June 2026
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Largest Airlines Public Companies
Benchmark revenue and EBITDA valuation multiples for public comps like
Delta Air Lines, United Airlines, Ryanair, IAG and Southwest Airlines.
 | Atlanta-based Delta Air Lines is one of the world's largest airlines, with a network of over 300 destinations in more than 50 countries. Delta operates a hub-and-spoke network, where it gathers and distributes passengers across the globe through its biggest hubs in Atlanta, New York, Salt Lake City, Detroit, Seattle, and Minneapolis-St. Paul. Delta has historically earned most of its international revenue and profits from flying passengers over the Atlantic Ocean. | $79 | +61% | $52B | $67B | 1.1x | 7.2x | ||
| Chicago-based United Airlines is a major US network carrier with hubs in San Francisco, Chicago, Houston, Denver, Los Angeles, Newark, and Washington, D.C. United operates a hub-and-spoke system that is more focused on international and long-haul travel, especially across the Pacific, than its large US peers. | $106 | +33% | $34B | $51B | 0.9x | 6.1x | ||
 | Ryanair is Europe’s largest low-cost airline, known for its extensive network and highly efficient business model. Operating over 3,600 flights daily across 240-plus destinations in 40 countries, Ryanair has built its success on offering affordable air travel while maintaining tight control over costs. The airline primarily uses Boeing 737 aircraft, including the newer 737 8-200 “Gamechanger” variant, which simplifies operations and reduces expenses. Ryanair focuses on high passenger volume, ancillary revenue, and operational efficiency, ensuring its position as a leading airline in Europe. | $28 | +0% | $29B | $26B | 1.5x | 6.0x | ||
 | International Airlines Group is a European airline group flying under the British Airways, Iberia, Aer Lingus, and Vueling brands. The group's main airport hubs are London Heathrow, London Gatwick, Madrid, Barcelona, and Dublin. Geographically, it derives a majority of its revenue from the United Kingdom. | $6 | +24% | $25B | $32B | 0.8x | 3.5x | ||
| Southwest Airlines is the largest domestic air carrier in the United States by passengers boarded. Southwest operates nearly 800 aircraft in an all-Boeing 737 fleet. Despite offering some longer routes and a few perks for business travelers, the airline predominantly specializes in short-haul, leisure flights operated in a single, open-seating cabin configuration in a point-to-point network. In early 2026, Southwest will modify its cabins to offer some rows with extra legroom and will update its ticketing process and merchandising to offer assigned seats and more fare categories, including a basic economy class that will more directly compete with other airlines' offerings and appear for the first time in travel aggregators' search results. | $42 | +28% | $20B | $23B | 0.8x | 10.5x | ||
 | InterGlobe Aviation Ltd is an airline service provider based in India. The company serves as a low-cost carrier through its Indigo brand. The company caters to its customers through an official website and the IndigoGo App, enabling them to book airline tickets and travel packages. The segments of the company are Air transportation services and Other income. The company earns its revenue predominantly through passenger ticket sales of the domestic airline operation. | $47 | -28% | $18B | $21B | 2.3x | 13.0x | ||
 | Gol Linhas Aereas Inteligentes SA is a Brazilian airline company. It operates in two segments, flight transportation which offers air transportation services and the smiles loyalty program segment which includes redemption of miles traveled for purchasing flight tickets. The company's revenue derives from transporting passengers on aircraft. The company operates both domestic and international flights from which the majority of revenues come in from domestic operations. | $2 | -93% | $17B | $21B | - | - | ||
 | Singapore Airlines is Singapore's flagship carrier and one of the region’s largest airlines in terms of revenue and carrying capacity. With its hub in Changi Airport, the carrier provides regional and cross-continental passenger and cargo services destined to or transiting through Singapore. The company operates under dual brands: full-service carrier SIA and low-cost regional carrier Scoot. It also owns stakes in SATS and SIA Engineering. In 2024, the merger of its associate airline Vistara with Air India resulted in Singapore Airlines owning a 25% stake in Air India. | $5 | -1% | $17B | $19B | 1.2x | 4.9x | ||
 | Air China Ltd is based in Beijing and principally provides airline and related services, which include aircraft engineering and airport ground handling. The majority of the company's revenue comes from airline operations, with a smaller portion generated from rental income. Geographically, majority of its revenue is derived from Mainland China. | $1 | -19% | $15B | $44B | 1.8x | 8.7x | ||
