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UK low-cost airline flying short-haul routes across Europe, plus package holidays via easyJet Holidays.
UK low-cost airline flying short-haul routes across Europe, plus package holidays via easyJet Holidays.
Sells seats at low fares on short flights and earns a growing share from extras such as bags and seat choice, while keeping costs down with one aircraft family and quick turnarounds. Gatwick, London's second airport, has long been its largest base. easyJet Holidays packages flights, hotels and transfers and earns a margin on them. Founder Stelios Haji-Ioannou is the largest shareholder.
In one line: Europe's version of Southwest Airlines.
Moat: narrow (scale, installed base (slots), brand). Slot holdings at capacity-constrained airports and fleet scale support cost position versus new entrants.
Headquarters: Luton, UK · Founded: 1995 · Employees: 19,224
Size easyJet (EZJ.L) is a United Kingdom Industrials company (Airlines) with a market value of $6.96B, the 72nd largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £684.40 on 6 Nov 2026.
Performance Over six months the shares gained 89.8%, against +9.7% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 9.9% over the last twelve months (peer median +10.6%); the operating margin is 5.1% (peer median 6.7%).
Valuation It trades at 68.9× forward earnings against a peer median of 10.5× (most expensive of 15).
Price implies For today's price to make sense, revenue must grow about 5% a year for seven years (Req g). Recent delivered growth is +27%, so the hurdle is -23 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.1 points below its cost of capital (12.6% WACC).
Credit easyJet has 2 bonds outstanding ($2.28B), rated BBB+ by the agencies and trading like BBB at a weighted spread of 101 bp.
Next results Next results expected around 1 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £10.5B | £10.1B | £9.31B | £8.17B | £5.77B |
| Revenue growth | — | +9% | +14% | +42% | — |
| Gross profit | £1.65B | £1.70B | £1.56B | £1.38B | £801M |
| EBITDA | £1.32B | £1.45B | £1.37B | £1.13B | £567M |
| Net income | £414M | £494M | £452M | £324M | -£169M |
| Free cash flow | £524M | £804M | £688M | £874M | £275M |
| Capital expenditure | £1.05B | £1.00B | £929M | £754M | £530M |
| Total debt | n/a | £2.93B | £3.28B | £2.88B | £4.31B |
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 |
|---|---|---|---|---|---|---|
| easyJet EZJ.L | $6.96B | +90% | +10% | 5% | 68.9× | 4.8% |
| Ryanair Holdings PLC Sponsored ADR RYAAY | $29.5B | +2% | +9% | 13% | 17.0× | 6.4% |
| Wizz Air WIZZ.L | $1.48B | +8% | +11% | -2% | n/a | 3.4% |
| International Consolidated Airlines IAG.L | $25.3B | +9% | +4% | 14% | 8.3× | -3.9% |
| Deutsche Lufthansa LHA.DE | $11.4B | +7% | +8% | -1% | 9.7× | n/a |
| Jet2 JET2.L | $3.61B | +34% | +4% | 6% | 11.1× | 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 | EZJ.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.5% | +5.7% | 6th lowest of 21 |
| 6-month return | +89.8% | +9.7% | highest of 21 |
| Distance from 52-week high | -0.8% | -16.4% | highest of 21 |
| Revenue growth (TTM) | +9.9% | +10.6% | 10th lowest of 21 |
| Operating margin | 5.1% | 6.7% | 9th lowest of 21 |
| Forward P/E | 68.9× | 10.5× | most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | 4.8% | -7.2% | 4th most demanding of 10 |
| Growth delivered (Del g) | +27.4% | +24.4% | 5th highest of 10 |
| Hurdle (Req g minus delivered) | -22.6 pp | -32.4 pp | 4th most demanding of 10 |
| ROIC minus cost of capital | -0.1 pp | +1.3 pp | 11th highest of 21 |
| EV / EBITDA | 3.6× | 5.0× | 4th cheapest of 15 |
| Net debt / EBITDA | -0.3× | 2.0× | 3rd least indebted of 19 |
| Bond spread | 101 bp | 153 bp | 2nd tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| easyJet EZJ.L | United Kingdom | $6.96B | +90% | +10% | 5% | 68.9× | 4.8% | +27.4% |
| 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 |
| 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% |
| Alaska Air ALK | United States | $4.35B | -5% | +8% | -1% | n/a | n/a | n/a |
| Deutsche Lufthansa LHA.DE | Germany | $11.4B | +7% | +8% | -1% | 9.7× | n/a | n/a |
| Cathay Pacific Airways 0293.HK | Hong Kong | $11.7B | +19% | +20% | 11% | 8.1× | -12.4% | +20.0% |
| Air France-KLM AF.PA | France | $3.99B | +34% | +5% | 6% | 4.7× | -6.3% | +24.4% |
| China Southern Airlines 600029.SS | China | $12.2B | -4% | +8% | -3% | n/a | n/a | n/a |
| 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% |
easyJet has 2 bonds outstanding with $2.28B face value. The agencies rate it BBB+; its bonds trade like BBB. Weighted yield 3.93%, a spread of 101 bp over government bonds.