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Australian travel agency group operating leisure retail travel brands and a global corporate travel management business (FCM/Corporate Traveller).
Australian travel agency group operating leisure retail travel brands and a global corporate travel management business (FCM/Corporate Traveller).
Earns commissions and fees from airlines, hotels and tour operators on the trips it sells, plus transaction and management fees from corporate clients, so results follow booking volumes and the margin kept on each trip. Corporate travel and leisure are run as separate businesses.
In one line: A leisure/corporate travel agency combined with a retail chain.
Moat: narrow (brand, scale, distribution). Large store/agent network and global corporate travel accounts are moderately sticky but online booking competes hard.
Headquarters: Brisbane, Australia · Founded: 1982 · Employees: 12,365
Size Flight Centre Travel (FLT.AX) is an Australia Consumer Discretionary company (Other Consumer Services) with a market value of $1.72B, the 135th largest of 316 Australia companies the cockpit tracks. Shares closed at A$12.35 on 6 Nov 2026.
Performance Over six months the shares gained 16.9%, against -8.3% for the median peer and +4.1% for the Australia market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 2.5% over the last twelve months (peer median +6.6%); the operating margin is 7.0% (peer median 15.1%).
Valuation It trades at 11.4× forward earnings against a peer median of 15.2× (9th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +48%, so the hurdle is -40 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.5 points below its cost of capital (9.8% WACC).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$2.85B | A$2.85B | A$2.78B | A$2.71B | A$2.28B |
| Revenue growth | — | +3% | +3% | +19% | — |
| Gross profit | A$1.07B | A$1.07B | A$1.06B | A$980M | A$741M |
| EBITDA | A$362M | A$362M | A$366M | A$403M | A$258M |
| Net income | A$149M | A$149M | A$109M | A$140M | A$47.5M |
| Free cash flow | A$268M | A$268M | A$106M | A$400M | A$135M |
| Capital expenditure | A$94.6M | A$94.6M | A$103M | A$95.6M | A$92.0M |
| Total debt | n/a | A$1.23B | A$884M | A$988M | A$1.36B |
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 |
|---|---|---|---|---|---|---|
| Flight Centre Travel FLT.AX | $1.72B | +17% | +3% | 7% | 11.4× | 8.5% |
| Expedia EXPE | $29.6B | +13% | +12% | 17% | 10.6× | -0.3% |
| Booking BKNG | $119B | -3% | +8% | 34% | 13.6× | 7.0% |
| Corporate Travel Management CTD.AX | $350M | -69% | +7% | 6% | 19.5× | 12.0% |
| Global Business Travel GBTG | n/a | +78% | n/a | n/a | n/a | 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 | FLT.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +21.6% | +0.8% | 3rd highest of 21 |
| 6-month return | +16.9% | -8.3% | 5th highest of 21 |
| Distance from 52-week high | -25.4% | -29.5% | 8th highest of 21 |
| Revenue growth (TTM) | +2.5% | +6.6% | 7th lowest of 21 |
| Operating margin | 7.0% | 15.1% | 4th lowest of 21 |
| Forward P/E | 11.4× | 15.2× | 9th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 8.5% | 1.8% | 6th most demanding of 18 |
| Growth delivered (Del g) | +48.5% | +15.3% | 2nd highest of 18 |
| Hurdle (Req g minus delivered) | -40.0 pp | -16.9 pp | 3rd least demanding of 18 |
| ROIC minus cost of capital | -0.5 pp | +3.7 pp | 5th lowest of 20 |
| EV / EBITDA | 8.0× | 7.0× | 7th most expensive of 17 |
| Net debt / EBITDA | 1.1× | 1.6× | 7th least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Flight Centre Travel FLT.AX | Australia | $1.72B | +17% | +3% | 7% | 11.4× | 8.5% | +48.5% |
| Perdoceo Education PRDO | United States | $1.68B | -25% | +12% | 25% | 9.1× | -16.0% | +4.2% |
| Saga SAGA.L | United Kingdom | $1.67B | +56% | +37% | 16% | 18.6× | 12.6% | +14.3% |
| Changbai Mountain Tourism 603099.SS | China | $1.54B | +8% | +2% | 20% | 71.9× | 15.4% | +39.7% |
| Park24 4666.T | Japan | $1.93B | -2% | +4% | 10% | 6.8× | -5.2% | +8.6% |
| Driven Brands DRVN | United States | $1.96B | -11% | -11% | 15% | 9.6× | 3.3% | +15.5% |
| Shoucheng 0697.HK | Hong Kong | $1.33B | -27% | -1% | 16% | 15.5× | 21.2% | +15.3% |
| Basic-Fit BFIT.AS | Netherlands | $2.23B | +2% | +18% | 12% | 22.0× | 6.5% | +30.4% |
| AcadeMedia ACAD.ST | Sweden | $1.22B | +20% | +8% | 7% | 9.9× | -1.8% | +8.7% |
| Boyd Group Services BYD.TO | Canada | $2.48B | -24% | +16% | 5% | 22.1× | 9.4% | +16.0% |
| Peloton Interactive PTON | United States | $2.50B | -1% | -2% | 9% | 18.7× | 7.2% | -9.5% |
| Strategic Education STRA | United States | $1.16B | -35% | +4% | 16% | 7.9× | -12.6% | +4.3% |
| Zhang Jia Jie Tourism 000430.SZ | China | $1.15B | -22% | +20% | -81% | n/a | n/a | n/a |
| CATARC Automotive Proving Ground 301215.SZ | China | $1.10B | -12% | +23% | 43% | n/a | n/a | n/a |
| Afya AFYA | United States | $960M | -25% | +17% | 32% | 5.9× | -16.3% | +23.2% |
| OneSpaWorld OSW | United States | $3.12B | +25% | +10% | 10% | 24.5× | 19.5% | +51.4% |
| Stride LRN | United States | $3.15B | -15% | +2% | 19% | 9.5× | -19.1% | +10.4% |
| Sats SATS.OL | Norway | $937M | +10% | +5% | 18% | 15.2× | -5.9% | +10.6% |
| Ferrotec (An Hui) Technology Development 301297.SZ | China | $3.21B | -30% | +37% | 10% | n/a | n/a | n/a |
| Voyageurs du Monde ALVDM.PA | France | $896M | +28% | +4% | 8% | 18.1× | 1.8% | +46.3% |
| Trainline TRN.L | United Kingdom | $887M | -5% | +1% | 27% | 7.9× | -8.0% | +46.5% |