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Major Chinese airline based in Shanghai, operating domestic and international passenger and cargo flights as a SkyTeam member.
Major Chinese airline based in Shanghai, operating domestic and international passenger and cargo flights as a SkyTeam member.
Earns mainly passenger fares on a network built around Shanghai's two airports, with international routes and cargo as smaller lines. Fuel and aircraft leases, largely priced in dollars while fares are in yuan, make results sensitive to the exchange rate. The state-owned China Eastern Air Holding is the controlling shareholder.
In one line: China's Delta Air Lines (Shanghai hub).
Moat: narrow (regulatory licence, scale, brand). Dominant Shanghai hub slots and SkyTeam alliance, but fuel- and fare-sensitive economics.
Headquarters: Shanghai, China · Founded: 1988 · Employees: 89,277
Size China Eastern Airlines (600115.SS) is a China Industrials company (Airlines) with a market value of $10.7B, the 231st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥3.56 on 6 Nov 2026.
Performance Over six months the shares fell 17.6%, against +10.0% for the median peer and -16.4% for the China market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 10.8% over the last twelve months (peer median +11.4%); the operating margin is -6.2% (peer median 7.3%).
Valuation It trades at 1.7× enterprise value to sales against a peer median of 1.1× (8th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +19%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.0 points below its cost of capital (5.0% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥151B | CN¥140B | CN¥132B | CN¥114B | CN¥46.2B |
| Revenue growth | — | +6% | +16% | +146% | — |
| Gross profit | CN¥22.7B | CN¥6.44B | CN¥4.64B | CN¥532M | -CN¥29.3B |
| EBITDA | n/a | CN¥24.4B | CN¥21.8B | CN¥17.8B | -CN¥13.1B |
| Net income | -CN¥5.85B | -CN¥1.63B | -CN¥4.23B | -CN¥8.19B | -CN¥37.4B |
| Free cash flow | CN¥1.87B | CN¥17.2B | CN¥21.1B | CN¥7.95B | -CN¥16.4B |
| Capital expenditure | CN¥26.3B | CN¥20.8B | CN¥16.3B | CN¥18.7B | CN¥10.0B |
| Total debt | CN¥192B | CN¥203B | CN¥189B | CN¥198B | CN¥220B |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| China Eastern Airlines 600115.SS | $10.7B | -18% | +11% | -6% | 1.7× | 6.9% |
| Air China 601111.SS | $15.3B | -7% | +9% | -7% | 1.7× | 10.0% |
| China Southern Airlines 600029.SS | $12.2B | -4% | +8% | -3% | 1.6× | n/a |
| Cathay Pacific Airways 0293.HK | $11.7B | +19% | +20% | 11% | 1.1× | -12.4% |
| Delta Air Lines DAL | $57.4B | +19% | +14% | 7% | 1.0× | 9.9% |
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 | 600115.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.2% | +6.0% | 6th highest of 21 |
| 6-month return | -17.6% | +10.0% | 3rd lowest of 21 |
| Distance from 52-week high | -45.1% | -14.0% | lowest of 21 |
| Revenue growth (TTM) | +10.8% | +11.4% | 11th highest of 21 |
| Operating margin | -6.2% | 7.3% | 2nd lowest of 21 |
| EV / Sales | 1.7× | 1.1× | 8th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 6.9% | -8.5% | 3rd most demanding of 11 |
| Growth delivered (Del g) | +19.0% | +27.9% | 2nd lowest of 11 |
| Hurdle (Req g minus delivered) | -12.1 pp | -34.5 pp | 2nd most demanding of 11 |
| ROIC minus cost of capital | -1.0 pp | +1.5 pp | 7th lowest of 21 |
| Net debt / EBITDA | 8.5× | 1.8× | 2nd most indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China Eastern Airlines 600115.SS | China | $10.7B | -18% | +11% | -6% | 1.7× | 6.9% | +19.0% |
| Deutsche Lufthansa LHA.DE | Germany | $11.4B | +7% | +8% | -1% | 0.4× | n/a | n/a |
| Cathay Pacific Airways 0293.HK | Hong Kong | $11.7B | +19% | +20% | 11% | 1.1× | -12.4% | +20.0% |
| Qantas Airways QAN.AX | Australia | $9.79B | +9% | +8% | 7% | 0.8× | n/a | n/a |
| Ana 9202.T | Japan | $9.77B | +24% | +17% | 8% | 0.6× | -10.0% | +28.4% |
| China Southern Airlines 600029.SS | China | $12.2B | -4% | +8% | -3% | 1.6× | n/a | n/a |
| Japan Airlines 9201.T | Japan | $9.08B | +34% | +10% | 8% | 0.6× | -9.7% | +33.1% |
| American Airlines AAL | United States | $8.73B | -1% | +12% | 2% | 0.6× | n/a | n/a |
| LATAM Airlines Group SA Sponsored ADR LTM | United States | $13.8B | -7% | +21% | 14% | 1.2× | -7.2% | +29.3% |
| KAL 003490.KS | South Korea | $7.99B | +20% | +21% | 2% | 1.1× | n/a | n/a |
| Hainan Airlines 600221.SS | China | $7.85B | -20% | +6% | -3% | 2.2× | 5.0% | +18.4% |
| Air China 601111.SS | China | $15.3B | -7% | +9% | -7% | 1.7× | 10.0% | +19.8% |
| Air China Cargo 001391.SZ | China | $7.12B | -21% | +10% | 9% | 1.8× | n/a | n/a |
| Eva Airways 2618.TW | Taiwan | $7.12B | +28% | +6% | 14% | 0.9× | -17.0% | +19.9% |
| easyJet EZJ.L | United Kingdom | $6.96B | +90% | +10% | 5% | 0.5× | 4.8% | +27.4% |
| Singapore Airlines C6L.SI | Singapore | $17.2B | +11% | +5% | 12% | 1.1× | -11.0% | +40.0% |
| Spring Airlines 601021.SS | China | $6.51B | -6% | +16% | 6% | 2.5× | n/a | n/a |
| Copa CPA | United States | $5.87B | +16% | +15% | 19% | 1.8× | n/a | n/a |
| Southwest Airlines LUV | United States | $21.8B | +8% | +14% | 5% | 0.8× | n/a | n/a |
| InterGlobe Aviation INDIGO.NS | India | $22.4B | +22% | +13% | 8% | 2.6× | 25.5% | +42.2% |
| Exchange Income EIF.TO | Canada | $4.77B | +13% | +33% | 11% | 2.5× | n/a | n/a |