 | LATAM Airlines Group SA operates as a passenger airline group. The company and its affiliates provide domestic services in Brazil, Chile, Peru, Colombia, and Ecuador, as well as regional flights and long-haul operations. LATAM group carries out cargo operations using both belly space on passenger flights and dedicated freighter aircraft. In addition, it also offers complementary services, such as ground handling, courier, logistics, and maintenance. Geographically, the group generates maximum revenue from Brazil, followed by Chile, the United States of America, Peru, Europe, Colombia, Ecuador, Asia Pacific, and the rest of Latin America. | $0 | +20% | $14B | $20B | 1.4x | 4.9x | ||
| China Southern Airlines Co Ltd is based in Guangzhou principally engaged in airline operations. The Group also operates certain airline-related businesses, including the provision of aircraft maintenance and air catering services. The Group has two reportable operating segments: airline transportation operations and other segments. Airline transportation operations comprise the Group’s passenger and cargo, and mail operations. Other segments include cargo handling, hotel and tour operation, ground services, air catering services, and other miscellaneous services. Geographically, the company operates in the Domestic, International, and Hong Kong, Macau, and Taiwan markets. | $1 | -11% | $13B | $42B | 1.6x | 6.9x | ||
| China Eastern Airlines Corp Ltd principally engaged in the operation of civil aviation, including the provision of passenger, cargo, mail delivery and other extended transportation services, also manufacturing and maintenance of aircraft and aviation equipment, agency services, import and export business, tourism and hotel business; and other businesses related to air transportation. The Group has two reportable segments. Airline transportation operations mainly comprise the provision of passenger, cargo, mail delivery, and ground services. Other services, including tour operations, air catering, and other miscellaneous services, are not included within the airline transportation operations segment. | $1 | +1% | $12B | $36B | 1.8x | 7.8x | ||
 | Lufthansa AG is a European airline group operating through three primary segments: passenger airlines, logistics (Lufthansa Cargo), and MRO (Lufthansa Technik). The passenger airlines segment includes Lufthansa German Airlines, SWISS, Austrian Airlines, Brussels Airlines, Eurowings, and the equity interest in SunExpress. As of 2025, Lufthansa also holds a 41% stake in ITA Airways, with strategic integration underway. | $10 | +18% | $12B | $18B | 0.4x | 3.1x | ||
 | Cathay Pacific is the largest airline group in Hong Kong. It operated a fleet of 236 aircraft as of December 2025 and will fly to over 100 destinations in 2025. Cathay carried more than 35 million passengers in prepandemic 2019. The group operates the full-service airline Cathay Pacific and the low-cost carrier HK Express. It also runs the cargo carrier Air Hong Kong. | $2 | +21% | $10B | $16B | 1.1x | 4.6x | ||
 | Qantas Airways is Australia's largest domestic airline with typically a two thirds market share, effectively competing in a duopoly with Virgin. The company operates a multibrand strategy, with low-cost carrier Jetstar complementing the full-service Qantas brand. Its frequent-flyer loyalty program continues to expand with new partnerships, which are integral to retaining customer loyalty for its core airline business. | $7 | -14% | $10B | $14B | 0.9x | 4.5x | ||
| Hainan Airlines Holding Co Ltd is an airline company. The company is engaged in operating approved domestic air passenger and cargo transportation business, as well as business charter flight business to neighboring countries and regions. It is also engaged in the production of in-flight supplies, aviation equipment, aviation ground equipment and spare parts, terminal services and operations, and provides insurance agency services. | $0 | +13% | $10B | $23B | 2.3x | 9.0x | ||
| American Airlines is the world’s largest airline by aircraft, capacity, and scheduled revenue passenger miles. Its major US hubs are Dallas/Fort Worth, Charlotte, Chicago, Los Angeles, Miami, New York, Philadelphia, Phoenix, and Washington, D.C. It generates over 30% of US airline revenue connecting Latin America with destinations in the United States. After completing a major fleet renewal, the company has the youngest average fleet of US legacy carriers. | $13 | +20% | $9B | $37B | 0.7x | 8.9x | ||
 | Turk Hava Yollari AO is a Turkish airline operator. It has flight networks across the globe, and transports passengers to many different regions. Additionally, it can provide long-haul direct cargo flights and other logistics to serve a diverse range of customers. It has two operating segments: air transportation and aircraft technical maintenance operations. The majority of revenue is generated from transferring passengers and cargo (air transportation segment). The company owns several hangars to perform maintenance on different types of aircraft. Its geographical segments are Asia & Far East, Europe, Americas, Africa, and Middle East. | $6 | +1% | $9B | $21B | 0.9x | 3.2x | ||
