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Spring Airlines Valuation Multiples

Discover revenue and EBITDA valuation multiples for Spring Airlines and similar public comparables like Aegean Airlines, Virgin Australia Holdings, and Qantas Airways.

Spring Airlines Overview

About Spring Airlines

Spring Airlines Co Ltd is a China-based airline company, principally engaged in the airline transportation of passengers and freight. The company focuses on providing passenger and cargo air transportation services across mainland China, international routes, as well as Hong Kong, Macao, and Taiwan, along with other activities connected to the air transport industry.


Founded

2005

HQ

China
Employees

8.5K+

Website

ch.com

Sectors

Airlines

Financials

LTM Revenue $3.0B

LTM EBITDA $795M

EV

$8.9B

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Spring Airlines Financials

As of September 2025, Spring Airlines reported last 12-month revenue of $3.0B and EBITDA of $795M.

In the same period, Spring Airlines generated $380M in LTM gross profit and $331M in net income.

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Spring Airlines P&L

In the most recent fiscal year, Spring Airlines reported revenue of $2.8B and EBITDA of $830M.

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

See Spring Airlines valuation multiples based on analyst estimates
LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $3.0B XXX $2.8B XXX XXX XXX
Gross Profit $380M XXX $363M XXX XXX XXX
Gross Margin 13% XXX 13% XXX XXX XXX
EBITDA $795M XXX $830M XXX XXX XXX
EBITDA Margin 27% XXX 30% XXX XXX XXX
EBIT $443M XXX $409M XXX XXX XXX
EBIT Margin 15% XXX 15% XXX XXX XXX
Net Profit $331M XXX $319M XXX XXX XXX
Net Margin 11% XXX 11% XXX XXX XXX
Net Debt XXX XXX $591M XXX XXX XXX

Financial data powered by Morningstar, Inc.

Spring Airlines Stock Performance

Spring Airlines has current market cap of CNY 52.5B (or $7.4B), and EV of CNY 63.3B (or $8.9B).

Market Cap Evolution

Spring Airlines Stock Data

As of October 17, 2025, Spring Airlines's stock price is CNY 54 (or $8).

See Spring Airlines trading valuation data
EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$8.9B $7.4B XXX XXX XXX XXX $0.34

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Spring Airlines Valuation Multiples

Spring Airlines's trades at 3.2x EV/Revenue multiple, and 10.7x EV/EBITDA.

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Spring Airlines Financial Valuation Multiples

As of October 17, 2025, Spring Airlines has market cap of $7.4B and EV of $8.9B.

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 22.2x.

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $7.4B XXX $7.4B XXX XXX XXX
EV (current) $8.9B XXX $8.9B XXX XXX XXX
EV/Revenue 3.0x XXX 3.2x XXX XXX XXX
EV/EBITDA 11.2x XXX 10.7x XXX XXX XXX
EV/EBIT 20.0x XXX 21.7x XXX XXX XXX
EV/Gross Profit 23.3x XXX n/a XXX XXX XXX
P/E 22.2x XXX 23.1x XXX XXX XXX
EV/FCF 58.9x XXX -48.0x 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 $0.3M, while opex per employee averaged -$5K 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 52% (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 9% XXX XXX XXX
EBITDA Margin 27% XXX 30% XXX XXX XXX
EBITDA Growth 19% XXX 8% XXX XXX XXX
Rule of 40 38% XXX 39% XXX XXX XXX
Bessemer Rule of X XXX XXX 52% XXX XXX XXX
Revenue per Employee XXX XXX $0.3M XXX XXX XXX
Opex per Employee XXX XXX -$5K 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

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EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
flyExclusive XXX XXX XXX XXX XXX XXX
Alliance Aviation Servs XXX XXX XXX XXX XXX XXX
Qantas Airways XXX XXX XXX XXX XXX XXX
Virgin Australia Holdings XXX XXX XXX XXX XXX XXX
Aegean Airlines 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.
How many employees does Spring Airlines have? As of today, Spring Airlines has 8.5K+ employees.
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, Alliance Aviation Servs, Qantas Airways, Virgin Australia Holdings.
What is the current market cap of Spring Airlines? Spring Airlines's current market cap is $7.4B
What is the current revenue of Spring Airlines? Spring Airlines's last 12 months revenue is $3.0B.
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 3.0x.
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 $795M.
What is Spring Airlines's EBITDA margin? Spring Airlines's last 12 months EBITDA margin is 27%.
What is the current EV/EBITDA multiple of Spring Airlines? Current EBITDA multiple of Spring Airlines is 11.2x.
What is the current FCF of Spring Airlines? Spring Airlines's last 12 months FCF is $151M.
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 58.9x.

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