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U.S. Airlines Industry Analysis

UpdatedMar 26, 2026
DataAggregated Company Financials
Companies17
  • 7D2.9%
  • 3M-12.4%
  • 1Y22.0%
  • YTD-11.2%

In the last week, the Airlines industry is up 2.9%, with Delta Air Lines up 6.6%. Meanwhile, Joby Aviation actually underperformed within the industry, shrinking 6.0% in the last week. In the last 12 months, the industry was up 22%. Earnings are forecast to grow by 12% annually.

Industry Valuation and Performance

Has the U.S. Airlines Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 26 Mar 2026US$120.5bUS$209.7bUS$7.4b8.9x16.3x0.6x
Sat, 21 Feb 2026US$138.1bUS$209.9bUS$7.3b9.9x19x0.7x
Mon, 19 Jan 2026US$140.7bUS$208.2bUS$7.1b9.2x19.8x0.7x
Wed, 17 Dec 2025US$137.1bUS$207.9bUS$6.7b10x20.4x0.7x
Fri, 14 Nov 2025US$122.5bUS$206.1bUS$6.6b9.3x18.6x0.6x
Sun, 12 Oct 2025US$118.5bUS$205.3bUS$7.2b9.5x16.5x0.6x
Tue, 09 Sep 2025US$124.4bUS$204.5bUS$7.1b10.7x17.6x0.6x
Thu, 07 Aug 2025US$123.5bUS$210.4bUS$6.7b9.1x18.5x0.6x
Sat, 05 Jul 2025US$108.6bUS$209.6bUS$6.6b12x16.4x0.5x
Mon, 02 Jun 2025US$102.9bUS$209.0bUS$6.6b11.3x15.5x0.5x
Wed, 30 Apr 2025US$86.7bUS$204.5bUS$7.3b8.5x11.8x0.4x
Fri, 28 Mar 2025US$101.8bUS$201.0bUS$6.7b11.3x15.2x0.5x
Sun, 23 Feb 2025US$116.5bUS$200.1bUS$6.8b12.1x17.2x0.6x
Tue, 21 Jan 2025US$127.3bUS$197.7bUS$5.8b12.8x22x0.6x
Thu, 19 Dec 2024US$118.8bUS$196.5bUS$7.0b10.9x17x0.6x
Sat, 16 Nov 2024US$117.7bUS$196.6bUS$7.2b10.8x16.4x0.6x
Mon, 14 Oct 2024US$94.7bUS$182.8bUS$6.6b11.2x14.4x0.5x
Wed, 11 Sep 2024US$81.8bUS$182.6bUS$6.4b11.5x12.8x0.4x
Fri, 09 Aug 2024US$70.1bUS$182.9bUS$6.2b10.9x11.2x0.4x
Sun, 07 Jul 2024US$82.5bUS$180.8bUS$7.1b11.6x11.7x0.5x
Tue, 04 Jun 2024US$88.0bUS$180.8bUS$7.0b12.2x12.5x0.5x
Thu, 02 May 2024US$87.7bUS$194.7bUS$7.4b8.6x11.9x0.5x
Sat, 30 Mar 2024US$89.6bUS$190.6bUS$7.3b11.1x12.3x0.5x
Mon, 26 Feb 2024US$86.3bUS$190.8bUS$7.2b11.2x12x0.5x
Wed, 24 Jan 2024US$78.2bUS$192.8bUS$7.0b9.5x11.2x0.4x
Fri, 22 Dec 2023US$82.8bUS$190.8bUS$6.0b10.8x13.7x0.4x
Sun, 19 Nov 2023US$71.9bUS$190.7bUS$6.1b9.7x11.9x0.4x
Tue, 17 Oct 2023US$71.3bUS$187.5bUS$6.9b10.4x10.3x0.4x
Thu, 14 Sep 2023US$80.6bUS$186.2bUS$6.5b10.7x12.4x0.4x
Sat, 12 Aug 2023US$91.6bUS$188.0bUS$6.0b11.8x15.3x0.5x
Mon, 10 Jul 2023US$102.6bUS$183.3bUS$4.0b23.8x25.6x0.6x
Wed, 07 Jun 2023US$84.7bUS$171.6bUS$3.2b24.2x26.5x0.5x
Fri, 05 May 2023US$75.2bUS$171.2bUS$3.2b21x23.8x0.4x
Sun, 02 Apr 2023US$79.2bUS$160.9bUS$972.1m19.6x81.5x0.5x
Price to Earnings Ratio

81.5x


Total Market Cap: US$79.2bTotal Earnings: US$972.1mTotal Revenue: US$160.9bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Airlines Industry Price to Earnings3Y Average 17.1x202420252026
Current Industry PE
  • Investors are relatively neutral on the American Airlines industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 17.1x.
  • The industry is trading close to its 3-year average PS ratio of 0.51x.
Past Earnings Growth
  • The earnings for companies in the Airlines industry have grown 97% per year over the last three years.
  • Revenues for these companies have grown 9.2% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the U.S. Industrials industry?

