AirAsia X - Public Comps and Valuation Multiples

AirAsia X Overview

About AirAsia X

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.

Founded

2006

HQ

Employees

1.3K+

Website

airasiax.com

Sectors

Airlines

Financials

LTM Revenue $833M

LTM EBITDA $127M

EV

$473M

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AirAsia X Financials

As of August 2025, AirAsia X reported last 12-month revenue of $833M and EBITDA of $127M.

In the same period, AirAsia X achieved $37.0M in LTM net income.

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AirAsia X P&L

In the most recent fiscal year, AirAsia X reported revenue of $772M and EBITDA of $129M.

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

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$833M	XXX	$772M	XXX	XXX	XXX
Gross Profit	n/a	XXX	$90.4M	XXX	XXX	XXX
Gross Margin	n/a	XXX	12%	XXX	XXX	XXX
EBITDA	$127M	XXX	$129M	XXX	XXX	XXX
EBITDA Margin	15%	XXX	17%	XXX	XXX	XXX
EBIT	$63.5M	XXX	$68.6M	XXX	XXX	XXX
EBIT Margin	8%	XXX	9%	XXX	XXX	XXX
Net Profit	$37.0M	XXX	$49.0M	XXX	XXX	XXX
Net Margin	4%	XXX	6%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for AirAsia X including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $833M. EBITDA for the last twelve months was $127M. In the most recent fiscal year, AirAsia X achieved $772M in revenue and $129M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$833M	Analyst estimates available to subscribers	$772M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$90.4M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	11.7% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$127M	Analyst estimates available to subscribers	$129M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	15.2% EBITDA margin	Analyst estimates available to subscribers	16.7% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$63.5M	Analyst estimates available to subscribers	$68.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	7.6% EBIT margin	Analyst estimates available to subscribers	8.9% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$37.0M	Analyst estimates available to subscribers	$49.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	4.4% net profit margin	Analyst estimates available to subscribers	6.4% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for AirAsia X

This financial data table provides comprehensive performance metrics for AirAsia X, a company based in Malaysia. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

AirAsia X generated $833M in revenue over the last twelve months.
The company achieved $127M in EBITDA over the last twelve months.
Net income over the last twelve months reached $37.0M.

Fiscal Year Performance

In the most recent fiscal year, AirAsia X reported $772M in total revenue.
Fiscal year EBITDA was $129M.
The company maintained a gross profit margin of 11.7% in the most recent fiscal year.
EBITDA margin for the fiscal year was 16.7%.
Net profit margin reached 6.4% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for AirAsia X. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

AirAsia X Stock Performance

AirAsia X has current market cap of MYR 657M (or $156M), and EV of MYR 2.0B (or $473M).

Market Cap Evolution

AirAsia X Stock Data

As of September 16, 2025, AirAsia X's stock price is MYR 1 (or $0).

See AirAsia X trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$473M	$156M	XXX	XXX	XXX	XXX	$0.08

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AirAsia X Valuation Multiples

AirAsia X's trades at 0.6x EV/Revenue multiple, and 3.7x EV/EBITDA.

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AirAsia X Financial Valuation Multiples

As of September 16, 2025, AirAsia X has market cap of $156M and EV of $473M.

Equity research analysts estimate AirAsia X's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

AirAsia X has a P/E ratio of 4.2x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$156M	XXX	$156M	XXX	XXX	XXX
EV (current)	$473M	XXX	$473M	XXX	XXX	XXX
EV/Revenue	0.6x	XXX	0.6x	XXX	XXX	XXX
EV/EBITDA	3.7x	XXX	3.7x	XXX	XXX	XXX
EV/EBIT	7.4x	XXX	6.9x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	4.2x	XXX	3.2x	XXX	XXX	XXX
EV/FCF	4.6x	XXX	5.3x	XXX	XXX	XXX

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

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AirAsia X Margins & Growth Rates

AirAsia X's last 12 month revenue growth is 7%

AirAsia X's revenue per employee in the last FY averaged $0.6M, while opex per employee averaged $17K for the same period.

AirAsia X's rule of 40 is 32% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

AirAsia X's rule of X is 32% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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AirAsia X Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	7%	XXX	8%	XXX	XXX	XXX
EBITDA Margin	15%	XXX	17%	XXX	XXX	XXX
EBITDA Growth	13%	XXX	-6%	XXX	XXX	XXX
Rule of 40	32%	XXX	23%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	32%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.6M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$17K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	3%	XXX	XXX	XXX

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

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