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Spring Airlines Valuation Multiples
Discover revenue and EBITDA valuation multiples for Spring Airlines and similar public comparables like Air Arabia, Japan Airlines, Korean Air, Eva Airways and more.
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
Sectors
Financials (LTM)
EV
$9B
Spring Airlines Financials
Spring Airlines reported last 12-month revenue of $3B and EBITDA of $838M.
In the same LTM period, Spring Airlines generated $402M in gross profit, $838M in EBITDA, and $339M in net income.
Revenue (LTM)
Spring Airlines P&L
In the most recent fiscal year, Spring Airlines reported revenue of $3B and EBITDA of $953M.
Spring Airlines expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $3B | XXX | $3B | XXX | XXX | XXX |
| Gross Profit | $402M | XXX | $427M | XXX | XXX | XXX |
| Gross Margin | 12% | XXX | 14% | XXX | XXX | XXX |
| EBITDA | $838M | XXX | $953M | XXX | XXX | XXX |
| EBITDA Margin | 26% | XXX | 30% | XXX | XXX | XXX |
| EBIT Margin | 13% | XXX | 16% | XXX | XXX | XXX |
| Net Profit | $339M | XXX | $340M | XXX | XXX | XXX |
| Net Margin | 10% | XXX | 11% | XXX | XXX | XXX |
| Net Debt | — | — | $758M | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Spring Airlines Stock Performance
Spring Airlines has current market cap of $7B, and enterprise value of $9B.
Market Cap Evolution
Spring Airlines' stock price is $6.95.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $9B | $7B | 0.0% | XXX | XXX | XXX | $0.35 |
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Spring Airlines trades at 2.6x EV/Revenue multiple, and 10.2x EV/EBITDA.
EV / Revenue (LTM)
Spring Airlines Financial Valuation Multiples
As of April 20, 2026, Spring Airlines has market cap of $7B and EV of $9B.
Equity research analysts estimate Spring Airlines' 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Spring Airlines has a P/E ratio of 20.1x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $7B | XXX | $7B | XXX | XXX | XXX |
| EV (current) | $9B | XXX | $9B | XXX | XXX | XXX |
| EV/Revenue | 2.6x | XXX | 2.7x | XXX | XXX | XXX |
| EV/EBITDA | 10.2x | XXX | 9.0x | XXX | XXX | XXX |
| EV/EBIT | 19.5x | XXX | 17.5x | XXX | XXX | XXX |
| EV/Gross Profit | 21.3x | XXX | 20.1x | XXX | XXX | XXX |
| P/E | 20.1x | XXX | 20.0x | XXX | XXX | XXX |
| EV/FCF | (56.9x) | XXX | 200.8x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Spring Airlines Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Spring Airlines Margins & Growth Rates
Spring Airlines' revenue in the last 12 month grew by 12%.
Spring Airlines' revenue per employee in the last FY averaged $0.4M, while opex per employee averaged $-0.0M for the same period.
Spring Airlines' rule of 40 is 38% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Spring Airlines' rule of X is 58% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Spring Airlines Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 12% | XXX | 13% | XXX | XXX | XXX |
| EBITDA Margin | 26% | XXX | 30% | XXX | XXX | XXX |
| EBITDA Growth | 10% | XXX | (9%) | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 38% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 58% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.4M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $-0.0M | XXX | XXX | XXX |
| S&M Expenses to Revenue | 1% | XXX | 1% | XXX | XXX | XXX |
| G&A Expenses to Revenue | 1% | XXX | 2% | XXX | XXX | XXX |
| R&D Expenses to Revenue | 1% | XXX | 1% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | (2%) | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Spring Airlines Public Comps
See public comps and valuation multiples for other Airlines comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Spring Airlines | XXX | XXX | XXX | XXX | XXX | XXX |
| Air Arabia | XXX | XXX | XXX | XXX | XXX | XXX |
| Japan Airlines | XXX | XXX | XXX | XXX | XXX | XXX |
| Korean Air | XXX | XXX | XXX | XXX | XXX | XXX |
| Eva Airways | XXX | XXX | XXX | XXX | XXX | XXX |
| ANA Holdings | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Spring Airlines M&A Activity
Spring Airlines acquired XXX companies to date.
Last acquisition by Spring Airlines was on XXXXXXXX, XXXXX. Spring Airlines acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Spring Airlines
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialSpring Airlines Investment Activity
Spring Airlines invested in XXX companies to date.
Spring Airlines made its latest investment on XXXXXXXX, XXXXX. Spring Airlines invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Spring Airlines
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout 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 over 8K employees. |
| Is Spring Airlines publicly listed? | Yes, Spring Airlines is a public company listed on Shanghai Stock Exchange. |
| 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? | Spring Airlines main competitors are Air Arabia, Japan Airlines, Korean Air, Eva Airways. |
| What is the current market cap of Spring Airlines? | Spring Airlines' current market cap is $7B. |
| What is the current revenue of Spring Airlines? | Spring Airlines' last 12 months revenue is $3B. |
| What is the current revenue growth of Spring Airlines? | Spring Airlines revenue growth (NTM/LTM) is 12%. |
| What is the current EV/Revenue multiple of Spring Airlines? | Current revenue multiple of Spring Airlines is 2.6x. |
| 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' last 12 months EBITDA is $838M. |
| What is Spring Airlines' EBITDA margin? | Spring Airlines' last 12 months EBITDA margin is 26%. |
| What is the current EV/EBITDA multiple of Spring Airlines? | Current EBITDA multiple of Spring Airlines is 10.2x. |
| What is the current FCF of Spring Airlines? | Spring Airlines' last 12 months FCF is ($151M). |
| What is Spring Airlines' FCF margin? | Spring Airlines' last 12 months FCF margin is (5%). |
| What is the current EV/FCF multiple of Spring Airlines? | Current FCF multiple of Spring Airlines is (56.9x). |
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