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Multiples Airlines Index

Curated by Multiples, this index tracks listed airline companies globally.

Explore the Multiples Airlines Index

public companies
tracked

$769B

cumulative
enterprise value

0.9x

median EV/NTM revenue multiple

median NTM/LTM revenue growth

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Index Performance

This chart shows the weighted market cap evolution over time for the Multiples Airlines Index constituents, indexed to 0% at the beginning of the period.

+34.7%

Multiples Airlines Index

Data as of 15 August 2026. Underlying financial data from FactSet and Morningstar. S&P 500 and NASDAQ data sourced from Yahoo Finance.

Key Index Metrics

This chart shows the median evolution over time of key valuation metrics for the Multiples Airlines Index constituents.

Valuation Benchmarks

This chart shows the regression relationship between valuation metrics across companies in the Multiples Airlines Index.

x-axis:

y-axis:

Data as of August 15, 2026. Companies with EV multiples above 50x and y-axis values above 250% are considered non-meaningful and excluded from calculation.

Company Rankings

This chart shows company rankings by selected metric within the Multiples Airlines Index.

Metric:

Data as of August 15, 2026. Companies with EV multiples above 50x and y-axis values above 300% are considered non-meaningful and excluded from calculation.

Companies Side-by-Side

Compare key metrics between companies in the Multiples Airlines Index.

Metric	Delta Air Lines	United Airlines	Ryanair
Market Cap	$59B	$41B	$30B
EV/Revenue (NTM)	1.1x	0.8x	1.4x
EV/Gross Profit (NTM)	-	-	-
EV/EBITDA (NTM)	7.1x	6.1x	6.3x
EV/FCF (NTM)	18.6x	20.2x	17.2x
Revenue Growth	8%	8%	4%
Gross Margin (NTM)	-	-	-
EBITDA Margin (NTM)	15%	14%	22%
FCF Margin (NTM)	6%	4%	8%
Rule of 40	19%	27%	28%
Rule of X	26%	49%	35%

Data as of August 15, 2026.

Cumulative Metrics

This chart shows the cumulative sum of selected metrics across all companies in the Multiples Airlines Index, over time.

Index Methodology

Similar to the NASDAQ 100 Index, the Multiples Airlines Index employs a modified market capitalization weighting scheme.

The weight process uses company-level weights, which are derived using company market capitalization.

Company weights are evaluated based on two rules:

Rule 1

No company's weight may exceed 24%.

Rule 2

The aggregate weight of the companies whose weights exceed 4.5% may not exceed 48%.

If neither rule is 'violated', then no adjustments are made. Only in cases where either or both of the rules are 'violated', weight adjustments are made according to a two-stage adjustment process.

Rule 1 adjustment

If no company's initial weight exceeds 24% of the Index, initial weights are used as Rule 1 weights without adjustment. Otherwise, initial weights are adjusted such that no company's weight may exceed 20% of the Index.

Rule 2 adjustment

If the aggregate weight of the companies whose Rule 1 weights exceeds 4.5% and does not exceed 48%, Rule 1 weights are used as the final weights. Otherwise, Rule 1 weights are adjusted such that:

The aggregate weight of the companies whose Rule 1 weights exceeded 4.5% is set to 40%.
Companies with Rule 1 weights below 4.5% may also have their weights adjusted to keep the initial rank order of all companies.

If the two-stage rule process results in a 'violation' of the weighting rules as previously detailed, then the process is repeated until the company weights meet the rule system.

Companies Included in the Multiples Airlines Index

This index tracks public airlines across major carriers and regional operators worldwide.


