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Spring Airlines Valuation Multiples

Discover revenue and EBITDA valuation multiples for Spring Airlines and similar public comparables like Asia Aviation, Bangkok Airways, and Aegean Airlines.

Spring Airlines Overview

About Spring Airlines

Spring Airlines Co Ltd operates as a low-cost airline in China engages in the provision of local and international aviation services. It operates a fleet of Airbus A320 aircraft. It offers domestic routes such as Guangzhou, Zhuhai, Kunming, Xiamen, Shenyang, Harbin, Urumqi, Haikou, Guilin, Wenzhou and Qingdao. The company also offers international routes within Asia. It also provides insurance service which includes Standard Accident Insurance, Overseas Travel Insurance and Flight Delay and Cancellation Insurance.


Founded

2005

HQ

China
Employees

n/a

Website

ch.com

Sectors

Airlines

Financials

LTM Revenue $2.9B

LTM EBITDA $757M

EV

$9.5B

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Spring Airlines Financials

Spring Airlines has a last 12-month revenue (LTM) of $2.9B and a last 12-month EBITDA of $757M.

In the most recent fiscal year, Spring Airlines achieved revenue of $2.8B and an EBITDA of $821M.

Spring Airlines expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Spring Airlines P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $2.9B XXX $2.8B XXX XXX XXX
Gross Profit $410M XXX $359M XXX XXX XXX
Gross Margin 14% XXX 13% XXX XXX XXX
EBITDA $757M XXX $821M XXX XXX XXX
EBITDA Margin 26% XXX 30% XXX XXX XXX
EBIT $417M XXX $405M XXX XXX XXX
EBIT Margin 14% XXX 15% XXX XXX XXX
Net Profit $344M XXX $315M XXX XXX XXX
Net Margin 12% XXX 11% XXX XXX XXX
Net Debt XXX XXX $585M XXX XXX XXX

Financial data powered by Morningstar, Inc.

Spring Airlines Stock Performance

As of May 30, 2025, Spring Airlines's stock price is CNY 59 (or $8).

Spring Airlines has current market cap of CNY 57.5B (or $8.0B), and EV of CNY 68.5B (or $9.5B).

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Spring Airlines Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$9.5B $8.0B XXX XXX XXX XXX $0.35

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Spring Airlines Valuation Multiples

As of May 30, 2025, Spring Airlines has market cap of $8.0B and EV of $9.5B.

Spring Airlines's trades at 3.4x EV/Revenue multiple, and 11.6x EV/EBITDA.

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

Spring Airlines has a P/E ratio of 23.2x.

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Spring Airlines Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $8.0B XXX $8.0B XXX XXX XXX
EV (current) $9.5B XXX $9.5B XXX XXX XXX
EV/Revenue 3.3x XXX 3.4x XXX XXX XXX
EV/EBITDA 12.6x XXX 11.6x XXX XXX XXX
EV/EBIT 22.8x XXX 23.5x XXX XXX XXX
EV/Gross Profit 23.2x XXX n/a XXX XXX XXX
P/E 23.2x XXX 25.3x XXX XXX XXX
EV/FCF -64.9x XXX -52.0x XXX XXX XXX

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Spring Airlines Margins & Growth Rates

Spring Airlines's last 12 month revenue growth is 10%

Spring Airlines's revenue per employee in the last FY averaged n/a, while opex per employee averaged n/a for the same period.

Spring Airlines's rule of 40 is 38% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Spring Airlines's rule of X is 51% (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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Spring Airlines Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 10% XXX 10% XXX XXX XXX
EBITDA Margin 26% XXX 30% XXX XXX XXX
EBITDA Growth 21% XXX 11% XXX XXX XXX
Rule of 40 38% XXX 40% XXX XXX XXX
Bessemer Rule of X XXX XXX 51% XXX XXX XXX
Revenue per Employee XXX XXX n/a XXX XXX XXX
Opex per Employee XXX XXX n/a XXX XXX XXX
S&M Expenses to Revenue XXX XXX 0% XXX XXX XXX
G&A Expenses to Revenue XXX XXX n/a XXX XXX XXX
R&D Expenses to Revenue XXX XXX 1% XXX XXX XXX
Opex to Revenue XXX XXX -2% XXX XXX XXX

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Spring Airlines 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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Spring Airlines M&A and Investment Activity

Spring Airlines acquired  XXX companies to date.

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

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Latest Acquisitions by Spring Airlines

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 Spring Airlines

When was Spring Airlines founded? Spring Airlines was founded in 2005.
Where is Spring Airlines headquartered? Spring Airlines is headquartered in China.
Is Spring Airlines publicy listed? Yes, Spring Airlines is a public company listed on SHG.
What is the stock symbol of Spring Airlines? Spring Airlines trades under 601021 ticker.
When did Spring Airlines go public? Spring Airlines went public in 2015.
Who are competitors of Spring Airlines? Similar companies to Spring Airlines include e.g. flyExclusive, Qantas Airways, Aegean Airlines, Asia Aviation.
What is the current market cap of Spring Airlines? Spring Airlines's current market cap is $8.0B
What is the current revenue of Spring Airlines? Spring Airlines's last 12 months revenue is $2.9B.
What is the current revenue growth of Spring Airlines? Spring Airlines revenue growth (NTM/LTM) is 10%.
What is the current EV/Revenue multiple of Spring Airlines? Current revenue multiple of Spring Airlines is 3.3x.
Is Spring Airlines profitable? Yes, Spring Airlines is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Spring Airlines? Spring Airlines's last 12 months EBITDA is $757M.
What is Spring Airlines's EBITDA margin? Spring Airlines's last 12 months EBITDA margin is 26%.
What is the current EV/EBITDA multiple of Spring Airlines? Current EBITDA multiple of Spring Airlines is 12.6x.
What is the current FCF of Spring Airlines? Spring Airlines's last 12 months FCF is -$147M.
What is Spring Airlines's FCF margin? Spring Airlines's last 12 months FCF margin is -5%.
What is the current EV/FCF multiple of Spring Airlines? Current FCF multiple of Spring Airlines is -64.9x.

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