Is the Airlines sector outperforming S&P 500?
Airlines has outperformed S&P 500 by 10.6% over 52 weeks and 12.8% over 13 weeks. 9 of 14 covered companies beat the S&P 500 on Mansfield relative strength, while 9 of 14 beat the sector itself.
20-quarter listed-company comparison
Airlines Stocks
Airlines: LATAM Airlines Group S.A. owns the largest revenue base AND the fastest current growth.
The industry itself · before any single company
How has Airlines moved against S&P 500?
The line below covers 5.2 years. Over the most recent two of them this industry is 46% ahead of S&P 500. Earnings across its companies grew 18% on average over the last four reported quarters. It has been ahead of S&P 500 on a rolling three-month view for 8 weeks running.
FADING · −1 in 4w~Price and the fundamentals both up11 of 15 companies ahead of S&P 500 by 5% or more over three months1 is 20% or more behind over a year while earnings grew 20% or more
RS ↑8w · 10/15 >200d (−4) · 11/15 lead (−1) · EPS 8/14↑
Airlines, equal-weighted, based at 200
S&P 500, same base, same start
trailing 12-month earnings per share rising
falling
Strength anatomy
MixedHow much of the industry is participating, how recently, and whether the movers score well.
Together11 of 15 stocks moving
Fresh2 crossed in the last 4 weeks
Backed by scoresmovers score +3 vs the industry average
Down the cap ladder — bar is now, tick is four weeks ago
Large
2/30
Mid
6/6+2
Small
3/6−3
Participation is not spreading downward this month; the larger companies are still carrying most of it.
Both lines start at 200 in the same week, so the distance between them is the whole story: the industry line is an equal-weighted index of its 15 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the industry taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.
Sector relative strength · before individual stocks
Is Airlines outperforming S&P 500?
Airlines has outperformed S&P 500 by 10.6% over the last 52 weeks. Over 13 weeks the gap is a lead of 12.8%. 9 of 14 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is broad. Delta Air Lines, Inc. is the strongest against the sector itself at +21.7%.
+12.8%Sector vs S&P 500 · 13 weeks
+10.6%Sector vs S&P 500 · 52 weeks
9/14Stocks leading S&P 500
9/14Stocks leading sector
Sector metric: — as of latest available · unclassified · direction unavailable.
The central tension: current leadership is concentrated, so durability matters more than rank.
Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.
Bottom line
Airlines has outperformed S&P 500 by 10.6% over 52 weeks and 12.8% over 13 weeks. 9 of 14 covered companies beat the S&P 500 on Mansfield relative strength, while 9 of 14 beat the sector itself. LATAM Airlines Group S.A. leads with revenue of $15,072 million, based on 6 of 16 comparable companies through Mar 2026.
Which Airlines company is largest by revenue?
LATAM Airlines Group S.A. leads with revenue of $15,072 million, based on 6 of 16 comparable companies through Mar 2026.
Which Airlines company is growing fastest?
LATAM Airlines Group S.A. has the fastest current revenue growth at 16.7%, across 6 of 16 comparable companies.
Which Airlines company has the strongest 4-Factor Sector Score?
LATAM Airlines Group S.A. ranks first at 64.3/100 with 82% evidence confidence. The score prioritizes research; it is not a buy recommendation.
Which Airlines company reports the most CAPEX?
Controladora Vuela Compañía de Aviación, S.A.B. de C.V. reports the largest latest CAPEX at $60,632,000 million, with 16 of 16 companies comparable.
Which Airlines company has the least gross debt?
Ryanair Holdings plc has the lowest comparable gross debt at $182 million. American Airlines Group Inc. has the highest at $35,729 million.
Which Airlines company has the lowest comparable PEG?
LATAM Airlines Group S.A. has the lowest comparable Guarded PEG at 0.2, among 2 of 16 companies that pass the metric’s comparability rules.
How much history does this Airlines comparison include?
The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.
How is the 4-Factor Sector Score calculated?
The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.
Companies
16
complete canonical membership
Combined market value
$207.8B
Delta Air Lines, Inc.
Revenue growing
4/6
positive TTM year-on-year growth
Beating S&P 500
9/14
positive Mansfield relative strength
Global company selection
00 · research priority, made explicit
4-Factor Sector Score
An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.
Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%
LATAM Airlines Group S.A. has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 82% evidence confidence.
SkyWest, Inc. has stronger price confirmation than earnings confirmation; that is a research prompt, not permission to chase.
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is guarded: positive earnings, positive 5–60% three-year EPS growth, and a positive P/E are required.
1. LATAM Airlines Group S.A. · LTM
64.3/100 · Mixed-positive evidence · 82% evidence
Exact sum: 29.5 + 13.8 + 16.3 + 4.7 = 64.3
Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -2% and the one-year return is 25.2%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
29.5/35Growth & earnings
Revenue 16.7% · PAT 51.5% · OPM change 3.2 pp
83% evidence
13.8/25Capital efficiency
ROCE 8% · debt/equity 3.91×
80% evidence
16.3/20Valuation
P/E 8.5× · PEG 0.2
65% evidence
4.7/20Relative strength
RS sector -2% · RS bench -2.6% · 1Y 25.2%
100% evidence
2. Copa Holdings, S.A. · CPA
64.3/100 · Mixed-positive evidence · 82% evidence
Exact sum: 20.5 + 17.3 + 16.5 + 10 = 64.3
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
20.5/35Growth & earnings
Revenue 9.2% · PAT 16.1% · OPM change 0.8 pp
83% evidence
17.3/25Capital efficiency
ROCE 5.3% · debt/equity 0.84×
80% evidence
16.5/20Valuation
P/E 6.6× · PEG 0.39
65% evidence
10.0/20Relative strength
RS sector 2.3% · RS bench 2.1% · 1Y 28.5%
100% evidence
3. SkyWest, Inc. · SKYW
58.3/100 · Thin evidence · provisional · 59% evidence
Exact sum: 16.6 + 15.4 + 10.9 + 15.4 = 58.3
Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
16.6/35Growth & earnings
Revenue — · PAT — · OPM change -2.5 pp
45% evidence
15.4/25Capital efficiency
ROCE 2.8% · debt/equity 0.83×
80% evidence
10.9/20Valuation
P/E 9.9× · PEG —
15% evidence
15.4/20Relative strength
RS sector 6.7% · RS bench 6.5% · 1Y 4.3%
100% evidence
4. Delta Air Lines, Inc. · DAL
57.5/100 · Thin evidence · provisional · 59% evidence
Exact sum: 16.8 + 13.2 + 10 + 17.5 = 57.5
Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
16.8/35Growth & earnings
Revenue — · PAT — · OPM change -0.9 pp
45% evidence
13.2/25Capital efficiency
ROCE 3.6% · debt/equity 0.97×
80% evidence
10.0/20Valuation
P/E 15.5× · PEG —
15% evidence
17.5/20Relative strength
RS sector 21.7% · RS bench 21.4% · 1Y 74.7%
100% evidence
5. United Airlines Holdings, Inc. · UAL
56.9/100 · Thin evidence · provisional · 59% evidence
Exact sum: 19.6 + 10.6 + 10.6 + 16.1 = 56.9
Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
19.6/35Growth & earnings
Revenue — · PAT — · OPM change 2.2 pp
45% evidence
10.6/25Capital efficiency
ROCE 2.1% · debt/equity 2.02×
80% evidence
10.6/20Valuation
P/E 12.7× · PEG —
15% evidence
16.1/20Relative strength
RS sector 10.5% · RS bench 10% · 1Y 46.4%
100% evidence
6. Allegiant Travel Company · ALGT
55.7/100 · Mixed-positive evidence · 65% evidence
Exact sum: 18.9 + 10.7 + 9.6 + 16.5 = 55.7
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
18.9/35Growth & earnings
Revenue 3.3% · PAT — · OPM change 1.8 pp
62% evidence
10.7/25Capital efficiency
ROCE 2.5% · debt/equity 1.69×
80% evidence
9.6/20Valuation
P/E 23.8× · PEG —
15% evidence
16.5/20Relative strength
RS sector 16.6% · RS bench 15.6% · 1Y 111.1%
100% evidence
7. Southwest Airlines Co. · LUV
54.6/100 · Thin evidence · provisional · 59% evidence
Exact sum: 21.9 + 10.5 + 9.4 + 12.8 = 54.6
Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
21.9/35Growth & earnings
Revenue — · PAT — · OPM change 8.1 pp
45% evidence
10.5/25Capital efficiency
ROCE 1.6% · debt/equity 0.97×
80% evidence
9.4/20Valuation
P/E 31.5× · PEG —
15% evidence
12.8/20Relative strength
RS sector 9% · RS bench 8.4% · 1Y 55.4%
100% evidence
8. American Airlines Group Inc. · AAL
48.9/100 · Thin evidence · provisional · 53% evidence
Exact sum: 17.2 + 8.9 + 9.1 + 13.7 = 48.9
Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
17.2/35Growth & earnings
Revenue — · PAT — · OPM change 1.9 pp
45% evidence
8.9/25Capital efficiency
ROCE 1.2% · debt/equity —
57% evidence
9.1/20Valuation
P/E 34.6× · PEG —
15% evidence
13.7/20Relative strength
RS sector 6.3% · RS bench 5.7% · 1Y 39.3%
100% evidence
9. Ryanair Holdings plc · RYAAY
42.1/100 · Thin evidence · provisional · 59% evidence
Exact sum: 15.5 + 14.7 + 9.8 + 2.1 = 42.1
Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
15.5/35Growth & earnings
Revenue — · PAT — · OPM change 1.2 pp
45% evidence
14.7/25Capital efficiency
ROCE 6.2% · debt/equity 0.02×
80% evidence
9.8/20Valuation
P/E 15.9× · PEG —
15% evidence
2.1/20Relative strength
RS sector -11.6% · RS bench -11.8% · 1Y -3.7%
100% evidence
10. Frontier Group Holdings, Inc. · ULCC
41.4/100 · Mixed-negative evidence · 65% evidence
Exact sum: 8.4 + 3.5 + 10.2 + 19.3 = 41.4
Decision use: Price leads the evidence: RS versus the benchmark is 18.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
8.4/35Growth & earnings
Revenue -0.5% · PAT -638.2% · OPM change -23.5 pp
62% evidence
3.5/25Capital efficiency
ROCE -6.1% · debt/equity 23.64×
80% evidence
10.2/20Valuation
P/E 15× · PEG —
15% evidence
19.3/20Relative strength
RS sector 19.4% · RS bench 18.4% · 1Y 56.9%
100% evidence
11. JetBlue Airways Corporation · JBLU
41.1/100 · Mixed-negative evidence · 65% evidence
Exact sum: 11.8 + 4.7 + 8.5 + 16.1 = 41.1
Decision use: Price leads the evidence: RS versus the benchmark is 11.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
11.8/35Growth & earnings
Revenue -0.5% · PAT — · OPM change -1.9 pp
62% evidence
4.7/25Capital efficiency
ROCE -1.8% · debt/equity 5.16×
80% evidence
8.5/20Valuation
P/E 110.8× · PEG —
15% evidence
16.1/20Relative strength
RS sector 11.9% · RS bench 11.4% · 1Y 40.5%
100% evidence
12. flyExclusive, Inc. · FLYX
39.9/100 · Thin evidence · provisional · 56% evidence
Exact sum: 22.5 + 4.4 + 10 + 3 = 39.9
Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
22.5/35Growth & earnings
Revenue 14.3% · PAT — · OPM change 6.7 pp
62% evidence
4.4/25Capital efficiency
ROCE -5% · debt/equity 4.41×
80% evidence
10.0/20Valuation
P/E — · PEG —
0% evidence
3.0/20Relative strength
RS sector -62.3% · RS bench -62.5% · 1Y -48.1%
70% evidence
13. Alaska Air Group, Inc. · ALK
35.4/100 · Thin evidence · provisional · 59% evidence
Exact sum: 12.6 + 7.4 + 8.7 + 6.7 = 35.4
Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
12.6/35Growth & earnings
Revenue — · PAT — · OPM change -2.2 pp
45% evidence
7.4/25Capital efficiency
ROCE -1.2% · debt/equity 2.08×
80% evidence
8.7/20Valuation
P/E 69.4× · PEG —
15% evidence
6.7/20Relative strength
RS sector -5.3% · RS bench -5.9% · 1Y -5.4%
100% evidence
14. Controladora Vuela Compañía de Aviación, S.A.B. de C.V. · VLRS
34.2/100 · Thin evidence · provisional · 53% evidence
Exact sum: 13.9 + 3.8 + 10.4 + 6.1 = 34.2
Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
13.9/35Growth & earnings
Revenue — · PAT — · OPM change -1.2 pp
45% evidence
3.8/25Capital efficiency
ROCE -7.1% · debt/equity 56.75×
80% evidence
10.4/20Valuation
P/E 14.5× · PEG —
15% evidence
6.1/20Relative strength
RS sector -2.8% · RS bench -3.5% · 1Y 38.5%
70% evidence
15. Republic Airways Holdings Inc. · RJET
45.0/100 · Thin evidence · provisional · 37% evidence
Exact sum: 11.1 + 12.8 + 11.1 + 10 = 45
Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
11.1/35Growth & earnings
Revenue — · PAT — · OPM change -3.1 pp
39% evidence
12.8/25Capital efficiency
ROCE 3.9% · debt/equity 0.92×
80% evidence
11.1/20Valuation
P/E 9.8× · PEG —
15% evidence
10.0/20Relative strength
RS sector — · RS bench — · 1Y —
0% evidence
16. Grupo Aeroméxico, S.A.B. de C.V. · AERO
42.8/100 · Thin evidence · provisional · 33% evidence
Exact sum: 12.7 + 11.2 + 8.9 + 10 = 42.8
Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
12.7/35Growth & earnings
Revenue — · PAT — · OPM change -1.4 pp
45% evidence
11.2/25Capital efficiency
ROCE 1.8% · debt/equity —
57% evidence
8.9/20Valuation
P/E 46.7× · PEG —
15% evidence
10.0/20Relative strength
RS sector — · RS bench — · 1Y —
0% evidence
01 · compare level, then change
Revenue Scale & Growth Durability
LATAM Airlines Group S.A. has the highest Revenue among the 16 Airlines companies compared here, at $15,072 million. JetBlue Airways Corporation is next at $9,162 million. The same company also holds the highest Revenue growth, at 16.7%. 6 of 16 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: LATAM Airlines Group S.A. is the scale leader at $15,072 million, 64.5% ahead of JetBlue Airways Corporation. LATAM Airlines Group S.A.'s growth is 16.7% from a $15,072 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.
