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U.S. Airlines Industry Analysis

UpdatedJan 08, 2026
DataAggregated Company Financials
Companies20
  • 7D4.7%
  • 3M14.7%
  • 1Y15.3%
  • YTD3.5%

Over the last 7 days, the Airlines industry has risen 4.7%, driven by gains from Joby Aviation of 18%. This means that the industry has gained 15% over the past year. Looking forward, earnings are forecast to grow by 15% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 08 Jan 2026US$143.4bUS$207.9bUS$6.7b10x21.4x0.7x
Sat, 06 Dec 2025US$129.9bUS$207.8bUS$6.7b9.9x19.4x0.6x
Mon, 03 Nov 2025US$117.5bUS$206.5bUS$6.9b9.3x16.9x0.6x
Wed, 01 Oct 2025US$120.2bUS$204.5bUS$7.1b9.7x17x0.6x
Fri, 29 Aug 2025US$125.4bUS$204.4bUS$7.1b11x17.8x0.6x
Sun, 27 Jul 2025US$117.7bUS$210.6bUS$6.9b11.1x17x0.6x
Tue, 24 Jun 2025US$100.5bUS$209.1bUS$6.6b10.7x15.2x0.5x
Thu, 22 May 2025US$101.3bUS$204.3bUS$7.7b10.9x13.2x0.5x
Sat, 19 Apr 2025US$84.1bUS$203.5bUS$6.7b8.6x12.5x0.4x
Mon, 17 Mar 2025US$97.6bUS$201.2bUS$6.7b10.9x14.5x0.5x
Wed, 12 Feb 2025US$126.2bUS$200.0bUS$6.8b13.8x18.6x0.6x
Fri, 10 Jan 2025US$124.7bUS$196.2bUS$7.0b12.3x17.9x0.6x
Sun, 08 Dec 2024US$123.0bUS$196.5bUS$7.0b11.9x17.6x0.6x
Tue, 05 Nov 2024US$106.2bUS$183.9bUS$6.6b12.8x16.1x0.6x
Thu, 03 Oct 2024US$91.3bUS$182.6bUS$6.4b11x14.3x0.5x
Sat, 31 Aug 2024US$77.4bUS$182.6bUS$6.4b11.5x12.1x0.4x
Mon, 29 Jul 2024US$82.2bUS$183.2bUS$6.5b13x12.6x0.4x
Wed, 26 Jun 2024US$87.0bUS$180.8bUS$7.1b12.4x12.3x0.5x
Fri, 24 May 2024US$89.3bUS$180.8bUS$7.0b11.1x12.7x0.5x
Sun, 21 Apr 2024US$89.4bUS$192.6bUS$7.9b9.7x11.3x0.5x
Tue, 19 Mar 2024US$82.8bUS$190.8bUS$7.3b10x11.3x0.4x
Thu, 15 Feb 2024US$84.0bUS$190.7bUS$7.2b11.2x11.6x0.4x
Sat, 13 Jan 2024US$79.9bUS$191.6bUS$7.2b9.7x11x0.4x
Mon, 11 Dec 2023US$81.1bUS$190.7bUS$6.1b9.9x13.4x0.4x
Wed, 08 Nov 2023US$66.9bUS$189.2bUS$6.8b10.2x9.9x0.4x
Fri, 06 Oct 2023US$74.7bUS$185.9bUS$6.5b10.4x11.5x0.4x
Sun, 03 Sep 2023US$87.2bUS$186.2bUS$6.5b11x13.3x0.5x
Tue, 01 Aug 2023US$97.8bUS$187.6bUS$5.9b16.8x16.7x0.5x
Thu, 29 Jun 2023US$99.7bUS$183.3bUS$4.0b22.9x24.9x0.5x
Sat, 27 May 2023US$80.6bUS$171.6bUS$3.2b22.5x25.2x0.5x
Mon, 24 Apr 2023US$78.9bUS$168.7bUS$2.7b16.2x29.4x0.5x
Wed, 22 Mar 2023US$76.5bUS$160.9bUS$972.1m19.6x78.7x0.5x
Fri, 17 Feb 2023US$86.9bUS$160.9bUS$1.3b20.1x68.8x0.5x
Sun, 15 Jan 2023US$88.6bUS$153.0b-US$24,567,000.0014.2x-3608.5x0.6x
Price to Earnings Ratio

-3608.5x


Total Market Cap: US$88.6bTotal Earnings: -US$24,567,000.00Total Revenue: US$153.0bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Airlines Industry Price to Earnings3Y Average -0.009x202420252026
Current Industry PE
  • Investors are pessimistic on the American Airlines industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 21.4x which is higher than its 3-year average PE of -0.0093x.
  • The industry is trading close to its 3-year average PS ratio of 0.51x.
Past Earnings Growth
  • Total earnings for the Airlines industry have gone up over the last three years, and the industry is now profitable. Revenues have grown 11% per year.
  • This means that more sales are being generated by the industry overall, and subsequently profits are increasing too.

