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Vietnam Airlines Valuation Multiples

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

Vietnam Airlines Overview

About Vietnam Airlines

Viet Nam Airlines JSC is an airline service provider in Vietnam. The company provides air transportation of passengers, air transportation of luggage, cargos, parcels, postal items and mails and activities of general aviation including aerial photography of the terrain, geological surveys and lead flight calibration of air stations among others.


Founded

1993

HQ

Viet Nam
Employees

n/a

Sectors

Airlines

Financials

LTM Revenue $4.2B

LTM EBITDA $261M

EV

$3.3B

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Vietnam Airlines Financials

Vietnam Airlines has a last 12-month revenue of $4.2B and a last 12-month EBITDA of $261M.

In the most recent fiscal year, Vietnam Airlines achieved revenue of $4.1B and an EBITDA of $568M.

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

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Vietnam Airlines P&L

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $3.5B $4.1B XXX XXX XXX
Gross Profit -$111M $149M XXX XXX XXX
Gross Margin -3% 4% XXX XXX XXX
EBITDA $83.7M $568M XXX XXX XXX
EBITDA Margin 2% 14% XXX XXX XXX
Net Profit -$434M -$228M XXX XXX XXX
Net Margin -12% -6% XXX XXX XXX
Net Debt $499M $563M XXX XXX XXX

Financial data powered by Morningstar, Inc.

Vietnam Airlines Stock Performance

As of April 30, 2025, Vietnam Airlines's stock price is VND 31600 (or $1).

Vietnam Airlines has current market cap of VND 69.97T (or $2.7B), and EV of VND 84.82T (or $3.3B).

See Vietnam Airlines trading valuation data

Vietnam Airlines Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$3.3B $2.7B XXX XXX XXX XXX $0.12

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Vietnam Airlines Valuation Multiples

As of April 30, 2025, Vietnam Airlines has market cap of $2.7B and EV of $3.3B.

Vietnam Airlines's trades at 0.8x LTM EV/Revenue multiple, and 12.5x LTM EBITDA.

Analysts estimate Vietnam Airlines's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Vietnam Airlines Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $3.3B XXX XXX XXX
EV/Revenue 0.8x XXX XXX XXX
EV/EBITDA 5.7x XXX XXX XXX
P/E 9.3x XXX XXX XXX
P/E/Growth -2.9x XXX XXX XXX
EV/FCF 9.3x XXX XXX XXX

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Vietnam Airlines Valuation Multiples

Vietnam Airlines's NTM/LTM revenue growth is 8%

Vietnam Airlines's revenue per employee for the last fiscal year averaged n/a, while opex per employee averaged n/a for the same period.

Over next 12 months, Vietnam Airlines's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate Vietnam Airlines's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Vietnam Airlines Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth 16% XXX XXX XXX XXX
EBITDA Margin 14% XXX XXX XXX XXX
EBITDA Growth 579% XXX XXX XXX XXX
Rule of 40 (SaaS-only) 22% XXX XXX XXX XXX
Revenue per Employee n/a XXX XXX XXX XXX
Opex per Employee n/a XXX XXX XXX XXX
S&M Expenses to Revenue 4% XXX XXX XXX XXX
G&A Expenses to Revenue 1% XXX XXX XXX XXX
R&D Expenses to Revenue n/a XXX XXX XXX XXX
Opex to Revenue 7% XXX XXX XXX XXX

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Vietnam 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

Valuation data powered by FactSet, Inc.

Vietnam Airlines M&A and Investment Activity

Vietnam Airlines acquired  XXX companies to date.

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

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Latest Acquisitions by Vietnam 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 Vietnam Airlines

When was Vietnam Airlines founded? Vietnam Airlines was founded in 1993.
Where is Vietnam Airlines headquartered? Vietnam Airlines is headquartered in Viet Nam.
Is Vietnam Airlines publicy listed? Yes, Vietnam Airlines is a public company listed on STC.
What is the stock symbol of Vietnam Airlines? Vietnam Airlines trades under HVN ticker.
When did Vietnam Airlines go public? Vietnam Airlines went public in 2019.
Who are competitors of Vietnam Airlines? Similar companies to Vietnam Airlines include e.g. flyExclusive, Qantas Airways, Aegean Airlines, Asia Aviation.
What is the current market cap of Vietnam Airlines? Vietnam Airlines's current market cap is $2.7B
What is the current revenue of Vietnam Airlines? Vietnam Airlines's last 12-month revenue is $4.2B.
What is the current EBITDA of Vietnam Airlines? Vietnam Airlines's last 12-month EBITDA is $261M.
What is the current EV/Revenue multiple of Vietnam Airlines? Current revenue multiple of Vietnam Airlines is 0.8x.
What is the current EV/EBITDA multiple of Vietnam Airlines? Current EBITDA multiple of Vietnam Airlines is 12.5x.
What is the current revenue growth of Vietnam Airlines? Vietnam Airlines revenue growth between 2023 and 2024 was 16%.
Is Vietnam Airlines profitable? Yes, Vietnam Airlines is EBITDA-positive (as of the last 12 months).

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