LeaderLATAM Airlines Group S.A. · $15,072 million
Gap64.5% versus #2 · JetBlue Airways Corporation
Persistence8/8 recent comparable periods
Coverage6/16 companies · 290 observations
Investor read: LATAM Airlines Group S.A. is the scale benchmark; LATAM Airlines Group S.A. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.
This conclusion weakens if: LATAM Airlines Group S.A.'s growth falls below LATAM Airlines Group S.A.'s for two consecutive comparable reports while operating margin also compresses.
Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.
Revenuelargest
1LATAM Airlines Group S.A. LTM$15.1B
2JetBlue Airways Corporation JBLU$9.2B
3Frontier Group Holdings, Inc. ULCC$3.8B
4Copa Holdings, S.A. CPA$3.8B
5Allegiant Travel Company ALGT$2.6B
Revenue growthfastest growers
1LATAM Airlines Group S.A. LTM17%
2flyExclusive, Inc. FLYX14%
3Copa Holdings, S.A. CPA9.2%
4Allegiant Travel Company ALGT3.3%
5Frontier Group Holdings, Inc. ULCC-0.5%
Revenue · company comparison
6/16 level · 6/16 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | Revenue | Revenue growth | Reported |
|---|---|---|---|
| Delta Air Lines, Inc. DAL | $15.9B | 13% | Jun 2026 |
| United Airlines Holdings, Inc. UAL | $14.6B | 11% | Jun 2026 |
| American Airlines Group Inc. AAL | $13.9B | 11% | Jun 2026 |
| Southwest Airlines Co. LUV | $7.2B | 13% | Jun 2026 |
| LATAM Airlines Group S.A. LTM | $4.1B | 22% | Mar 2026 |
| Alaska Air Group, Inc. ALK | $3.3B | 5.2% | Jun 2026 |
| Ryanair Holdings plc RYAAY | $2.5B | 9.4% | Jun 2026 |
| JetBlue Airways Corporation JBLU | $2.2B | 4.7% | Mar 2026 |
| Grupo Aeroméxico, S.A.B. de C.V. AERO | $1.3B | 13% | Jun 2026 |
| Copa Holdings, S.A. CPA | $1.1B | 17% | Mar 2026 |
| SkyWest, Inc. SKYW | $1.0B | 6.9% | Jun 2026 |
| Frontier Group Holdings, Inc. ULCC | $992M | 8.8% | Mar 2026 |
| Controladora Vuela Compañía de Aviación, S.A.B. de C.V. VLRS | $770M | 14% | Jun 2026 |
| Allegiant Travel Company ALGT | $732M | 4.7% | Mar 2026 |
| Republic Airways Holdings Inc. RJET | $527M | 33% | Mar 2026 |
| flyExclusive, Inc. FLYX | $96M | 9.1% | Mar 2026 |
Full 20-quarter history · every available company
Revenue · reported quarter history
Showing the 12 largest of 16 companies with a series here. The remaining 4 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alaska Air Group, Inc. · ALK
$2.0B
$1.9B
$1.7B
$2.7B
$2.8B
$2.5B
$2.2B
$2.8B
$2.8B
$2.6B
$2.2B
$2.9B
$3.1B
$3.5B
$3.1B
$3.7B
$3.8B
$3.6B
$3.3B
—
Allegiant Travel Company · ALGT
$459M
$497M
$500M
$630M
$560M
$612M
$650M
$684M
$565M
$611M
$656M
$666M
$562M
$628M
$699M
$689M
$562M
$656M
$732M
—
American Airlines Group Inc. · AAL
$9.0B
$9.4B
$8.9B
$13.4B
$13.5B
$13.2B
$12.2B
$14.1B
$13.5B
$13.1B
$12.6B
$14.3B
$13.6B
$13.7B
$12.6B
$14.4B
$13.7B
$14.0B
$13.9B
—
Copa Holdings, S.A. · CPA
$445M
$575M
$572M
$693M
$809M
$891M
$867M
$809M
$868M
$913M
$893M
$819M
$855M
$879M
$899M
$843M
$913M
$963M
$1.1B
—
Delta Air Lines, Inc. · DAL
$9.2B
$9.5B
$9.3B
$13.8B
$14.0B
$13.4B
$12.8B
$15.6B
$15.5B
$14.2B
$13.7B
$16.7B
$15.7B
$15.6B
$14.0B
$16.6B
$16.7B
$16.0B
$15.9B
—
Grupo Aeroméxico, S.A.B. de C.V. · AERO
$641M
$779M
$629M
$957M
$1.1B
$1.2B
$1.0B
$1.2B
$1.4B
$1.4B
$1.3B
$1.4B
$1.5B
$1.4B
$1.2B
$1.3B
$1.4B
$1.4B
$1.3B
—
JetBlue Airways Corporation · JBLU
$2.0B
$1.8B
$1.7B
$2.4B
$2.6B
$2.4B
$2.3B
$2.6B
$2.4B
$2.3B
$2.2B
$2.4B
$2.4B
$2.3B
$2.1B
$2.4B
$2.3B
$2.2B
$2.2B
—
LATAM Airlines Group S.A. · LTM
$1.3B
$2.0B
$1.9B
$2.2B
$2.6B
$2.7B
$2.8B
$2.6B
$3.1B
$3.3B
$3.3B
$3.0B
$3.2B
$3.3B
$3.3B
$3.2B
$3.8B
$3.9B
$4.1B
—
Ryanair Holdings plc · RYAAY
$1.8B
$1.5B
$1.2B
$3.3B
$3.3B
$2.3B
$1.8B
$4.3B
$4.3B
$2.7B
$2.2B
$3.6B
$5.1B
$3.0B
$2.3B
$4.3B
$5.5B
$3.2B
$2.5B
—
SkyWest, Inc. · SKYW
$745M
$777M
$735M
$799M
$789M
$681M
$692M
$726M
$766M
$752M
$804M
$867M
$913M
$944M
$948M
$1.0B
$1.1B
$1.0B
$1.0B
—
Southwest Airlines Co. · LUV
$4.7B
$5.1B
$4.7B
$6.7B
$6.2B
$6.2B
$5.7B
$7.0B
$6.5B
$6.8B
$6.3B
$7.4B
$6.9B
$6.9B
$6.4B
$7.2B
$6.9B
$7.4B
$7.2B
—
United Airlines Holdings, Inc. · UAL
$7.8B
$8.2B
$7.6B
$12.1B
$12.9B
$12.4B
$11.4B
$14.2B
$14.5B
$13.6B
$12.5B
$15.0B
$14.8B
$14.7B
$13.2B
$15.2B
$15.2B
$15.4B
$14.6B
—
Revenue growth · reported quarter history
Showing the 12 largest of 16 companies with a series here. The remaining 4 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alaska Air Group, Inc. · ALK
—
—
—
74%
45%
31%
31%
6.8%
0.4%
3.0%
1.6%
2.1%
8.2%
38%
41%
28%
23%
2.8%
5.2%
—
Allegiant Travel Company · ALGT
—
—
—
33%
22%
23%
30%
8.6%
0.9%
-0.2%
0.9%
-2.6%
-0.5%
2.8%
6.6%
3.5%
0.0%
4.5%
4.7%
—
American Airlines Group Inc. · AAL
—
—
—
79%
50%
40%
37%
4.7%
0.2%
-1.0%
3.1%
2.0%
1.2%
4.6%
-0.2%
0.4%
0.3%
2.5%
11%
—
Copa Holdings, S.A. · CPA
—
—
—
128%
82%
55%
52%
17%
7.3%
2.5%
3.0%
1.2%
-1.5%
-3.7%
0.7%
2.9%
6.8%
9.6%
17%
—
Delta Air Lines, Inc. · DAL
—
—
—
94%
53%
42%
36%
13%
11%
5.9%
7.8%
6.9%
1.2%
9.4%
2.1%
-0.1%
6.4%
2.9%
13%
—
Grupo Aeroméxico, S.A.B. de C.V. · AERO
—
—
—
91%
65%
50%
63%
20%
29%
18%
27%
21%
9.3%
4.2%
-9.1%
-5.6%
-4.4%
0.1%
13%
—
JetBlue Airways Corporation · JBLU
—
—
—
63%
30%
32%
34%
6.8%
-8.2%
-3.7%
-5.1%
-7.0%
0.5%
-2.1%
-3.1%
-3.0%
-1.8%
-1.5%
4.7%
—
LATAM Airlines Group S.A. · LTM
—
—
—
163%
100%
37%
45%
21%
19%
18%
18%
13%
6.2%
2.7%
2.5%
8.7%
17%
18%
22%
—
Ryanair Holdings plc · RYAAY
—
—
—
792%
85%
57%
57%
30%
30%
17%
17%
-15%
18%
9.6%
5.9%
20%
8.2%
8.6%
9.4%
—
SkyWest, Inc. · SKYW
—
—
—
22%
5.9%
-12%
-5.9%
-9.1%
-2.9%
10%
16%
19%
19%
26%
18%
19%
15%
8.5%
6.9%
—
Southwest Airlines Co. · LUV
—
—
—
68%
33%
22%
22%
4.6%
4.9%
11%
11%
4.5%
5.3%
1.6%
1.6%
-1.5%
1.2%
7.4%
13%
—
United Airlines Holdings, Inc. · UAL
—
—
—
121%
66%
51%
51%
17%
12%
9.9%
9.7%
5.7%
2.5%
7.9%
5.4%
1.7%
2.6%
4.8%
11%
—
02 · compare level, then change
Operating Economics & Margin Trend
Copa Holdings, S.A. has the highest OPM among the 16 Airlines companies compared here, at 24.6%. LATAM Airlines Group S.A. is next at 19.9%. Southwest Airlines Co. has the highest Margin change at +8.1 percentage points, so level and change sit with different companies. 16 of 16 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: Copa Holdings, S.A. leads opm at 24.6%; Southwest Airlines Co. leads margin change at +8.1 percentage points.
LeaderCopa Holdings, S.A. · 24.6%
Gap23.6% versus #2 · LATAM Airlines Group S.A.
Persistence3/8 recent comparable periods
Coverage16/16 companies · 290 observations
Investor read: Copa Holdings, S.A. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.
This conclusion weakens if: The next two comparable reports reverse the current margin change signal.
Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.