US Market-0.15%
Industrials0.65%
Airlines2.93%
Airlines2.93%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
DAL Delta Air LinesUS$67.996.6%
+US$2.7b		41.4%PE8.8x
JBLU JetBlue AirwaysUS$4.7517.0%
+US$255.4m		-12.4%PS0.2x
SKYW SkyWestUS$94.135.8%
+US$208.9m		0.9%PE8.9x
CPA Copa HoldingsUS$115.294.6%
+US$207.5m		20.1%PE7.1x
ALK Alaska Air GroupUS$39.283.7%
+US$160.5m		-27.0%PE45x

Latest News

CPA
US$115.29
Copa Holdings
7D
4.6%
1Y
20.1%
AAL
US$10.74
American Airlines Group
7D
-0.6%
1Y
-6.1%
ALK
US$39.28
Alaska Air Group
7D
3.7%
1Y
-27.0%

ALK: Late 2025 Demand Momentum And Capacity Discipline Will Support Upside

The analyst price target for Alaska Air Group has been adjusted slightly higher, reflecting a fair value estimate change from $86.64 to $86.98, as analysts update their views on revenue growth, margins, and future P/E assumptions following mixed but generally constructive recent research commentary on the airline sector. Analyst Commentary Recent Street research on Alaska Air Group reflects a mix of price target increases and reductions, with bullish analysts still highlighting potential upside tied to execution, demand trends, and the balance between costs and pricing.
SOAR
US$0.28
Volato Group
7D
-8.8%
1Y
-86.1%
ULCC
US$3.70
Frontier Group Holdings
7D
19.4%
1Y
-29.7%

ULCC: Higher Future Multiple And Capacity Concerns Will Shape Earnings Path

The analyst price target for Frontier Group Holdings has been cut by $0.50 to $3.50, as analysts factor in recent downgrades, lower targets around $4, concerns over off peak capacity and financial leverage, and mixed views on future earnings strength that are reflected in a higher assumed future P/E multiple. Analyst Commentary Recent research has leaned cautious on Frontier Group Holdings, with several bearish analysts cutting price targets into a tighter band around $4 and shifting ratings lower.
UAL
US$92.95
United Airlines Holdings
7D
0.5%
1Y
19.4%

UAL: Q1 Demand Strength And Premium Travel Resilience Will Drive Upside

The updated analyst price target for United Airlines Holdings reflects a modest trim to $135.52 from $138.60, as analysts factor in higher fuel cost assumptions and slightly lower profit margins, while still pointing to resilient demand and revenue trends. Analyst Commentary Recent research on United Airlines Holdings highlights a mix of optimism on demand and revenue trends alongside caution around fuel costs, margins, and guidance risk.
JTAI
US$0.094
Jet.AI
7D
-4.5%
1Y
-97.9%
ALGT
US$84.89
Allegiant Travel
7D
10.0%
1Y
51.8%

ALGT: Flat 2026 Capacity And Acquisition Integration Will Support Higher Earnings Multiple

Analysts trimmed their price target for Allegiant Travel to about $111 from roughly $114, reflecting updated assumptions that combine slightly higher fuel cost expectations with still supportive revenue trends and modestly higher future P/E multiples across recent research. Analyst Commentary Recent research on Allegiant Travel shows a mix of optimism and caution, with price targets moving in both directions and ratings centered around Neutral to Outperform.
DAL
US$67.99
Delta Air Lines
7D
6.6%
1Y
41.4%

DAL: Premium Demand And Low Fuel Sensitivity Will Support Further Upside

Narrative Update: Delta Air Lines The analyst price target for Delta Air Lines has edged lower by a few dollars to reflect higher assumed fuel costs and slightly softer profit margin expectations, even as analysts still highlight resilient demand and relatively lower fuel sensitivity compared with peers. Analyst Commentary Recent research on Delta Air Lines clusters around a common theme, with higher assumed fuel costs pulling price targets lower, while demand and premium positioning are still seen as important supports for the equity story.
JBLU
US$4.75
JetBlue Airways
7D
17.0%
1Y
-12.4%

JBLU: Improving Domestic Fundamentals Will Support 2026 Margin Repair Prospects

JetBlue's updated analyst price target edges higher to $4.93, reflecting small tweaks to growth and margin expectations as analysts balance higher fuel cost assumptions with continuing demand trends and mixed target moves in recent research. Analyst Commentary Recent research on JetBlue shows a split view, with some firms trimming targets on cost concerns while others see room for stabilization as demand holds and industry conditions evolve.
SRFM
US$1.30
Surf Air Mobility
7D
-7.1%
1Y
-64.0%

SRFM: Future Hawaii Electric Service And SurfOS Progress Will Drive Upside

Analysts have lowered their price target for Surf Air Mobility from $3.75 to $2.25, citing updated assumptions around discount rates, revenue growth, profit margins, and future P/E expectations. What's in the News New 2026 earnings outlook: Surf Air Mobility issued revenue guidance of US$24 million to US$26 million for the first quarter of 2026 and US$128 million to US$138 million for full year 2026, with first quarter guidance excluding any SurfOS contribution (Corporate Guidance).
JOBY
US$8.97
Joby Aviation
7D
-6.0%
1Y
36.5%
SKYW
US$94.13
SkyWest
7D
5.8%
1Y
0.9%

SKYW: Low Fuel Sensitivity And 30-Day Catalyst Watch Should Support Upside

Narrative Update The analyst price target for SkyWest has been revised to $112. Analysts point to the stock's relatively low fuel cost sensitivity and a short term upside catalyst watch as key reasons for the updated view, along with modest adjustments to discount rate, revenue, profit margin, and forward P/E assumptions.
UP
US$0.52
Wheels Up Experience
7D
-5.8%
1Y
-51.6%