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Public Comps and Valuation Multiples for Airlines

Benchmark revenue and EBITDA valuation multiples for public comps like
Delta Air Lines, United Airlines, Ryanair, IAG and Southwest Airlines.

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Airlines

Viewing 25 of 80 companies with full data

Company	Market Cap	Enterprise Value	LTM Revenue	EV/LTM Revenue	EV/LTM EBITDA
Delta Air Lines	$55B	$71B	$61B	1.1x	8.6x
United Airlines	$38B	$55B	$63B	0.9x	7.1x
Ryanair	$31B	$28B	$18B	1.6x	6.5x
IAG	$27B	$34B	$39B	0.9x	3.9x
Southwest Airlines	$23B	$27B	$30B	0.9x	10.0x
IndiGo	$21B	$23B	$9B	2.5x	15.6x
Singapore Airlines	$18B	$19B	$16B	1.2x	5.2x
GOL Airlines	$17B	$21B	-	-	-
Air China	$17B	$47B	$27B	1.8x	10.5x
LATAM Airlines	$16B	$22B	$16B	1.4x	5.3x
China Southern Airlines	$13B	$42B	$28B	1.5x	7.8x
Lufthansa	$13B	$19B	$47B	0.4x	3.8x
China Eastern Airlines	$12B	$36B	$22B	1.7x	8.5x
Qantas Airways	$11B	$15B	$18B	0.8x	4.7x
American Airlines	$11B	$38B	$58B	0.7x	11.1x
Turkish Airlines	$10B	$21B	$25B	0.8x	5.9x
Cathay Pacific Airways	$9B	$15B	$16B	1.0x	4.9x
Hainan Airlines	$9B	$23B	$11B	2.1x	-
ANA Holdings	$8B	$8B	$16B	0.5x	3.2x
Japan Airlines	$7B	$6B	$13B	0.5x	2.8x
Eva Airways	$7B	$7B	$7B	1.0x	3.6x
Air Arabia	$7B	$7B	$2B	3.0x	12.7x
Korean Air	$7B	$18B	$17B	1.0x	7.2x
Spring Airlines	$7B	$9B	$3B	2.5x	10.5x
Copa Airlines	$6B	$7B	$4B	1.8x	6.0x
Alaska Air	$5B		$15B
Thai Airways	$5B		$6B
easyJet	$5B		$14B
Air Canada	$5B		$17B
China Airlines	$4B		$7B
VietJet Air	$4B		$3B
Air France-KLM	$4B		$40B
SkyWest	$4B		$4B
Juneyao Airlines	$4B		$3B
Vietnam Airlines	$3B		$5B
Flynas	$3B		$2B
El Al	$3B		-
Allegiant Travel	$3B		$3B
Aeroméxico	$3B		$6B
JetBlue Airways	$2B		$10B
STARLUX Airlines	$2B		-
Pegasus Airlines	$2B		$3B
Air New Zealand	$2B		$4B
Norwegian	$2B		$4B
Azul	$2B		-
Frontier Airlines	$2B		$4B
Wizz Air	$2B		$7B
Virgin Australia	$2B		$4B
Aegean Airlines	$1B		-
Philippine Airlines	$1B		$422M
Jazeera Airways	$1B		$711M
Finnair	$1B		$4B
Garuda Indonesia	$1B		-
Bangkok Airways	$1B		$757M
AirAsia X	$1B		$3B
Volaris	$1B		$3B
Sun Country Airlines	$876M		-
Tigerair Taiwan	$845M		$547M
Republic Airways Holdings	$845M		-
Pakistan International Airlines	$592M		-
Capital A	$478M		$845M
Air Astana	$465M		$2B
Asia Aviation	$438M		$1B
Croatia Airlines	$418M		-
Chorus Aviation	$403M		$943M
Cebu Air	$308M		-
Enter Air	$255M		$853M
Jeju Air	$251M		$1B
Kenya Airways	$246M		-
Spicejet	$204M		$609M
Jin Air	$204M		$966M
Air Busan	$123M		-
Surf Air	$117M		$117M
flyExclusive	$99M		$376M
Air T	$59M		-
Alliance Aviation	$56M		$489M
Norse Atlantic Airways	$18M		$663M
KLM Airlines	$0K		-
Icelandair	-		-
Aeroflot Russian Airlines	-		-