OPMhighest
1Copa Holdings, S.A. CPA25%
2LATAM Airlines Group S.A. LTM20%
3SkyWest, Inc. SKYW12%
4Allegiant Travel Company ALGT11%
5Grupo Aeroméxico, S.A.B. de C.V. AERO11%
Margin changefastest expanders
1Southwest Airlines Co. LUV+8.1 pp
2flyExclusive, Inc. FLYX+6.7 pp
3LATAM Airlines Group S.A. LTM+3.2 pp
4United Airlines Holdings, Inc. UAL+2.2 pp
5American Airlines Group Inc. AAL+1.9 pp
Operating margin · company comparison
16/16 level · 16/16 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | OPM | Margin change | Reported |
|---|---|---|---|
| Copa Holdings, S.A. CPA | 25% | +0.8 pp | Mar 2026 |
| LATAM Airlines Group S.A. LTM | 20% | +3.2 pp | Mar 2026 |
| SkyWest, Inc. SKYW | 12% | −2.5 pp | Jun 2026 |
| Allegiant Travel Company ALGT | 11% | +1.8 pp | Mar 2026 |
| Grupo Aeroméxico, S.A.B. de C.V. AERO | 11% | −1.4 pp | Jun 2026 |
| Republic Airways Holdings Inc. RJET | 10% | −3.1 pp | Mar 2026 |
| United Airlines Holdings, Inc. UAL | 6.8% | +2.2 pp | Jun 2026 |
| Southwest Airlines Co. LUV | 4.6% | +8.1 pp | Jun 2026 |
| Delta Air Lines, Inc. DAL | 3.2% | −0.9 pp | Jun 2026 |
| American Airlines Group Inc. AAL | -0.3% | +1.9 pp | Jun 2026 |
| Controladora Vuela Compañía de Aviación, S.A.B. de C.V. VLRS | -2.7% | −1.2 pp | Jun 2026 |
| Alaska Air Group, Inc. ALK | -8.5% | −2.2 pp | Jun 2026 |
| JetBlue Airways Corporation JBLU | -10% | −1.9 pp | Mar 2026 |
| flyExclusive, Inc. FLYX | -10% | +6.7 pp | Mar 2026 |
| Ryanair Holdings plc RYAAY | -20% | +1.2 pp | Jun 2026 |
| Frontier Group Holdings, Inc. ULCC | -29% | −23.5 pp | Mar 2026 |
Full 20-quarter history · every available company
OPM · reported quarter history
Showing the 12 largest of 16 companies with a series here. The remaining 4 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alaska Air Group, Inc. · ALK
13%
2.1%
-12%
7.0%
2.2%
0.9%
-8.5%
12%
7.4%
1.3%
-7.4%
11%
11%
2.1%
-6.3%
7.5%
3.9%
2.1%
-8.5%
—
Allegiant Travel Company · ALGT
14%
6.7%
1.4%
4.1%
-5.5%
15%
15%
20%
-3.2%
1.7%
2.4%
5.2%
-4.7%
-42%
9.3%
-9.8%
-4.8%
10%
11%
—
American Airlines Group Inc. · AAL
6.6%
-8.3%
-19%
7.6%
6.9%
11%
3.6%
15%
-1.7%
5.0%
0.1%
9.7%
0.7%
8.3%
-2.2%
7.9%
1.1%
3.2%
-0.3%
—
Copa Holdings, S.A. · CPA
13%
28%
7.8%
6.1%
18%
25%
22%
24%
24%
24%
24%
20%
20%
23%
24%
22%
23%
22%
25%
—
Delta Air Lines, Inc. · DAL
24%
2.8%
-8.4%
11%
10%
11%
-2.2%
16%
13%
9.3%
4.5%
14%
8.9%
11%
4.1%
13%
10%
9.2%
3.2%
—
Grupo Aeroméxico, S.A.B. de C.V. · AERO
2.5%
-55%
-9.4%
5.4%
9.3%
36%
6.7%
17%
19%
15%
16%
20%
22%
18%
12%
18%
18%
21%
11%
—
JetBlue Airways Corporation · JBLU
9.4%
-6.5%
-21%
-4.6%
5.4%
1.8%
-10%
9.0%
-6.6%
-2.9%
-33%
2.3%
-1.6%
0.7%
-8.1%
0.3%
-4.3%
-4.5%
-10%
—
LATAM Airlines Group S.A. · LTM
-52%
8.5%
-9.6%
-17%
-4.8%
8.0%
8.8%
8.6%
13%
9.3%
12%
8.7%
13%
14%
17%
13%
18%
33%
20%
—
Ryanair Holdings plc · RYAAY
14%
-7.9%
-15%
48%
48%
1.2%
-12%
28%
28%
-0.7%
-16%
10%
33%
1.1%
-21%
21%
36%
0.6%
-20%
—
SkyWest, Inc. · SKYW
6.3%
4.2%
7.1%
11%
9.6%
-5.1%
-0.7%
4.4%
6.4%
3.7%
12%
14%
14%
15%
15%
16%
17%
13%
12%
—
Southwest Airlines Co. · LUV
16%
3.9%
-3.2%
17%
6.4%
-6.2%
-5.0%
11%
1.8%
-5.9%
-6.2%
5.4%
0.6%
4.0%
-3.5%
3.1%
0.5%
5.3%
4.6%
—
United Airlines Holdings, Inc. · UAL
13%
-5.0%
-18%
7.2%
11%
11%
-0.4%
11%
12%
7.3%
0.8%
13%
11%
10%
4.6%
8.7%
9.2%
9.0%
6.8%
—
Margin change · reported quarter history
Showing the 12 largest of 16 companies with a series here. The remaining 4 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alaska Air Group, Inc. · ALK
—
—
—
−29.0 pp
−11.0 pp
−1.2 pp
+3.5 pp
+4.9 pp
+5.2 pp
+0.4 pp
+1.1 pp
−0.8 pp
+3.7 pp
+0.8 pp
+1.1 pp
−3.6 pp
−7.2 pp
0.0 pp
−2.2 pp
—
Allegiant Travel Company · ALGT
—
—
—
−25.3 pp
−19.9 pp
+7.9 pp
+13.2 pp
+15.4 pp
+2.3 pp
−12.9 pp
−12.2 pp
−14.3 pp
−1.5 pp
−43.8 pp
+6.9 pp
−15.0 pp
−0.1 pp
+52.3 pp
+1.8 pp
—
American Airlines Group Inc. · AAL
—
—
—
+1.7 pp
+0.3 pp
+18.8 pp
+23.0 pp
+7.8 pp
−8.6 pp
−5.5 pp
−3.5 pp
−5.7 pp
+2.4 pp
+3.3 pp
−2.3 pp
−1.8 pp
+0.4 pp
−5.1 pp
+1.9 pp
—
Copa Holdings, S.A. · CPA
—
—
—
+3.2 pp
+4.5 pp
−3.4 pp
+14.5 pp
+18.0 pp
+5.8 pp
−1.2 pp
+1.9 pp
−4.6 pp
−3.3 pp
−0.3 pp
−0.4 pp
+2.2 pp
+2.9 pp
−1.4 pp
+0.8 pp
—
Delta Air Lines, Inc. · DAL
—
—
—
−0.5 pp
−13.7 pp
+8.1 pp
+6.2 pp
+5.0 pp
+2.4 pp
−1.6 pp
+6.7 pp
−2.4 pp
−3.9 pp
+1.7 pp
−0.4 pp
−1.0 pp
+1.2 pp
−1.8 pp
−0.9 pp
—
Grupo Aeroméxico, S.A.B. de C.V. · AERO
—
—
—
+17.5 pp
+6.8 pp
+90.6 pp
+16.1 pp
+11.1 pp
+9.2 pp
−21.2 pp
+8.8 pp
+3.3 pp
+3.8 pp
+3.1 pp
−3.5 pp
−2.3 pp
−4.6 pp
+3.2 pp
−1.4 pp
—
JetBlue Airways Corporation · JBLU
—
—
—
−14.4 pp
−4.0 pp
+8.3 pp
+10.7 pp
+13.6 pp
−12.0 pp
−4.7 pp
−22.1 pp
−6.7 pp
+5.0 pp
+3.6 pp
+24.4 pp
−2.0 pp
−2.7 pp
−5.2 pp
−1.9 pp
—
LATAM Airlines Group S.A. · LTM
—
—
—
+104.6 pp
+46.7 pp
−0.5 pp
+18.4 pp
+25.1 pp
+18.2 pp
+1.3 pp
+3.3 pp
+0.1 pp
0.0 pp
+4.2 pp
+4.6 pp
+4.6 pp
+4.7 pp
+19.7 pp
+3.2 pp
—
Ryanair Holdings plc · RYAAY
—
—
—
+129.9 pp
+33.5 pp
+9.1 pp
+2.6 pp
−19.5 pp
−19.5 pp
−1.9 pp
−3.4 pp
−18.1 pp
+4.3 pp
+1.8 pp
−5.8 pp
+11.0 pp
+3.0 pp
−0.5 pp
+1.2 pp
—
SkyWest, Inc. · SKYW
—
—
—
−6.4 pp
+3.3 pp
−9.3 pp
−7.8 pp
−6.7 pp
−3.2 pp
+8.8 pp
+13.1 pp
+9.4 pp
+8.0 pp
+11.6 pp
+2.3 pp
+2.6 pp
+2.2 pp
−2.2 pp
−2.5 pp
—
Southwest Airlines Co. · LUV
—
—
—
+2.4 pp
−9.3 pp
−10.1 pp
−1.8 pp
−5.9 pp
−4.6 pp
+0.3 pp
−1.2 pp
−5.9 pp
−1.2 pp
+9.9 pp
+2.7 pp
−2.3 pp
−0.1 pp
+1.3 pp
+8.1 pp
—
United Airlines Holdings, Inc. · UAL
—
—
—
+12.1 pp
−2.1 pp
+16.1 pp
+17.8 pp
+3.5 pp
+0.7 pp
−3.8 pp
+1.2 pp
+2.2 pp
−1.5 pp
+2.9 pp
+3.8 pp
−4.2 pp
−1.3 pp
−1.2 pp
+2.2 pp
—
03 · compare level, then change
Profit Scale & Acceleration
LATAM Airlines Group S.A. has the highest Net profit among the 16 Airlines companies compared here, at $1,685 million. Copa Holdings, S.A. is next at $707 million. The same company also holds the highest Profit growth, at 51.5%. 6 of 16 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: LATAM Airlines Group S.A. leads with $1,685 million of TTM profit, 138.3% above Copa Holdings, S.A.. LATAM Airlines Group S.A. shows 51.5% growth from a $1,685 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.
LeaderLATAM Airlines Group S.A. · $1,685 million
Gap138.3% versus #2 · Copa Holdings, S.A.
Persistence8/8 recent comparable periods
Coverage6/16 companies · 295 observations
Investor read: LATAM Airlines Group S.A. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.
This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.
Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.