 | ANA Holdings is the holding firm of Japan’s largest airline, All Nippon Airways. Besides the flagship carrier, ANA also owns discount airline Peach Aviation, Hokkaido-based Air Do, and airfreight carrier Nippon Cargo Airlines. Air Japan, which was launched to provide discount flights to Southeast Asia, will cease in 2026. Pre-covid-19, passenger transport made up over 50% of group revenue, split almost equally between domestic and international passenger routes while cargo revenue made up 4%-5%. Its primary hub is Tokyo’s Narita International Airport, but it is also expanding routes from Haneda Airport. ANA has minor stakes in Philippine Airlines, Vietnam Airlines, and IHG ANA Hotels Group Japan. The latter is a hotel chain in Japan owned and operated by InterContinental Hotels Group. | $18 | 0% | $8B | $7B | 0.5x | 3.2x | ||
| Japan Airlines Co Ltd is an international air transport services company. It offers scheduled and non-scheduled air transport services and aerial work services. The company operates large aircraft, medium-sized aircraft, small aircraft, and regional jets. The company is also engaged in the travel planning and sales business, which covers travel planning and sales, baggage delivery, system development and operation, ticketing systems for the travel industry, and credit card services related to air travel. | $17 | -10% | $7B | $6B | 0.5x | 5.6x | ||
| Spring Airlines Co Ltd is a China-based airline company, principally engaged in the airline transportation of passengers and freight. The company focuses on providing passenger and cargo air transportation services across mainland China, international routes, as well as Hong Kong, Macao, and Taiwan, along with other activities connected to the air transport industry. | $7 | -16% | $7B | $9B | 2.7x | 9.0x | ||
 | Eva Airways Corp is an aviation transportation business. Its business activities are civil aviation transportation and general aviation business; Wholesale and retail sale of medical devices; carrying out any business which is not forbidden or restricted by the applicable laws and regulations, excluding those requiring licensing. Its geographic markets are Taiwan, Asia, Europe, North America, and others. | $1 | -4% | $6B | $6B | 0.9x | 2.9x | ||
 | Thai Airways International PCL is a state-owned enterprise (Thailand) operating domestic, regional, and intercontinental flights. The company segments are Air Transport, Business Units, and Others. The air transport business focuses on the transportation of passengers, cargo, and mail, and utilizes scheduled and chartered flights to domestic and international destinations. The business units segment ensures all flights reach their destination on time and at the correct location, and offers support with cargo terminal handling, group equipment services, and catering services. The other segments include the sale of duty-free goods, the sale of souvenir products from the maintenance division, and the operation of subsidiaries. The majority of revenue originates from Asia from Air Transport. | $0 | -- | $6B | $6B | 1.0x | 3.4x | ||
 | Korean Air Lines Co Ltd is engaged in the air transportation business, providing passenger and cargo air transport services, aircraft maintenance and aerospace-related manufacturing, and hotel and hospitality services. The group has three reportable segments: Air Transport, Aerospace, and Hotel Hospitality. The Air Transport segment is involved in passenger and cargo transport, route operations and related in-flight and ground services. The Aerospace segment provides aircraft maintenance, repair, and overhaul services, as well as manufactures aircraft parts. The Hotel Hospitality segment focuses on hotel accommodation services, food & beverage and other guest services. It generates the majority of its revenue from the Air Transport segment. | $16 | +5% | $6B | $17B | 1.0x | 6.0x | ||
 | Air Arabia PJSC is a group of airlines and companies offering travel and tourism services internationally. Its activities include international commercial air transportation, aircraft trading and rental, aircraft spare parts trading, passenger transport, cargo services, aviation training, aircraft repairs and maintenance, as well as travel and tourist agencies, hotels, hotel apartment rentals, representative offices, and document transfer services. The company operates through two segments: Airline, covering air transportation, aircraft rental, passenger transport, cargo services, aviation training, and aircraft repairs and maintenance, and Other, covering travel and tourist agencies, hotels, hotel apartment rentals, representative offices, and document transfer services. | $1 | +37% | $6B | $5B | 2.6x | 7.9x | ||
| Copa Holdings SA is a provider of airline passenger and cargo services through its subsidiaries. The company operates through the air transportation segment. It offers international air transportation for passengers, cargo, and mail, operating from its Panama City hub in the Republic of Panama, and domestic and international air transportation for passengers, cargo, and mail with a point-to-point route network through Copa Colombia, a Colombian air carrier. The company's geographical segments are North America, South America, Central America, and the Caribbean. It derives the maximum revenue from North America. | $134 | +21% | $5B | $7B | 1.8x | 5.3x | ||
