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Taiwan's second flag carrier, operating international passenger and cargo flights, part of Evergreen Group.
Taiwan's second flag carrier, operating international passenger and cargo flights, part of Evergreen Group.
Earns mostly from passenger tickets on long-haul routes from Taiwan, while belly space and freighters carry cargo as a second line. Cargo carried much of the business when passenger travel collapsed in 2020 and 2021, and passengers have since regained the lead. Star Alliance partners feed connecting traffic onto its network.
In one line: Taiwan's Delta, tied to a shipping conglomerate.
Moat: narrow (brand, scale, installed base). Long-haul route network and Star Alliance membership support scale versus regional rivals.
Headquarters: Taoyuan, Taiwan · Founded: 1989
Size Eva Airways (2618.TW) is a Taiwan Industrials company (Airlines) with a market value of $7.12B, the 71st largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$43.60 on 6 Nov 2026.
Performance Over six months the shares gained 28.2%, against +9.7% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 6.4% over the last twelve months (peer median +10.6%); the operating margin is 14.5% (peer median 6.2%).
Valuation It trades at 10.1× forward earnings against a peer median of 12.0× (7th cheapest of 15).
Price implies For today's price to make sense, revenue must grow about -17% a year for seven years (Req g). Recent delivered growth is +20%, so the hurdle is -37 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 16.3 points above its cost of capital (5.0% WACC).
Next results Next results expected around 15 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$238B | NT$220B | NT$221B | NT$200B | NT$138B |
| Revenue growth | — | 0% | +10% | +45% | — |
| Gross profit | NT$49.5B | NT$50.7B | NT$53.0B | NT$42.2B | NT$18.5B |
| EBITDA | NT$61.8B | NT$63.9B | NT$67.2B | NT$59.1B | NT$39.1B |
| Net income | NT$25.6B | NT$26.1B | NT$29.0B | NT$21.6B | NT$7.09B |
| Free cash flow | NT$44.2B | NT$27.1B | NT$31.0B | NT$45.0B | NT$57.5B |
| Capital expenditure | NT$23.6B | NT$27.5B | NT$27.5B | NT$24.5B | NT$3.73B |
| Total debt | NT$74.0B | NT$76.4B | NT$55.6B | NT$53.1B | NT$80.8B |
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 |
|---|---|---|---|---|---|---|
| Eva Airways 2618.TW | $7.12B | +28% | +6% | 14% | 10.1× | -17.0% |
| China Airlines 2610.TW | $3.94B | +17% | +8% | 8% | 9.9× | n/a |
| 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% |
| KAL 003490.KS | $7.99B | +20% | +21% | 2% | 21.1× | n/a |
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 | 2618.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.1% | +5.7% | 9th lowest of 21 |
| 6-month return | +28.2% | +9.7% | 4th highest of 21 |
| Distance from 52-week high | -6.7% | -16.4% | 6th highest of 21 |
| Revenue growth (TTM) | +6.4% | +10.6% | 3rd lowest of 21 |
| Operating margin | 14.5% | 6.2% | 2nd highest of 21 |
| Forward P/E | 10.1× | 12.0× | 7th cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | -17.0% | -6.3% | least demanding of 10 |
| Growth delivered (Del g) | +19.9% | +27.4% | 3rd lowest of 10 |
| Hurdle (Req g minus delivered) | -36.9 pp | -30.6 pp | 3rd least demanding of 10 |
| ROIC minus cost of capital | +16.3 pp | -0.1 pp | highest of 21 |
| EV / EBITDA | 3.5× | 5.0× | 3rd cheapest of 15 |
| Net debt / EBITDA | -0.5× | 2.0× | 2nd least indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Eva Airways 2618.TW | Taiwan | $7.12B | +28% | +6% | 14% | 10.1× | -17.0% | +19.9% |
| Air China Cargo 001391.SZ | China | $7.12B | -21% | +10% | 9% | n/a | n/a | n/a |
| 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 |
| Hainan Airlines 600221.SS | China | $7.85B | -20% | +6% | -3% | 24.2× | 5.0% | +18.4% |
| KAL 003490.KS | South Korea | $7.99B | +20% | +21% | 2% | 21.1× | n/a | n/a |
| Copa CPA | United States | $5.87B | +16% | +15% | 19% | 9.0× | n/a | n/a |
| American Airlines AAL | United States | $8.73B | -1% | +12% | 2% | n/a | n/a | n/a |
| Japan Airlines 9201.T | Japan | $9.08B | +34% | +10% | 8% | 15.3× | -9.7% | +33.1% |
| Ana 9202.T | Japan | $9.77B | +24% | +17% | 8% | 13.1× | -10.0% | +28.4% |
| Qantas Airways QAN.AX | Australia | $9.79B | +9% | +8% | 7% | 10.9× | n/a | n/a |
| Exchange Income EIF.TO | Canada | $4.77B | +13% | +33% | 11% | 24.6× | n/a | n/a |
| China Eastern Airlines 600115.SS | China | $10.7B | -18% | +11% | -6% | n/a | 6.9% | +19.0% |
| Deutsche Lufthansa LHA.DE | Germany | $11.4B | +7% | +8% | -1% | 9.7× | n/a | n/a |
| Alaska Air ALK | United States | $4.35B | -5% | +8% | -1% | n/a | n/a | n/a |
| Cathay Pacific Airways 0293.HK | Hong Kong | $11.7B | +19% | +20% | 11% | 8.1× | -12.4% | +20.0% |
| China Southern Airlines 600029.SS | China | $12.2B | -4% | +8% | -3% | n/a | n/a | n/a |
| Air France-KLM AF.PA | France | $3.99B | +34% | +5% | 6% | 4.7× | -6.3% | +24.4% |
| Air Canada AC.TO | Canada | $3.95B | +10% | +13% | 2% | n/a | 14.3% | +30.8% |
| China Airlines 2610.TW | Taiwan | $3.94B | +17% | +8% | 8% | 9.9× | n/a | n/a |
| LATAM Airlines Group SA Sponsored ADR LTM | United States | $13.8B | -7% | +21% | 14% | 7.0× | -7.2% | +29.3% |