Net profitlargest
1LATAM Airlines Group S.A. LTM$1.7B
2Copa Holdings, S.A. CPA$707M
3Allegiant Travel Company ALGT$-35M
4flyExclusive, Inc. FLYX$-57M
5Frontier Group Holdings, Inc. ULCC$-366M
Profit growthfastest growers
1LATAM Airlines Group S.A. LTM52%
2Copa Holdings, S.A. CPA16%
Net profit · company comparison
6/16 level · 2/16 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | Net profit | Profit growth | Reported |
|---|---|---|---|
| United Airlines Holdings, Inc. UAL | $698M | 80% | Jun 2026 |
| LATAM Airlines Group S.A. LTM | $578M | 62% | Mar 2026 |
| Southwest Airlines Co. LUV | $227M | 24% | Jun 2026 |
| Copa Holdings, S.A. CPA | $212M | 20% | Mar 2026 |
| SkyWest, Inc. SKYW | $102M | 1.0% | Jun 2026 |
| Allegiant Travel Company ALGT | $42M | 31% | Mar 2026 |
| Republic Airways Holdings Inc. RJET | $27M | 0.0% | Mar 2026 |
| Grupo Aeroméxico, S.A.B. de C.V. AERO | $11M | -50% | Jun 2026 |
| flyExclusive, Inc. FLYX | $-13M | -567% | Mar 2026 |
| Controladora Vuela Compañía de Aviación, S.A.B. de C.V. VLRS | $-107M | -91% | Jun 2026 |
| Alaska Air Group, Inc. ALK | $-193M | -70% | Jun 2026 |
| Frontier Group Holdings, Inc. ULCC | $-272M | -1.9% | Mar 2026 |
| Delta Air Lines, Inc. DAL | $-289M | -220% | Jun 2026 |
| JetBlue Airways Corporation JBLU | $-319M | -396% | Mar 2026 |
| American Airlines Group Inc. AAL | $-382M | -83% | Jun 2026 |
| Ryanair Holdings plc RYAAY | $-493M | -87% | Jun 2026 |
Full 20-quarter history · every available company
Net profit · reported quarter history
Showing the 12 largest of 16 companies with a series here. The remaining 4 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alaska Air Group, Inc. · ALK
$194M
$18M
$-143M
$139M
$40M
$22M
$-142M
$240M
$139M
$-2M
$-132M
$220M
$236M
$71M
$-166M
$172M
$73M
$21M
$-193M
—
Allegiant Travel Company · ALGT
$39M
$11M
$-8M
$4M
$-46M
$52M
$56M
$88M
$-25M
$-2M
$-1M
$14M
$-37M
$-216M
$32M
$-65M
$-44M
$32M
$42M
—
American Airlines Group Inc. · AAL
$169M
$-932M
$-1.6B
$476M
$483M
$803M
$10M
$1.3B
$-545M
$19M
$-312M
$717M
$-149M
$590M
$-473M
$599M
$-114M
$99M
$-382M
—
Copa Holdings, S.A. · CPA
$8M
$118M
$20M
$124M
$116M
$88M
$122M
$18M
$187M
$188M
$176M
$120M
$146M
$166M
$177M
$149M
$173M
$173M
$212M
—
Delta Air Lines, Inc. · DAL
$1.2B
$-408M
$-940M
$735M
$695M
$829M
$-363M
$1.8B
$1.1B
$2.0B
$37M
$1.3B
$1.3B
$843M
$240M
$2.1B
$1.4B
$1.2B
$-289M
—
Grupo Aeroméxico, S.A.B. de C.V. · AERO
$-109M
$-469M
$-158M
$-59M
$-17M
$170M
$-28M
$28M
$179M
$94M
$104M
$242M
$195M
$75M
$22M
$68M
$97M
$165M
$11M
—
JetBlue Airways Corporation · JBLU
$130M
$-129M
$-255M
$-188M
$57M
$24M
$-192M
$138M
$-153M
$-103M
$-716M
$25M
$-60M
$-44M
$-208M
$-74M
$-143M
$-177M
$-319M
—
LATAM Airlines Group S.A. · LTM
$-694M
$-2.7B
$-381M
$-524M
$-296M
$2.6B
$121M
$144M
$271M
$84M
$260M
$145M
$303M
$307M
$357M
$242M
$381M
$484M
$578M
—
Ryanair Holdings plc · RYAAY
$224M
$-170M
$-297M
$685M
$685M
$95M
$-152M
$1.1B
$1.1B
$-9M
$-333M
$263M
$1.7B
$139M
$-426M
$754M
$2.0B
$18M
$-493M
—
SkyWest, Inc. · SKYW
$10M
$4M
$18M
$54M
$48M
$-47M
$-22M
$15M
$23M
$18M
$60M
$76M
$90M
$97M
$101M
$120M
$116M
$91M
$102M
—
Southwest Airlines Co. · LUV
$446M
$68M
$-278M
$760M
$277M
$-220M
$-159M
$683M
$193M
$-252M
$-231M
$367M
$67M
$261M
$-149M
$213M
$54M
$323M
$227M
—
United Airlines Holdings, Inc. · UAL
$473M
$-646M
$-1.4B
$329M
$942M
$843M
$-194M
$1.1B
$1.1B
$600M
$-124M
$1.3B
$965M
$985M
$387M
$973M
$949M
$1.0B
$698M
—
Profit growth · reported quarter history
Showing the 12 largest of 16 companies with a series here. The remaining 4 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alaska Air Group, Inc. · ALK
—
—
—
-65%
-79%
22%
—
73%
248%
-109%
—
-8.3%
70%
—
—
-22%
-69%
-70%
—
—
Allegiant Travel Company · ALGT
—
—
—
-96%
-218%
373%
—
2,100%
—
-104%
-102%
-84%
—
—
—
-564%
—
—
31%
—
American Airlines Group Inc. · AAL
—
—
—
2,405%
186%
—
—
181%
-213%
-98%
-3,220%
-46%
—
3,005%
—
-16%
—
-83%
—
—
Copa Holdings, S.A. · CPA
—
—
—
343%
1,350%
-25%
510%
-85%
61%
114%
44%
567%
-22%
-12%
0.6%
24%
18%
4.2%
20%
—
Delta Air Lines, Inc. · DAL
—
—
—
13%
-43%
—
—
149%
59%
146%
—
-29%
15%
-59%
549%
63%
11%
45%
-220%
—
Grupo Aeroméxico, S.A.B. de C.V. · AERO
—
—
—
—
—
—
—
—
—
-45%
—
764%
8.9%
-20%
-79%
-72%
-50%
120%
-50%
—
JetBlue Airways Corporation · JBLU
—
—
—
-394%
-56%
—
—
—
-368%
-529%
—
-82%
—
—
—
-396%
—
—
—
—
LATAM Airlines Group S.A. · LTM
—
—
—
—
—
—
—
—
—
-97%
115%
0.7%
12%
265%
37%
67%
26%
58%
62%
—
Ryanair Holdings plc · RYAAY
—
—
—
—
206%
—
—
59%
59%
-109%
—
-76%
53%
—
—
187%
18%
-87%
—
—
SkyWest, Inc. · SKYW
—
—
—
-13%
380%
-1,275%
-222%
-72%
-52%
—
—
407%
291%
439%
68%
58%
29%
-6.2%
1.0%
—
Southwest Airlines Co. · LUV
—
—
—
118%
-38%
-424%
—
-10%
-30%
—
—
-46%
-65%
—
—
-42%
-19%
24%
—
—
United Airlines Holdings, Inc. · UAL
—
—
—
—
99%
—
—
227%
21%
-29%
—
23%
-15%
64%
—
-26%
-1.7%
6.0%
80%
—
04 · compare level, then change
Capacity Spending & Returns On It
Controladora Vuela Compañía de Aviación, S.A.B. de C.V. has the highest CAPEX among the 16 Airlines companies compared here, at $60,632,000 million. Delta Air Lines, Inc. is next at $1,458 million. The same company also holds the highest CAPEX intensity, at 7874285.7%. 16 of 16 companies report a comparable reading, the latest through Jun 2026.
What the numbers say: Controladora Vuela Compañía de Aviación, S.A.B. de C.V. reports $60,632,000 million of CAPEX; Controladora Vuela Compañía de Aviación, S.A.B. de C.V. has the highest covered intensity at 7874285.7%. Coverage is only 16 of 16 companies and 263 reported observations, so this is partial evidence—not a complete sector rank.
LeaderControladora Vuela Compañía de Aviación, S.A.B. de C.V. · $60,632,000 million
Gap41,586× versus #2 · Delta Air Lines, Inc.
Persistence5/5 recent comparable periods
Coverage16/16 companies · 263 observations
Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.
This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.
CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.
CAPEXlargest spenders
1Controladora Vuela Compañía de Aviación, S.A.B. de C.V. VLRS$60.6T
2Delta Air Lines, Inc. DAL$1.5B
3United Airlines Holdings, Inc. UAL$1.3B
4American Airlines Group Inc. AAL$822M
5Southwest Airlines Co. LUV$818M
CAPEX intensityhighest reinvestment intensity
1Controladora Vuela Compañía de Aviación, S.A.B. de C.V. VLRS78,74,286%
2Allegiant Travel Company ALGT24%
3flyExclusive, Inc. FLYX23%
4Ryanair Holdings plc RYAAY18%
5Republic Airways Holdings Inc. RJET18%
Capital expenditure · company comparison
16/16 level · 16/16 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | CAPEX | CAPEX intensity | Reported |
|---|---|---|---|
| Controladora Vuela Compañía de Aviación, S.A.B. de C.V. VLRS | $60.6T | 78,74,286% | Jun 2026 |
| Delta Air Lines, Inc. DAL | $1.5B | 7.6% | Jun 2026 |
| United Airlines Holdings, Inc. UAL | $1.3B | 11% | Jun 2026 |
| American Airlines Group Inc. AAL | $822M | 5.8% | Jun 2026 |
| Southwest Airlines Co. LUV | $818M | 8.7% | Jun 2026 |
| Ryanair Holdings plc RYAAY | $475M | 18% | Jun 2026 |
| LATAM Airlines Group S.A. LTM | $320M | 7.8% | Mar 2026 |
| Alaska Air Group, Inc. ALK | $185M | 10% | Jun 2026 |
| Allegiant Travel Company ALGT | $178M | 24% | Mar 2026 |
| Copa Holdings, S.A. CPA | $163M | 16% | Mar 2026 |
| JetBlue Airways Corporation JBLU | $141M | 6.3% | Mar 2026 |
| SkyWest, Inc. SKYW | $102M | 10% | Jun 2026 |
| Republic Airways Holdings Inc. RJET | $93M | 18% | Mar 2026 |
| Grupo Aeroméxico, S.A.B. de C.V. AERO | $66M | 4.9% | Jun 2026 |
| flyExclusive, Inc. FLYX | $22M | 23% | Mar 2026 |
| Frontier Group Holdings, Inc. ULCC | $12M | 1.2% | Mar 2026 |
Full 20-quarter history · every available company
CAPEX · reported quarter history
Showing the 12 largest of 16 companies with a series here. The remaining 4 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alaska Air Group, Inc. · ALK
$176M
$204M
$576M
$688M
$630M
$724M
$248M
$510M
$357M
$503M
$57M
$530M
$265M
$429M
$238M
$86M
$222M
$625M
$338M
$185M
Allegiant Travel Company · ALGT
$32M
$98M
$118M
$138M
$137M
$138M
$163M
$277M
$222M
$208M
$167M
$62M
$46M
$60M
$74M
$112M
$147M
$53M
$178M
—
American Airlines Group Inc. · AAL
$176M
$183M
$807M
$598M
—
$686M
$505M
$739M
$509M
$843M
$824M
$651M
$468M
$740M
$824M
$499M
$826M
$1.6B
$811M
$822M
Copa Holdings, S.A. · CPA
—
—
—
—
—
—
—
—
—
—
—
—
$126M
$221M
$56M
$334M
$231M
$194M
$163M
—
Delta Air Lines, Inc. · DAL
$830M
$1.2B
$1.8B
$958M
$1.4B
$2.2B
$1.0B
$1.5B
$1.3B
$1.6B
$1.2B
$1.3B
$1.3B
$1.3B
$1.2B
$1.2B
$1.2B
$907M
$1.2B
$1.5B
Grupo Aeroméxico, S.A.B. de C.V. · AERO
—
—
$13M
$39M
$113M
$86M
$82M
$89M
$96M
$120M
$108M
$139M
$122M
$96M
$71M
$49M
$104M
$121M
$66M
$66M
JetBlue Airways Corporation · JBLU
$263M
$192M
$134M
$205M
$260M
$324M
$176M
$281M
$316M
$433M
$466M
$451M
$285M
$417M
$187M
$309M
$281M
$345M
$141M
—
LATAM Airlines Group S.A. · LTM
$272M
$241M
$89M
$124M
$250M
$89M
$98M
$166M
$166M
$367M
$102M
$325M
$352M
$545M
$370M
$564M
$344M
$498M
$320M
—
Ryanair Holdings plc · RYAAY
$229M
$472M
$398M
$375M
$397M
$371M
$644M
$1.1B
$522M
$349M
$458M
$502M
$388M
$203M
$460M
$623M
$491M
$324M
$455M
$475M
SkyWest, Inc. · SKYW
$162M
$322M
$114M
$197M
$224M
$111M
$103M
$31M
$32M
$86M
$38M
$19M
$97M
$163M
$73M
$169M
$122M
$214M
$102M
—
Southwest Airlines Co. · LUV
$135M
$180M
$510M
$987M
$1.1B
$1.4B
$1.0B
$925M
$842M
$708M
$583M
$494M
$517M
$460M
$527M
$660M
$678M
$859M
$630M
$818M
United Airlines Holdings, Inc. · UAL
$266M
$536M
$402M
$550M
$1.3B
$2.5B
$1.8B
$1.4B
$1.8B
$2.1B
$1.4B
$1.2B
$1.4B
$1.7B
$1.2B
$1.3B
$1.5B
$1.9B
$1.7B
$1.3B
CAPEX intensity · reported quarter history
Showing the 12 largest of 16 companies with a series here. The remaining 4 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alaska Air Group, Inc. · ALK
9.0%
11%
34%
26%
22%
29%
11%
18%
13%
20%
2.6%
18%
8.6%
12%
7.6%
2.3%
5.9%
17%
10%
—
Allegiant Travel Company · ALGT
7.0%
20%
24%
22%
25%
23%
25%
41%
39%
34%
26%
9.3%
8.2%
9.6%
11%
16%
26%
8.1%
24%
—
American Airlines Group Inc. · AAL
2.0%
1.9%
9.1%
4.5%
—
5.2%
4.1%
5.3%
3.8%
6.5%
6.6%
4.5%
3.4%
5.4%
6.6%
3.5%
6.0%
12%
5.8%
—
Copa Holdings, S.A. · CPA
—
—
—
—
—
—
—
—
—
—
—
—
15%
25%
6.2%
40%
25%
20%
16%
—
Delta Air Lines, Inc. · DAL
9.1%
13%
19%
6.9%
10%
16%
7.8%
9.3%
8.2%
11%
8.7%
7.9%
8.5%
8.4%
8.7%
7.3%
7.0%
5.7%
7.6%
—
Grupo Aeroméxico, S.A.B. de C.V. · AERO
—
—
2.1%
4.1%
11%
7.4%
8.0%
7.7%
7.0%
8.7%
8.3%
10%
8.2%
6.7%
6.0%
3.7%
7.3%
8.4%
4.9%
—
JetBlue Airways Corporation · JBLU
13%
11%
7.7%
8.4%
10%
13%
7.6%
11%
13%
19%
21%
19%
12%
18%
8.7%
13%
12%
15%
6.3%
—
LATAM Airlines Group S.A. · LTM
21%
12%
4.6%
5.7%
9.8%
3.2%
3.5%
6.3%
5.4%
11%
3.1%
11%
11%
16%
11%
17%
9.1%
13%
7.8%
—
Ryanair Holdings plc · RYAAY
13%
32%
34%
11%
12%
16%
35%
25%
12%
13%
21%
14%
7.7%
6.9%
20%
14%
9.0%
10%
18%
—
SkyWest, Inc. · SKYW
22%
41%
16%
25%
28%
16%
15%
4.3%
4.2%
11%
4.7%
2.2%
11%
17%
7.7%
16%
12%
21%
10%
—
Southwest Airlines Co. · LUV
2.9%
3.6%
11%
15%
17%
22%
18%
13%
13%
10%
9.2%
6.7%
7.5%
6.6%
8.2%
9.1%
9.8%
12%
8.7%
—
United Airlines Holdings, Inc. · UAL
3.4%
6.5%
5.3%
4.5%
10%
21%
16%
10%
13%
15%
11%
7.8%
9.5%
11%
9.3%
8.4%
9.6%
12%
11%
—
Annual capital allocation · 6-year view
16/16 capacity base · 16/16 OCF · 16/16 CAPEX · 16/16 FCF
Capacity base is net fixed assets plus capital work in progress, straight off the reported balance sheet. It is not cash spent, so it answers a narrower question than CAPEX — but it is reported for companies whose cash-flow CAPEX is not published, which is why it leads here. Missing years remain blank; annual values are never relabelled as quarters.
