Loading…
Parent of British Airways, Iberia, Aer Lingus and Vueling, flying passengers and cargo internationally.
Parent of British Airways, Iberia, Aer Lingus and Vueling, flying passengers and cargo internationally.
Formed in 2011 by merging British Airways and Iberia, it earns ticket revenue across its airlines, with profit helped by the North Atlantic, where British Airways, Iberia, American Airlines and Finnair pool revenue and costs under a joint business. Avios, its loyalty currency, is also sold to banks and retailers.
In one line: Europe's version of a Delta/United-scale airline holding group.
Moat: narrow (scale, installed base (slots), brand). Scarce Heathrow/Madrid slots and network scale are hard to replicate, but airlines stay price-competitive.
Headquarters: London, UK · Founded: 2011 · Employees: 75,786
Size International Consolidated Airlines (IAG.L) is a United Kingdom Industrials company (Airlines) with a market value of $25.3B, the 31st largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £433.70 on 6 Nov 2026.
Performance Over six months the shares gained 9.1%, against +8.5% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 3.7% over the last twelve months (peer median +12.3%); the operating margin is 13.9% (peer median 7.3%).
Valuation It trades at 8.3× forward earnings against a peer median of 13.6× (3rd cheapest of 16).
Price implies For today's price to make sense, revenue must grow about -4% a year for seven years (Req g). Recent delivered growth is +32%, so the hurdle is -36 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 14.0 points above its cost of capital (12.4% WACC).
Credit International Consolidated Airlines has 4 bonds outstanding ($1.82B), rated BBB by the agencies and trading like BBB- at a weighted spread of 137 bp.
Next results Next results expected around 19 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £29.0B | £28.4B | £27.2B | £25.6B | £19.7B |
| Revenue growth | — | +5% | +6% | +30% | — |
| Gross profit | £5.93B | £6.08B | £5.42B | £4.93B | £2.72B |
| EBITDA | £6.53B | £6.55B | £5.64B | £4.87B | £2.94B |
| Net income | £2.67B | £2.86B | £2.31B | £2.31B | £368M |
| Free cash flow | £3.49B | £2.69B | £3.01B | £1.15B | £819M |
| Capital expenditure | £2.69B | £2.95B | £2.38B | £3.08B | £3.31B |
| Total debt | n/a | £12.5B | £14.3B | £13.9B | £17.7B |
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 |
|---|---|---|---|---|---|---|
| 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 |
| Air France-KLM AF.PA | $3.99B | +34% | +5% | 6% | 4.7× | -6.3% |
| 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% |
| Delta Air Lines DAL | $57.4B | +19% | +14% | 7% | 13.4× | 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 | IAG.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.3% | +5.7% | 5th lowest of 21 |
| 6-month return | +9.1% | +8.5% | 10th highest of 21 |
| Distance from 52-week high | -12.0% | -18.3% | 8th highest of 21 |
| Revenue growth (TTM) | +3.7% | +12.3% | lowest of 21 |
| Operating margin | 13.9% | 7.3% | 2nd highest of 21 |
| Forward P/E | 8.3× | 13.6× | 3rd cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | -3.9% | 5.0% | 7th least demanding of 14 |
| Growth delivered (Del g) | +32.4% | +29.3% | 5th highest of 14 |
| Hurdle (Req g minus delivered) | -36.3 pp | -32.4 pp | 7th least demanding of 14 |
| ROIC minus cost of capital | +14.0 pp | +1.9 pp | 2nd highest of 21 |
| EV / EBITDA | 3.5× | 7.4× | 2nd cheapest of 18 |
| Net debt / EBITDA | 0.6× | 1.8× | 6th least indebted of 19 |
| Bond spread | 137 bp | 101 bp | 3rd widest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| International Consolidated Airlines IAG.L | United Kingdom | $25.3B | +9% | +4% | 14% | 8.3× | -3.9% | +32.4% |
| InterGlobe Aviation INDIGO.NS | India | $22.4B | +22% | +13% | 8% | 105.8× | 25.5% | +42.2% |
| Southwest Airlines LUV | United States | $21.8B | +8% | +14% | 5% | 13.7× | n/a | n/a |
| Ryanair Holdings PLC Sponsored ADR RYAAY | United States | $29.5B | +2% | +9% | 13% | 17.0× | 6.4% | +56.7% |
| United Airlines UAL | United States | $36.6B | +13% | +12% | 6% | 13.6× | 7.8% | +30.9% |
| Singapore Airlines C6L.SI | Singapore | $17.2B | +11% | +5% | 12% | 30.1× | -11.0% | +40.0% |
| Air China 0753.HK | Hong Kong | $15.4B | -27% | +11% | -4% | n/a | 11.7% | +18.9% |
| LATAM Airlines Group SA Sponsored ADR LTM | United States | $13.8B | -7% | +21% | 14% | 7.0× | -7.2% | +29.3% |
| China Southern Airlines 1055.HK | Hong Kong | $12.3B | -32% | +12% | 0% | n/a | n/a | n/a |
| Cathay Pacific Airways 0293.HK | Hong Kong | $11.7B | +19% | +20% | 11% | 8.1× | -12.4% | +20.0% |
| Deutsche Lufthansa LHA.DE | Germany | $11.4B | +7% | +8% | -1% | 9.7× | n/a | n/a |
| Delta Air Lines DAL | United States | $57.4B | +19% | +14% | 7% | 13.4× | 9.9% | +30.0% |
| China Eastern Airlines 0670.HK | Hong Kong | $10.8B | -40% | +13% | -4% | n/a | 18.6% | +18.1% |
| Qantas Airways QAN.AX | Australia | $9.79B | +9% | +8% | 7% | 10.9× | n/a | n/a |
| Ana 9202.T | Japan | $9.77B | +24% | +17% | 8% | 13.1× | -10.0% | +28.4% |
| Japan Airlines 9201.T | Japan | $9.08B | +34% | +10% | 8% | 15.3× | -9.7% | +33.1% |
| American Airlines AAL | United States | $8.73B | -1% | +12% | 2% | n/a | n/a | n/a |
| KAL 003490.KS | South Korea | $7.99B | +20% | +21% | 2% | 21.1× | n/a | n/a |
| Hainan Airlines 600221.SS | China | $7.85B | -20% | +6% | -3% | 24.2× | 5.0% | +18.4% |
| Air China Cargo 001391.SZ | China | $7.12B | -21% | +10% | 9% | n/a | n/a | n/a |
| Eva Airways 2618.TW | Taiwan | $7.12B | +28% | +6% | 14% | 10.1× | -17.0% | +19.9% |
International Consolidated Airlines has 4 bonds outstanding with $1.82B face value. The agencies rate it BBB; its bonds trade like BBB-. Weighted yield 4.40%, a spread of 137 bp over government bonds.