LATAM Airlines Group S.A. (LTM)

NYSE: LTM · Air Transportation, Scheduled · Santiago · filing with the SEC since 2002

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Grade6.2

◀ Past 5.1● Present 6.7▶ Future 6.5

1 est.

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The grade of LATAM Airlines Group S.A.

Nine metrics read from its own filings, by tense

Headline grade

6.2/10

◀ Past5.130% of the headline

● Present6.740% of the headline

▶ Future6.530% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

5.1/1030% of the headline grade · 3 of 3 filed

Surviving crises

as filed

6.5/10

Has it survived what it has been through?

No warning events in its filings since 2017.

weight 33% of this tense · 65th percentile among 17 sector filers · read for itself

From the record

LATAM Airlines Group S.A.'s filings since 2017 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

4.9/10

What has it actually done, year after year?

+5.3% a year over 10 filed years; profitable in 8 of 10.

weight 45% of this tense · 49th percentile among 14 sector filers · read for its customers

From the record

LATAM Airlines Group S.A.'s 10 filed years say what it did: revenue went from $9.0 billion in fiscal 2016 to $14 billion in fiscal 2025, up 5.3% a year; it rose in 8 of 9 years; the deepest fall was 61% from fiscal 2019 to fiscal 2020; net income was positive in 8 of 10 of those years (its annual reports).

What it rests on

revenue growth over the filed span5.3%bottom 32% of its family
the share of years revenue rosetop 36% of its family
the share of filed years with a profittop 46% of its family
the deepest fall from a revenue peak61.0%bottom 46% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

as filed

3.6/10

How has it treated the people who own it?

Share count grew 458.3% a year. 15% of cash flow returned. Insiders: 0 sales, 0 purchases.

weight 22% of this tense · 36th percentile among 13 sector filers · read for its shareholders

From the record

Over the 4 fiscal years to 2025-12-31, LATAM Airlines Group S.A.'s diluted share count grew about 458.3% a year, and dividends and buybacks returned about 15% of its operating cash flow over 3 years (its filed statements). Its officers and directors filed 0 sales and 0 purchases of their own stock on the open market in the year to 2026-09-30 (their Form 4 filings).

What it rests on

the share count over the yearsbottom 3% of its family
cash returned against operating cash flowtop 32% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

● Present

What are they doing right now?

6.7/1040% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed

6.1/10

Is it financially healthy right now?

ROE 109%: 109¢ of profit per shareholder dollar. Leverage 92%: owes 92¢ per asset dollar.

weight 33% of this tense · 61st percentile among 15 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, LATAM Airlines Group S.A. earned about 109 cents of profit for every dollar of shareholders' money, and gross profitability: its products earned about 24 cents per dollar of everything the company owns. Leverage: it owed about 92 cents per dollar of assets, and net share issuance: its share count shrank 2.5% over the year (the filed statements).

What it rests on

what it owes per dollar of assetsbottom 28% of its family
return on equitytop 4% of its family
gross profit against assetstop 50% of its family
the share count against the year beforetop 30% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

7.6/10

How strong is its position in its industry?

top 24% of 14 in its family; net margin 10.3%.

weight 45% of this tense · 76th percentile among 14 sector filers · read for its customers

From the record

LATAM Airlines Group S.A.'s standing among 14 graded names in its industry family: revenue of $14 billion in fiscal 2025 ranks in the top 37% by size; a net margin of 10.3% ranks in the top 25%; revenue growth of 15.1% a year over the last 3 filed years ranks in the top 11% (its annual reports).

What it rests on

revenue against the family$14.27Btop 37% of its family
net margin10.3%top 25% of its family
three-year revenue growth15.1%top 11% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate

5.7/10

What are the people in charge doing?

SI estimate 5.7/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 12 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, so the desk assumes the typical reading of its industry family, the median of 12 members with one.
What the record cannot read: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read.
How it was reasoned: family median, 12 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: LATAM Airlines Group S.A.'s leadership is put at 5.7 of 10 with a confidence of 20 of 100, because it files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, so the desk assumes the typical reading of its industry family, the median of 12 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

6.5/1030% of the headline grade · 3 of 3 filed

Room to expand

as filed

5.6/10

How much room does it have to grow?

top 44% of 14 in its family for room to expand.

weight 22% of this tense · 56th percentile among 14 sector filers · read for itself

From the record

LATAM Airlines Group S.A.'s room to grow, from the newest filed statements (fiscal 2025): cash of $2.2 billion against debt of $8.1 billion leaves -33.7% of its assets as net cash, bottom 28% of its family; cash from operations less capital spending is 13.7% of revenue (top 11%); a gross margin of 29.2% (top 50%) (its annual report).

What it rests on

cash less debt against assets-33.7%bottom 28% of its family
cash from operations less capital spending against revenue13.7%top 11% of its family
gross margin29.2%top 50% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

8.4/10

What could actually drive growth from here?

top 16% of 14 in its family for growth drivers.

weight 45% of this tense · 84th percentile among 14 sector filers · read for its customers

From the record

LATAM Airlines Group S.A.'s growth drivers, from the filed years to fiscal 2025: revenue grew 15.1% a year over the last three filed years against 5.3% over all 10, speeding up (top 11% of its family); the newest year grew 11.2% (top 25%); capital spending grew 31.5% a year (top 12%) (its annual reports). LATAM Airlines Group S.A. tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

What it rests on

three-year growth against the whole span+9.8 points a yeartop 11% of its family
the newest year's revenue growth11.2%top 25% of its family
three-year growth of capital spending31.5%top 12% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

4.4/10

Did its newest year beat what its own record pointed to?

bottom 44% of 14 in its family for expectations against reality.

weight 33% of this tense · 44th percentile among 14 sector filers · read for its shareholders

From the record

LATAM Airlines Group S.A.'s newest year against its own record: revenue of $14 billion in fiscal 2025 came in 5% below the $15 billion its prior three years' pace pointed to (bottom 32% of its family); net income of $1.5 billion against a prior three-year average of $965 million (top 46%); a net margin of 10.3% against 9% before (bottom 46%) (its annual reports).

What it rests on

revenue against the prior three years' pace-5.0%bottom 32% of its family
net income against the prior three years' average+52%top 46% of its family
net margin against its prior average+1.3 pointsbottom 46% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton LTM · research, not advice