Asia Aviation - Public Comps and Valuation Multiples

Asia Aviation Overview

About Asia Aviation

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.

Founded

2006

HQ

Employees

5.0K+

Website

aavplc.com

Sectors

Airlines

Financials

LTM Revenue $1.4B

LTM EBITDA $256M

EV

$1.8B

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Asia Aviation Financials

As of September 2025, Asia Aviation reported last 12-month revenue of $1.4B and EBITDA of $256M.

In the same period, Asia Aviation generated $212M in LTM gross profit and $52.9M in net income.

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Asia Aviation P&L

In the most recent fiscal year, Asia Aviation reported revenue of $1.5B and EBITDA of $328M.

Asia Aviation 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	$1.4B	XXX	$1.5B	XXX	XXX	XXX
Gross Profit	$212M	XXX	$262M	XXX	XXX	XXX
Gross Margin	15%	XXX	17%	XXX	XXX	XXX
EBITDA	$256M	XXX	$328M	XXX	XXX	XXX
EBITDA Margin	18%	XXX	22%	XXX	XXX	XXX
EBIT	$101M	XXX	$164M	XXX	XXX	XXX
EBIT Margin	7%	XXX	11%	XXX	XXX	XXX
Net Profit	$52.9M	XXX	$107M	XXX	XXX	XXX
Net Margin	4%	XXX	7%	XXX	XXX	XXX
Net Debt	XXX	XXX	$240M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Asia Aviation including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $1.4B. EBITDA for the last twelve months was $256M. In the most recent fiscal year, Asia Aviation achieved $1.5B in revenue and $328M 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	$1.4B	Analyst estimates available to subscribers	$1.5B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$212M	Analyst estimates available to subscribers	$262M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	14.9% gross margin	Analyst estimates available to subscribers	17.3% 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)	$256M	Analyst estimates available to subscribers	$328M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	18.0% EBITDA margin	Analyst estimates available to subscribers	21.6% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$101M	Analyst estimates available to subscribers	$164M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	7.1% EBIT margin	Analyst estimates available to subscribers	10.8% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$52.9M	Analyst estimates available to subscribers	$107M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	3.7% net profit margin	Analyst estimates available to subscribers	7.0% 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	$240M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Asia Aviation

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

Recent Performance Highlights

Asia Aviation generated $1.4B in revenue over the last twelve months.
The company achieved $256M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $212M.
Net income over the last twelve months reached $52.9M.

Fiscal Year Performance

In the most recent fiscal year, Asia Aviation reported $1.5B in total revenue.
Fiscal year EBITDA was $328M.
The company maintained a gross profit margin of 17.3% in the most recent fiscal year.
EBITDA margin for the fiscal year was 21.6%.
Net profit margin reached 7.0% in the most recent fiscal year.

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

Asia Aviation Stock Performance

Asia Aviation has current market cap of THB 15.5B (or $477M), and EV of THB 59.2B (or $1.8B).

Market Cap Evolution

Asia Aviation Stock Data

As of October 17, 2025, Asia Aviation's stock price is THB 1 (or $0).

See Asia Aviation trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$1.8B	$477M	XXX	XXX	XXX	XXX	$0.00

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Asia Aviation Valuation Multiples

Asia Aviation's trades at 1.2x EV/Revenue multiple, and 5.5x EV/EBITDA.

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Asia Aviation Financial Valuation Multiples

As of October 17, 2025, Asia Aviation has market cap of $477M and EV of $1.8B.

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

Asia Aviation has a P/E ratio of 9.0x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$477M	XXX	$477M	XXX	XXX	XXX
EV (current)	$1.8B	XXX	$1.8B	XXX	XXX	XXX
EV/Revenue	1.3x	XXX	1.2x	XXX	XXX	XXX
EV/EBITDA	7.1x	XXX	5.5x	XXX	XXX	XXX
EV/EBIT	18.0x	XXX	11.1x	XXX	XXX	XXX
EV/Gross Profit	8.6x	XXX	n/a	XXX	XXX	XXX
P/E	9.0x	XXX	4.5x	XXX	XXX	XXX
EV/FCF	13.2x	XXX	8.7x	XXX	XXX	XXX

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

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Asia Aviation Margins & Growth Rates

Asia Aviation's last 12 month revenue growth is 2%

Asia Aviation's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $20K for the same period.

Asia Aviation's rule of 40 is 21% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Asia Aviation's rule of X is 24% (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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Asia Aviation Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	2%	XXX	-2%	XXX	XXX	XXX
EBITDA Margin	18%	XXX	22%	XXX	XXX	XXX
EBITDA Growth	-3%	XXX	1%	XXX	XXX	XXX
Rule of 40	21%	XXX	24%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	24%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$20K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	4%	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	7%	XXX	XXX	XXX

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

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