Full annual capacity base, operating cash flow, CAPEX and free cash flow history
Capacity base · net fixed assets + CWIP · fiscal-year history
Showing the 12 largest of 16 companies with a series here. The remaining 4 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alaska Air Group, Inc. · ALK
—
$7.6B
$8.7B
$9.6B
$12.1B
$13.1B
Allegiant Travel Company · ALGT
—
$2.4B
$2.9B
$3.5B
$3.2B
$3.0B
American Airlines Group Inc. · AAL
—
$37.4B
$38.3B
$38.7B
$38.5B
$39.6B
Copa Holdings, S.A. · CPA
—
$2.7B
$3.1B
$3.5B
$3.8B
$4.4B
Delta Air Lines, Inc. · DAL
—
$36.0B
$40.1B
$42.5B
$44.2B
$46.0B
Grupo Aeroméxico, S.A.B. de C.V. · AERO
—
$2.4B
$2.6B
$2.8B
$3.2B
$3.7B
JetBlue Airways Corporation · JBLU
—
$9.5B
$9.8B
$10.3B
$11.2B
$12.1B
LATAM Airlines Group S.A. · LTM
—
$9.5B
$8.4B
$9.1B
$10.2B
$11.9B
Ryanair Holdings plc · RYAAY
—
$9.2B
$10.1B
$11.0B
$11.1B
$11.5B
SkyWest, Inc. · SKYW
—
$5.7B
$5.7B
$5.6B
$5.7B
$5.9B
Southwest Airlines Co. · LUV
—
$16.4B
$18.7B
$20.6B
$20.4B
$21.3B
United Airlines Holdings, Inc. · UAL
—
$36.7B
$38.3B
$43.7B
$46.7B
$51.1B
Operating cash flow · fiscal-year history
Showing the 12 largest of 16 companies with a series here. The remaining 4 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alaska Air Group, Inc. · ALK
—
$1.0B
$1.4B
$1.1B
$1.5B
$1.2B
Allegiant Travel Company · ALGT
—
$538M
$303M
$423M
$338M
$390M
American Airlines Group Inc. · AAL
—
$704M
$2.2B
$3.8B
$4.0B
$3.1B
Copa Holdings, S.A. · CPA
—
$507M
$759M
$1.0B
$997M
$1.2B
Delta Air Lines, Inc. · DAL
—
$3.3B
$6.4B
$6.5B
$8.0B
$8.3B
Grupo Aeroméxico, S.A.B. de C.V. · AERO
—
$47M
$-230M
$1.3B
$1.4B
$913M
JetBlue Airways Corporation · JBLU
—
$1.6B
$379M
$400M
$144M
$-94M
LATAM Airlines Group S.A. · LTM
—
$-174M
$97M
$2.3B
$3.1B
$3.7B
Ryanair Holdings plc · RYAAY
—
$1.9B
$3.9B
$3.2B
$3.4B
$3.7B
SkyWest, Inc. · SKYW
—
$832M
$480M
$736M
$692M
$940M
Southwest Airlines Co. · LUV
—
$2.3B
$3.8B
$3.2B
$462M
$1.8B
United Airlines Holdings, Inc. · UAL
—
$2.1B
$6.1B
$6.9B
$9.4B
$8.4B
CAPEX · reported cash flow · fiscal-year history
Showing the 12 largest of 16 companies with a series here. The remaining 4 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alaska Air Group, Inc. · ALK
—
$584M
$1.7B
$1.5B
$1.3B
$1.6B
Allegiant Travel Company · ALGT
—
$256M
$531M
$870M
$335M
$388M
American Airlines Group Inc. · AAL
—
$208M
$2.5B
$2.6B
$2.7B
$3.8B
Copa Holdings, S.A. · CPA
—
$207M
$255M
$600M
$626M
$816M
Delta Air Lines, Inc. · DAL
—
$3.2B
$6.4B
$5.3B
$5.1B
$4.5B
Grupo Aeroméxico, S.A.B. de C.V. · AERO
—
$194M
$251M
$387M
$465M
$345M
JetBlue Airways Corporation · JBLU
—
$995M
$923M
$1.2B
$1.6B
$1.1B
LATAM Airlines Group S.A. · LTM
—
$597M
$781M
$796M
$1.3B
$1.8B
Ryanair Holdings plc · RYAAY
—
$1.1B
$1.8B
$2.4B
$1.6B
$1.9B
SkyWest, Inc. · SKYW
—
$556M
$645M
$251M
$311M
$578M
Southwest Airlines Co. · LUV
—
$505M
$3.9B
$3.5B
$2.1B
$2.7B
United Airlines Holdings, Inc. · UAL
—
$2.1B
$4.8B
$7.2B
$5.6B
$5.9B
Free cash flow · fiscal-year history
Showing the 12 largest of 16 companies with a series here. The remaining 4 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alaska Air Group, Inc. · ALK
—
$446M
$-253M
$-444M
$183M
$-339M
Allegiant Travel Company · ALGT
—
$283M
$-228M
$-447M
$3M
$2M
American Airlines Group Inc. · AAL
—
$496M
$-373M
$1.2B
$1.3B
$-680M
Copa Holdings, S.A. · CPA
—
$300M
$504M
$445M
$371M
$335M
Delta Air Lines, Inc. · DAL
—
$17M
$-3M
$1.1B
$2.9B
$3.8B
Grupo Aeroméxico, S.A.B. de C.V. · AERO
—
$-146M
$-481M
$958M
$903M
$568M
JetBlue Airways Corporation · JBLU
—
$647M
$-544M
$-806M
$-1.5B
$-1.2B
LATAM Airlines Group S.A. · LTM
—
$-771M
$-684M
$1.5B
$1.8B
$2.0B
Ryanair Holdings plc · RYAAY
—
$873M
$2.1B
$766M
$1.9B
$1.8B
SkyWest, Inc. · SKYW
—
$276M
$-165M
$485M
$382M
$362M
Southwest Airlines Co. · LUV
—
$1.8B
$-134M
$-356M
$-1.6B
$-831M
United Airlines Holdings, Inc. · UAL
—
$-40M
$1.2B
$-260M
$3.8B
$2.6B
05 · compare level, then change
Debt Load & Balance-Sheet Headroom
Ryanair Holdings plc has the lowest Gross debt among the 16 Airlines companies compared here, at $182 million. flyExclusive, Inc. is next at $237 million. The same company also holds the lowest Net debt, at $2,622 million net cash. 16 of 16 companies report a comparable reading, the latest through Jun 2026.
What the numbers say: Ryanair Holdings plc has the clearest covered balance-sheet capacity with $2,622 million net cash and gross debt of $182 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.
LeaderRyanair Holdings plc · $182 million
Gap23.2% versus #2 · flyExclusive, Inc.
Persistence8/8 recent comparable periods
Coverage16/16 companies · 305 observations
Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.
This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.
Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.
Gross debtlowest gross debt
1Ryanair Holdings plc RYAAY$182M
2flyExclusive, Inc. FLYX$237M
3Republic Airways Holdings Inc. RJET$1.2B
4Allegiant Travel Company ALGT$1.9B
5SkyWest, Inc. SKYW$2.3B
Net debtlowest net debt
1Ryanair Holdings plc RYAAY$-2.6B
2flyExclusive, Inc. FLYX$217M
3Allegiant Travel Company ALGT$952M
4Republic Airways Holdings Inc. RJET$966M
5Copa Holdings, S.A. CPA$1.1B
Debt and balance-sheet capacity · company comparison
16/16 level · 16/16 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | Gross debt | Net debt | Reported |
|---|---|---|---|
| American Airlines Group Inc. AAL | $35.7B | $27.3B | Jun 2026 |
| United Airlines Holdings, Inc. UAL | $33.7B | $17.0B | Jun 2026 |
| Delta Air Lines, Inc. DAL | $21.1B | $16.4B | Jun 2026 |
| JetBlue Airways Corporation JBLU | $9.3B | $7.2B | Mar 2026 |
| Alaska Air Group, Inc. ALK | $7.6B | $4.9B | Jun 2026 |
| LATAM Airlines Group S.A. LTM | $7.5B | $4.9B | Mar 2026 |
| Southwest Airlines Co. LUV | $6.9B | $3.1B | Jun 2026 |
| Frontier Group Holdings, Inc. ULCC | $5.2B | $4.5B | Mar 2026 |
| Grupo Aeroméxico, S.A.B. de C.V. AERO | $4.1B | $3.0B | Jun 2026 |
| Controladora Vuela Compañía de Aviación, S.A.B. de C.V. VLRS | $3.9B | $3.0B | Jun 2026 |
| Copa Holdings, S.A. CPA | $2.4B | $1.1B | Mar 2026 |
| SkyWest, Inc. SKYW | $2.3B | $1.7B | Jun 2026 |
| Allegiant Travel Company ALGT | $1.9B | $952M | Mar 2026 |
| Republic Airways Holdings Inc. RJET | $1.2B | $966M | Mar 2026 |
| flyExclusive, Inc. FLYX | $237M | $217M | Mar 2026 |
| Ryanair Holdings plc RYAAY | $182M | $-2.6B | Jun 2026 |
Full 20-quarter history · every available company
Gross debt · reported quarter history
Showing the 12 largest of 16 companies with a series here. The remaining 4 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alaska Air Group, Inc. · ALK
$4.1B
$4.1B
$4.0B
$4.1B
$4.0B
$3.8B
$3.7B
$3.9B
$4.1B
$3.8B
$3.8B
$3.9B
$6.1B
$6.4B
$6.3B
$6.4B
$6.5B
$6.9B
$6.7B
$7.6B
Allegiant Travel Company · ALGT
$1.7B
$1.9B
$1.9B
$2.1B
$2.1B
$2.2B
$2.2B
$2.3B
$2.4B
$2.4B
$2.3B
$2.3B
$2.3B
$2.2B
$2.1B
$2.0B
$2.1B
$1.9B
$1.9B
—
American Airlines Group Inc. · AAL
$46.7B
$46.2B
$45.9B
$44.9B
$44.7B
$43.7B
$42.9B
$42.6B
$41.2B
$40.7B
$40.1B
$39.4B
$39.2B
$37.6B
$36.6B
$37.2B
$36.1B
$36.9B
$34.9B
$35.7B
Copa Holdings, S.A. · CPA
$1.6B
$1.6B
$1.6B
$1.6B
$1.7B
$1.7B
$1.7B
$1.8B
$1.7B
$1.7B
$1.7B
$1.8B
$1.9B
$2.0B
$1.9B
$2.1B
$2.2B
$2.3B
$2.4B
—
Delta Air Lines, Inc. · DAL
$35.3B
$35.8B
$34.6B
$33.7B
$31.9B
$31.7B
$30.7B
$28.7B
$27.9B
$28.4B
$27.4B
$25.9B
$25.5B
$23.9B
$23.4B
$22.4B
$22.1B
$21.4B
$21.4B
$21.1B
Grupo Aeroméxico, S.A.B. de C.V. · AERO
$0M
$3.7B
$0M
$0M
$0M
$3.5B
$3.5B
$3.5B
$3.3B
$3.2B
