AirAsia X - Public Comps and Valuation Multiples

AirAsia X Overview

About AirAsia X

AirAsia X Bhd is a Malaysia-based long-haul airline company, engaged in providing long-haul air transportation services. It operates in the Asia-Pacific region. The organization's reportable segments are classified as each company with an Air Operator Certificate held under the AirAsia brand, namely Malaysia, Thailand, and Indonesia. Thailand is the maximum revenue-generating segment for the company. It derives revenue through freight services, aircraft operating lease income, management fees, and through other ancillary activities. It also offers management logistical and marketing services and engine and aircraft leasing services.

Founded

2006

HQ

Employees

1.3K+

Website

airasiax.com

Sectors

Airlines

Financials

LTM Revenue $771M

LTM EBITDA $111M

EV

$430M

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AirAsia X Financials

AirAsia X has a last 12-month revenue of $771M and a last 12-month EBITDA of $111M.

In the most recent fiscal year, AirAsia X achieved revenue of $732M and an EBITDA of $122M.

AirAsia X expects next 12-month revenue of XXX and NTM EBITDA of XXX

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AirAsia X P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$570M	$732M	XXX	XXX	XXX
Gross Profit	-$80.4M	$49.6M	XXX	XXX	XXX
Gross Margin	-14%	7%	XXX	XXX	XXX
EBITDA	$145M	$122M	XXX	XXX	XXX
EBITDA Margin	25%	17%	XXX	XXX	XXX
Net Profit	$7.6B	$74.8M	XXX	XXX	XXX
Net Margin	1326%	10%	XXX	XXX	XXX
Net Debt	n/a	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

AirAsia X Stock Performance

As of April 15, 2025, AirAsia X's stock price is MYR 1 (or $0).

AirAsia X has current market cap of MYR 666M (or $150M), and EV of MYR 1.9B (or $430M).

See AirAsia X trading valuation data

AirAsia X Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$430M	$150M	XXX	XXX	XXX	XXX	$0.08

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AirAsia X Valuation Multiples

As of April 15, 2025, AirAsia X has market cap of $150M and EV of $430M.

AirAsia X's trades at 0.6x LTM EV/Revenue multiple, and 3.9x LTM EBITDA.

Analysts estimate AirAsia X's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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AirAsia X Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$430M	XXX	XXX	XXX
EV/Revenue	0.6x	XXX	XXX	XXX
EV/EBITDA	3.5x	XXX	XXX	XXX
P/E	2.9x	XXX	XXX	XXX
P/E/Growth	-0.4x	XXX	XXX	XXX
EV/FCF	5.5x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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AirAsia X Valuation Multiples

AirAsia X's NTM/LTM revenue growth is 14%

AirAsia X's revenue per employee for the last fiscal year averaged $0.5M, while opex per employee averaged $21K for the same period.

Over next 12 months, AirAsia X's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate AirAsia X's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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AirAsia X Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	28%	XXX	XXX	XXX	XXX
EBITDA Margin	17%	XXX	XXX	XXX	XXX
EBITDA Growth	-15%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	30%	XXX	XXX	XXX	XXX
Revenue per Employee	$0.5M	XXX	XXX	XXX	XXX
Opex per Employee	$21K	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
Opex to Revenue	4%	XXX	XXX	XXX	XXX

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