Industry Trends

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

US Market1.52%
Industrials3.24%
Airlines4.73%
Airlines4.73%
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
JOBY Joby AviationUS$15.5517.8%
+US$2.1b		63.9%PS626.1x
UAL United Airlines HoldingsUS$116.604.3%
+US$1.5b		12.4%PE11.5x
DAL Delta Air LinesUS$71.653.2%
+US$1.5b		16.7%PE10x
LUV Southwest AirlinesUS$42.643.2%
+US$677.5m		29.7%PE58.2x
AAL American Airlines GroupUS$15.994.3%
+US$435.7m		-9.1%PE17.5x

Latest News

UAL
US$116.60
United Airlines Holdings
7D
4.3%
1Y
12.4%

UAL: Margin Execution And Operational Resets Will Shape Future Upside Potential

Analysts have nudged their fair value estimate for United Airlines Holdings up slightly from about US$124.36 to roughly US$125.26. They cite a modestly higher long term revenue outlook, a small adjustment to discount rates, and updated assumptions for profit margins and future P/E multiples following recent price target increases across several research firms.
ALGT
US$92.95
Allegiant Travel
7D
9.0%
1Y
-6.4%

ALGT: Higher Post Q3 Assumptions Will Likely Prove Too Optimistic

Analysts have lifted their fair value estimate on Allegiant Travel to US$55 from US$50, pointing to updated post Q3 assumptions that include a lower discount rate, different revenue growth and profit margin expectations, and a revised future P/E framework, alongside Street research such as Susquehanna's move to raise its price target to US$70 from US$60. Analyst Commentary Recent commentary around Allegiant Travel has centered on updated models following Q3 results, with some analysts revisiting their assumptions on discount rates, revenue growth, profit margins, and the future P/E framework used to assess the shares.
DAL
US$71.65
Delta Air Lines
7D
3.2%
1Y
16.7%

DAL: Premium Demand And Industry Shifts Will Support Measured Upside Ahead

Analysts have nudged their blended price target for Delta Air Lines higher to about US$74.61 from US$73.64, reflecting recent Q3 beat and raise commentary, constructive Q4 guidance, and views that the airline could benefit from structural changes across the industry. Analyst Commentary Recent research updates point to a more constructive tone around Delta Air Lines, with several bullish analysts raising their price targets into the low to mid US$70s after Q3 results and Q4 guidance commentary.
JBLU
US$5.03
JetBlue Airways
7D
10.5%
1Y
-34.7%

JBLU: Technology-Driven Merchandising And Network Expansion Will Support Future Margin Recovery

Analysts have reduced their price target on JetBlue Airways to 6.34 dollars, reflecting concerns about a significantly weaker forward profit margin, even though revenue growth expectations are only modestly softer and the assumed future earnings multiple is sharply higher. What's in the News Federal Aviation Administration lifted flight restrictions tied to the government shutdown, reversing a 6% air traffic cut as staffing trends improve.
JOBY
US$15.55
Joby Aviation
7D
17.8%
1Y
63.9%
JTAI
US$0.56
Jet.AI
7D
-4.4%
1Y
-85.1%
AAL
US$15.99
American Airlines Group
7D
4.3%
1Y
-9.1%

The "Big Four" Dominance

1. Fundamental Moat: The "Big Four" Dominance American Airlines is a cornerstone of the US "Big Four" legacy carriers.
LUV
US$42.64
Southwest Airlines
7D
3.2%
1Y
29.7%

LUV: Technology-Driven Merchandising Will Support Higher Margins And Reduced Risk Profile

Analysts have lifted their price target for Southwest Airlines to approximately $55 per share from about $46, citing expectations for faster revenue growth, improved profit margins, and a lower perceived risk profile, in line with recent Street research that highlights the airline sector’s evolving merchandising and pricing power. Analyst Commentary Bullish analysts are pointing to Southwest’s improving fundamentals and revenue trajectory as justification for higher valuation expectations.
UP
US$0.65
Wheels Up Experience
7D
-0.8%
1Y
-59.1%
ALK
US$49.80
Alaska Air Group
7D
-1.0%
1Y
-24.9%
AERO
US$21.50
Grupo Aeroméxico. de
7D
-2.1%
1Y
n/a
SKYW
US$97.78
SkyWest
7D
-2.6%
1Y
-11.9%
CPA
US$127.42
Copa Holdings
7D
5.6%
1Y
42.6%

CPA: Expanding Capacity And Higher Load Factors Will Drive Future Upside

Analysts have slightly reduced their price target on Copa Holdings to approximately $156 from about $157, reflecting marginally lower revenue growth assumptions, partially offset by expectations for improved profit margins and a modestly lower future valuation multiple. What's in the News Copa Holdings reported strong third quarter 2025 operating results, with revenue passengers carried up to 3.81 million from 3.45 million and load factor improving to 88.0% from 86.2% a year earlier (company results filing).
FLYX
US$3.14
flyExclusive
7D
-23.6%
1Y
-1.3%