| Alaska Air Group Inc operates two airlines, Alaska and Horizon, in three operating segments. The Alaska Airlines segment includes scheduled air transportation on Alaska's Boeing and Airbus jet aircraft for passengers and cargo throughout the U.S., and in parts of Mexico and Costa Rica. The Regional segment includes Horizon's and other third-party carriers' scheduled air transportation for passengers across a shorter distance network within the U.S. and Canada under capacity purchase agreements. The Hawaiian Airlines segment includes scheduled air transportation on Hawaiian's Boeing and Airbus aircraft for passengers and cargo. It earns revenues from Passenger tickets, including ticket breakage and net of taxes and fees, Passenger ancillary, and Mileage Plan passenger revenue. | $43 | -13% | $5B | $10B | 0.7x | 6.8x | ||
| EasyJet is a leading European low-cost airline, headquartered in Luton, United Kingdom. Established in 1995, easyJet operates on a point-to-point model, providing affordable and efficient travel options across Europe. The airline serves more than 160 airports in over 30 countries, with a network spanning key cities and popular holiday destinations. EasyJet is known for its extensive route network, with primary bases at London Gatwick, Milan Malpensa, and Geneva, among others. | $6 | -11% | $5B | $4B | 0.3x | 2.0x | ||
 | 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. | $15 | +0% | $4B | $8B | 0.5x | 3.5x | ||
 | VietJet Aviation JSC provides airline services. Its other services include in-flight, cargo, baggage, special and duty-free services. It also provides direct support services for air transport and air passenger transportation. | $7 | +110% | $4B | $6B | 2.0x | 21.9x | ||
| China Airlines Ltd provides air transportation services. The company is composed of its flight and non-flight segments. The flight segment is the core business of the firm and offers transport services primarily for passengers and cargo. A vast proportion of the company’s revenue is generated from transporting passengers in its flight operating unit. The non-flight segment provides various services such as mail and ground solutions, data processing services to other airlines, aircraft maintenance, and aircraft leasing. It engages in air transportation services for passengers, cargo and others. The company's geographical segments include America, Northeast Asia, Southeast Asia, Europe, Australia, China, and Domestic. | $1 | -6% | $4B | $5B | 0.8x | 3.3x | ||
| Juneyao Airlines Co Ltd is engaged in air passenger and cargo transportation and related aviation service business. The company is also involved in the import and export of aero equipment. | $2 | -18% | $4B | $8B | 2.5x | 9.1x | ||
 | Air France-KLM is a European airline group engaged in businesses that include passenger and cargo transportation, low-cost operations, and aircraft maintenance. The group has four segments: network, maintenance, Transavia, and others. The network segment derives key revenue that includes the passenger and cargo network, mainly coming from passenger transportation services on scheduled flights with the group's airline code. The company's geographic markets include France, Benelux, Europe, and the rest of the world, with the majority of revenue coming from France, including its overseas division. | $13 | +25% | $3B | $12B | 0.3x | 1.7x | ||
| SkyWest Inc offers commercial air services in the United States, Canada, Mexico, and the Caribbean. Additionally, it leases aircraft to capable users to help generate revenue. SkyWest generally provides regional flights and utilizes smaller, lower-cost aircraft to carry passengers who book tickets through partner airlines. It partners with carriers to fly and operate aircraft for a fee and may use the carriers' brands and ground support to coordinate marketing and transport passengers. The company has two reportable segments: SkyWest Airlines and SWC, which generate maximum revenue, and SkyWest Leasing activities. | $84 | -18% | $3B | $5B | 1.3x | 5.0x | ||
 | El AL Israel Airlines Ltd is an international airline company which provides air transportation of passengers and cargo in Israel and overseas, by means of passenger aircraft and cargo aircraft. The company's passenger aircraft mainly operate scheduled flights as well as charter flights. The group is engaged in activities related to the air transport operations, such as the sale of duty-free products, food production, and supply mainly to the company's aircraft, providing security services, ongoing maintenance services and overall maintenance services to aircraft of other airlines at Ben Gurion Airport, and managing travel agencies abroad. The reporting segments of the company are air transport on passenger aircraft, and air transport on cargo plane. | $5 | +8% | $3B | $2B | 0.6x | 2.2x | ||
| Viet Nam Airlines JSC is an airline service provider in Vietnam. The company provides air transportation of passengers, air transportation of luggage, cargos, parcels, postal items and mails and activities of general aviation including aerial photography of the terrain, geological surveys and lead flight calibration of air stations among others. | $1 | -29% | $3B | $2B | 0.5x | 4.2x | ||
 | Flynas Co is a low-cost airline in Saudi Arabia and the Middle East. | $14 | -34% | $2B | $3B | 1.5x | 5.0x | ||