Delta Air Lines	12.6%	$89	+45%	$59B	1.1x	8%	-	15%	6%	19%	$615K
United Airlines	8.7%	$125	+19%	$41B	0.8x	8%	-	14%	4%	27%	$522K
Ryanair	6.3%	$28	-4%	$30B	1.4x	4%	-	22%	8%	28%	$691K
IAG	5.6%	$6	+16%	$26B	0.8x	3%	-	22%	6%	25%	$515K
Southwest Airlines	4.7%	$44	+35%	$22B	0.7x	8%	8%	13%	4%	29%	$386K
IndiGo	4.6%	$56	-13%	$22B	2.3x	16%	68%	20%	13%	36%	$211K
Singapore Airlines	3.7%	$6	+7%	$17B	1.1x	5%	10%	20%	0%	28%	$576K
Air China	3.5%	$1	-26%	$16B	1.6x	8%	9%	17%	4%	27%	$242K
LATAM Airlines	3.3%	$0	+4%	$16B	1.2x	11%	24%	26%	17%	46%	$369K
China Southern Airlines	2.6%	$1	-22%	$12B	1.4x	5%	6%	20%	9%	26%	$263K
Cathay Pacific Airways	2.5%	$2	+37%	$11B	1.0x	5%	8%	20%	10%	36%	$496K
Lufthansa	2.4%	$9	+1%	$11B	0.4x	5%	-	11%	2%	18%	$472K
China Eastern Airlines	2.3%	$0	-14%	$11B	1.4x	8%	5%	20%	9%	32%	$244K
Qantas Airways	2.3%	$7	-8%	$11B	0.8x	5%	19%	19%	0%	26%	$644K
American Airlines	2.1%	$15	+11%	$9.8B	0.6x	8%	-	7%	3%	21%	$393K
Turkish Airlines	1.9%	$6	-22%	$8.7B	0.8x	8%	13%	16%	7%	24%	$380K
ANA Holdings	1.8%	$20	-3%	$8.5B	0.5x	6%	15%	13%	-2%	24%	$339K
Hainan Airlines	1.8%	$0	-12%	$8.5B	1.8x	22%	9%	-	-	-	$291K
Japan Airlines	1.8%	$19	-10%	$8.2B	0.4x	5%	18%	16%	0%	24%	$306K
Korean Air	1.5%	$19	+9%	$6.9B	1.0x	5%	15%	17%	9%	27%	$977K
easyJet	1.5%	$9	+38%	$6.8B	0.4x	10%	-	11%	-5%	16%	$719K
Eva Airways	1.4%	$1	-2%	$6.7B	0.8x	3%	22%	25%	17%	37%	$601K
Air Arabia	1.4%	$1	+38%	$6.6B	2.7x	10%	18%	24%	4%	28%	$461K
Spring Airlines	1.4%	$7	-13%	$6.4B	2.2x	12%	12%	26%	11%	40%	$375K
Copa Airlines	1.3%	$136	+16%	$6.1B	1.6x	11%	31%	30%	8%	50%	$457K
Air Canada	1.3%	$21	+50%	$6B	0.5x	7%	-	14%	0%	25%	$450K
Alaska Air	1.1%	$46	-27%	$5.1B	0.6x	8%	-	10%	1%	16%	$396K
Thai Airways	1.1%	$0	-54%	$5B	0.8x	3%	20%	24%	4%	27%	$465K
SkyWest	0.9%	$108	-11%	$4.2B	1.3x	6%	-	23%	3%	31%	$229K
China Airlines	0.8%	$1	-11%	$3.8B	0.8x	5%	14%	20%	11%	34%	$552K
Air France-KLM	0.8%	$14	-10%	$3.7B	0.3x	5%	57%	15%	1%	21%	$488K
VietJet Air	0.8%	$5	+11%	$3.6B	1.5x	18%	8%	5%	-	29%	$470K
Juneyao Airlines	0.7%	$2	-11%	$3.4B	2.0x	13%	14%	-	-	-	$315K
El Al	0.7%	$5	+36%	$3.2B	-	-	-	-	-	-	$563K
Vietnam Airlines	0.6%	$1	-25%	$2.8B	0.5x	10%	9%	7%	3%	15%	$648K
Allegiant Travel	0.5%	$86	+37%	$2.3B	0.8x	25%	-	20%	-4%	59%	$390K
Flynas	0.5%	$14	-35%	$2.3B	1.3x	14%	19%	27%	11%	27%	-
Aeroméxico	0.5%	$16	-	$2.3B	0.9x	7%	-	27%	12%	36%	$338K
