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Germany's flag carrier airline group operating Lufthansa, Swiss, Austrian and Brussels Airlines plus cargo and MRO units.
Germany's flag carrier airline group operating Lufthansa, Swiss, Austrian and Brussels Airlines plus cargo and MRO units.
Passenger flights through hub airports at Frankfurt, Munich, Zurich, Vienna and Brussels carry the group, with Lufthansa Technik, which also maintains aircraft for other airlines, as the steadier, contract-based earner. It sold most of its catering business and in 2025 bought a minority stake in Italy's ITA Airways.
Moat: narrow (scale, brand, installed base). Multi-hub European network carrier with strong MRO (Lufthansa Technik) recurring service revenue.
Headquarters: Cologne, Germany · Founded: 1953 · Employees: 103,255
Size Deutsche Lufthansa (LHA.DE) is a Germany Industrials company (Airlines) with a market value of $11.4B, the 49th largest of 205 Germany companies the cockpit tracks. Shares closed at €8.44 on 6 Nov 2026.
Performance Over six months the shares gained 6.7%, against +9.1% for the median peer and +2.6% for the Germany market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 7.6% over the last twelve months (peer median +11.4%); the operating margin is -0.9% (peer median 7.3%).
Valuation It trades at 9.7× forward earnings against a peer median of 13.7× (5th cheapest of 16).
Capital Return on invested capital runs 7.5 points below its cost of capital (6.1% WACC).
Credit Deutsche Lufthansa has 9 bonds outstanding ($6.52B), rated BBB- by the agencies and trading like A- at a weighted spread of 87 bp.
Next results Next results expected around 5 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €42.1B | €39.6B | €37.6B | €35.4B | €30.9B |
| Revenue growth | — | +5% | +6% | +15% | — |
| Gross profit | €4.93B | €3.77B | €3.73B | €4.28B | €3.10B |
| EBITDA | €2.16B | €3.20B | €3.07B | €3.75B | €2.93B |
| Net income | €961M | €1.34B | €1.38B | €1.67B | €791M |
| Free cash flow | -€1.77B | -€737M | -€156M | €659M | €2.39B |
| Capital expenditure | €5.26B | €4.47B | €3.90B | €4.05B | €2.51B |
| Total debt | €15.0B | €14.6B | €14.2B | €13.9B | €15.2B |
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 |
|---|---|---|---|---|---|---|
| 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% |
| International Consolidated Airlines IAG.L | $25.3B | +9% | +4% | 14% | 8.3× | -3.9% |
| Ryanair Holdings PLC Sponsored ADR RYAAY | $29.5B | +2% | +9% | 13% | 17.0× | 6.4% |
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 | LHA.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.3% | +5.8% | highest of 21 |
| 6-month return | +6.7% | +9.1% | 9th lowest of 21 |
| Distance from 52-week high | -17.9% | -13.5% | 10th lowest of 21 |
| Revenue growth (TTM) | +7.6% | +11.4% | 6th lowest of 21 |
| Operating margin | -0.9% | 7.3% | 5th lowest of 21 |
| Forward P/E | 9.7× | 13.7× | 5th cheapest of 16 |
| ROIC minus cost of capital | -7.5 pp | +3.0 pp | 2nd lowest of 21 |
| EV / EBITDA | 7.4× | 5.2× | 6th most expensive of 16 |
| Net debt / EBITDA | 2.7× | 1.6× | 7th most indebted of 19 |
| Bond spread | 87 bp | 110 bp | 2nd tightest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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% |
| China Eastern Airlines 0670.HK | Hong Kong | $10.8B | -40% | +13% | -4% | n/a | 18.6% | +18.1% |
| China Southern Airlines 600029.SS | China | $12.2B | -4% | +8% | -3% | n/a | n/a | n/a |
| 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% |
| LATAM Airlines Group SA Sponsored ADR LTM | United States | $13.8B | -7% | +21% | 14% | 7.0× | -7.2% | +29.3% |
| 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 |
| Air China 601111.SS | China | $15.3B | -7% | +9% | -7% | n/a | 10.0% | +19.8% |
| 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% |
| Singapore Airlines C6L.SI | Singapore | $17.2B | +11% | +5% | 12% | 30.1× | -11.0% | +40.0% |
| 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% |
| easyJet EZJ.L | United Kingdom | $6.96B | +90% | +10% | 5% | 68.9× | 4.8% | +27.4% |
| Spring Airlines 601021.SS | China | $6.51B | -6% | +16% | 6% | 26.0× | n/a | n/a |
| Southwest Airlines LUV | United States | $21.8B | +8% | +14% | 5% | 13.7× | n/a | n/a |
| Copa CPA | United States | $5.87B | +16% | +15% | 19% | 9.0× | n/a | n/a |
| InterGlobe Aviation INDIGO.NS | India | $22.4B | +22% | +13% | 8% | 105.8× | 25.5% | +42.2% |
| International Consolidated Airlines IAG.L | United Kingdom | $25.3B | +9% | +4% | 14% | 8.3× | -3.9% | +32.4% |
Deutsche Lufthansa has 9 bonds outstanding with $6.52B face value. The agencies rate it BBB-; its bonds trade like A-. Weighted yield 3.85%, a spread of 87 bp over government bonds.