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Turkish Airlines Valuation Multiples
Discover revenue and EBITDA valuation multiples for Turkish Airlines and similar public comparables like Qantas Airways, Lufthansa, Hainan Airlines, Cathay Pacific Airways and more.
Turkish Airlines Overview
About Turkish Airlines
Turk Hava Yollari AO is a Turkish airline operator. It has flight networks across the globe, and transports passengers to many different regions. Additionally, it can provide long-haul direct cargo flights and other logistics to serve a diverse range of customers. It has two operating segments: air transportation and aircraft technical maintenance operations. The majority of revenue is generated from transferring passengers and cargo (air transportation segment). The company owns several hangars to perform maintenance on different types of aircraft. Its geographical segments are Asia & Far East, Europe, Americas, Africa, and Middle East.
Founded
1933
HQ
Employees
63.5K
Website
Sectors
Financials (LTM)
EV
$21B
Turkish Airlines Financials
Turkish Airlines reported last 12-month revenue of $25B and EBITDA of $4B.
In the same LTM period, Turkish Airlines generated $4B in EBITDA and $3B in net income.
Revenue (LTM)
Turkish Airlines P&L
In the most recent fiscal year, Turkish Airlines reported revenue of $24B and EBITDA of $6B.
Turkish Airlines expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $25B | XXX | $24B | XXX | XXX | XXX |
| Gross Profit | — | XXX | $4B | XXX | XXX | XXX |
| Gross Margin | — | XXX | 16% | XXX | XXX | XXX |
| EBITDA | $4B | XXX | $6B | XXX | XXX | XXX |
| EBITDA Margin | 17% | XXX | 26% | XXX | XXX | XXX |
| EBIT Margin | 8% | XXX | 10% | XXX | XXX | XXX |
| Net Profit | $3B | XXX | $3B | XXX | XXX | XXX |
| Net Margin | 11% | XXX | 12% | XXX | XXX | XXX |
| Net Debt | — | — | $910M | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Turkish Airlines Stock Performance
Turkish Airlines has current market cap of $10B, and enterprise value of $21B.
Market Cap Evolution
Turkish Airlines' stock price is $7.34.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $21B | $10B | 0.0% | XXX | XXX | XXX | $2.12 |
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Turkish Airlines trades at 0.9x EV/Revenue multiple, and 5.1x EV/EBITDA.
EV / Revenue (LTM)
Turkish Airlines Financial Valuation Multiples
As of April 20, 2026, Turkish Airlines has market cap of $10B and EV of $21B.
Equity research analysts estimate Turkish Airlines' 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Turkish Airlines has a P/E ratio of 3.7x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $10B | XXX | $10B | XXX | XXX | XXX |
| EV (current) | $21B | XXX | $21B | XXX | XXX | XXX |
| EV/Revenue | 0.9x | XXX | 0.9x | XXX | XXX | XXX |
| EV/EBITDA | 5.1x | XXX | 3.4x | XXX | XXX | XXX |
| EV/EBIT | 11.3x | XXX | 9.3x | XXX | XXX | XXX |
| EV/Gross Profit | — | XXX | 5.5x | XXX | XXX | XXX |
| P/E | 3.7x | XXX | 3.5x | XXX | XXX | XXX |
| EV/FCF | 9.4x | XXX | 9.1x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Turkish 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.
Turkish Airlines Margins & Growth Rates
Turkish Airlines' revenue in the last 12 month grew by 10%.
Turkish Airlines' revenue per employee in the last FY averaged $0.4M, while opex per employee averaged $0.0M for the same period.
Turkish Airlines' rule of 40 is 28% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Turkish Airlines' rule of X is 43% (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).
Turkish Airlines Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 10% | XXX | 10% | XXX | XXX | XXX |
| EBITDA Margin | 17% | XXX | 26% | XXX | XXX | XXX |
| EBITDA Growth | 14% | XXX | (28%) | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 28% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 43% | 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 | — | XXX | 5% | XXX | XXX | XXX |
| G&A Expenses to Revenue | — | XXX | 1% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 7% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Turkish Airlines Public Comps
See public comps and valuation multiples for other Airlines comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Turkish Airlines | XXX | XXX | XXX | XXX | XXX | XXX |
| Qantas Airways | XXX | XXX | XXX | XXX | XXX | XXX |
| Lufthansa | XXX | XXX | XXX | XXX | XXX | XXX |
| Hainan Airlines | XXX | XXX | XXX | XXX | XXX | XXX |
| Cathay Pacific Airways | XXX | XXX | XXX | XXX | XXX | XXX |
| American Airlines | 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.
Turkish Airlines M&A Activity
Turkish Airlines acquired XXX companies to date.
Last acquisition by Turkish Airlines was on XXXXXXXX, XXXXX. Turkish Airlines acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Turkish 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 TrialTurkish Airlines Investment Activity
Turkish Airlines invested in XXX companies to date.
Turkish Airlines made its latest investment on XXXXXXXX, XXXXX. Turkish Airlines invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Turkish 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 Turkish Airlines
| When was Turkish Airlines founded? | Turkish Airlines was founded in 1933. |
| Where is Turkish Airlines headquartered? | Turkish Airlines is headquartered in Turkey. |
| How many employees does Turkish Airlines have? | As of today, Turkish Airlines has over 63K employees. |
| Who is the CEO of Turkish Airlines? | Turkish Airlines' CEO is Bilal Eksi. |
| Is Turkish Airlines publicly listed? | Yes, Turkish Airlines is a public company listed on Borsa Istanbul. |
| What is the stock symbol of Turkish Airlines? | Turkish Airlines trades under THYAO ticker. |
| When did Turkish Airlines go public? | Turkish Airlines went public in 1990. |
| Who are competitors of Turkish Airlines? | Turkish Airlines main competitors are Qantas Airways, Lufthansa, Hainan Airlines, Cathay Pacific Airways. |
| What is the current market cap of Turkish Airlines? | Turkish Airlines' current market cap is $10B. |
| What is the current revenue of Turkish Airlines? | Turkish Airlines' last 12 months revenue is $25B. |
| What is the current revenue growth of Turkish Airlines? | Turkish Airlines revenue growth (NTM/LTM) is 10%. |
| What is the current EV/Revenue multiple of Turkish Airlines? | Current revenue multiple of Turkish Airlines is 0.9x. |
| Is Turkish Airlines profitable? | Yes, Turkish Airlines is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Turkish Airlines? | Turkish Airlines' last 12 months EBITDA is $4B. |
| What is Turkish Airlines' EBITDA margin? | Turkish Airlines' last 12 months EBITDA margin is 17%. |
| What is the current EV/EBITDA multiple of Turkish Airlines? | Current EBITDA multiple of Turkish Airlines is 5.1x. |
| What is the current FCF of Turkish Airlines? | Turkish Airlines' last 12 months FCF is $2B. |
| What is Turkish Airlines' FCF margin? | Turkish Airlines' last 12 months FCF margin is 9%. |
| What is the current EV/FCF multiple of Turkish Airlines? | Current FCF multiple of Turkish Airlines is 9.4x. |
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