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 $22.7B

LTM EBITDA $4.2B

EV

$17.9B

Valuation Multiples

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Turkish Airlines Financials

As of September 2025, Turkish Airlines reported last 12-month revenue of $22.7B and EBITDA of $4.2B.

In the same period, Turkish Airlines achieved $2.7B in LTM net income.

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Turkish Airlines P&L

In the most recent fiscal year, Turkish Airlines reported revenue of $542M and EBITDA of $156M.

Turkish 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	$22.7B	XXX	$542M	XXX	XXX	XXX
Gross Profit	n/a	XXX	$103M	XXX	XXX	XXX
Gross Margin	n/a	XXX	19%	XXX	XXX	XXX
EBITDA	$4.2B	XXX	$156M	XXX	XXX	XXX
EBITDA Margin	19%	XXX	29%	XXX	XXX	XXX
EBIT	$2.1B	XXX	$58.8M	XXX	XXX	XXX
EBIT Margin	9%	XXX	11%	XXX	XXX	XXX
Net Profit	$2.7B	XXX	$81.9M	XXX	XXX	XXX
Net Margin	12%	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 $22.7B. EBITDA for the last twelve months was $4.2B. In the most recent fiscal year, Turkish Airlines achieved $542M in revenue and $156M 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	$22.7B	Analyst estimates available to subscribers	$542M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$103M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	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)	$4.2B	Analyst estimates available to subscribers	$156M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	18.6% 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)	$2.1B	Analyst estimates available to subscribers	$58.8M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	9.2% 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)	$2.7B	Analyst estimates available to subscribers	$81.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	11.8% 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 $22.7B in revenue over the last twelve months.
The company achieved $4.2B in EBITDA over the last twelve months.
Net income over the last twelve months reached $2.7B.

Fiscal Year Performance

In the most recent fiscal year, Turkish Airlines reported $542M in total revenue.
Fiscal year EBITDA was $156M.
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 $9.6B), and EV of TRY 748B (or $17.9B).

Market Cap Evolution

Turkish Airlines Stock Data

As of October 17, 2025, Turkish Airlines's stock price is TRY 292 (or $7).

See Turkish Airlines trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$17.9B	$9.6B	XXX	XXX	XXX	XXX	$1.92

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Turkish Airlines Valuation Multiples

Turkish Airlines's trades at 33.0x EV/Revenue multiple, and 115.0x EV/EBITDA.

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Turkish Airlines Financial Valuation Multiples

As of October 17, 2025, Turkish Airlines has market cap of $9.6B and EV of $17.9B.

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 3.6x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$9.6B	XXX	$9.6B	XXX	XXX	XXX
EV (current)	$17.9B	XXX	$17.9B	XXX	XXX	XXX
EV/Revenue	0.8x	XXX	33.0x	XXX	XXX	XXX
EV/EBITDA	4.2x	XXX	115.0x	XXX	XXX	XXX
EV/EBIT	8.5x	XXX	304.0x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	3.6x	XXX	117.1x	XXX	XXX	XXX
EV/FCF	n/a	XXX	292.4x	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 14%

Turkish Airlines's revenue per employee in the last FY averaged $9K, while opex per employee averaged $1K for the same period.

Turkish Airlines's rule of 40 is 44% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Turkish Airlines's rule of X is 53% (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 2025	FY 2026	FY 2027
Revenue Growth	14%	XXX	598%	XXX	XXX	XXX
EBITDA Margin	19%	XXX	29%	XXX	XXX	XXX
EBITDA Growth	13%	XXX	491%	XXX	XXX	XXX
Rule of 40	44%	XXX	42%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	53%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$9K	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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