So you think you know your airline market capitalisation: Part 3


The first part of this three-part report on airline market capitalisations described how Air China is valued more on the stock exchange than US carriers United-Continental, JetBlue, Hawaiian Air, AirTran, US Airways, American Airlines, Republic Airways and Skywest combined. In this final section, CAPA reviews some further interesting facts from the equity investment world.

Southwest is the leading US carrier, with a market cap of USD8.65 billion, just ahead of Delta (USD8.47 billion) and United-Continental (USD7.4 billion). Southwest should move further ahead with the acquisition of AirTran (USD990 million).

Alaska Airlines (with an operational fleet of 116 aircraft) is valued at just USD120 million less than American Airlines, which has a fleet of 616 aircraft, at USD2.03 billion and USD2.15 billion, respectively.

WestJet's valuation is some 2.8 times Air Canada's.

AirAsia is valued at USD200 million more than Malaysia Airlines.

Cebu Pacific is almost twice as valuable as Philippine Airlines.

Air Arabia is valued at 5.5 times Royal Jordanian's market cap. The LCC Air Arabia is planning to establish a base in Jordan soon.

Latin America’s GOL, COPA, TAM and LAN are valued at USD18.2 billion – more than Delta, United-Continental and American Airlines combined.

Ryanair and easyJet are worth USD9.46 billion – more than IAG (British Airways/Iberia), Aer Lingus, flybe, Jet2 and Vueling combined.

Lufthansa, IAG (BA-Iberia), Air-France-KLM, Ryanair and easyJet are valued at a combined USD30.3 billion. China’s big three airlines (Air China, China Eastern and China Southern) are valued at USD37.3 billion, or 23% more. The remaining European listed airlines are valued at just USD11.0 billion.

China’s listed airlines (including Cathay Pacific) are valued at USD53.6 billion.

India’s listed carriers – Kingfisher, Jet Airways and SpiceJet are valued at just USD1.47 billion – fractionally more than Garuda Indonesia (USD1.31 billion).

Singapore Airlines' value is some 2.4 times more than Qantas. Cathay Pacific is valued at 1.7 times Qantas' market cap.

Virgin Blue is valued at around USD178 million more than Tiger Airways, at USD774 million and USD596 million, respectively.

See related reports:

Next Time: We look at Airline Enterprise Values (EVs)

The full list - Airline Market Capitalisations

Airline Region Market Cap
Air China Asia Pacific 18990
Singapore Airlines Asia Pacific 12700
China Southern Asia Pacific 10540
China Eastern Asia Pacific 9200
Lufthansa Europe 9160
LAN Airlines Latin America 9120
Cathay Pacific Asia Pacific 9090
All Nippon Airways Asia Pacific 8800
Southwest Airlines North America 8650
Delta Air Lines North America 8470
United Continental North America 7400
Ryanair Europe 6990
IAG (BA-Iberia) Europe 6850
Qantas Airways Asia Pacific 5340
Hainan Airlines Asia Pacific 5030
Air France-KLM Europe 4870
Korean Air Lines Asia Pacific 3920
GOL Latin America 3470
TAM Latin America 3340
Aeroflot Europe 2920
China Airlines Asia Pacific 2920
Thai Airways Asia Pacific 2740
Turkish Airlines Europe 2600
EVA Airways Asia Pacific 2560
easyJet Europe 2470
COPA North America 2280
WestJet North America 2270
AirAsia Asia Pacific 2240
American Airlines North America 2150
Malaysia Airlines Asia Pacific 2040
Alaska Air North America 2030
JetBlue North America 1610
Asiana Airlines Asia Pacific 1570
Garuda Indonesia Asia Pacific 1310
US Airways North America 1290
Cebu Pacific Asia Pacific 1250
SAS Europe 1090
Air New Zealand Asia Pacific 1030
Skymark Airlines Asia Pacific 994
AirTran North America 990
Air Arabia North America 987
Jet Airways Asia Pacific 855
Skywest USA North America 854
Air Canada North America 814
Finnair Europe 795
Allegiant North America 777
Virgin Blue Asia Pacific 774
Shandong Airlines Asia Pacific 768
Norwegian Europe 689
Chorus Aviation (Jazz) North America 672
Philippine Airlines Asia Pacific 656
Aer Lingus Europe 640
Tiger Airways Asia Pacific 596
Vueling Airlines Europe 422
Air Berlin Europe 397
Spicejet Asia Pacific 377
flybe Europe 364
Transasia Airways Asia Pacific 325
Hawaiian Air North America 318
Republic Airways North America 298
Kingfisher Airlines Asia Pacific 235
Dart Group (Jet2) Europe 226
Kenya Airways Africa 220
Aegean Airlines Europe 194
Icelandair Europe 192
El Al Israel Airlines Middle East 192
Royal Jordanian Middle East 179
S7 Europe 165
Comair Africa 160
Croatia Airlines Europe 147
Meridiana Fly Europe 135
Regional Express Asia Pacific 128
Pinnacle Airlines North America 110
Kuwait National Airways Middle East 110
Skywest Airlines Australia Asia Pacific 96
Jazeera Airways Middle East 92
Pakistan Int'l Airlines Asia Pacific 72
Air Mauritius Africa 69
Baltia Air Lines North America 38
Gulfstream International North America 37
Cimber Sterling Europe 24
Cyprus Airways Europe 22
1time Africa 21
Atlantic Airways Europe 21
Great Lakes Aviation North America 20
Indonesia Air Transport Asia Pacific 17
Jagson Airlines Asia Pacific 5

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