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Lufthansa Valuation Multiples

Discover revenue and EBITDA valuation multiples for Lufthansa and similar public comparables like Bangkok Airways, Aegean Airlines, and Qantas Airways.

Lufthansa Overview

About Lufthansa

Deutsche Lufthansa AG is a European airline group. The company's segments include passenger airlines, logistics, and MRO. The passenger airlines segment includes Lufthansa German Airlines, SWISS, Austrian Airlines, Brussels Airlines, and Eurowings, including the equity interest in SunExpress. Geographically, it derives a majority of its revenue from Europe.


Founded

1953

HQ

Germany
Employees

96.7K+

Sectors

Airlines

Financials

LTM Revenue $41.0B

LTM EBITDA $4.4B

EV

$13.8B

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Lufthansa Financials

Lufthansa has a last 12-month revenue of $41.0B and a last 12-month EBITDA of $4.4B.

In the most recent fiscal year, Lufthansa achieved revenue of $40.4B and an EBITDA of $5.0B.

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

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Lufthansa P&L

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $38.1B $40.4B XXX XXX XXX
Gross Profit $4.5B $5.6B XXX XXX XXX
Gross Margin 12% 14% XXX XXX XXX
EBITDA $5.7B $5.0B XXX XXX XXX
EBITDA Margin 15% 12% XXX XXX XXX
Net Profit $850M $1.8B XXX XXX XXX
Net Margin 2% 4% XXX XXX XXX
Net Debt $11.7B $10.5B XXX XXX XXX

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Lufthansa Stock Performance

As of April 15, 2025, Lufthansa's stock price is EUR 6 (or $6).

Lufthansa has current market cap of EUR 7.1B (or $7.6B), and EV of EUR 12.8B (or $13.8B).

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Lufthansa Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$13.8B $7.6B XXX XXX XXX XXX $1.21

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Lufthansa Valuation Multiples

As of April 15, 2025, Lufthansa has market cap of $7.6B and EV of $13.8B.

Lufthansa's trades at 0.3x LTM EV/Revenue multiple, and 3.2x LTM EBITDA.

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

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Lufthansa Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $13.8B XXX XXX XXX
EV/Revenue 0.3x XXX XXX XXX
EV/EBITDA 2.8x XXX XXX XXX
P/E 5.1x XXX XXX XXX
P/E/Growth 0.6x XXX XXX XXX
EV/FCF -2137.3x XXX XXX XXX

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Lufthansa Valuation Multiples

Lufthansa's NTM/LTM revenue growth is 5%

Lufthansa's revenue per employee for the last fiscal year averaged $0.4M, while opex per employee averaged $37K for the same period.

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

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Lufthansa Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth 6% XXX XXX XXX XXX
EBITDA Margin 12% XXX XXX XXX XXX
EBITDA Growth -12% XXX XXX XXX XXX
Rule of 40 (SaaS-only) 17% XXX XXX XXX XXX
Revenue per Employee $0.4M XXX XXX XXX XXX
Opex per Employee $37K XXX XXX XXX XXX
S&M Expenses to Revenue 2% XXX XXX XXX XXX
G&A Expenses to Revenue 1% XXX XXX XXX XXX
R&D Expenses to Revenue n/a XXX XXX XXX XXX
Opex to Revenue 9% XXX XXX XXX XXX

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Lufthansa Public Comps

See public comps and valuation multiples for Airlines comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
flyExclusive XXX XXX XXX XXX XXX XXX
Qantas Airways XXX XXX XXX XXX XXX XXX
Aegean Airlines XXX XXX XXX XXX XXX XXX
Asia Aviation XXX XXX XXX XXX XXX XXX
Bangkok Airways XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Lufthansa M&A and Investment Activity

Lufthansa acquired  XXX companies to date.

Last acquisition by Lufthansa was  XXXXXXXX, XXXXX XXXXX XXXXXX . Lufthansa acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Lufthansa

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Lufthansa

When was Lufthansa founded? Lufthansa was founded in 1953.
Where is Lufthansa headquartered? Lufthansa is headquartered in Germany.
How many employees does Lufthansa have? As of today, Lufthansa has 96.7K+ employees.
Is Lufthansa publicy listed? Yes, Lufthansa is a public company listed on ETR.
What is the stock symbol of Lufthansa? Lufthansa trades under LHA ticker.
When did Lufthansa go public? Lufthansa went public in 1966.
Who are competitors of Lufthansa? Similar companies to Lufthansa include e.g. flyExclusive, Qantas Airways, Aegean Airlines, Asia Aviation.
What is the current market cap of Lufthansa? Lufthansa's current market cap is $7.6B
What is the current revenue of Lufthansa? Lufthansa's last 12-month revenue is $41.0B.
What is the current EBITDA of Lufthansa? Lufthansa's last 12-month EBITDA is $4.4B.
What is the current EV/Revenue multiple of Lufthansa? Current revenue multiple of Lufthansa is 0.3x.
What is the current EV/EBITDA multiple of Lufthansa? Current EBITDA multiple of Lufthansa is 3.2x.
What is the current revenue growth of Lufthansa? Lufthansa revenue growth between 2023 and 2024 was 6%.
Is Lufthansa profitable? Yes, Lufthansa is EBITDA-positive (as of the last 12 months).

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