Finnair - Public Comps and Valuation Multiples

Finnair Overview

About Finnair

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.

Founded

1923

HQ

Employees

5.5K+

Website

company.finnair.com

Sectors

Airlines

Financials

LTM Revenue $3.5B

LTM EBITDA $548M

EV

$1.8B

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Finnair Financials

Finnair has a last 12-month revenue of $3.5B and a last 12-month EBITDA of $548M.

In the most recent fiscal year, Finnair achieved revenue of $3.5B and an EBITDA of $537M.

Finnair expects next 12-month revenue of XXX and NTM EBITDA of XXX

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Finnair P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$3.4B	$3.5B	XXX	XXX	XXX
Gross Profit	-$68.8M	$410M	XXX	XXX	XXX
Gross Margin	-2%	12%	XXX	XXX	XXX
EBITDA	$646M	$537M	XXX	XXX	XXX
EBITDA Margin	19%	16%	XXX	XXX	XXX
Net Profit	-$541M	$289M	XXX	XXX	XXX
Net Margin	-16%	8%	XXX	XXX	XXX
Net Debt	$583M	$871M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

Finnair Stock Performance

As of April 29, 2025, Finnair's stock price is EUR 3 (or $3).

Finnair has current market cap of EUR 599M (or $681M), and EV of EUR 1.6B (or $1.8B).

See Finnair trading valuation data

Finnair Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$1.8B	$681M	XXX	XXX	XXX	XXX	$0.39

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Finnair Valuation Multiples

As of April 29, 2025, Finnair has market cap of $681M and EV of $1.8B.

Finnair's trades at 0.5x LTM EV/Revenue multiple, and 3.3x LTM EBITDA.

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

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Finnair Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$1.8B	XXX	XXX	XXX
EV/Revenue	0.5x	XXX	XXX	XXX
EV/EBITDA	3.3x	XXX	XXX	XXX
P/E	16.2x	XXX	XXX	XXX
P/E/Growth	0.3x	XXX	XXX	XXX
EV/FCF	4.2x	XXX	XXX	XXX

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

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Finnair Valuation Multiples

Finnair's NTM/LTM revenue growth is 6%

Finnair's revenue per employee for the last fiscal year averaged $0.6M, while opex per employee averaged $45K for the same period.

Over next 12 months, Finnair'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 Finnair's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Finnair Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	2%	XXX	XXX	XXX	XXX
EBITDA Margin	16%	XXX	XXX	XXX	XXX
EBITDA Growth	-17%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	21%	XXX	XXX	XXX	XXX
Revenue per Employee	$0.6M	XXX	XXX	XXX	XXX
Opex per Employee	$45K	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	4%	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	7%	XXX	XXX	XXX	XXX

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