Spring Airlines - Public Comps and Valuation Multiples

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

Employees

8.5K+

Website

ch.com

Sectors

Airlines

Financials

LTM Revenue $3.0B

LTM EBITDA $795M

EV

$8.9B

Valuation Multiples

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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

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	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.

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Financial performance metrics for Spring Airlines including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $3.0B. EBITDA for the last twelve months was $795M. In the most recent fiscal year, Spring Airlines achieved $2.8B in revenue and $830M 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	$3.0B	Analyst estimates available to subscribers	$2.8B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$380M	Analyst estimates available to subscribers	$363M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	12.9% gross margin	Analyst estimates available to subscribers	12.9% 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)	$795M	Analyst estimates available to subscribers	$830M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	26.9% EBITDA margin	Analyst estimates available to subscribers	29.6% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$443M	Analyst estimates available to subscribers	$409M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	15.0% EBIT margin	Analyst estimates available to subscribers	14.6% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$331M	Analyst estimates available to subscribers	$319M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	11.2% net profit margin	Analyst estimates available to subscribers	11.4% 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	$591M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Spring Airlines

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

Recent Performance Highlights

Spring Airlines generated $3.0B in revenue over the last twelve months.
The company achieved $795M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $380M.
Net income over the last twelve months reached $331M.

Fiscal Year Performance

In the most recent fiscal year, Spring Airlines reported $2.8B in total revenue.
Fiscal year EBITDA was $830M.
The company maintained a gross profit margin of 12.9% in the most recent fiscal year.
EBITDA margin for the fiscal year was 29.6%.
Net profit margin reached 11.4% in the most recent fiscal year.

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

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).

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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

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

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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

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

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