American Airlines has lost 71.3% of its market value this year, with US Airways close behind, down 69.8% since 2-Jan-09. And United Airlines shares are down 62.3%, Continental's 54% and the world's largest carrier Delta, down 53.6%.
This scale of falls is unprecedented in US airline history, with over half of the value of a major part of the industry shredded in the space of a mere three months.
And it is not as if the airlines' shares were trading at a premium before that.
Even with a recovery - or at least a slowdown in the decline - changes on this scale spell precarious futures for several airlines.
For daily updates on American aviation stock prices and a complete wrap of the day's breaking news, sign up now for a complimentary subscription to America Airline Daily.
North & South American airlines 1Q09 share price movements:
As if to rub salt into the wound, the quirky Allegiant - perhaps a model for our time! - is the only airline in the Americas to end the quarter clearly on the upside, with a 3.9% gain. And the other US airline AirTran to be in positive space, is also an LCC, up just 0.9%.
Even the mighty Southwest, the largest US domestic airline and the progenitor of the low cost model, has seen 29.4% of its market cap evaporate over the past 90 days.
Canada's airlines are heading differently, although even the more successful among North American LCCs, Westjet, has seen a market decline of 8.5%. But that is nowhere near the fall from grace of Air Canada, which lost over 20% of its value yesterday as the market sniffed bankruptcy and its President, CEO and its COO departed the carrier, to be replaced by finance and slash and burn specialists. Its B shares are down 52.6% since the beginning of the year.
In South America, LAN has maintained gravity, despite some recent negativity, with a weaker outlook in its markets, but the region's leading LCC, GOL, has lost 35.7% market value.
TAM, Central America's leading network airline, has also seen more than a third of its value disappear, down 36.4% this year.
Want more analysis like this? CAPA Membership gives you access to all news and analysis on the site, along with access to many areas of our comprehensive databases and toolsets.
Find out more and take a free trial.