

Industry Comparison

This section compares Air China Limited's net assets metrics with peer companies in the Airlines industry.

Industry Context

Industry: Airlines
Average net assets among peers: $21,480,628,863
Average return on equity (ROE) among peers: 8.11%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Air China Limited (AD2)	€39.23 Billion	6.13%	7.74x	$2.76 Billion
Controladora Vuela Compañía de Aviación S.A.B. de C.V (2CDA)	$6.53 Billion	32.47%	11.57x	$741.53 Million
Asia Aviation Public Company Limited (55AA)	$11.38 Billion	30.56%	5.62x	$327.67 Million
Bangkok Airways Public Company Limited (8BA)	$31.99 Billion	5.53%	0.88x	$4.67K
AIR CHINA LTD H ADR/20 (AD2B)	$40.95 Billion	-0.58%	7.44x	$3.01 Billion
Copa Holdings S.A (C2H)	$1.59 Billion	-14.17%	1.34x	$4.11 Billion
China Eastern Airlines Corporation Limited (CIAH)	$29.49 Billion	11.59%	4.55x	$2.10 Billion
CATHAY PAC.AIRW.HD-20ADR5 (CTYA)	$72.25 Billion	-7.65%	1.72x	$8.96 Billion
EASYJET PLC SP.ADR NEW/4 (EJTS)	$2.97 Billion	15.20%	2.71x	$3.49 Billion
AIR FRANCE-KLM ADR EO 85 (FQZ)	$-3.82 Billion	0.00%	0.00x	$2.84 Billion

About Air China Limited

F:AD2 Germany Airlines

Market Cap

$2.76 Billion

€2.36 Billion EUR

Market Cap Rank

#5211 Global

#843 in Germany

Share Price

€0.48

Change (1 day)

+0.34%

52-Week Range

€0.46 - €0.81

All Time High

€1.28