LATAM Airlines Group S.A. (LTM) Stock Price & How to Invest

LATAM Airlines Group S.A. runs the largest airline network in South America, with passenger subsidiaries in Brazil, Chile, Colombia, Ecuador, Paraguay and Peru, a long-haul operation to North America, Europe and Oceania, and a cargo business that carried ~$510 million of revenue in the second quarter of 2026. The group transported ~21.1 million passengers in that quarter at an ~81.8% load factor, flew an operating fleet of ~383 aircraft, and guides to ~410 aircraft by the end of 2026 as A320neo, A321neo, Boeing 787-9 and Embraer E190-E2 deliveries arrive. Brazil is now its largest revenue market, ahead of Chile. Since 2022 LATAM has flown a trans-American joint venture with Delta Air Lines, having left the oneworld alliance in 2020, and reports in US dollars even though most ticket revenue is collected in Brazilian reais, Chilean pesos and other local currencies.

The listing itself is young. LATAM filed for Chapter 11 in May 2020, emerged on November 3, 2022 with new equity and convertible notes, and relisted its ADS on the NYSE on July 25, 2024 at $24.00 per ADS after four years of no US exchange listing. At ~$52 per ADS in August 2026 the group carries a market capitalization near ~$15.0 billion against ~$15.9 billion of trailing revenue and ~$1.56 billion of trailing net income, or roughly ~$5.45 per ADS. Net debt of ~$6.4 billion and adjusted net leverage of ~1.5x sit well below where the pre-bankruptcy company operated, and the group pays the Chilean statutory minimum of 30% of profits while holding fresh authority to repurchase up to 5% of its shares. Working against that is a 2026 fuel shock: adjusted operating margin ran ~19.8% in the first quarter and ~5.4% in the second, on the same revenue base.

Fuel is the dominant variable: a Middle East supply disruption nearly doubled LATAM's fuel-related costs year over year in the second quarter of 2026 and cut operating margin from ~12.9% to ~5.4%, and the group carries no permanent hedge that removes that exposure. Currency cuts the other way, because most revenue is earned in Brazilian reais, Chilean pesos and Peruvian soles while fuel, aircraft leases and most debt are denominated in US dollars, so a weaker real both compresses local margins and shrinks reported dollar results. Competition in Brazil against Gol and Azul, and against JetSMART and Sky in Spanish-speaking South America, keeps domestic fares tied to capacity discipline the group does not set alone. Balance sheet and capital-intensity risk remain real even after the restructuring, with ~$9.0 billion of total debt, continuous aircraft capital commitments, and a delivery schedule that depends on Airbus, Boeing and Embraer meeting dates. Political, regulatory and consumer-litigation exposure across six operating jurisdictions rounds it out, including a US consumer class action over the airline's no-show ticket-cancellation policy, and post-reorganization holders have repeatedly sold ADS into the market through secondary offerings, which adds supply that is unrelated to operating results.

9 analysts publish price targets on LTM, averaging $72.94 against a $52.26 price as of August 2026, or +39.6%. The published targets run from $69.00 to $80.00, a narrow spread, and the ratings split 10 buy, 0 hold, 0 sell. Over the last six months there have been 2 raises and 2 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full LTM forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on LATAM Airlines Group S.A.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Capacity growth funded by a renewed fleet. Management guides to ~9% to ~10% ASK growth for 2026 on ~41 aircraft deliveries, taking the operating fleet from ~383 to ~410 by year end. The most optimistic published target, $80.00, assumes this works close to its best case.

The case against. Fuel is the dominant variable: a Middle East supply disruption nearly doubled LATAM's fuel-related costs year over year in the second quarter of 2026 and cut operating margin from ~12.9% to ~5.4%, and the group carries no permanent hedge that removes that exposure. The most pessimistic target, $69.00, is roughly what LTM is worth if this bites instead.

Read the full bull and bear case on LTM, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see LATAM Airlines Group S.A.'s investor relations page or your broker.

• Revenue (TTM): ~$15.9B; FY2026 guidance ~$17.3B to ~$17.7B
• Net income (TTM): ~$1.56B, about ~$5.45 per ADS
• Q2 2026 revenue and margin: ~$4.18B (+27.6% YoY), ~5.4% adjusted operating margin
• Adjusted EBITDA: ~$713M in Q2 2026 (~17.0% margin); FY2026 guided ~$4.1B to ~$4.4B
• Market cap / enterprise value: ~$15.0B / ~$21.4B at ~$52 per ADS
• Valuation and leverage: ~9.6x trailing earnings, ~0.9x sales, ~5.8x EV/EBITDA; net debt ~$6.4B, ~1.5x adjusted net leverage, ~$4.2B liquidity

All figures are in US dollars, which is how LATAM reports, even though the majority of ticket sales are collected in local South American currencies. The trailing multiples blend a near-record first quarter (~19.8% adjusted operating margin) with a fuel-crushed second quarter (~5.4%), so a trailing P/E near ~9.6x is describing two very different operating environments averaged together. Trailing dividends of ~$0.96 per ADS, an interim in December 2025 plus a final in May 2026, work out to roughly a ~1.8% yield at the recent price.

Other names that sit close to LTM: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get LTM exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so LTM sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where LTM fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

LTM prices a recapitalized, cash-generative airline at roughly 1x sales and under 10x trailing earnings, with the fuel bill rather than passenger demand doing most of the work on the quarterly profit line.

Whether LTM is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is LTM a buy or a sell?, and where the stock could go from here in the LTM stock forecast.

For income investors, whether LTM pays a dividend and how the payout looks is covered in does LTM pay a dividend? And to weigh LTM against a peer, read the full side-by-side comparisons: LTM vs AAL and LTM vs DAL.