| Azul SA is involved in the operation of regular and non-regular airline passenger services, cargo or mail, passenger charter, provision of maintenance and hangarage services for aircraft, engines, parts and pieces, aircraft acquisition and lease, development of frequent-flyer programs, development of related activities and equity holding in other companies. | $6,481,337 | -- | $2B | $9B | - | - | ||
 | Grupo Aeromexico SAB de CV engages in providing air transport services for passengers, goods, and cargo, as well as loyalty program services, training and management services, franchise systems commercialization, and the management of investment in shares. Its services include passenger and cargo transportation, the Club Premier loyalty program, training, charter services, and other aviation-related activities. The company operates through a single operating segment, air transportation, and its geographical presence includes both domestic and international markets, with the majority of revenue coming from the international market. | $16 | -- | $2B | $5B | 1.0x | 3.3x | ||
| Allegiant Travel Co is a leisure travel company focused on providing travel and leisure services and products to residents of under-served cities in the United States. It operates a low-cost, low utilization passenger airline marketed to leisure travelers in under-served cities, allowing it to sell air transportation both on a stand-alone basis and bundled with the sale of air-related and third-party services and products. In addition, it provides air transportation under fixed-fee flight arrangements. In connection with its leisure travel focus, the company has opened Sunseeker Resort Charlotte Harbor, equipped with several guestrooms and food and beverage outlets. The company's operating segments are the Airline, which generates maximum revenue, and Sunseeker Resort. | $84 | +53% | $2B | $3B | 1.2x | 7.9x | ||
| Starlux Airlines Co Ltd is an airline company that offers airline services. The company provides civil air transportation, civil aviation personnel training, and other services. It offers flights to more than ten Northeast Asia, Southeast Asia, and Macau destinations. Geographically, the company generates maximum revenue from Taiwan, and the rest from Asia (excluding Taiwan), North America, and other regions. | $1 | -19% | $2B | $3B | 2.3x | 11.8x | ||
| Pegasus Hava Tasimaciligi AS is one of the leading airlines in Turkey. It provides domestic and international routes and focuses on providing high-frequency services on short- and medium-haul flights. Scheduled and chartered flights are offered, and the company generates additional revenues by providing ancillary services. In-flight beverages and food, excess baggage, reservation changes, seat selection, and other services are provided to customers at an extra charge. The company is managed as a single business unit, and resource-allocation decisions are based on the entire route network. Approximately half of the total revenue is derived from international scheduled flights. Destinations across Europe make up the majority of international flights. | $4 | -37% | $2B | $6B | 1.6x | 5.9x | ||
| JetBlue Airways Corp is a low-cost airline that offers high-quality service, including assigned seating and in-flight entertainment. It served approximately 100 destinations in the United States, the Caribbean and Latin America, Canada, and England. The company currently operates Airbus A321, Airbus A320, Airbus A321neo, and Embraer E190 aircraft types. The company has one operating segment, Air Transportation Services, which provides services in the United States, the Caribbean, Latin America, Canada, and Europe. The majority of revenue is generated from the Domestic & Canada segment. | $5 | +15% | $2B | $9B | 1.0x | 18.2x | ||
 | Norwegian Air Shuttle ASA is an airline that operates short-haul flights across the Nordic countries and to destinations in Europe. The company has organized its operations into three functional business areas, including Commercial, Operations, and Support Functions. With over three hundred routes in its network, Norwegian Air Shuttle provides passengers with quality flights at affordable fares. The company's focus is on low-cost air travel for passengers, and it believes in offering friendly and helpful service while maintaining operational excellence. | $2 | +4% | $2B | $2B | 0.5x | 2.3x | ||
 | Air New Zealand, majority owned by the New Zealand government, provides air passenger and cargo transport services within New Zealand as well as to and from Australia, the Southwest Pacific, Asia, North America, the United Kingdom, and South America. Air New Zealand also encompasses business units providing engineering and ground handling services. Air New Zealand dominates the local market with around 80% share, although the majority of revenue is derived from international and trans-Tasman activity. | $0 | -27% | $2B | $3B | 0.7x | 4.6x | ||
| Virgin Australia is Australia's second-largest airline, operating about a third of the domestic market in a two-player market with Qantas. Virgin is a value-focused carrier operating high-frequency, point-to-point domestic routes and select short-haul international flights. The airline targets leisure and small to medium enterprise travelers with mid-range pricing. The vast majority of revenue is generated by the core airlines segment. | $2 | -16% | $1B | $2B | 0.5x | 3.1x | ||
