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Air CanadaTSX:AC +2.74%84 Debt-to-Equity is 4.52 as of Mar. 2026, which is 0% above its 10-year median of 4.50. GuruFocus rates TSX:AC with a GF Score™ of 84/100 and a GF Value™ of C$24.39 (Fairly Valued). The stock has 5 warning signs investors should review. Among 911 Transportation companies, Air Canada ranks worse than 96.93% on this metric.
A high debt to equity ratio generally means that a company has been aggressive in financing its growth with debt. This can result in volatile earnings as a result of the additional interest expense.
The historical rank and industry rank for Air Canada's Debt-to-Equity or its related term are showing as below:
TSX:AC'
s Debt-to-Equity Range Over the Past 10 Years
Min: -25.62 Med: 4.5 Max: 1835.89
Current: 4.52
During the past 13 years, the highest Debt-to-Equity Ratio of Air Canada was 1835.89. The lowest was -25.62. And the median was 4.50.
TSX:AC's Debt-to-Equity is ranked worse than 96.93% of 911
companies
in the Transportation industry
Industry Median: 0.53
vs TSX:AC: 4.52
Because a company can increase its ROE % by having more financial leverage, it is important to watch the leverage ratio when investing in high ROE % companies.
Air Canada Debt-to-Equity Related Terms
Air Canada Debt-to-Equity Historical Data
* Premium members only.
The historical data trend for Air Canada's Debt-to-Equity can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
TSX:AC vs DAL, UAL, LUV: Debt-to-Equity Comparison
For the Airlines subindustry, Air Canada's Debt-to-Equity, along with its competitors' market caps and Debt-to-Equity data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Air Canada Debt-to-Equity vs Transportation Industry
For the Transportation industry and Industrials sector, Air Canada's Debt-to-Equity distribution charts can be found below:
* The bar in red indicates where Air Canada's Debt-to-Equity falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Air Canada (TSX:AC) has a Debt-to-Equity of 4.52 as of Mar. 2026. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Air Canada and its competitors. This is near median its historical median of 4.50. According to the industry distribution chart, Air Canada ranks #883 out of 911 companies in the Transportation industry, placing it in the top 96.9%.
Is Air Canada's Debt-to-Equity too high?
Air Canada's current Debt-to-Equity of 4.52 is near median its 10-year median of 4.50. The Transportation industry median Debt-to-Equity is 0.53. Air Canada's value of 4.52 is 752.8% above this industry median. Based on the distribution chart, Air Canada ranks #883 out of 911 companies in the Transportation industry, which is in the bottom quartile relative to peers. Overall, Air Canada has a GF Score™ of 84/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Air Canada's Debt-to-Equity compare to DAL and UAL?
According to the Transportation industry distribution chart, Air Canada ranks #883 out of 911 companies for Debt-to-Equity. This places Air Canada in the lower half of its industry. The industry median Debt-to-Equity is 0.53. Air Canada's value of 4.52 is 752.8% above this benchmark. While the company's 10-year median is 4.50 vs. the industry median of 0.53, Air Canada has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-Equity for a Transportation company?
The median Debt-to-Equity among Transportation companies is 0.53, based on 911 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-Equity significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Air Canada's current Debt-to-Equity of 4.52 is 752.8% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-Equity mean?
A high Debt-to-Equity can signal that a stock is expensive relative to its fundamentals. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Air Canada and its competitors. For the Transportation industry, the median Debt-to-Equity is 0.53 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Air Canada's current Debt-to-Equity is 4.52, which is near median its own 10-year median of 4.50. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Air Canada stock overvalued right now?
Based on GuruFocus' analysis, Air Canada (TSX:AC) is currently considered Fairly Valued. The stock's GF Value™ is C$24.39, compared to a current price of C$23.27 — trading 4.6% below its estimated fair value. The current Debt-to-Equity is 4.52, which is near median its 10-year median of 4.50 and 752.8% above the Transportation industry median of 0.53. Air Canada's overall GF Score™ is 84/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-Equity calculated?
Debt-to-Equity is calculated from a company's financial statements. For Air Canada (TSX:AC), the current Debt-to-Equity is 4.52 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Air Canada (TSX:AC) Overvalued in 2026?
Based on GuruFocus' analysis, Air Canada stock appears to be undervalued.
The current stock price of C$23.27 is trading 4.6% below its estimated GF Value™ of C$24.39.
GuruFocus considers Air Canada to be Fairly Valued.
Key valuation signals for TSX:AC:
Debt-to-Equity: 4.52 (near median its 10-year median of 4.50)
GF Value™: C$24.39 vs. price of C$23.27 (4.6% below fair value)
Industry Position: 752.8% above the Transportation median (#883 of 911)
No single metric tells the full story. See the TSX:AC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Air Canada is Canada's largest airline, serving nearly 50 million passengers each year, together with its low-cost subbrand, Rouge, and contracts for regional connection flights into its network. Air Canada is a sixth-freedom airline, which flies many passengers on long-haul trips to and from the US with a layover in Canada.
84GF Score
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