$3.1B
$3.2B
$3.3B
$3.7B
$3.9B
$4.0B
$4.0B
$4.1B
$4.0B
$4.1B
JetBlue Airways Corporation · JBLU
$5.0B
$4.8B
$4.8B
$4.6B
$4.5B
$4.4B
$4.3B
$4.4B
$4.7B
$5.4B
$5.7B
$6.0B
$8.8B
$9.1B
$9.4B
$9.4B
$9.4B
$9.4B
$9.3B
—
LATAM Airlines Group S.A. · LTM
$5.8B
$5.9B
$6.1B
$6.2B
$6.1B
$6.0B
$5.9B
$5.9B
$6.1B
$6.3B
$6.4B
$6.5B
$6.4B
$6.5B
$6.4B
$6.8B
$6.8B
$7.3B
$7.5B
—
Ryanair Holdings plc · RYAAY
$5.7B
$5.1B
$5.1B
$5.0B
$5.1B
$5.0B
$4.1B
$2.8B
$2.8B
$2.8B
$2.7B
$2.8B
$2.7B
$2.7B
$2.7B
$2.3B
$1.5B
$1.5B
$1.5B
$182M
SkyWest, Inc. · SKYW
$3.2B
$3.3B
$3.4B
$3.5B
$3.6B
$3.5B
$3.4B
$3.3B
$3.2B
$3.1B
$3.0B
$2.9B
$2.8B
$2.8B
$2.6B
$2.6B
$2.5B
$2.5B
$2.5B
$2.3B
Southwest Airlines Co. · LUV
$12.8B
$12.3B
$12.2B
$12.0B
$10.1B
$9.4B
$9.4B
$9.3B
$9.3B
$9.2B
$9.2B
$9.1B
$9.1B
$8.1B
$8.0B
$5.3B
$5.3B
$6.0B
$6.4B
$6.9B
United Airlines Holdings, Inc. · UAL
$39.9B
$39.4B
$38.6B
$38.0B
$37.0B
$36.4B
$36.0B
$35.8B
$35.0B
$36.7B
$32.3B
$31.6B
$30.6B
$33.6B
$32.9B
$32.8B
$31.3B
$31.0B
$31.0B
$33.7B
Net debt · reported quarter history
Showing the 12 largest of 16 companies with a series here. The remaining 4 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alaska Air Group, Inc. · ALK
$921M
$970M
$1.1B
$657M
$805M
$1.4B
$1.3B
$1.4B
$1.7B
$2.0B
$1.5B
$1.4B
$3.6B
$3.9B
$3.8B
$4.2B
$4.2B
$4.7B
$4.9B
$4.9B
Allegiant Travel Company · ALGT
$631M
$694M
$693M
$877M
$1.1B
$1.3B
$1.2B
$1.3B
$1.5B
$1.5B
$1.5B
$1.5B
$1.5B
$1.4B
$1.2B
$1.2B
$1.2B
$1.1B
$952M
—
American Airlines Group Inc. · AAL
$31.2B
$32.8B
$32.4B
$31.3B
$32.5B
$33.7B
$30.5B
$29.5B
$29.7B
$32.2B
$30.9B
$30.1B
$29.9B
$29.9B
$28.5B
$27.8B
$28.4B
$30.3B
$26.9B
$27.3B
Copa Holdings, S.A. · CPA
$413M
$587M
$622M
$712M
$765M
$748M
$695M
$696M
$672M
$831M
$893M
$875M
$825M
$802M
$1.0B
$1.1B
$1.2B
$967M
$1.1B
—
Delta Air Lines, Inc. · DAL
$22.1B
$24.5B
$24.6B
$22.9B
$23.6B
$25.2B
$24.0B
$22.6B
$22.9B
$24.5B
$22.9B
$21.7B
$21.5B
$20.8B
$19.7B
$19.0B
$18.3B
$17.1B
$16.3B
$16.4B
Grupo Aeroméxico, S.A.B. de C.V. · AERO
$-870M
$2.7B
$-1.4B
$-846M
$-729M
$2.6B
$2.7B
$2.5B
$2.3B
$2.3B
$2.2B
$2.0B
$2.6B
$2.9B
$3.1B
$3.0B
$3.1B
$3.0B
$2.9B
$3.0B
JetBlue Airways Corporation · JBLU
$1.7B
$2.0B
$2.0B
$2.2B
$2.5B
$3.0B
$2.8B
$2.8B
$3.3B
$3.8B
$4.1B
$4.5B
$4.8B
$5.5B
$5.9B
$6.4B
$6.8B
$7.3B
$7.2B
—
LATAM Airlines Group S.A. · LTM
$4.8B
$4.8B
$4.9B
$4.9B
$5.1B
$4.3B
$3.9B
$4.1B
$4.2B
$4.5B
$4.4B
$4.5B
$4.4B
$4.5B
$4.2B
$4.6B
$4.7B
$5.1B
$4.9B
—
Ryanair Holdings plc · RYAAY
$1.5B
$2.2B
$1.5B
$425M
$569M
$980M
$-540M
$-824M
$-824M
$-125M
$-1.4B
$-1.7B
$-585M
$-51M
$-1.3B
$-2.0B
$-1.5B
$-934M
$-2.1B
$-2.6B
SkyWest, Inc. · SKYW
$2.3B
$2.5B
$2.6B
$2.5B
$2.6B
$2.5B
$2.5B
$2.4B
$2.3B
$2.3B
$2.2B
$2.0B
$1.9B
$2.0B
$1.9B
$1.8B
$1.7B
$1.8B
$1.9B
$1.7B
Southwest Airlines Co. · LUV
$-3.2B
$-3.2B
$-3.5B
$-4.4B
$-3.6B
$-2.9B
$-2.3B
$-2.9B
$-2.5B
$-2.3B
$-1.4B
$-893M
$-287M
$-667M
$-257M
$1.5B
$2.2B
$2.8B
$3.1B
$3.1B
United Airlines Holdings, Inc. · UAL
$20.5B
$21.0B
$19.9B
$17.9B
$18.3B
$20.0B
$18.9B
$16.7B
$17.9B
$22.4B
$18.3B
$16.4B
$16.4B
$19.2B
$17.6B
$17.2B
$18.0B
$18.8B
$16.8B
$17.0B
06 · compare level, then change
Return On Capital Employed
LATAM Airlines Group S.A. has the highest ROCE among the 16 Airlines companies compared here, at 8%. Ryanair Holdings plc is next at 6.2%. The same company also holds the highest ROCE change, at +1.9 percentage points. 16 of 16 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: LATAM Airlines Group S.A. leads ROCE at 8%, 1.8 percentage points above Ryanair Holdings plc. LATAM Airlines Group S.A. has the strongest latest improvement at +1.9 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.
LeaderLATAM Airlines Group S.A. · 8%
Gap29% versus #2 · Ryanair Holdings plc
Persistence6/8 recent comparable periods
Coverage16/16 companies · 305 observations
Investor read: LATAM Airlines Group S.A. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.
This conclusion weakens if: The next two comparable reports reverse the current roce change signal.
ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.
ROCEhighest
1LATAM Airlines Group S.A. LTM8.0%
2Ryanair Holdings plc RYAAY6.2%
3Copa Holdings, S.A. CPA5.3%
4Republic Airways Holdings Inc. RJET3.9%
5Delta Air Lines, Inc. DAL3.6%
ROCE changefastest improvers
1LATAM Airlines Group S.A. LTM+1.9 pp
2Allegiant Travel Company ALGT+0.6 pp
3flyExclusive, Inc. FLYX+0.6 pp
4Southwest Airlines Co. LUV+0.5 pp
5Copa Holdings, S.A. CPA+0.1 pp
Return on capital · company comparison
16/16 level · 16/16 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | ROCE | ROCE change | Reported |
|---|---|---|---|
| LATAM Airlines Group S.A. LTM | 8.0% | +1.9 pp | Mar 2026 |
| Ryanair Holdings plc RYAAY | 6.2% | −3.3 pp | Jun 2026 |
| Copa Holdings, S.A. CPA | 5.3% | +0.1 pp | Mar 2026 |
| Republic Airways Holdings Inc. RJET | 3.9% | −405.7 pp | Mar 2026 |
| Delta Air Lines, Inc. DAL | 3.6% | −0.8 pp | Jun 2026 |
| SkyWest, Inc. SKYW | 2.8% | −0.2 pp | Jun 2026 |
| Allegiant Travel Company ALGT | 2.5% | +0.6 pp | Mar 2026 |
| United Airlines Holdings, Inc. UAL | 2.1% | −0.7 pp | Jun 2026 |
| Grupo Aeroméxico, S.A.B. de C.V. AERO | 1.8% | −5.0 pp | Jun 2026 |
| Southwest Airlines Co. LUV | 1.6% | +0.5 pp | Jun 2026 |
| American Airlines Group Inc. AAL | 1.2% | −1.7 pp | Jun 2026 |
| Alaska Air Group, Inc. ALK | -1.2% | −3.6 pp | Jun 2026 |
| JetBlue Airways Corporation JBLU | -1.8% | −0.3 pp | Mar 2026 |
| flyExclusive, Inc. FLYX | -5.0% | +0.6 pp | Mar 2026 |
| Frontier Group Holdings, Inc. ULCC | -6.1% | −4.9 pp | Mar 2026 |
| Controladora Vuela Compañía de Aviación, S.A.B. de C.V. VLRS | -7.1% | −2.2 pp | Jun 2026 |
Full 20-quarter history · every available company
ROCE · reported quarter history
Showing the 12 largest of 16 companies with a series here. The remaining 4 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alaska Air Group, Inc. · ALK
2.5%
0.4%
-2.1%
1.9%
0.6%
0.2%
-1.9%
3.4%
2.1%
0.3%
-1.7%
3.2%
2.9%
0.6%
-1.7%
2.4%
1.1%
0.5%
-2.1%
-1.2%
Allegiant Travel Company · ALGT
2.4%
1.1%
0.2%
0.8%
-0.9%
2.6%
2.7%
3.7%
-0.5%
0.3%
0.4%
1.0%
-0.7%
-7.8%
1.9%
-2.0%
-0.8%
2.1%
2.5%
—
American Airlines Group Inc. · AAL
1.2%
-1.7%
-3.6%
2.1%
2.0%
3.0%
1.0%
4.9%
-0.5%
1.6%
0.0%
3.4%
0.2%
2.9%
-0.7%
2.9%
0.4%
1.2%
-0.1%
1.2%
Copa Holdings, S.A. · CPA
1.9%
5.2%
1.4%
1.4%
4.5%
6.6%
5.6%
6.2%
6.0%
5.8%
5.8%
4.5%
4.4%
4.9%
5.2%
4.2%
4.7%
4.4%
5.3%
—
Delta Air Lines, Inc. · DAL
4.0%
0.5%
-1.5%
3.0%
3.0%
3.0%
-0.6%
5.3%
4.3%
2.8%
1.3%
5.0%
3.0%
3.6%
1.2%
4.4%
3.4%
2.9%
1.0%
3.6%
Grupo Aeroméxico, S.A.B. de C.V. · AERO
-1.7%
58%
-19%
7.2%
14%
36%
3.0%
7.0%
9.2%
7.1%
6.9%
8.9%
11%
8.5%
4.4%
6.8%
7.4%
8.3%
3.8%
1.8%
JetBlue Airways Corporation · JBLU
1.8%
-1.1%
-3.6%
-1.1%
1.4%
0.4%
-2.5%
2.5%
-1.6%
-0.7%
-7.6%
0.6%
-0.3%
0.1%
-1.5%
0.1%
-0.8%
-0.8%
-1.8%
—
LATAM Airlines Group S.A. · LTM
-11%
3.7%
-4.9%
-18%
-6.8%
4.8%
5.5%
5.2%
9.6%
3.6%
4.5%
3.0%
4.9%
5.0%
6.1%
4.7%
7.4%
14%
8.0%
—
Ryanair Holdings plc · RYAAY
2.6%
-1.2%
-1.9%
16%
15%
0.3%
-2.4%
11%
11%
-0.2%
-3.4%
3.2%
15%
0.3%
-4.9%
9.5%
19%
0.2%
-4.9%
6.2%
SkyWest, Inc. · SKYW
0.8%
0.6%
0.9%
1.5%
1.2%
-0.6%
-0.1%
0.5%
0.8%
0.5%
1.7%
2.1%
2.3%
2.5%
2.5%
3.0%
3.1%
2.3%
2.2%
2.8%
Southwest Airlines Co. · LUV
2.6%
0.7%
-0.6%
4.4%
1.5%
-1.5%
-1.1%
3.1%
0.5%
-1.6%
-1.6%
1.7%
0.2%
1.2%
-1.0%
1.1%
0.2%
2.0%
1.8%
1.6%
United Airlines Holdings, Inc. · UAL
2.1%
-0.8%
-2.9%
1.8%
2.9%
2.8%
-0.1%
3.2%
3.6%
2.1%
0.2%
4.1%
3.2%
3.0%
1.2%
2.8%
2.8%
2.7%
1.9%
2.1%
ROCE change · reported quarter history
