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Finland's flag carrier airline, connecting Helsinki with Europe, Asia and North America.
Finland's flag carrier airline, connecting Helsinki with Europe, Asia and North America.
Earns from ticket sales, with the Helsinki hub linking Europe and Asia as the central business and cargo and loyalty as add-ons. Since 2022, closure of Russian airspace to Finnair has made its Asia routes longer and costlier than those of rivals who can still fly over Russia. The Finnish state is the majority shareholder.
Moat: none (distribution). Operates in a highly competitive, capital-intensive airline industry with limited pricing power.
Headquarters: Vantaa, Finland · Founded: 1923 · Employees: 5,684
Size Finnair (FIA1S.HE) is a Finland Industrials company (Airlines) with a market value of $1.14B, the 34th largest of 65 Finland companies the cockpit tracks. Shares closed at €4.97 on 6 Nov 2026.
Performance Over six months the shares gained 37.7%, against +5.5% for the median peer and -2.9% for the Finland market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 10.9% over the last twelve months (peer median +10.3%); the operating margin is 3.6% (peer median 6.3%).
Valuation It trades at 9.4× forward earnings against a peer median of 13.3× (4th cheapest of 16).
Price implies For today's price to make sense, revenue must grow about -10% a year for seven years (Req g). Recent delivered growth is +30%, so the hurdle is -40 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.4 points below its cost of capital (7.5% WACC).
Credit Finnair has 2 bonds outstanding ($891M), rated BB+ by the agencies and trading like BB- at a weighted spread of 181 bp.
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €3.44B | €3.11B | €3.05B | €2.99B | €2.36B |
| Revenue growth | — | +2% | +2% | +27% | — |
| Gross profit | €367M | €183M | €211M | €304M | -€94.6M |
| EBITDA | €461M | €319M | €317M | €450M | €22.1M |
| Net income | €134M | €18.4M | €37.0M | €254M | -€476M |
| Free cash flow | €475M | €193M | €380M | -€800,000 | €151M |
| Capital expenditure | €260M | €209M | €291M | €404M | €88.6M |
| Total debt | €1.68B | €1.78B | €1.87B | €2.03B | €3.23B |
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 |
|---|---|---|---|---|---|---|
| Finnair FIA1S.HE | $1.14B | +38% | +11% | 4% | 9.4× | -9.6% |
| Deutsche Lufthansa LHA.DE | $11.4B | +7% | +8% | -1% | 9.7× | 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 | FIA1S.HE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +17.0% | +6.4% | 5th highest of 21 |
| 6-month return | +37.7% | +5.5% | 3rd highest of 21 |
| Distance from 52-week high | -10.0% | -26.2% | 3rd highest of 21 |
| Revenue growth (TTM) | +10.9% | +10.3% | 10th highest of 21 |
| Operating margin | 3.6% | 6.3% | 10th lowest of 21 |
| Forward P/E | 9.4× | 13.3× | 4th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | -9.6% | 1.1% | 5th least demanding of 13 |
| Growth delivered (Del g) | +30.2% | +24.1% | 5th highest of 13 |
| Hurdle (Req g minus delivered) | -39.9 pp | -20.3 pp | 4th least demanding of 13 |
| ROIC minus cost of capital | -0.4 pp | -1.5 pp | 10th highest of 21 |
| EV / EBITDA | 2.9× | 5.1× | 3rd cheapest of 14 |
| Net debt / EBITDA | 0.7× | 3.5× | 2nd least indebted of 16 |
| Bond spread | 181 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Finnair FIA1S.HE | Finland | $1.14B | +38% | +11% | 4% | 9.4× | -9.6% | +30.2% |
| Asiana Airlines 020560.KS | South Korea | $1.21B | +13% | -17% | -12% | n/a | n/a | n/a |
| China Express Airlines 002928.SZ | China | $1.34B | -12% | +4% | -17% | 155.2× | n/a | n/a |
| Republic Airways RJET | United States | $942M | -12% | +438% | 11% | n/a | 2.8% | +25.2% |
| JetBlue Airways JBLU | United States | $1.38B | -28% | +10% | -6% | n/a | n/a | n/a |
| CITIC Offshore Helicopter 000099.SZ | China | $1.41B | -31% | -9% | 12% | 30.3× | 1.8% | +7.5% |
| Azul S.A. Sponsored ADR AZUL | United States | $915M | +86% | +12% | 14% | 13.3× | n/a | n/a |
| Norwegian Air Shuttle NAS.OL | Norway | $1.47B | -11% | +3% | 6% | 22.0× | -16.5% | +35.8% |
| Wizz Air WIZZ.L | United Kingdom | $1.48B | +8% | +11% | -2% | n/a | 3.4% | +49.5% |
| Virgin Australia VGN.AX | Australia | $1.48B | +18% | +9% | 11% | 6.6× | -13.4% | +4.9% |
| Controladora Vuela Compania de Aviacion SAB de CV Sponsored ADR VLRS | United States | $850M | +3% | +19% | -5% | n/a | -13.7% | +23.8% |
| Frontier ULCC | United States | $1.71B | +40% | +24% | -15% | 1,818.4× | 31.6% | +24.4% |
| Tigerair Taiwan 6757.TW | Taiwan | $753M | +8% | +13% | 19% | 9.8× | -20.2% | +55.1% |
| Starlux Airlines 2646.TW | Taiwan | $1.76B | -6% | +23% | 1% | 52.3× | n/a | n/a |
| Milkyway Intelligent Supply Chain Service 603713.SS | China | $1.90B | +29% | +15% | 8% | 16.8× | n/a | n/a |
| Grupo Aeromexico, S.A.B. de C.V. Unsponsored ADR AERO | United States | $2.32B | +1% | +10% | 11% | 10.4× | -6.6% | +32.3% |
| Allegiant Travel ALGT | United States | $2.51B | +11% | +12% | 9% | 12.7× | n/a | n/a |
| Chorus Aviation CHR.TO | Canada | $505M | +30% | -4% | 7% | 13.2× | 2.2% | +6.8% |
| SkyWest SKYW | United States | $3.02B | -10% | +7% | 14% | 7.5× | 2.2% | +13.8% |
| Juneyao Airlines 603885.SS | China | $3.42B | -8% | +8% | 1% | 69.5× | 0.4% | +17.4% |
| Jejuair 089590.KS | South Korea | $379M | +20% | +12% | -1% | 8.9× | n/a | n/a |
Finnair has 2 bonds outstanding with $891M face value. The agencies rate it BB+; its bonds trade like BB-. Weighted yield 4.78%, a spread of 181 bp over government bonds.