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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

$780B

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.

+32.0%

Multiples Airlines Index

Data as of 18 July 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 July 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 July 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	$55B	$37B	$32B
EV/Revenue (NTM)	1.0x	0.8x	1.5x
EV/Gross Profit (NTM)	-	-	-
EV/EBITDA (NTM)	6.8x	5.9x	6.9x
EV/FCF (NTM)	18.0x	21.4x	17.4x
Revenue Growth	8%	9%	4%
Gross Margin (NTM)	-	-	-
EBITDA Margin (NTM)	15%	13%	23%
FCF Margin (NTM)	6%	4%	9%
Rule of 40	19%	26%	29%
Rule of X	26%	48%	37%

Data as of July 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	11.6%	$84	+58%	$55B	1.0x	8%	-	15%	6%	19%	$615K
United Airlines	7.8%	$115	+31%	$37B	0.8x	9%	-	13%	4%	26%	$522K
Ryanair	6.6%	$30	+2%	$32B	1.5x	4%	-	23%	9%	29%	$697K
IAG	5.6%	$6	+19%	$27B	0.8x	3%	-	22%	6%	26%	$527K
Southwest Airlines	4.9%	$48	+55%	$24B	0.8x	9%	7%	13%	3%	27%	$386K
IndiGo	4.4%	$54	-15%	$21B	2.2x	15%	62%	21%	15%	35%	$218K
Singapore Airlines	3.9%	$6	+11%	$19B	1.2x	5%	9%	20%	-1%	26%	$576K
GOL Airlines	3.6%	-	-	$17B	-	-	-	-	-	-	-
Air China	3.3%	$1	-19%	$16B	1.6x	8%	5%	18%	7%	28%	$242K
LATAM Airlines	3.3%	$0	+17%	$16B	1.2x	11%	23%	26%	18%	45%	$375K
Lufthansa	2.6%	$10	+20%	$13B	0.4x	5%	100%	11%	2%	17%	$474K
China Southern Airlines	2.5%	$1	-11%	$12B	1.4x	7%	5%	20%	9%	28%	$262K
Qantas Airways	2.3%	$7	-7%	$11B	0.8x	5%	19%	19%	-2%	26%	$639K
China Eastern Airlines	2.2%	$0	-5%	$11B	1.5x	9%	5%	20%	2%	31%	$243K
Cathay Pacific Airways	2.1%	$2	+12%	$10B	1.0x	5%	6%	19%	9%	31%	$497K
American Airlines	2.1%	$15	+30%	$9.9B	0.6x	9%	-	8%	3%	21%	$393K
Turkish Airlines	2.0%	$7	+7%	$9.6B	0.7x	12%	14%	14%	7%	24%	$380K
Hainan Airlines	1.8%	$0	-10%	$8.4B	1.8x	12%	9%	-	-	-	$290K
ANA Holdings	1.7%	$19	+5%	$8.1B	0.4x	5%	16%	13%	-2%	24%	$345K
Japan Airlines	1.6%	$18	-6%	$7.7B	0.5x	4%	19%	15%	0%	24%	$312K
Eva Airways	1.4%	$1	+8%	$6.9B	0.9x	4%	21%	25%	18%	36%	$606K
easyJet	1.4%	$9	+38%	$6.8B	0.4x	9%	-	11%	-5%	17%	$721K
Korean Air	1.4%	$18	+12%	$6.6B	1.0x	4%	13%	17%	9%	26%	$942K
Air Arabia	1.4%	$1	+40%	$6.6B	2.5x	10%	19%	25%	-	29%	$461K
Spring Airlines	1.4%	$7	-11%	$6.6B	2.2x	13%	12%	26%	0%	40%	$373K
Copa Airlines	1.2%	$139	+26%	$5.7B	1.5x	11%	30%	30%	8%	50%	$457K
Alaska Air	1.1%	$46	-14%	$5.1B	0.6x	8%	-	10%	2%	18%	$396K
Thai Airways	1.1%	$0	-	$5.1B	0.8x	1%	21%	24%	7%	27%	$498K
Air Canada	1.0%	$16	+14%	$4.6B	0.5x	6%	-	14%	1%	24%	$460K
China Airlines	0.8%	$1	+0%	$3.9B	0.8x	4%	14%	19%	9%	29%	$550K
Air France-KLM	0.8%	$15	+10%	$3.9B	0.3x	4%	58%	14%	1%	21%	$498K
