Multiples Airlines Index

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

Explore the Multiples Airlines Index

public companies
tracked

$730B

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.

+19.0%

Multiples Airlines Index

Data as of 18 May 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 May 18, 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 May 18, 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	$46B	$30B	$27B
EV/Revenue (NTM)	0.9x	0.7x	1.3x
EV/Gross Profit (NTM)	—	—	—
EV/EBITDA (NTM)	6.9x	5.6x	5.5x
EV/FCF (NTM)	22.2x	18.5x	11.9x
Revenue Growth	8%	10%	6%
Gross Margin (NTM)	—	—	—
EBITDA Margin (NTM)	14%	12%	24%
FCF Margin (NTM)	4%	4%	11%
Rule of 40	15%	24%	31%
Rule of X	18%	44%	42%

Data as of May 18, 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	10.8%	$70	+45%	$46B	0.9x	8%	—	14%	4%	15%	$615K
United Airlines	7.1%	$93	+17%	$30B	0.7x	10%	—	12%	4%	24%	$522K
Ryanair	6.2%	$26	-5%	$27B	1.3x	6%	—	24%	11%	31%	$625K
IAG	5.2%	$5	+15%	$22B	0.7x	3%	—	21%	6%	25%	$527K
Southwest Airlines	4.4%	$38	+15%	$19B	0.7x	11%	11%	11%	2%	26%	$386K
IndiGo	4.1%	$45	-22%	$17B	1.8x	16%	66%	21%	16%	36%	$230K
GOL Airlines	4.0%	$2	+2372%	$17B	—	—	—	—	—	—	—
Singapore Airlines	3.7%	$5	-10%	$16B	1.0x	5%	11%	20%	3%	26%	$576K
Air China	3.6%	$1	-16%	$15B	1.6x	10%	8%	17%	6%	27%	$241K
LATAM Airlines	3.2%	$0	+20%	$14B	1.1x	12%	22%	25%	22%	43%	$375K
China Southern Airlines	3.0%	$1	-9%	$13B	1.4x	8%	4%	18%	8%	26%	$262K
China Eastern Airlines	3.0%	$1	+7%	$13B	1.5x	11%	5%	19%	4%	31%	$242K
Lufthansa	2.5%	$9	+10%	$11B	0.3x	6%	45%	10%	2%	18%	$476K
Hainan Airlines	2.3%	$0	+13%	$10B	2.0x	13%	8%	—	—	—	$289K
Cathay Pacific Airways	2.2%	$2	+15%	$9B	1.0x	5%	8%	20%	8%	27%	$497K
Qantas Airways	2.2%	$6	-19%	$9B	0.7x	8%	18%	19%	-2%	26%	$652K
Turkish Airlines	2.1%	$7	+7%	$9B	0.7x	15%	—	14%	7%	25%	$380K
American Airlines	1.9%	$12	+8%	$8B	0.6x	10%	—	6%	3%	19%	$393K
ANA Holdings	1.8%	$17	-4%	$8B	0.4x	5%	20%	13%	-2%	20%	$304K
Japan Airlines	1.6%	$16	-13%	$7B	0.4x	5%	17%	15%	-2%	22%	$282K
Spring Airlines	1.5%	$7	-22%	$7B	2.3x	14%	12%	23%	-1%	38%	$373K
Korean Air	1.5%	$17	+15%	$6B	1.0x	3%	12%	15%	7%	20%	$942K
Air Arabia	1.4%	$1	+37%	$6B	2.3x	10%	24%	25%	7%	34%	$460K
Eva Airways	1.4%	$1	-14%	$6B	0.8x	3%	22%	25%	25%	28%	$612K
Copa Airlines	1.3%	$132	+22%	$5B	1.5x	13%	35%	29%	9%	46%	$457K
Thai Airways	1.2%	$0	—	$5B	0.9x	1%	22%	24%	7%	27%	$498K
Alaska Air	1.0%	$37	-27%	$4B	0.6x	9%	—	8%	1%	16%	$396K
Air Canada	0.9%	$14	-1%	$4B	0.4x	8%	—	13%	0%	23%	$460K
VietJet Air	0.9%	$7	+97%	$4B	1.6x	21%	—	7%	-3%	22%	$465K
Juneyao Airlines	0.8%	$2	-18%	$4B	2.2x	9%	14%	21%	—	29%	$313K
China Airlines	0.8%	$1	-16%	$4B	0.8x	3%	17%	21%	10%	24%	$562K