JetBlue Airways	0.5%	$6	+6%	$2.1B	0.9x	10%	-1%	7%	-2%	17%	$410K
STARLUX Airlines	0.4%	$1	-22%	$1.9B	-	-	-	-	-	-	$268K
Air New Zealand	0.3%	$0	+43%	$1.6B	0.7x	5%	-	12%	-11%	13%	$345K
Pegasus Airlines	0.3%	$3	-48%	$1.6B	1.3x	15%	-	22%	8%	33%	$420K
Frontier Airlines	0.3%	$7	+37%	$1.5B	1.1x	16%	-	3%	-1%	27%	$481K
Azul	0.3%	$4	+3212%	$1.5B	1.2x	6%	29%	30%	14%	31%	$271K
Virgin Australia	0.3%	$2	-14%	$1.5B	0.5x	5%	21%	20%	-1%	27%	$511K
Wizz Air	0.3%	$15	-20%	$1.5B	0.9x	16%	-	18%	4%	33%	$821K
Norwegian	0.3%	$1	-17%	$1.5B	0.4x	13%	34%	19%	10%	24%	$452K
Garuda Indonesia	0.3%	$0	-12%	$1.5B	-	-	-	-	-	-	$714K
Aegean Airlines	0.3%	$14	-15%	$1.3B	0.9x	-	-	21%	19%	33%	$562K
Jazeera Airways	0.3%	$6	+27%	$1.3B	2.0x	15%	14%	22%	3%	28%	$505K
Bangkok Airways	0.3%	$1	+40%	$1.2B	2.2x	0%	29%	24%	19%	25%	$311K
Finnair	0.2%	$6	+54%	$1.2B	0.1x	5%	-	15%	1%	27%	$648K
Republic Airways Holdings	0.2%	$20	-	$952M	-	-	-	-	-	-	$282K
Philippine Airlines	0.2%	$0	-48%	$928M	3.6x	47%	-	9%	8%	-73%	$558K
Volaris	0.2%	$1	+31%	$922M	1.0x	13%	29%	25%	16%	42%	$440K
Sun Country Airlines	0.2%	$16	+22%	$876M	-	-	-	-	-	-	-
Tigerair Taiwan	0.2%	$2	-38%	$784M	1.2x	5%	26%	-	35%	-	$630K
Pakistan International Airlines	0.1%	$0	+71%	$614M	-	-	-	-	-	-	$115K
Air Astana	0.1%	$6	+5%	$514M	0.6x	17%	-	22%	10%	40%	$215K
Chorus Aviation	0.1%	$22	+47%	$489M	0.7x	0%	8%	14%	10%	16%	$227K
Asia Aviation	0.1%	$0	-17%	$407M	1.1x	3%	13%	15%	6%	20%	$264K
Capital A	0.1%	$0	-55%	$400M	0.8x	5%	-	12%	7%	96%	$21K
Cebu Air	0.1%	$0	-24%	$287M	1.5x	8%	65%	20%	4%	22%	$319K
Croatia Airlines	0.1%	$3	-38%	$266M	-	-	-	-	-	-	$267K
Enter Air	0.1%	$14	+3%	$252M	0.8x	10%	-	21%	3%	42%	$2M
Icelandair	0.1%	$0	-26%	$248M	-	-	-	-	-	-	$484K
Jeju Air	0.1%	$3	-36%	$244M	0.7x	9%	13%	10%	-1%	35%	-
Kenya Airways	0.1%	$0	+42%	$235M	-	-	-	-	-	-	$294K
Jin Air	0.0%	$4	-39%	$193M	0.1x	8%	13%	9%	7%	19%	-
Spicejet	0.0%	$0	-71%	$186M	1.0x	1%	-	0%	-	-2%	$82K
Norse Atlantic Airways	0.0%	$0	-91%	$124M	1.3x	5%	100%	14%	10%	1%	$655K
Air Busan	0.0%	$1	-27%	$122M	1.0x	-	-	-	-	-	-
Alliance Aviation	0.0%	$1	-54%	$111M	0.9x	2%	-	23%	-	22%	$370K
Surf Air	0.0%	$1	-83%	$90M	1.0x	25%	18%	-15%	-	-2%	$152K
Air T	0.0%	$29	+35%	$79M	-	-	-	-	-	37%	$506K
flyExclusive	0.0%	$1	-84%	$66M	0.7x	14%	20%	2%	-3%	9%	-
KLM Airlines	0.0%	$0	-100%	$0K	-	-	-	-	-	-	-