| Wizz Air is a leading ultra-low-cost airline group operating primarily across Europe, the Middle East, North Africa, and parts of Central and Western Asia. Founded in 2003, the company provides scheduled short- and medium-haul point-to-point services under the Wizz Air brand. As of March 2025, Wizz operated a fleet of 257 aircraft, serving around 185 destinations in over 46 countries. The fleet is primarily composed of Airbus A320neo aircraft, with an ongoing transition toward higher-capacity A321neo planes to support long-term unit cost efficiency. | $14 | -4% | $1B | $7B | 1.2x | 4.9x | ||
| Frontier Group Holdings Inc is an ultra-low-cost carrier whose business is focused on Low Fares Done Right. The company owns a fleet of 120 Airbus single-aisle aircraft, consisting of 13 A320ceos, 82 A320neos, 21 A321ceos, and 4 A321neos. The use of these aircraft, their seating configuration, weight-saving tactics, and baggage process have all contributed to the ability to continue to be the fuel-efficient of all the U.S. The Company is managed as a single business unit that provides air transportation for passengers. The majority of revenue is from Domestic flight follow by International. | $6 | +64% | $1B | $6B | 1.6x | (182.5x) | ||
 | Pal Holdings Inc through its subsidiaries, provides air transportation for passengers and cargo within and outside the Philippines. The revenues of the company are derived from rendering transportation services and sales are made to external customers. | $0 | -30% | $1B | $3B | 0.8x | 3.9x | ||
 | Aegean Airlines SA is Greece's airline provider. The company generates revenue from Scheduled flights, Chartered flights, and others. The company generates maximum revenue from Scheduled flights. Additionally, it offers services related to air transportation, technical support, and ground-handling amenities. Approximately half of total passenger traffic derives from routes within Greece. | $14 | +0% | $1B | $2B | 1.0x | 3.8x | ||
 | Jazeera Airways Co KSC is a Kuwait-based company that is involved in the business of air transportation and commercial passenger services. The company serves its customers by providing air transportation services including people air transportation, cargo, goods and mail, and aircraft-related services. In addition, the company also provides technical support, handling, and maintenance of aircraft, customs brokerage services, and the establishment of aircraft service stations, warehouses, hangars, workshops, factories, machinery, and devices. It operates a fleet of Airbus A320 aircraft with two-class cabins and serves around 19 destinations across the Middle East. The Company’s operating segments are the operation of passenger airline service & the operation and maintenance of the Terminal. | $5 | +10% | $1B | $2B | 2.3x | 9.0x | ||
| Bangkok Airways PCL is principally engaged in the provision of air transportation and airport services. It operates in three segments; The airline segment sells tickets and provides services to passengers, the airport segment provides location services for passengers and airlines, and the supporting airline business segment, which provides ground handling, cargo, and catering services for airlines and customers. The majority of revenue is from the Airline segment. It mainly operates in Thailand. | $1 | +35% | $1B | $1B | 1.9x | 6.4x | ||
 | Finnair Oyj is a Finland-based airline company that provides air transport operations and supporting services. The company is engaged in delivering services for scheduled passenger and charter traffic as well as cargo sales, customer service and service concepts, flight operations, and activities connected with the procurement and financing of aircraft. The company also provides travel services which consist of travel agency operations as well as tour operations and travel sector software business operations. Its travel services provide various traveling packages to customers through its travel operators and travel agencies, also its support services include catering services, Aircraft maintenance, ground handling, and Airline training. | $5 | +55% | $985M | $2B | 0.4x | 3.1x | ||
 | PT Garuda Indonesia (Persero) Tbk provides airline services in Indonesia and internationally. It operates through Flight Operations, Aircraft Maintenance, and Other segments. It provides scheduled and non-scheduled airline services for domestic and international markets; and aircraft repair, maintenance, and overhaul services. The company also offers computerized reservation system (CRS); training facilities for the employees of travel agencies; technical assistance in the CRS for travel agents, as well as rents computer equipment for travel agents. | $0 | +93% | $970M | $4B | 1.2x | 19.6x | ||
 | AirAsia X Bhd is a medium-haul low-cost airline operating in the Asia-Pacific region. The company is servicing scheduled flight operations to Australia (Sydney, Melbourne and Perth), China (Beijing, Hangzhou, Shanghai, Changsha, Chengdu, Chongqing, and Xi’an), India (New Delhi), South Korea (Seoul), Japan (Tokyo, Osaka and Sapporo), Taiwan (Taipei), Indonesia (Bali), Saudi Arabia (Jeddah and Medina), Kazakhstan (Almaty) and Kenya (Nairobi) from two hubs: Kuala Lumpur and Bangkok. The Group’s operating segment consists of Air Operator Certificate (AOC) held under the AirAsia brand, and is categorised as Malaysia, Thailand and Indonesia. | $0 | -33% | $947M | $5B | 6.4x | 38.1x | ||