easyJet	0.8%	$5	-40%	$3B	0.2x	9%	—	11%	-5%	18%	$710K
SkyWest	0.8%	$81	-20%	$3B	1.2x	6%	—	23%	0%	30%	$229K
Air France-KLM	0.7%	$12	+4%	$3B	0.3x	5%	78%	14%	0%	20%	$498K
Vietnam Airlines	0.6%	$1	-31%	$3B	0.4x	—	—	10%	—	27%	$642K
El Al	0.6%	$4	+1%	$3B	—	—	—	—	—	—	$563K
Azul	0.6%	$6,481,337	—	$2B	—	—	—	—	—	—	—
Flynas	0.6%	$14	—	$2B	1.3x	12%	—	28%	12%	38%	—
Aeroméxico	0.5%	$15	—	$2B	0.9x	7%	—	26%	11%	35%	$338K
Allegiant Travel	0.5%	$75	+35%	$2B	1.0x	8%	—	17%	-10%	25%	$390K
Pegasus Airlines	0.5%	$4	-29%	$2B	1.4x	21%	—	23%	0%	35%	$442K
STARLUX Airlines	0.4%	$1	-21%	$2B	—	—	—	—	—	—	$273K
JetBlue Airways	0.4%	$5	-9%	$2B	0.9x	10%	-3%	3%	-6%	11%	$410K
Norwegian	0.4%	$2	+3%	$2B	0.5x	9%	31%	21%	14%	29%	$462K
Air New Zealand	0.4%	$0	-33%	$2B	0.7x	5%	—	11%	-12%	13%	$346K
Virgin Australia	0.3%	$2	—	$1B	0.4x	6%	20%	20%	-1%	26%	$517K
Wizz Air	0.3%	$13	-41%	$1B	0.9x	17%	—	19%	8%	35%	$765K
Philippine Airlines	0.3%	$0	-33%	$1B	5.9x	0%	—	10%	8%	-77%	$556K
Garuda Indonesia	0.3%	$0	+200%	$1B	—	—	—	—	—	—	$714K
Aegean Airlines	0.3%	$13	-13%	$1B	0.8x	7%	—	23%	—	42%	$623K
Jazeera Airways	0.3%	$5	+6%	$1B	1.9x	10%	14%	26%	9%	34%	$507K
Frontier Airlines	0.3%	$5	+18%	$1B	1.1x	19%	—	-1%	-8%	21%	$481K
AirAsia X	0.2%	$0	-32%	$984M	0.2x	119%	—	18%	13%	690%	$648K
Republic Airways Holdings	0.2%	$20	—	$947M	—	—	—	—	—	—	$282K
Bangkok Airways	0.2%	$0	0%	$890M	1.8x	-2%	29%	23%	21%	23%	$338K
Sun Country Airlines	0.2%	$16	+40%	$876M	0.9x	10%	—	17%	6%	28%	$343K
Finnair	0.2%	$4	+21%	$842M	0.4x	6%	—	15%	1%	24%	$666K
Volaris	0.2%	$1	+26%	$760M	1.0x	14%	28%	24%	15%	40%	$440K
Tigerair Taiwan	0.2%	$2	-45%	$756M	1.2x	5%	26%	26%	31%	34%	$641K
Pakistan International Airlines	0.1%	$0	+18%	$573M	—	—	—	—	—	—	$114K
Capital A	0.1%	$0	-51%	$478M	0.9x	3%	—	—	6%	—	$40K
Croatia Airlines	0.1%	$5	+39588%	$423M	—	—	—	—	—	—	$269K
Asia Aviation	0.1%	$0	-10%	$421M	1.0x	3%	11%	17%	7%	25%	$282K
Chorus Aviation	0.1%	$17	+15%	$397M	0.6x	-1%	7%	14%	10%	13%	$232K
Cebu Air	0.1%	$0	-17%	$296M	—	—	—	—	—	—	$318K
Kenya Airways	0.1%	$0	+37%	$275M	—	—	—	—	—	—	$294K
Jeju Air	0.1%	$3	-26%	$268M	0.7x	12%	13%	10%	-12%	36%	—
Enter Air	0.1%	$14	-13%	$249M	0.8x	11%	—	22%	2%	36%	$2M
Jin Air	0.0%	$4	-36%	$210M	0.1x	9%	12%	8%	—	20%	—
Spicejet	0.0%	$0	-73%	$199M	0.7x	35%	—	4%	-11%	32%	$104K
Air Busan	0.0%	$1	-12%	$153M	—	—	—	—	—	—	—
Surf Air	0.0%	$1	-49%	$118M	1.4x	23%	15%	-17%	-22%	-2%	$152K
flyExclusive	0.0%	$2	-28%	$105M	0.8x	11%	20%	2%	-3%	9%	—
Alliance Aviation	0.0%	$0	-77%	$68M	0.8x	1%	19%	25%	3%	22%	$375K
Air T	0.0%	$22	+20%	$59M	—	—	—	—	—	—	$452K
Norse Atlantic Airways	0.0%	$0	-78%	$30M	1.2x	-3%	—	20%	—	14%	$655K
KLM Airlines	0.0%	$0	+167%	$37K	—	—	—	—	—	—	—