Turkish Airlines - Public Comps and Valuation Multiples

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

turkishairlines.com

Sectors

Airlines

Financials

LTM Revenue $23.0B

LTM EBITDA $4.0B

EV

$18.3B

Valuation Multiples

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Turkish Airlines Financials

As of December 2025, Turkish Airlines reported last 12-month revenue of $23.0B and EBITDA of $4.0B.

In the same period, Turkish Airlines generated $3.4B in LTM gross profit and $2.4B in net income.

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Turkish Airlines P&L

In the most recent fiscal year, Turkish Airlines reported revenue of $524M and EBITDA of $150M.

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

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	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue	$23.0B	XXX	$524M	XXX	XXX	XXX
Gross Profit	$3.4B	XXX	$99.9M	XXX	XXX	XXX
Gross Margin	15%	XXX	19%	XXX	XXX	XXX
EBITDA	$4.0B	XXX	$150M	XXX	XXX	XXX
EBITDA Margin	17%	XXX	29%	XXX	XXX	XXX
EBIT	$1.8B	XXX	$56.8M	XXX	XXX	XXX
EBIT Margin	8%	XXX	11%	XXX	XXX	XXX
Net Profit	$2.4B	XXX	$79.1M	XXX	XXX	XXX
Net Margin	10%	XXX	15%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Turkish Airlines including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $23.0B. EBITDA for the last twelve months was $4.0B. In the most recent fiscal year, Turkish Airlines achieved $524M in revenue and $150M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2026)	Next Fiscal Year (2027)	Two Years Forward (2028)
Total Revenue	$23.0B	Analyst estimates available to subscribers	$524M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$3.4B	Analyst estimates available to subscribers	$99.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	14.7% gross margin	Analyst estimates available to subscribers	19.1% 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)	$4.0B	Analyst estimates available to subscribers	$150M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	17.2% EBITDA margin	Analyst estimates available to subscribers	28.7% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$1.8B	Analyst estimates available to subscribers	$56.8M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	7.9% EBIT margin	Analyst estimates available to subscribers	10.9% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$2.4B	Analyst estimates available to subscribers	$79.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	10.5% net profit margin	Analyst estimates available to subscribers	15.1% 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	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Turkish Airlines

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

Recent Performance Highlights

Turkish Airlines generated $23.0B in revenue over the last twelve months.
The company achieved $4.0B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $3.4B.
Net income over the last twelve months reached $2.4B.

Fiscal Year Performance

In the most recent fiscal year, Turkish Airlines reported $524M in total revenue.
Fiscal year EBITDA was $150M.
The company maintained a gross profit margin of 19.1% in the most recent fiscal year.
EBITDA margin for the fiscal year was 28.7%.
Net profit margin reached 15.1% in the most recent fiscal year.

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

Turkish Airlines Stock Performance

Turkish Airlines has current market cap of TRY 401B (or $9.3B), and EV of TRY 793B (or $18.3B).

Market Cap Evolution

Turkish Airlines Stock Data

As of January 19, 2026, Turkish Airlines's stock price is TRY 292 (or $7).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$18.3B	$9.3B	XXX	XXX	XXX	XXX	$1.71

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Turkish Airlines Valuation Multiples

Turkish Airlines's trades at 0.8x EV/Revenue multiple, and 4.6x EV/EBITDA.

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Turkish Airlines Financial Valuation Multiples

As of January 19, 2026, Turkish Airlines has market cap of $9.3B and EV of $18.3B.

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

Turkish Airlines has a P/E ratio of 3.9x.

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Market cap (current)	$9.3B	XXX	$9.3B	XXX	XXX	XXX
EV (current)	$18.3B	XXX	$18.3B	XXX	XXX	XXX
EV/Revenue	0.8x	XXX	0.8x	XXX	XXX	XXX
EV/EBITDA	4.6x	XXX	4.6x	XXX	XXX	XXX
EV/EBIT	10.0x	XXX	10.0x	XXX	XXX	XXX
EV/Gross Profit	5.4x	XXX	n/a	XXX	XXX	XXX
P/E	3.9x	XXX	3.9x	XXX	XXX	XXX
EV/FCF	16.8x	XXX	16.8x	XXX	XXX	XXX

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

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Turkish Airlines Margins & Growth Rates

Turkish Airlines's last 12 month revenue growth is 12%

Turkish Airlines's revenue per employee in the last FY averaged $8K, while opex per employee averaged $1K for the same period.

Turkish Airlines's rule of 40 is 43% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Turkish Airlines's rule of X is 48% (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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Turkish Airlines Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue Growth	12%	XXX	8%	XXX	XXX	XXX
EBITDA Margin	17%	XXX	17%	XXX	XXX	XXX
EBITDA Growth	9%	XXX	475%	XXX	XXX	XXX
Rule of 40	43%	XXX	30%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	48%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$8K	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$1K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	6%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	8%	XXX	XXX	XXX

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

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