Air China Limited (AD2) - Net Assets
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 AD2 PP&E to net assets ratio to assess the company's strategic physical and investment asset allocation.
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. For live market cap and overall valuation, see Air China Limited (AD2) market capitalisation.
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. Also explore how fast is Air China Limited growing its equity to track the company's year-over-year net asset growth rate.
| 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 |
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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 |
|---|---|
|
Navios Maritime Partners LP Unit
NYSE:NMM
|
$2.26 Billion |
|
Greif Inc
NYSE:GEF-B
|
$2.26 Billion |
|
Xiamen Changelight
SHE:300102
|
$2.26 Billion |
|
Shandong Linglong Tyre Co Ltd
SHG:601966
|
$2.26 Billion |
|
Shandong Buchang Pharmaceuticals Co Ltd
SHG:603858
|
$2.25 Billion |
|
Ta Liang Technology Co Ltd
TW:3167
|
$2.25 Billion |
|
Axogen Inc
NASDAQ:AXGN
|
$2.25 Billion |
|
Werner Enterprises Inc
NASDAQ:WERN
|
$2.25 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: 0.16x
- 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.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2017-12-31 | €5.93 | €0.39 | x |
| 2018-12-31 | €6.42 | €0.39 | x |
| 2019-12-31 | €6.44 | €0.39 | x |
| 2020-12-31 | €5.34 | €0.39 | x |
| 2021-12-31 | €4.23 | €0.39 | x |
| 2022-12-31 | €1.63 | €0.39 | x |
| 2023-12-31 | €2.30 | €0.39 | x |
| 2024-12-31 | €2.59 | €0.39 | x |
| 2025-12-31 | €2.44 | €0.39 | 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: $27,296,537,536
- Average return on equity (ROE) among peers: 0.93%
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 | $2.26 Billion |
| Controladora Vuela Compañía de Aviación S.A.B. de C.V (2CDA) | $10.16 Billion | -5.85% | 1.23x | $719.08 Million |
| Asia Aviation Public Company Limited (55AA) | $13.56 Billion | 17.23% | 4.63x | $314.82 Million |
| Bangkok Airways Public Company Limited (8BA) | $16.76 Billion | -12.59% | 2.71x | $4.87K |
| AIR CHINA LTD H ADR/20 (AD2B) | $65.87 Billion | -25.27% | 3.53x | $3.01 Billion |
| Copa Holdings S.A (C2H) | $2.37 Billion | 25.63% | 1.42x | $3.81 Billion |
| China Eastern Airlines Corporation Limited (CIAH) | $72.65 Billion | 4.39% | 2.93x | $1.59 Billion |
| CATHAY PAC.AIRW.HD-20ADR5 (CTYA) | $63.81 Billion | -10.38% | 1.84x | $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) | $-2.48 Billion | 0.00% | 0.00x | $2.84 Billion |
About Air China Limited
Air China Limited, together with its subsidiaries, provides air passenger, air cargo, and airline-related services in Mainland China, Hong Kong, Macau, Taiwan, and internationally. It operates in Airline Operations and Other Operations segments. The company provides aircraft engineering and airport ground handling services. It is also involved in the import and export trading business; wholesale … Read more