Showing the 12 largest of 16 companies with a series here. The remaining 4 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alaska Air Group, Inc. · ALK
—
—
—
—
−1.9 pp
−0.2 pp
+0.2 pp
+1.5 pp
+1.5 pp
+0.1 pp
+0.2 pp
−0.2 pp
+0.8 pp
+0.3 pp
0.0 pp
−0.8 pp
−1.8 pp
−0.1 pp
−0.4 pp
−3.6 pp
Allegiant Travel Company · ALGT
—
—
—
—
−3.3 pp
+1.5 pp
+2.5 pp
+2.9 pp
+0.4 pp
−2.3 pp
−2.3 pp
−2.7 pp
−0.2 pp
−8.1 pp
+1.5 pp
−3.0 pp
−0.1 pp
+9.9 pp
+0.6 pp
—
American Airlines Group Inc. · AAL
—
—
—
—
+0.8 pp
+4.7 pp
+4.6 pp
+2.8 pp
−2.5 pp
−1.4 pp
−1.0 pp
−1.5 pp
+0.7 pp
+1.3 pp
−0.7 pp
−0.5 pp
+0.2 pp
−1.7 pp
+0.6 pp
−1.7 pp
Copa Holdings, S.A. · CPA
—
—
—
—
+2.6 pp
+1.4 pp
+4.2 pp
+4.8 pp
+1.5 pp
−0.8 pp
+0.2 pp
−1.7 pp
−1.6 pp
−0.9 pp
−0.6 pp
−0.3 pp
+0.3 pp
−0.5 pp
+0.1 pp
—
Delta Air Lines, Inc. · DAL
—
—
—
—
−1.0 pp
+2.5 pp
+0.9 pp
+2.3 pp
+1.3 pp
−0.2 pp
+1.9 pp
−0.3 pp
−1.3 pp
+0.8 pp
−0.1 pp
−0.6 pp
+0.4 pp
−0.7 pp
−0.2 pp
−0.8 pp
Grupo Aeroméxico, S.A.B. de C.V. · AERO
—
—
—
—
+15.4 pp
−22.5 pp
+22.0 pp
−0.2 pp
−4.5 pp
−28.8 pp
+3.9 pp
+1.9 pp
+1.7 pp
+1.4 pp
−2.5 pp
−2.1 pp
−3.5 pp
−0.2 pp
−0.6 pp
−5.0 pp
JetBlue Airways Corporation · JBLU
—
—
—
—
−0.4 pp
+1.5 pp
+1.1 pp
+3.6 pp
−3.0 pp
−1.1 pp
−5.1 pp
−1.9 pp
+1.3 pp
+0.8 pp
+6.1 pp
−0.5 pp
−0.5 pp
−0.9 pp
−0.3 pp
—
LATAM Airlines Group S.A. · LTM
—
—
—
—
+4.1 pp
+1.1 pp
+10.4 pp
+22.8 pp
+16.4 pp
−1.2 pp
−1.0 pp
−2.2 pp
−4.7 pp
+1.4 pp
+1.6 pp
+1.7 pp
+2.5 pp
+8.6 pp
+1.9 pp
—
Ryanair Holdings plc · RYAAY
—
—
—
—
+12.5 pp
+1.5 pp
−0.5 pp
−4.7 pp
−4.3 pp
−0.5 pp
−1.0 pp
−7.7 pp
+4.1 pp
+0.5 pp
−1.5 pp
+6.3 pp
+4.5 pp
−0.1 pp
0.0 pp
−3.3 pp
SkyWest, Inc. · SKYW
—
—
—
—
+0.4 pp
−1.2 pp
−1.0 pp
−1.0 pp
−0.4 pp
+1.1 pp
+1.8 pp
+1.6 pp
+1.5 pp
+2.0 pp
+0.8 pp
+0.9 pp
+0.8 pp
−0.2 pp
−0.3 pp
−0.2 pp
Southwest Airlines Co. · LUV
—
—
—
—
−1.1 pp
−2.2 pp
−0.5 pp
−1.3 pp
−1.0 pp
−0.1 pp
−0.5 pp
−1.4 pp
−0.3 pp
+2.8 pp
+0.6 pp
−0.6 pp
0.0 pp
+0.8 pp
+2.8 pp
+0.5 pp
United Airlines Holdings, Inc. · UAL
—
—
—
—
+0.8 pp
+3.6 pp
+2.8 pp
+1.4 pp
+0.7 pp
−0.7 pp
+0.3 pp
+0.9 pp
−0.4 pp
+0.9 pp
+1.0 pp
−1.3 pp
−0.4 pp
−0.3 pp
+0.7 pp
−0.7 pp
07 · compare level, then change
Valuation Against Growth & Quality
LATAM Airlines Group S.A. has the lowest Guarded PEG among the 16 Airlines companies compared here, at 0.2×. Copa Holdings, S.A. is next at 0.39×. Copa Holdings, S.A. has the lowest P/E at 6.62×, so level and change sit with different companies. 2 of 16 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: LATAM Airlines Group S.A. has the lowest comparable Guarded PEG at 0.2×, 48.7% below Copa Holdings, S.A.. Only 2 of 16 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.
LeaderLATAM Airlines Group S.A. · 0.2×
Gap48.7% versus #2 · Copa Holdings, S.A.
Persistence0/7 recent comparable periods
Coverage2/16 companies · 31 observations
Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.
This conclusion weakens if: The next two comparable reports reverse the current p/e signal.
PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.
Guarded PEGlowest PEG
1LATAM Airlines Group S.A. LTM0.2
2Copa Holdings, S.A. CPA0.4
P/Elowest P/E
1Copa Holdings, S.A. CPA6.6
2LATAM Airlines Group S.A. LTM8.5
3Republic Airways Holdings Inc. RJET9.8
4SkyWest, Inc. SKYW9.9
5United Airlines Holdings, Inc. UAL12.7
Valuation · company comparison
2/16 level · 15/16 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | Guarded PEG | P/E | Reported |
|---|---|---|---|
| Southwest Airlines Co. LUV | 3.1 | 31.6 | Jun 2026 |
| United Airlines Holdings, Inc. UAL | 1.3 | 12.7 | Jun 2026 |
| Alaska Air Group, Inc. ALK | 0.5 | 69.4 | Jun 2026 |
| SkyWest, Inc. SKYW | 0.5 | 9.9 | Jun 2026 |
| Copa Holdings, S.A. CPA | 0.4 | 6.6 | Mar 2026 |
| Ryanair Holdings plc RYAAY | 0.4 | 15.9 | Jun 2026 |
| Delta Air Lines, Inc. DAL | 0.2 | 15.5 | Jun 2026 |
| LATAM Airlines Group S.A. LTM | 0.2 | 8.5 | Mar 2026 |
| American Airlines Group Inc. AAL | — | 34.7 | Jun 2026 |
| Allegiant Travel Company ALGT | — | 23.8 | Mar 2026 |
| Grupo Aeroméxico, S.A.B. de C.V. AERO | — | 46.7 | Jun 2026 |
| JetBlue Airways Corporation JBLU | — | 110.8 | Mar 2026 |
| Frontier Group Holdings, Inc. ULCC | — | 15.0 | Mar 2026 |
| Controladora Vuela Compañía de Aviación, S.A.B. de C.V. VLRS | — | 14.5 | Jun 2026 |
| Republic Airways Holdings Inc. RJET | — | 9.8 | Mar 2026 |
Full 20-quarter history · every available company
Guarded PEG · reported quarter history
Alaska Air Group, Inc. · ALK
—
—
—
—
—
—
—
—
—
—
—
0.6
0.8
—
—
0.5
—
—
—
—
Copa Holdings, S.A. · CPA
—
—
—
—
—
—
—
0.4
0.6
0.2
0.3
—
0.1
0.4
1.0
—
1.1
0.6
0.4
—
Delta Air Lines, Inc. · DAL
—
—
—
—
—
—
—
—
—
—
—
0.5
1.0
—
—
0.3
0.3
0.2
—
—
LATAM Airlines Group S.A. · LTM
—
—
—
—
—
—
—
—
—
—
—
—
—
—
0.2
—
—
0.2
—
—
Ryanair Holdings plc · RYAAY
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
0.4
—
0.4
—
—
SkyWest, Inc. · SKYW
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
0.3
0.5
—
Southwest Airlines Co. · LUV
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
3.1
—
—
United Airlines Holdings, Inc. · UAL
—
—
—
—
—
—
—
—
—
—
—
0.6
—
0.5
0.2
0.6
0.5
1.3
—
—
P/E · reported quarter history
Showing the 12 largest of 15 companies with a series here. The remaining 3 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alaska Air Group, Inc. · ALK
5,860.0
13.8
15.9
24.7
97.9
95.4
91.2
43.2
18.5
21.4
23.0
23.5
18.2
21.0
17.9
20.1
40.2
60.6
69.4
—
Allegiant Travel Company · ALGT
31.0
21.6
20.8
44.0
—
485.6
25.4
15.4
8.3
13.1
23.8
—
—
—
—
—
—
—
—
—
American Airlines Group Inc. · AAL
—
—
—
—
—
67.0
5.8
4.8
5.8
11.4
25.6
—
34.1
14.1
11.7
14.0
13.1
90.2
34.7
—
Copa Holdings, S.A. · CPA
—
80.3
20.9
10.0
7.4
10.6
8.2
12.8
8.5
8.3
7.6
5.9
6.3
6.0
6.3
7.2
7.4
7.4
6.6
—
Delta Air Lines, Inc. · DAL
—
88.8
50.1
31.5
255.1
16.0
11.8
10.3
7.0
5.6
7.6
8.6
8.9
11.4
7.7
7.1
8.0
9.1
9.7
15.5
Grupo Aeroméxico, S.A.B. de C.V. · AERO
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
9.2
46.7
—
JetBlue Airways Corporation · JBLU
—
—
—
—
—
—
—
110.8
—
—
—
—
—
—
—
—
—
—
—
—
LATAM Airlines Group S.A. · LTM
—
—
—
—
—
—
—
—
—
—
—
—
10.1
8.5
8.8
10.5
10.8
10.9
8.5
—
Ryanair Holdings plc · RYAAY
—
—
—
167.7
31.7
29.0
37.6
32.3
23.6
33.9
40.3
38.5
14.8
14.0
13.5
12.8
11.5
14.5
12.2
15.9
SkyWest, Inc. · SKYW
41.5
17.9
15.6
12.5
6.6
11.5
34.1
—
—
67.8
24.9
19.4
14.5
12.9
10.0
10.5
9.6
9.7
8.8
9.9
Southwest Airlines Co. · LUV
—
26.6
48.7
23.0
24.1
38.7
32.5
41.2
36.1
38.0
50.3
357.6
—
44.2
39.5
49.2
49.1
52.3
24.2
31.6
United Airlines Holdings, Inc. · UAL
—
—
—
—
—
16.9
7.6
6.8
4.9
5.2
5.9
5.5
6.9
10.3
6.3
8.0
9.7
11.0
8.2
12.7
08 · compare level, then change
Enterprise Value & Book Value
Grupo Aeroméxico, S.A.B. de C.V. has the lowest EV/EBITDA among the 16 Airlines companies compared here, at 3.71×. LATAM Airlines Group S.A. is next at 5.87×. Republic Airways Holdings Inc. has the lowest P/BV at 0.6×, so level and change sit with different companies. 16 of 16 companies report a comparable reading, the latest through Jun 2026.
What the numbers say: Grupo Aeroméxico, S.A.B. de C.V. leads ev/ebitda at 3.71×; Republic Airways Holdings Inc. leads p/bv at 0.6×.
LeaderGrupo Aeroméxico, S.A.B. de C.V. · 3.71×
Gap36.8% versus #2 · LATAM Airlines Group S.A.
Persistence2/2 recent comparable periods
Coverage16/16 companies · 215 observations
Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.
This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.
EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.