SkyWest	0.8%	$97	-16%	$3.9B	1.3x	5%	-	23%	0%	31%	$229K
VietJet Air	0.8%	$5	+11%	$3.8B	1.5x	21%	8%	5%	-	30%	$467K
Juneyao Airlines	0.7%	$2	-14%	$3.3B	2.1x	9%	14%	22%	-	31%	$313K
Vietnam Airlines	0.6%	$1	-28%	$2.8B	0.5x	9%	11%	7%	3%	23%	$647K
Allegiant Travel	0.6%	$101	+95%	$2.7B	0.9x	26%	-	19%	-3%	60%	$390K
El Al	0.6%	$5	+3%	$2.7B	-	-	-	-	-	-	$563K
Flynas	0.5%	$14	-26%	$2.4B	1.3x	13%	18%	27%	13%	27%	-
Aeroméxico	0.5%	$15	-	$2.3B	0.9x	7%	-	27%	12%	36%	$338K
JetBlue Airways	0.4%	$5	+22%	$2B	0.9x	9%	-1%	6%	-3%	16%	$410K
STARLUX Airlines	0.4%	$1	-18%	$2B	-	-	-	-	-	-	$267K
Pegasus Airlines	0.4%	$4	-38%	$1.8B	1.3x	20%	-	23%	5%	34%	$427K
Azul	0.3%	$4	-	$1.6B	-	-	-	-	-	-	$277K
Wizz Air	0.3%	$15	-9%	$1.6B	1.0x	15%	-	18%	4%	33%	$819K
Air New Zealand	0.3%	$0	-29%	$1.6B	0.7x	5%	-	12%	-12%	13%	$346K
Virgin Australia	0.3%	$2	-12%	$1.5B	0.5x	5%	21%	20%	-1%	27%	$507K
Frontier Airlines	0.3%	$6	+42%	$1.4B	1.2x	17%	-	0%	-5%	21%	$481K
Norwegian	0.3%	$1	-25%	$1.4B	0.4x	11%	33%	19%	9%	23%	$451K
Jazeera Airways	0.3%	$6	+28%	$1.2B	2.2x	11%	9%	22%	3%	21%	$507K
Aegean Airlines	0.3%	$13	-8%	$1.2B	-	-	-	-	-	-	$559K
Bangkok Airways	0.2%	$1	+18%	$1.1B	2.1x	-1%	29%	25%	17%	24%	$334K
Finnair	0.2%	$6	+66%	$1.1B	0.4x	4%	-	15%	2%	26%	$666K
Philippine Airlines	0.2%	$0	-44%	$1B	5.2x	2%	-	10%	8%	-77%	$556K
Garuda Indonesia	0.2%	$0	+125%	$1B	-	-	-	-	-	-	$714K
Volaris	0.2%	$1	+26%	$903M	1.1x	13%	28%	24%	16%	39%	$440K
Sun Country Airlines	0.2%	$16	+40%	$876M	-	-	-	-	-	-	-
Republic Airways Holdings	0.2%	$17	-	$806M	-	-	-	-	-	-	$282K
Tigerair Taiwan	0.2%	$2	-34%	$800M	1.2x	6%	26%	-	35%	-	$637K
Pakistan International Airlines	0.1%	$0	+16%	$639M	-	-	-	-	-	-	$115K
Air Astana	0.1%	$5	+1%	$486M	0.6x	18%	-	21%	10%	41%	$215K
Capital A	0.1%	$0	-55%	$418M	0.8x	4%	-	12%	7%	96%	$39K
Croatia Airlines	0.1%	$5	-2%	$417M	-	-	-	-	-	-	$266K
Asia Aviation	0.1%	$0	-19%	$410M	1.1x	2%	12%	17%	7%	25%	$282K
Chorus Aviation	0.1%	$17	+9%	$398M	0.6x	-2%	7%	14%	9%	13%	$232K
Cebu Air	0.1%	$0	-21%	$288M	-	-	-	-	-	-	$318K
Kenya Airways	0.1%	$0	+14%	$252M	-	-	-	-	-	-	$294K
Enter Air	0.0%	$13	-13%	$230M	0.9x	9%	-	21%	2%	34%	$2M
Jeju Air	0.0%	$3	-38%	$229M	0.7x	10%	10%	10%	-4%	37%	-
Jin Air	0.0%	$3	-43%	$178M	0.1x	8%	14%	9%	5%	19%	-
Spicejet	0.0%	$0	-72%	$171M	1.0x	-1%	-	-1%	-	-3%	$81K
Norse Atlantic Airways	0.0%	$0	-96%	$122M	1.4x	2%	100%	14%	9%	-1%	$655K
Air Busan	0.0%	$1	-29%	$114M	-	-	-	-	-	-	-
Surf Air	0.0%	$1	-82%	$81M	1.1x	24%	16%	-15%	-21%	-2%	$152K
Alliance Aviation	0.0%	$0	-79%	$61M	-	-	-	-	-	-	$367K
flyExclusive	0.0%	$1	-52%	$60M	-	-	-	-	-	-	-
Air T	0.0%	-	-	$59M	-	-	-	-	-	37%	$506K
KLM Airlines	0.0%	$0	-100%	$0K	-	-	-	-	-	-	-