| Controladora Vuela Compania de Aviacion SAB de CV is a low-cost airline flying to Mexico, the United States, Central, and South America. It uses promotional fares to stimulate demand, and the base fares are priced to compete with long-distance bus fares in Mexico. Revenues from the air transportation of passengers are recognized earlier when the service is provided or when the non-refundable ticket expires on the date of the scheduled travel. Non-passenger revenues include revenues generated from other non-passenger services and cargo services. The Company has two geographic areas identified as domestic (Mexico) and international (United States of America, Central America, and South America). | $1 | +55% | $893M | $4B | 1.3x | 4.7x | ||
| Sun Country Airlines Holdings Inc operates low-cost air carriers. The business has two operating segments: Passenger and Cargo. The passenger segment has two internal passenger groups Scheduled service and Charter. The Cargo segment provides air cargo services. The majority of the revenue is from the passenger segment. | $16 | +38% | $876M | $1B | - | - | ||
| Republic Airways Holdings Inc operates a fleets and aircraft and offers scheduled passenger service with daily flights to cities across the U.S., Canada, the Caribbean and Central America. | $18 | -- | $826M | $2B | 1.1x | 6.0x | ||
| Tigerair Taiwan Co Ltd operates in the air transportation industry. It provides passenger and cargo transportation services under a low-cost carrier business model. | $2 | -36% | $794M | $751M | 1.4x | 4.3x | ||
 | PIA Holding Company Ltd is a company principal activity is to provide commercial air transportation, which includes passenger, cargo and postal carriage services. Other activities of the Holding Company include provision of engineering and allied services. The Company principally earns revenue from the carriage of passengers, cargo, mail and excess baggage and provision of handling services to other airlines, engineering services, air charters and related activities. | $0 | +20% | $591M | $2B | 2.3x | 17.1x | ||
| Capital A Bhd provides air transportation throughout Asia. The airline operator focuses on delivering lower fares without a host of other amenities. The company's operating segments include Engineering, Brand AA, Move, Teleport, BigPay, Santan, and Others. The company's geographical segments include Malaysia, the Philippines, Indonesia, Thailand, and others, of which the vast majority of its revenue comes from Malaysia. | $0 | -52% | $468M | $746M | 0.9x | 0.3x | ||
| Asia Aviation PCL is a holding company for Thai AirAsia Company Ltd that is engaged in investing in a low-fare airline business company. The company has two operating segments; Schedule flight operations provide passenger air transportation services to routine destinations for scheduled flights. It sells tickets through its distribution channels such as websites, sale counters, travel agents. and Chartered flight operations provide passenger air transportation services to non-routine destinations. Flights are operated when there is hiring from customers such as tourist agency companies. | $0 | -3% | $425M | $2B | 1.1x | 5.3x | ||
 | Croatia Airlines DD is an airline transportation service provider in Croatia. Its operations consist of light and cabin operations, traffic training center, operations center, operations engineering, crew plan, ground operations, traffic administrative support, and traffic quality and operations safety management. The company offers both scheduled services as well as charter services, and the scheduled services earn majority revenues. Geographically, it has a presence in Croatia, Germany, USA, France, Great Britain, and Other countries. | $5 | -1% | $423M | $635M | 2.3x | 58.1x | ||
| Chorus Aviation Inc is a Canadian holding company. The company focuses on delivering regional aviation to the world through its businesses. The company specializes in contract flying, maintenance, pilot training, repair and overhaul, and aircraft leasing solutions. | Airlines+2 | $17 | +6% | $395M | $600M | 0.6x | 3.7x | |
| Cebu Air Inc is a carrier in the Philippine air transportation industry. It has two reportable operating segments, which are the airline business (Parent Company, CEBGO and AirSWIFT) and the line and light maintenance business (A-Plus). The revenue of the operating segments was mainly derived from rendering transportation services and line and light maintenance services. The Airline Group has a network of distributors in the Philippines selling its domestic and international air services within an agreed territory or geographical coverage. Geographically, it operates in the Philippines, Asia (excluding the Philippines), Europe, and other regions, out of which the majority of the revenue is generated from the Asia (excluding Philippines). | $1 | -15% | $308M | $3B | 1.6x | 4.9x | ||
 | Enter Air SA is a polish charter airline. The Company has six permanent operational bases in Europe. | $15 | -8% | $255M | $859M | 1.1x | 6.4x | ||
