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Canada's largest airline, operating domestic, transborder and international flights plus the Aeroplan loyalty program.
Canada's largest airline, operating domestic, transborder and international flights plus the Aeroplan loyalty program.
Passenger tickets carry the business, with premium cabins and international routes through its Toronto, Montreal and Vancouver hubs worth the most per seat. It also earns from banks and partners that buy points in Aeroplan, the loyalty program it bought back from Aimia in 2019. Cargo is a smaller line.
In one line: Canada's United/Delta.
Moat: narrow (brand, network effects, installed base). Dominant hub network (Toronto, Montreal, Vancouver) and a large loyalty ecosystem versus smaller Canadian carriers.
Headquarters: Montreal, Canada · Founded: 1937 · Employees: 39,300
Size Air Canada (AC.TO) is a Canada Industrials company (Airlines) with a market value of $3.95B, the 136th largest of 420 Canada companies the cockpit tracks. Shares closed at C$21.91 on 6 Nov 2026.
Performance Over six months the shares gained 10.3%, against +12.0% for the median peer and +5.2% for the Canada market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 12.7% over the last twelve months (peer median +10.2%); the operating margin is 2.0% (peer median 6.9%).
Valuation It trades at 0.5× enterprise value to sales against a peer median of 1.2× (3rd cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 14% a year for seven years (Req g). Recent delivered growth is +31%, so the hurdle is -17 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.8 points below its cost of capital (6.8% WACC).
Next results Next results expected around 12 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$24.8B | C$22.4B | C$22.3B | C$21.8B | C$16.6B |
| Revenue growth | — | +1% | +2% | +32% | — |
| Gross profit | C$6.71B | C$6.85B | C$7.38B | C$7.51B | C$3.71B |
| EBITDA | C$2.62B | C$2.91B | C$3.54B | C$3.97B | C$1.45B |
| Net income | C$305M | C$644M | C$1.72B | C$2.28B | -C$1.70B |
| Free cash flow | C$359M | C$747M | C$1.29B | C$2.76B | C$796M |
| Capital expenditure | C$2.78B | C$2.91B | C$2.64B | C$1.56B | C$1.57B |
| Total debt | C$10.9B | C$11.6B | C$12.7B | C$13.9B | C$16.3B |
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 |
|---|---|---|---|---|---|---|
| Air Canada AC.TO | $3.95B | +10% | +13% | 2% | 0.5× | 14.3% |
| Delta Air Lines DAL | $57.4B | +19% | +14% | 7% | 1.0× | 9.9% |
| United Airlines UAL | $36.6B | +13% | +12% | 6% | 0.9× | 7.8% |
| American Airlines AAL | $8.73B | -1% | +12% | 2% | 0.6× | n/a |
| Alaska Air ALK | $4.35B | -5% | +8% | -1% | 0.6× | n/a |
| Deutsche Lufthansa LHA.DE | $11.4B | +7% | +8% | -1% | 0.4× | n/a |
| International Consolidated Airlines IAG.L | $25.3B | +9% | +4% | 14% | 0.8× | -3.9% |
| Air France-KLM AF.PA | $3.99B | +34% | +5% | 6% | 0.5× | -6.3% |
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 | AC.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -12.4% | +4.8% | 2nd lowest of 21 |
| 6-month return | +10.3% | +12.0% | 10th lowest of 21 |
| Distance from 52-week high | -30.3% | -17.8% | 6th lowest of 21 |
| Revenue growth (TTM) | +12.7% | +10.2% | 8th highest of 21 |
| Operating margin | 2.0% | 6.9% | 7th lowest of 21 |
| EV / Sales | 0.5× | 1.2× | 3rd cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 14.3% | 0.4% | 2nd most demanding of 10 |
| Growth delivered (Del g) | +30.8% | +24.4% | 3rd highest of 10 |
| Hurdle (Req g minus delivered) | -16.6 pp | -22.6 pp | 4th most demanding of 10 |
| ROIC minus cost of capital | -3.8 pp | +0.1 pp | 5th lowest of 21 |
| EV / EBITDA | 4.9× | 5.2× | 7th cheapest of 14 |
| Net debt / EBITDA | 1.9× | 2.2× | 6th least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Air Canada AC.TO | Canada | $3.95B | +10% | +13% | 2% | 0.5× | 14.3% | +30.8% |
| China Airlines 2610.TW | Taiwan | $3.94B | +17% | +8% | 8% | 0.9× | n/a | n/a |
| Air France-KLM AF.PA | France | $3.99B | +34% | +5% | 6% | 0.5× | -6.3% | +24.4% |
| Alaska Air ALK | United States | $4.35B | -5% | +8% | -1% | 0.6× | n/a | n/a |
| Juneyao Airlines 603885.SS | China | $3.42B | -8% | +8% | 1% | 2.5× | 0.4% | +17.4% |
| Exchange Income EIF.TO | Canada | $4.77B | +13% | +33% | 11% | 2.5× | n/a | n/a |
| SkyWest SKYW | United States | $3.02B | -10% | +7% | 14% | 1.1× | 2.2% | +13.8% |
| Copa CPA | United States | $5.87B | +16% | +15% | 19% | 1.8× | n/a | n/a |
| Allegiant Travel ALGT | United States | $2.51B | +11% | +12% | 9% | 1.6× | n/a | n/a |
| Spring Airlines 601021.SS | China | $6.51B | -6% | +16% | 6% | 2.5× | n/a | n/a |
| Grupo Aeromexico, S.A.B. de C.V. Unsponsored ADR AERO | United States | $2.32B | +1% | +10% | 11% | 0.9× | -6.6% | +32.3% |
| easyJet EZJ.L | United Kingdom | $6.96B | +90% | +10% | 5% | 0.5× | 4.8% | +27.4% |
| Eva Airways 2618.TW | Taiwan | $7.12B | +28% | +6% | 14% | 0.9× | -17.0% | +19.9% |
| Air China Cargo 001391.SZ | China | $7.12B | -21% | +10% | 9% | 1.8× | n/a | n/a |
| Hainan Airlines 600221.SS | China | $7.85B | -20% | +6% | -3% | 2.2× | 5.0% | +18.4% |
| KAL 003490.KS | South Korea | $7.99B | +20% | +21% | 2% | 1.1× | n/a | n/a |
| Milkyway Intelligent Supply Chain Service 603713.SS | China | $1.90B | +29% | +15% | 8% | 1.2× | n/a | n/a |
| American Airlines AAL | United States | $8.73B | -1% | +12% | 2% | 0.6× | n/a | n/a |
| Starlux Airlines 2646.TW | Taiwan | $1.76B | -6% | +23% | 1% | 2.1× | n/a | n/a |
| Japan Airlines 9201.T | Japan | $9.08B | +34% | +10% | 8% | 0.6× | -9.7% | +33.1% |
| Frontier ULCC | United States | $1.71B | +40% | +24% | -15% | 1.2× | 31.6% | +24.4% |