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Turkish Airlines Valuation Multiples

Discover revenue and EBITDA valuation multiples for Turkish Airlines and similar public comparables like Bangkok Airways, Asia Aviation, and Aegean Airlines.

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

Turkey
Employees

63.5K+

Sectors

Airlines

Financials

LTM Revenue $22.4B

LTM EBITDA $4.2B

EV

$18.3B

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Turkish Airlines Financials

Turkish Airlines has a last 12-month revenue (LTM) of $22.4B and a last 12-month EBITDA of $4.2B.

In the most recent fiscal year, Turkish Airlines achieved revenue of $580M and an EBITDA of $166M.

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

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Turkish Airlines P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $22.4B XXX $580M XXX XXX XXX
Gross Profit $22.4B XXX $111M XXX XXX XXX
Gross Margin 100% XXX 19% XXX XXX XXX
EBITDA $4.2B XXX $166M XXX XXX XXX
EBITDA Margin 19% XXX 29% XXX XXX XXX
EBIT $2.0B XXX $62.9M XXX XXX XXX
EBIT Margin 9% XXX 11% XXX XXX XXX
Net Profit $3.1B XXX $87.6M XXX XXX XXX
Net Margin 14% XXX 15% XXX XXX XXX
Net Debt XXX XXX n/a XXX XXX XXX

Financial data powered by Morningstar, Inc.

Turkish Airlines Stock Performance

As of May 30, 2025, Turkish Airlines's stock price is TRY 273 (or $7).

Turkish Airlines has current market cap of TRY 376B (or $9.6B), and EV of TRY 715B (or $18.3B).

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Turkish Airlines Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$18.3B $9.6B XXX XXX XXX XXX $2.23

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Turkish Airlines Valuation Multiples

As of May 30, 2025, Turkish Airlines has market cap of $9.6B and EV of $18.3B.

Turkish Airlines's trades at 31.5x EV/Revenue multiple, and 110.0x EV/EBITDA.

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 3.1x.

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Turkish Airlines Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $9.6B XXX $9.6B XXX XXX XXX
EV (current) $18.3B XXX $18.3B XXX XXX XXX
EV/Revenue 0.8x XXX 31.5x XXX XXX XXX
EV/EBITDA 4.3x XXX 110.0x XXX XXX XXX
EV/EBIT 9.3x XXX 290.7x XXX XXX XXX
EV/Gross Profit 0.8x XXX n/a XXX XXX XXX
P/E 3.1x XXX 109.6x XXX XXX XXX
EV/FCF n/a XXX 279.6x 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 586% XXX XXX XXX
EBITDA Margin 19% XXX 29% XXX XXX XXX
EBITDA Growth 13% XXX 488% 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

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Turkish Airlines Public Comps

See public comps and valuation multiples for Airlines comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
flyExclusive XXX XXX XXX XXX XXX XXX
Qantas Airways XXX XXX XXX XXX XXX XXX
Aegean Airlines XXX XXX XXX XXX XXX XXX
Asia Aviation XXX XXX XXX XXX XXX XXX
Bangkok Airways XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Turkish Airlines M&A and Investment Activity

Turkish Airlines acquired  XXX companies to date.

Last acquisition by Turkish Airlines was  XXXXXXXX, XXXXX XXXXX XXXXXX . Turkish Airlines acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Turkish Airlines

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About 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 63.5K+ employees.
Who is the CEO of Turkish Airlines? Turkish Airlines's CEO is Mr. Bilal Eksi.
Is Turkish Airlines publicy listed? Yes, Turkish Airlines is a public company listed on IST.
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? Similar companies to Turkish Airlines include e.g. flyExclusive, Qantas Airways, Aegean Airlines, Asia Aviation.
What is the current market cap of Turkish Airlines? Turkish Airlines's current market cap is $9.6B
What is the current revenue of Turkish Airlines? Turkish Airlines's last 12 months revenue is $22.4B.
What is the current revenue growth of Turkish Airlines? Turkish Airlines revenue growth (NTM/LTM) is 14%.
What is the current EV/Revenue multiple of Turkish Airlines? Current revenue multiple of Turkish Airlines is 0.8x.
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's last 12 months EBITDA is $4.2B.
What is Turkish Airlines's EBITDA margin? Turkish Airlines's last 12 months EBITDA margin is 19%.
What is the current EV/EBITDA multiple of Turkish Airlines? Current EBITDA multiple of Turkish Airlines is 4.3x.

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