 | Kenya Airways Plc is engaged in the international, regional, and domestic carriage of passengers and cargo by air, the provision of ground handling services to other airlines, and the handling of import and export cargo. The company's segments include passengers, freight, mail, handling, and others. It operates domestic flights and flies to Africa, the Middle East, Asia, America, and Europe. The company is engaged in four business segments: Passenger, Freight and Mail, Handling, and Other revenue. Key revenue is generated from the Passenger segment. | $0 | +17% | $250M | $2B | 1.4x | 14.1x | ||
| Jejuair Co Ltd is a South Korean low-cost carrier. It mainly operates in Korea, Japan, China, Taiwan, Philippines, Vietnam, Thailand, and Guam. The company is operating not only the busiest route, Gimpo-Jeju, but also more than 20 major routes in Asia, such as Japan, China, Taiwan, Philippines, Vietnam, Thailand and Guam, including other domestic routes. | $3 | -39% | $235M | $926M | 0.9x | 15.5x | ||
| Spicejet Ltd is an India based airline company. It offers both domestic as well as international air travel services. The operating segments of the company are Airline Transport and Freighter and Logistics Services. Its primary revenue source is derived from passenger air travel with ancillary sources comprising Spice max, insurance, preferred seating, Spice vacations, lounge, visa, cab, cargo and onboard merchandise. In addition, it also offers charter services. | $0 | -70% | $194M | $540M | 1.0x | 5.7x | ||
| Jin Air Co Ltd is a South Korea based company, engages in the provision of air transportation services. The company offers air transportation services through a fleet of aircraft also provides in-flight meals and commodities for third parties, as well as cargo transportation business. It provides domestic routes and international routes services. | $4 | -41% | $189M | $145M | 0.2x | 1.9x | ||
| Air Busan Co Ltd operates as a regional airline based in South Korea. It offers services such as In-Flight Service, Baggage compensation, In-Flight Duty-Free Service, Prepaid meals, Mobile Boarding passes, and others. | $1 | -25% | $126M | $534M | 1.0x | 4.2x | ||
| flyExclusive Inc is an owner and operator of curated private aviation experiences dedicated to surpassing passenger expectations for quality, convenience, and safety. Its mission is to be the world’s majority vertically integrated private aviation company through capital-efficient program growth, an industry pricing model, optimal dispatch availability, in-house training, and a controlled premium customer experience on modernized aircraft. The company has over 100 aircraft in its owned and leased fleet which includes light, midsize, super-midsize, and large jets. As one of the nation’s Citation operators, it has curated a versatile fleet of Citation CJ3/CJ3 plus, Citation Excel/XLS/XLS plus, Citation Encore/Encore plus, Citation Sovereign, and Citation X aircraft. | $3 | +28% | $115M | $362M | 1.0x | (51.8x) | ||
| Surf Air Mobility Inc provides a regional air mobility platform to connect communities sustainably. The company is an electric aviation and air travel company expanding the category of regional air travel and reinventing flying through electrification. The company is building a regional air mobility ecosystem to sustainably connect the world's communities. It generates revenue through air mobility services. | Airlines+1 | $1 | -68% | $110M | $196M | 1.8x | (4.7x) | |
| Alliance Aviation Services Ltd is an aviation services provider. The company is engaged in the provision of contract, charter, and allied aviation services to both the resource industry and airlines, both domestically and internationally. The group also provides specialised aviation services to airlines and clients, including aircraft dry leasing, airport management, aircraft trading, part sales, engine leasing, and engineering services. | $0 | -80% | $60M | $396M | 0.7x | 2.7x | ||
| Air T Inc together with its subsidiaries provides air freight service to the express delivery industry. The company's operating segments include Overnight air cargo, Ground equipment sales, Commercial jet engines, and parts, Corporate, and Others. The company generates maximum revenue from the Commercial Jet Engines and Parts segment. | $22 | -1% | $59M | $232M | 0.8x | 29.1x | ||
| Norse Atlantic ASA is a new airline serving the low-cost, intercontinental market between popular European and The USA destinations with a fleet of modern, fuel-efficient, and more environmentally friendly. Geographically, the company operates in Norway. United Kingdom, The USA, Rest of Europe and Other. It derives maximum revenue from Airfare passenger, followed by Ancillary passenger. | $0 | -92% | $20M | $832M | 1.1x | 14.1x | ||
 | KLM Royal Dutch Airlines is an international airline company. The company's operating segment includes Network, Maintenance, Leisure, and Others. It generates maximum revenue from the Network segment. The Network segment includes air transport of passengers and cargo activities. Its activities comprise passenger transport, cargo transport, airframe, engine, and component maintenance. | $0 | +167% | $37K | $37K | - | - | ||
| Median | $5 | -1% | $2B | $5B | 1.1x | 5.0x |
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