EV/EBITDAlowest EV/EBITDA
1Grupo Aeroméxico, S.A.B. de C.V. AERO3.7
2LATAM Airlines Group S.A. LTM5.9
3Republic Airways Holdings Inc. RJET6.0
4Copa Holdings, S.A. CPA6.6
5Controladora Vuela Compañía de Aviación, S.A.B. de C.V. VLRS6.9
P/BVlowest P/BV
1Republic Airways Holdings Inc. RJET0.6
2JetBlue Airways Corporation JBLU0.9
3Allegiant Travel Company ALGT1.4
4SkyWest, Inc. SKYW1.4
5Alaska Air Group, Inc. ALK1.6
Enterprise and book valuation · company comparison
16/16 level · 13/16 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | EV/EBITDA | P/BV | Reported |
|---|---|---|---|
| Frontier Group Holdings, Inc. ULCC | 233.4 | 3.7 | Mar 2026 |
| American Airlines Group Inc. AAL | 38.9 | -3.0 | Jun 2026 |
| Alaska Air Group, Inc. ALK | 32.8 | 1.6 | Jun 2026 |
| JetBlue Airways Corporation JBLU | 31.4 | 0.9 | Mar 2026 |
| Delta Air Lines, Inc. DAL | 14.1 | 2.8 | Jun 2026 |
| flyExclusive, Inc. FLYX | 13.1 | -0.5 | Mar 2026 |
| United Airlines Holdings, Inc. UAL | 12.6 | 2.6 | Jun 2026 |
| Southwest Airlines Co. LUV | 10.8 | 3.6 | Jun 2026 |
| SkyWest, Inc. SKYW | 9.6 | 1.4 | Jun 2026 |
| Allegiant Travel Company ALGT | 8.2 | 1.4 | Mar 2026 |
| Ryanair Holdings plc RYAAY | 7.7 | 3.1 | Jun 2026 |
| Controladora Vuela Compañía de Aviación, S.A.B. de C.V. VLRS | 6.9 | 15.8 | Jun 2026 |
| Copa Holdings, S.A. CPA | 6.6 | 1.6 | Mar 2026 |
| Republic Airways Holdings Inc. RJET | 6.0 | 0.6 | Mar 2026 |
| LATAM Airlines Group S.A. LTM | 5.9 | 7.3 | Mar 2026 |
| Grupo Aeroméxico, S.A.B. de C.V. AERO | 3.7 | -3.5 | Jun 2026 |
Full 20-quarter history · every available company
EV/EBITDA · reported quarter history
Showing the 12 largest of 16 companies with a series here. The remaining 4 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alaska Air Group, Inc. · ALK
29.1
7.0
42.8
28.3
19.6
14.1
28.8
34.2
10.1
8.2
22.6
20.1
10.6
10.3
21.7
18.9
11.1
9.6
17.1
32.8
Allegiant Travel Company · ALGT
10.8
9.2
8.5
9.1
10.7
8.6
7.4
7.3
5.6
6.9
7.8
8.5
8.8
169.7
32.0
—
—
9.2
8.2
—
American Airlines Group Inc. · AAL
—
34.8
—
—
—
10.8
10.7
8.4
10.1
7.8
15.7
20.6
17.5
8.5
15.2
16.9
16.7
11.0
20.0
38.9
Copa Holdings, S.A. · CPA
—
10.3
15.1
11.0
9.1
5.6
7.2
6.7
5.2
4.8
6.4
6.1
6.3
4.1
6.4
7.2
7.5
5.0
6.6
—
Delta Air Lines, Inc. · DAL
64.5
12.7
20.0
13.0
16.9
8.0
11.2
10.4
8.2
6.4
8.4
8.5
9.7
7.0
8.1
8.8
9.1
7.6
10.4
14.1
Grupo Aeroméxico, S.A.B. de C.V. · AERO
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
3.8
3.0
3.7
JetBlue Airways Corporation · JBLU
—
7.6
25.8
324.1
—
7.1
43.2
17.8
—
14.6
—
—
—
—
14.5
16.4
20.1
27.9
31.4
—
LATAM Airlines Group S.A. · LTM
—
—
—
—
—
—
—
—
—
—
—
—
40.6
8.3
8.0
8.9
8.3
6.9
5.9
—
Ryanair Holdings plc · RYAAY
—
323.3
121.4
15.7
9.3
10.5
20.7
16.0
15.8
21.1
24.2
25.9
7.9
8.1
7.1
7.2
7.0
8.5
6.4
7.7
SkyWest, Inc. · SKYW
22.2
6.2
16.3
16.3
13.7
5.8
27.9
61.2
98.4
8.9
23.7
18.0
14.2
6.8
10.2
10.3
9.2
5.9
9.1
9.6
Southwest Airlines Co. · LUV
16.8
7.4
8.9
5.3
5.1
7.2
7.5
9.6
8.0
8.6
9.6
12.3
13.4
9.8
9.2
10.2
9.9
12.1
8.5
10.8
United Airlines Holdings, Inc. · UAL
—
24.0
—
225.3
52.4
6.8
9.1
8.1
6.9
5.2
7.8
6.8
7.7
6.4
7.2
8.6
10.2
7.2
9.2
12.6
P/BV · reported quarter history
Showing the 12 largest of 16 companies with a series here. The remaining 4 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Alaska Air Group, Inc. · ALK
2.1
1.7
2.0
1.3
1.3
1.4
1.5
1.7
1.2
1.2
1.4
1.2
1.3
1.8
1.5
1.5
1.4
1.4
1.1
1.6
Allegiant Travel Company · ALGT
3.0
2.8
2.4
1.7
1.1
1.0
1.3
1.7
1.1
1.1
1.0
0.7
0.8
1.6
0.9
1.0
1.1
1.5
1.4
—
American Airlines Group Inc. · AAL
-1.8
-1.6
-1.3
-1.0
-1.0
-1.4
-1.7
-2.7
-1.6
-1.7
-1.8
-1.6
-1.5
-2.9
-1.5
-1.9
-1.9
-2.7
-1.7
-3.0
Copa Holdings, S.A. · CPA
2.8
2.7
2.7
2.1
2.0
2.2
2.3
2.8
1.8
2.1
2.0
1.8
1.7
1.5
1.5
1.8
1.8
1.8
1.6
—
Delta Air Lines, Inc. · DAL
10.5
6.4
8.5
4.9
3.9
3.2
3.6
3.8
2.6
2.3
2.8
2.5
2.4
2.6
1.8
1.8
2.0
2.2
2.1
2.8
Grupo Aeroméxico, S.A.B. de C.V. · AERO
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
-5.4
-3.5
—
JetBlue Airways Corporation · JBLU
1.2
1.2
1.3
0.8
0.6
0.6
0.7
0.8
0.5
0.6
1.0
0.8
0.9
1.1
0.7
0.6
0.8
0.8
0.9
—
LATAM Airlines Group S.A. · LTM
—
—
—
—
—
—
—
—
—
—
—
—
11.0
11.5
10.0
13.2
11.8
11.5
7.3
—
Ryanair Holdings plc · RYAAY
10.9
10.3
8.1
5.9
5.1
6.3
8.8
6.8
6.2
8.7
10.1
7.9
2.9
2.9
3.0
3.5
3.0
3.7
2.6
3.1
SkyWest, Inc. · SKYW
1.1
0.9
0.6
0.5
0.3
0.4
0.5
0.8
0.8
1.0
1.3
1.5
1.5
1.7
1.4
1.6
1.5
1.5
1.3
1.4
Southwest Airlines Co. · LUV
3.0
2.4
2.6
1.9
1.7
1.9
1.9
2.0
1.5
1.6
1.7
1.6
1.7
1.9
2.1
2.3
2.2
2.7
2.7
3.6
United Airlines Holdings, Inc. · UAL
2.8
2.8
4.2
2.9
2.2
1.8
2.2
2.3
1.6
1.5
1.7
1.5
1.6
2.5
1.8
1.9
2.2
2.4
1.9
2.6
09 · let price answer last
Market action
Allegiant Travel Company has the strongest one-year price move in Airlines at +111.1%. Delta Air Lines, Inc. leads on Mansfield relative strength against the S&P 500 at +21.4%. 9 of 14 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.
Every price line is indexed to 100 over the chosen window. Mansfield relative strength compares a price ratio with its own 52-week average; zero separates leadership from lagging.
Price and relative strength
Price is rebased to 100 inside the selected window. Pair ratio rebases each selected company against one chosen denominator.
Before the conclusion · check the blind spots
What can make this comparison misleading?
This Airlines comparison names 5 specific ways its own evidence can mislead, all listed below. All 16 companies here report on comparable dates, so no rank carries a stale marker. 1 of the 8 ranked sections has fewer than three usable current readings. A high growth rate can still be a low-base artefact.
Keep these limits visible
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Thin comparisons: Valuation have fewer than three usable current readings.
10 · the complete set
Which companies are included?
All 16 companies in the canonical Airlines membership are listed below, largest market value first — nothing is silently dropped, even where a company reports too little to rank. The charts above default to a selective view; this register is the complete set, with each company's own latest reporting date beside it.
AHEAD means the company is beating the index by 5% or more over three months. LAGGING, FUNDAMENTALS UP means it is 20% or more behind over a year while its trailing twelve-month earnings grew 20% or more. Both rules are fixed and applied the same way in every sector.
| Company | Market value | Price | Priced to | Latest fundamentals |
|---|---|---|---|---|
| Delta Air Lines, Inc. DALAHEAD | $58.5B | $89.4 | 2026-07-28 | Jun 2026 |
| United Airlines Holdings, Inc. UALAHEAD | $40.2B | $124 | 2026-07-28 | Jun 2026 |
| Ryanair Holdings plc RYAAYLAGGING, FUNDAMENTALS UP | $34.9B | $59.8 | 2026-07-28 | Jun 2026 |
| Southwest Airlines Co. LUVAHEAD | $22.7B | $46.3 | 2026-07-28 | Jun 2026 |
| LATAM Airlines Group S.A. LTMAHEAD | $15.3B | $53.5 | 2026-07-28 | Mar 2026 |
| American Airlines Group Inc. AALAHEAD | $10.2B | $15.4 | 2026-07-28 | Jun 2026 |
| Copa Holdings, S.A. CPAAHEAD | $5.7B | $140 | 2026-07-28 | Mar 2026 |
| Alaska Air Group, Inc. ALKAHEAD | $5.4B | $48.6 | 2026-07-28 | Jun 2026 |
| SkyWest, Inc. SKYWAHEAD | $4.4B | $114 | 2026-07-28 | Jun 2026 |
| Allegiant Travel Company ALGTAHEAD | $2.7B | $102 | 2026-07-28 | Mar 2026 |
| Grupo Aeroméxico, S.A.B. de C.V. AERO | $2.3B | $15.6 | 2026-07-28 | Jun 2026 |
| JetBlue Airways Corporation JBLUAHEAD | $2.3B | $6.0 | 2026-07-28 | Mar 2026 |
| Frontier Group Holdings, Inc. ULCCAHEAD | $1.4B | $6.2 | 2026-07-28 | Mar 2026 |
| Controladora Vuela Compañía de Aviación, S.A.B. de C.V. VLRS | $906M | $7.9 | 2026-07-28 | Jun 2026 |
| Republic Airways Holdings Inc. RJET | $863M | $18.4 | 2026-07-28 | Mar 2026 |
| flyExclusive, Inc. FLYX | $117M | $1.2 | 2026-07-28 | Mar 2026 |
Evidence and freshness
How was this comparison built?
This comparison is built from the reported filings of 16 Airlines companies, normalized to a common $ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-07-28. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.
FundamentalsThrough Jun 2026 · up to 20 quarters per company
Market dataThrough 2026-07-28 · weekly price and relative-strength history
Derived metricsGrowth, changes, CAPEX intensity, net debt, guarded PEG and P/BV÷ROE are calculated only when their inputs are comparable.
Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.
Questions investors ask · short, speakable answers
Airlines company comparison FAQs
These 18 answers restate the Airlines comparison above in question form. Every one is computed from the same 16 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-07-28. Nothing here is estimated, and none of it is a recommendation.
Which Airlines company is the biggest?
LATAM Airlines Group S.A. is the largest, with trailing-twelve-month revenue of $15,072 million, ahead of JetBlue Airways Corporation at $9,162 million. That covers 6 of 16 companies with comparable reporting through Mar 2026.
Which Airlines company is growing fastest?
LATAM Airlines Group S.A. has the fastest revenue growth at 16.7% year on year, across 6 of 16 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.
Which Airlines company has the best profit margins?
Copa Holdings, S.A. has the highest operating margin at 24.6%, from 16 of 16 comparable companies. Southwest Airlines Co. shows the biggest recent improvement, at +8.1 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.
Which Airlines company makes the most profit?
LATAM Airlines Group S.A. earns the most, at $1,685 million of trailing-twelve-month net profit, from 6 of 16 comparable companies. LATAM Airlines Group S.A. has the fastest profit growth at 51.5%, though growth off a small or recovering profit base overstates how much has actually changed.
Which Airlines company earns the highest return on capital?
LATAM Airlines Group S.A. leads on return on capital employed at 8%, across 16 of 16 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.
Which Airlines stock is the cheapest?
On guarded PEG — where a LOWER number is cheaper — LATAM Airlines Group S.A. screens cheapest at 0.2×. Only 2 of 16 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.
Which Airlines company has the strongest balance sheet?
Ryanair Holdings plc carries the lowest comparable gross debt at $182 million, from 16 of 16 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.
Which Airlines company is investing most in new capacity?
Controladora Vuela Compañía de Aviación, S.A.B. de C.V. reports the largest capital spending at $60,632,000 million, across 16 of 16 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.
Is the Airlines sector beating the market?
Airlines has outperformed S&P 500 by 10.6% over the last 52 weeks and 12.8% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 9 of 14 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.
Which Airlines stock has the strongest price momentum?
Delta Air Lines, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.
Which Airlines company scores highest for research priority?
LATAM Airlines Group S.A. scores 64.3 out of 100 with 82% evidence confidence, from 29.5 points on growth and earnings, 13.8 on capital efficiency, 16.3 on valuation and 4.7 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.
How many Airlines companies does this comparison cover, and over what period?
It compares 16 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.
What is the total market cap of the Airlines sector?
The 16 Airlines companies on this page carry $207,799 million of combined market value. Delta Air Lines, Inc. is the largest at $58,454 million, about 28% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.
What is the Airlines sector's P/E ratio?
The median price-to-earnings ratio across the 16 Airlines companies on this page is 15.5×, measured on the 15 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.
How is the Airlines sector performing?
9 of the 14 covered Airlines companies are beating S&P 500 on Mansfield relative strength. The sector itself is 10.6% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.
How many Airlines stocks are listed in the US?
This comparison covers 16 listed Airlines companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.
Why are some values on this page blank?
A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.
Is this investment advice?
No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.