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U.S. Airlines Industry Analysis

UpdatedMay 20, 2026
DataAggregated Company Financials
Companies16
  • 7D-5.0%
  • 3M-17.9%
  • 1Y19.9%
  • YTD-13.1%

Over the last 7 days, the Airlines industry has dropped 5.0%, driven by Joby Aviation declining 9.0%. Over the past 12 months, the industry was up 20%. Earnings are forecast to grow by 14% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 21 May 2026US$123.6bUS$209.9bUS$8.5b7.9x14.6x0.6x
Sat, 18 Apr 2026US$125.4bUS$208.2bUS$8.2b10.2x15.3x0.6x
Mon, 16 Mar 2026US$112.7bUS$209.5bUS$7.4b8.4x15.2x0.5x
Wed, 11 Feb 2026US$148.3bUS$210.0bUS$7.3b9.9x20.4x0.7x
Fri, 09 Jan 2026US$141.8bUS$207.8bUS$6.7b10x21.1x0.7x
Sun, 07 Dec 2025US$131.1bUS$207.8bUS$6.7b9.5x19.5x0.6x
Tue, 04 Nov 2025US$117.5bUS$206.5bUS$6.9b9.4x16.9x0.6x
Thu, 02 Oct 2025US$118.3bUS$204.5bUS$7.1b9.5x16.8x0.6x
Sat, 30 Aug 2025US$126.1bUS$204.4bUS$7.1b11.1x17.9x0.6x
Mon, 28 Jul 2025US$117.7bUS$210.6bUS$6.9b11.1x17x0.6x
Wed, 25 Jun 2025US$103.0bUS$209.3bUS$6.6b11.2x15.5x0.5x
Fri, 23 May 2025US$97.7bUS$204.2bUS$7.7b11x12.8x0.5x
Sun, 20 Apr 2025US$84.1bUS$203.5bUS$6.7b8.6x12.5x0.4x
Tue, 18 Mar 2025US$97.6bUS$201.2bUS$6.7b11x14.5x0.5x
Thu, 13 Feb 2025US$123.2bUS$200.1bUS$6.8b13.8x18.2x0.6x
Sat, 11 Jan 2025US$124.7bUS$197.5bUS$5.8b12.7x21.6x0.6x
Mon, 09 Dec 2024US$123.0bUS$196.5bUS$7.0b11.9x17.6x0.6x
Wed, 06 Nov 2024US$103.5bUS$183.9bUS$6.6b13.3x15.7x0.6x
Fri, 04 Oct 2024US$89.9bUS$182.6bUS$6.4b10.4x14x0.5x
Sun, 01 Sep 2024US$78.6bUS$182.6bUS$6.4b11.5x12.3x0.4x
Tue, 30 Jul 2024US$82.2bUS$183.2bUS$6.5b12.7x12.6x0.4x
Thu, 27 Jun 2024US$85.9bUS$180.8bUS$7.1b12.4x12.2x0.5x
Sat, 25 May 2024US$87.6bUS$180.8bUS$7.0b11.2x12.5x0.5x
Mon, 22 Apr 2024US$89.4bUS$192.6bUS$7.9b9.7x11.3x0.5x
Wed, 20 Mar 2024US$83.0bUS$190.7bUS$7.3b9.9x11.3x0.4x
Fri, 16 Feb 2024US$85.8bUS$190.8bUS$7.2b11.4x11.9x0.4x
Sun, 14 Jan 2024US$79.9bUS$191.6bUS$7.2b9.7x11x0.4x
Tue, 12 Dec 2023US$81.0bUS$190.7bUS$6.1b10x13.4x0.4x
Thu, 09 Nov 2023US$67.2bUS$189.2bUS$6.8b10.2x9.9x0.4x
Sat, 07 Oct 2023US$75.1bUS$186.0bUS$6.5b10.6x11.5x0.4x
Mon, 04 Sep 2023US$87.2bUS$186.2bUS$6.5b11x13.3x0.5x
Wed, 02 Aug 2023US$95.7bUS$187.7bUS$6.2b22.7x15.4x0.5x
Fri, 30 Jun 2023US$99.6bUS$183.2bUS$4.0b23.5x24.9x0.5x
Sun, 28 May 2023US$80.6bUS$171.6bUS$3.2b22.5x25.2x0.5x
Price to Earnings Ratio

