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AirAsia X Valuation Multiples
Discover revenue and EBITDA valuation multiples for AirAsia X and similar public comparables like Philippine Airlines, Norwegian, Wizz Air, Allegiant Travel and more.
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
Sectors
Financials (LTM)
EV
$2B
AirAsia X Financials
AirAsia X reported last 12-month revenue of $2B and EBITDA of $1B.
In the same LTM period, AirAsia X generated $1B in EBITDA and $166M in net income.
Revenue (LTM)
AirAsia X P&L
In the most recent fiscal year, AirAsia X reported revenue of $856M and EBITDA of $1B.
AirAsia X expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $2B | XXX | $856M | XXX | XXX | XXX |
| Gross Profit | — | XXX | $102M | XXX | XXX | XXX |
| Gross Margin | — | XXX | 12% | XXX | XXX | XXX |
| EBITDA | $1B | XXX | $1B | XXX | XXX | XXX |
| EBITDA Margin | 61% | XXX | 137% | XXX | XXX | XXX |
| EBIT Margin | 12% | XXX | 17% | XXX | XXX | XXX |
| Net Profit | $166M | XXX | $125M | XXX | XXX | XXX |
| Net Margin | 8% | XXX | 15% | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
AirAsia X Stock Performance
AirAsia X has current market cap of $2B, and enterprise value of $2B.
Market Cap Evolution
AirAsia X's stock price is $0.50.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $2B | $2B | -0.3% | XXX | XXX | XXX | $0.04 |
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Start Free TrialAirAsia X Valuation Multiples
AirAsia X trades at 1.0x EV/Revenue multiple, and 1.6x EV/EBITDA.
EV / Revenue (LTM)
AirAsia X Financial Valuation Multiples
As of March 20, 2026, AirAsia X has market cap of $2B and EV of $2B.
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 10.1x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $2B | XXX | $2B | XXX | XXX | XXX |
| EV (current) | $2B | XXX | $2B | XXX | XXX | XXX |
| EV/Revenue | 1.0x | XXX | 2.3x | XXX | XXX | XXX |
| EV/EBITDA | 1.6x | XXX | 1.7x | XXX | XXX | XXX |
| EV/EBIT | 8.1x | XXX | 13.5x | XXX | XXX | XXX |
| EV/Gross Profit | — | XXX | 19.6x | XXX | XXX | XXX |
| P/E | 10.1x | XXX | 13.3x | XXX | XXX | XXX |
| EV/FCF | 7.2x | XXX | 33.3x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified AirAsia X Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
AirAsia X Margins & Growth Rates
AirAsia X's revenue in the last 12 month grew by 211%.
AirAsia X's revenue per employee in the last FY averaged $1.5M.
AirAsia X's rule of 40 is 272% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
AirAsia X's rule of X is 589% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
AirAsia X Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 211% | XXX | 620% | XXX | XXX | XXX |
| EBITDA Margin | 61% | XXX | 137% | XXX | XXX | XXX |
| EBITDA Growth | 16% | XXX | 20% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 272% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 589% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $1.5M | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 6% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
AirAsia X Public Comps
See public comps and valuation multiples for other Airlines comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Philippine Airlines | XXX | XXX | XXX | XXX | XXX | XXX |
| Norwegian | XXX | XXX | XXX | XXX | XXX | XXX |
| Wizz Air | XXX | XXX | XXX | XXX | XXX | XXX |
| Allegiant Travel | XXX | XXX | XXX | XXX | XXX | XXX |
| Virgin Australia | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
AirAsia X M&A Activity
AirAsia X acquired XXX companies to date.
Last acquisition by AirAsia X was on XXXXXXXX, XXXXX. AirAsia X acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by AirAsia X
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAirAsia X Investment Activity
AirAsia X invested in XXX companies to date.
AirAsia X made its latest investment on XXXXXXXX, XXXXX. AirAsia X invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by AirAsia X
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout AirAsia X
| When was AirAsia X founded? | AirAsia X was founded in 2006. |
| Where is AirAsia X headquartered? | AirAsia X is headquartered in Malaysia. |
| How many employees does AirAsia X have? | As of today, AirAsia X has over 1K employees. |
| Is AirAsia X publicly listed? | Yes, AirAsia X is a public company listed on Bursa Malaysia. |
| What is the stock symbol of AirAsia X? | AirAsia X trades under 5238 ticker. |
| When did AirAsia X go public? | AirAsia X went public in 2013. |
| Who are competitors of AirAsia X? | AirAsia X main competitors are Philippine Airlines, Norwegian, Wizz Air, Allegiant Travel. |
| What is the current market cap of AirAsia X? | AirAsia X's current market cap is $2B. |
| What is the current revenue of AirAsia X? | AirAsia X's last 12 months revenue is $2B. |
| What is the current revenue growth of AirAsia X? | AirAsia X revenue growth (NTM/LTM) is 211%. |
| What is the current EV/Revenue multiple of AirAsia X? | Current revenue multiple of AirAsia X is 1.0x. |
| Is AirAsia X profitable? | Yes, AirAsia X is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of AirAsia X? | AirAsia X's last 12 months EBITDA is $1B. |
| What is AirAsia X's EBITDA margin? | AirAsia X's last 12 months EBITDA margin is 61%. |
| What is the current EV/EBITDA multiple of AirAsia X? | Current EBITDA multiple of AirAsia X is 1.6x. |
| What is the current FCF of AirAsia X? | AirAsia X's last 12 months FCF is $276M. |
| What is AirAsia X's FCF margin? | AirAsia X's last 12 months FCF margin is 14%. |
| What is the current EV/FCF multiple of AirAsia X? | Current FCF multiple of AirAsia X is 7.2x. |
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