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Hong Kong's flag carrier airline, operating passenger and cargo flights connecting Hong Kong to Asia, Europe and the Americas.
Hong Kong's flag carrier airline, operating passenger and cargo flights connecting Hong Kong to Asia, Europe and the Americas.
Earns most of its revenue from passenger tickets, with cargo a large second line that carried the airline when passenger flights stopped during the pandemic. The Swire group is the controlling shareholder, with Air China also holding a stake. It is rebuilding its network after Hong Kong's border closures ended in 2023.
In one line: Hong Kong's Delta/United, cargo-heavy.
Moat: narrow (installed base, brand, regulatory licence). Hong Kong hub slots and gateway position to Mainland China, but exposed to fuel costs and competition.
Headquarters: Hong Kong · Founded: 1946 · Employees: 33,369
Size Cathay Pacific Airways (0293.HK) is a Hong Kong Industrials company (Airlines) with a market value of $11.7B, the 146th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$15.06 on 6 Nov 2026.
Performance Over six months the shares gained 19.0%, against +8.5% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 19.7% over the last twelve months (peer median +10.2%); the operating margin is 11.0% (peer median 6.7%).
Valuation It trades at 8.1× forward earnings against a peer median of 13.7× (2nd cheapest of 16).
Price implies For today's price to make sense, revenue must grow about -12% a year for seven years (Req g). Recent delivered growth is +20%, so the hurdle is -32 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.1 points above its cost of capital (5.4% WACC).
Next results Next results expected around 17 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$131B | HK$117B | HK$104B | HK$94.5B | HK$51.0B |
| Revenue growth | — | +12% | +10% | +85% | — |
| Gross profit | HK$21.3B | HK$20.5B | HK$20.1B | HK$20.0B | HK$4.34B |
| EBITDA | HK$26.8B | HK$25.7B | HK$25.6B | HK$24.7B | HK$12.6B |
| Net income | HK$13.4B | HK$10.8B | HK$9.89B | HK$9.79B | -HK$6.62B |
| Free cash flow | HK$18.7B | HK$15.9B | HK$14.4B | HK$19.7B | HK$15.2B |
| Capital expenditure | HK$9.44B | HK$9.83B | HK$9.21B | HK$6.80B | HK$3.73B |
| Total debt | n/a | HK$59.1B | HK$68.5B | HK$68.8B | HK$77.6B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Cathay Pacific Airways 0293.HK | $11.7B | +19% | +20% | 11% | 8.1× | -12.4% |
| Singapore Airlines C6L.SI | $17.2B | +11% | +5% | 12% | 30.1× | -11.0% |
| Air China 0753.HK | $15.4B | -27% | +11% | -4% | n/a | 11.7% |
| China Southern Airlines 1055.HK | $12.3B | -32% | +12% | 0% | n/a | n/a |
| Eva Airways 2618.TW | $7.12B | +28% | +6% | 14% | 10.1× | -17.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 0293.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.8% | +6.0% | 11th highest of 21 |
| 6-month return | +19.0% | +8.5% | 7th highest of 21 |
| Distance from 52-week high | -1.2% | -16.4% | 2nd highest of 21 |
| Revenue growth (TTM) | +19.7% | +10.2% | 3rd highest of 21 |
| Operating margin | 11.0% | 6.7% | 6th highest of 21 |
| Forward P/E | 8.1× | 13.7× | 2nd cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | -12.4% | -3.9% | 2nd least demanding of 12 |
| Growth delivered (Del g) | +20.0% | +28.4% | 5th lowest of 12 |
| Hurdle (Req g minus delivered) | -32.4 pp | -36.3 pp | 6th most demanding of 12 |
| ROIC minus cost of capital | +6.1 pp | +1.5 pp | 5th highest of 21 |
| EV / EBITDA | 5.2× | 5.2× | 8th cheapest of 16 |
| Net debt / EBITDA | 1.8× | 1.6× | 9th most indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Cathay Pacific Airways 0293.HK | Hong Kong | $11.7B | +19% | +20% | 11% | 8.1× | -12.4% | +20.0% |
| Deutsche Lufthansa LHA.DE | Germany | $11.4B | +7% | +8% | -1% | 9.7× | n/a | n/a |
| China Southern Airlines 600029.SS | China | $12.2B | -4% | +8% | -3% | n/a | n/a | n/a |
| China Eastern Airlines 0670.HK | Hong Kong | $10.8B | -40% | +13% | -4% | n/a | 18.6% | +18.1% |
| LATAM Airlines Group SA Sponsored ADR LTM | United States | $13.8B | -7% | +21% | 14% | 7.0× | -7.2% | +29.3% |
| Qantas Airways QAN.AX | Australia | $9.79B | +9% | +8% | 7% | 10.9× | n/a | n/a |
| Ana 9202.T | Japan | $9.77B | +24% | +17% | 8% | 13.1× | -10.0% | +28.4% |
| Japan Airlines 9201.T | Japan | $9.08B | +34% | +10% | 8% | 15.3× | -9.7% | +33.1% |
| Air China 601111.SS | China | $15.3B | -7% | +9% | -7% | n/a | 10.0% | +19.8% |
| American Airlines AAL | United States | $8.73B | -1% | +12% | 2% | n/a | n/a | n/a |
| KAL 003490.KS | South Korea | $7.99B | +20% | +21% | 2% | 21.1× | n/a | n/a |
| Singapore Airlines C6L.SI | Singapore | $17.2B | +11% | +5% | 12% | 30.1× | -11.0% | +40.0% |
| Hainan Airlines 600221.SS | China | $7.85B | -20% | +6% | -3% | 24.2× | 5.0% | +18.4% |
| Air China Cargo 001391.SZ | China | $7.12B | -21% | +10% | 9% | n/a | n/a | n/a |
| Eva Airways 2618.TW | Taiwan | $7.12B | +28% | +6% | 14% | 10.1× | -17.0% | +19.9% |
| easyJet EZJ.L | United Kingdom | $6.96B | +90% | +10% | 5% | 68.9× | 4.8% | +27.4% |
| Spring Airlines 601021.SS | China | $6.51B | -6% | +16% | 6% | 26.0× | n/a | n/a |
| Southwest Airlines LUV | United States | $21.8B | +8% | +14% | 5% | 13.7× | n/a | n/a |
| InterGlobe Aviation INDIGO.NS | India | $22.4B | +22% | +13% | 8% | 105.8× | 25.5% | +42.2% |
| Copa CPA | United States | $5.87B | +16% | +15% | 19% | 9.0× | n/a | n/a |
| International Consolidated Airlines IAG.L | United Kingdom | $25.3B | +9% | +4% | 14% | 8.3× | -3.9% | +32.4% |