25.2x


Total Market Cap: US$80.6bTotal Earnings: US$3.2bTotal Revenue: US$171.6bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Airlines Industry Price to Earnings3Y Average 15.4x202420252026
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 15.4x.
  • The industry is trading close to its 3-year average PS ratio of 0.52x.
Past Earnings Growth
  • The earnings for companies in the Airlines industry have grown 39% per year over the last three years.
  • Revenues for these companies have grown 7.0% 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-1.01%
Industrials-3.52%
Airlines-5.03%
Airlines-5.03%
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$74.124.3%
+US$2.0b		53.6%PE10.8x
CPA Copa HoldingsUS$135.6318.0%
+US$847.2m		33.0%PE7.8x
UAL United Airlines HoldingsUS$98.022.4%
+US$753.0m		33.7%PE8.7x
AAL American Airlines GroupUS$12.951.9%
+US$158.7m		15.2%PE42.4x
ALK Alaska Air GroupUS$39.853.3%
+US$143.7m		-19.9%PE60.8x

Latest News

CPA
US$135.63
Copa Holdings
7D
18.0%
1Y
33.0%
ALGT
US$77.09
Allegiant Travel
7D
2.5%
1Y
49.8%
LUV
US$39.70
Southwest Airlines
7D
0.7%
1Y
25.0%
JOBY
US$10.07
Joby Aviation
7D
-9.0%
1Y
51.9%
Seeking Alpha • May 20

Joby Aviation: On Track For 2026 Commercial Launch And Attractively Valued

Summary Joby Aviation, Inc. is the clear frontrunner in the eVTOL sector, nearing FAA certification and imminent commercial launches in Dubai and the U.S. JOBY’s vertically integrated model, strategic partnerships, and recent Blade acquisition position it to capture significant advanced air mobility market share. With $1.73 billion net cash and at least a two-year runway, JOBY is well-capitalized to scale operations, but profitability is unlikely before 2030. I maintain a Buy rating on JOBY stock, citing steady progress, strong government support for the industry, and substantial long-term upside despite high risk and volatility. Read the full article on Seeking Alpha
AAL
US$12.95
American Airlines Group
7D
1.9%
1Y
15.2%
New Narrative • May 19

AAL: Engineering the Global Premium Network Pivot toward the Realization of a Sustainable Operational Deleveraging Inflection Point

American Airlines Group Inc. (AAL), the world’s largest airline by fleet size and a critical architect of the domestic hub and spoke model, is navigating a high stakes structural recovery in 2026.
DAL
US$74.12
Delta Air Lines
7D
4.3%
1Y
53.6%
ULCC
US$4.69
Frontier Group Holdings
7D
-0.6%
1Y
25.7%
Narrative Update • May 19

ULCC: Fuel Costs And Capacity Shifts Will Shape Balanced Route Opportunity

Analyst price targets on Frontier Group Holdings have increased slightly to $5.00, up from $4.90, as analysts update their models following the Q1 report and incorporate revised assumptions for revenue growth, profit margins and future P/E levels. Analyst Commentary Recent research updates on Frontier Group Holdings reflect a mixed tone, with some analysts fine-tuning models after the Q1 report while others focus on execution risks and industry pressures.
UAL
US$98.02
United Airlines Holdings
7D
2.4%
1Y
33.7%
Seeking Alpha • May 18

United Airlines: Stronger Than American, Cheaper Than Delta

Summary United Airlines stands out post-Spirit collapse, offering superior growth and profitability versus peers at a discounted valuation. Q1 2026 results demonstrated robust pricing power, with premium and business segments driving double-digit revenue growth despite fuel cost headwinds. Fuel price volatility remains the primary risk, prompting UAL to lower full-year EPS guidance to $7–$11, but management expects increasing fare pass-through. I rate UAL a cautious buy, as it delivers Delta-like metrics at a lower multiple, with catalysts tied to fuel stabilization and sustained premium demand. Read the full article on Seeking Alpha
SOAR
US$0.14
Volato Group
7D
-12.0%
1Y
-93.4%
UP
US$6.55
Wheels Up Experience
7D
22.0%
1Y
-80.4%
SRFM
US$1.17
Surf Air Mobility
7D
-5.6%
1Y
-52.2%
Narrative Update • May 15

SRFM: Reaffirmed 2026 Revenue Outlook Will Support Long Term Upside Potential

Analysts have trimmed Surf Air Mobility's implied fair value from $7.88 to $5.31. Alongside this, price targets were cut from $3.50 to $2.25 and then to $1.50.
ALK
US$39.85
Alaska Air Group
7D
3.3%
1Y
-19.9%
AERO
US$15.15
Grupo Aeroméxico. de
7D
-0.5%
1Y
n/a
RJET
US$20.61
Republic Airways Holdings
7D
-6.9%
1Y
n/a
SKYW
US$83.29
SkyWest
7D
-1.9%
1Y
-15.3%
New Narrative • May 04

Dual Class Fleet Expansion And Contracted Flying Will Support Stronger Long Term Prospects

Catalysts About SkyWest SkyWest operates regional aircraft under capacity purchase and prorate agreements for major U.S. airlines. What are the underlying business or industry changes driving this perspective?