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Australia's second-largest airline, operating domestic and short-haul international flights, recently re-listed on the ASX.
Australia's second-largest airline, operating domestic and short-haul international flights, recently re-listed on the ASX.
Earns from ticket sales and from Velocity, its frequent-flyer program, which is paid by banks and retailers for points and sits alongside the airline. It went through administration in 2020, was bought by Bain Capital, and relisted on the stock market in 2025.
In one line: Australia's Delta/JetBlue-scale carrier.
Moat: narrow (brand, scale). Second-largest domestic airline slot/network position in a concentrated Australian aviation market.
Headquarters: Brisbane, Australia · Founded: 2000 · Employees: 8,000
Size Virgin Australia (VGN.AX) is an Australia Industrials company (Airlines) with a market value of $1.48B, the 144th largest of 316 Australia companies the cockpit tracks. Shares closed at A$2.85 on 6 Nov 2026.
Performance Over six months the shares gained 18.3%, against +5.5% for the median peer and +4.1% for the Australia market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 9.4% over the last twelve months (peer median +10.8%); the operating margin is 11.2% (peer median 4.7%).
Valuation It trades at 6.6× forward earnings against a peer median of 15.1× (cheapest of 15).
Price implies For today's price to make sense, revenue must grow about -13% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -18 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 44.9 points above its cost of capital (8.4% WACC).
Next results Next results expected around 28 Jun 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2019 | FY2018 | |
|---|---|---|---|---|---|
| Revenue | A$6.32B | A$6.32B | A$5.78B | A$5.83B | A$5.42B |
| Revenue growth | — | +9% | -1% | +8% | — |
| Gross profit | A$960M | A$960M | A$758M | A$520M | A$633M |
| EBITDA | A$1.20B | A$1.20B | A$830M | A$232M | A$444M |
| Net income | A$501M | A$501M | A$478M | -A$349M | -A$681M |
| Free cash flow | A$302M | A$302M | A$533M | -A$8.10M | A$23.9M |
| Capital expenditure | A$884M | A$884M | A$496M | A$547M | A$591M |
| Total debt | n/a | A$3.00B | A$2.30B | A$3.03B | A$2.57B |
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 |
|---|---|---|---|---|---|---|
| Virgin Australia VGN.AX | $1.48B | +18% | +9% | 11% | 6.6× | -13.4% |
| Qantas Airways QAN.AX | $9.79B | +9% | +8% | 7% | 10.9× | 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 | VGN.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.3% | +5.6% | 9th lowest of 21 |
| 6-month return | +18.3% | +5.5% | 5th highest of 21 |
| Distance from 52-week high | -19.5% | -26.7% | 6th highest of 21 |
| Revenue growth (TTM) | +9.4% | +10.8% | 8th lowest of 21 |
| Operating margin | 11.2% | 4.7% | 7th highest of 21 |
| Forward P/E | 6.6× | 15.1× | cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | -13.4% | 1.1% | 4th least demanding of 13 |
| Growth delivered (Del g) | +4.9% | +27.7% | lowest of 13 |
| Hurdle (Req g minus delivered) | -18.3 pp | -29.9 pp | 6th most demanding of 13 |
| ROIC minus cost of capital | +44.9 pp | -1.2 pp | 2nd highest of 21 |
| EV / EBITDA | 2.7× | 4.7× | cheapest of 14 |
| Net debt / EBITDA | 1.0× | 2.2× | 4th least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Virgin Australia VGN.AX | Australia | $1.48B | +18% | +9% | 11% | 6.6× | -13.4% | +4.9% |
| Wizz Air WIZZ.L | United Kingdom | $1.48B | +8% | +11% | -2% | n/a | 3.4% | +49.5% |
| Norwegian Air Shuttle NAS.OL | Norway | $1.47B | -11% | +3% | 6% | 22.0× | -16.5% | +35.8% |
| CITIC Offshore Helicopter 000099.SZ | China | $1.41B | -31% | -9% | 12% | 30.3× | 1.8% | +7.5% |
| JetBlue Airways JBLU | United States | $1.38B | -28% | +10% | -6% | n/a | n/a | n/a |
| China Express Airlines 002928.SZ | China | $1.34B | -12% | +4% | -17% | 155.2× | n/a | n/a |
| Frontier ULCC | United States | $1.71B | +40% | +24% | -15% | 1,818.4× | 31.6% | +24.4% |
| Starlux Airlines 2646.TW | Taiwan | $1.76B | -6% | +23% | 1% | 52.3× | n/a | n/a |
| Asiana Airlines 020560.KS | South Korea | $1.21B | +13% | -17% | -12% | n/a | n/a | n/a |
| Milkyway Intelligent Supply Chain Service 603713.SS | China | $1.90B | +29% | +15% | 8% | 16.8× | n/a | n/a |
| Finnair FIA1S.HE | Finland | $1.14B | +38% | +11% | 4% | 9.4× | -9.6% | +30.2% |
| Grupo Aeromexico, S.A.B. de C.V. Unsponsored ADR AERO | United States | $2.32B | +1% | +10% | 11% | 10.4× | -6.6% | +32.3% |
| Republic Airways RJET | United States | $942M | -12% | +438% | 11% | n/a | 2.8% | +25.2% |
| Azul S.A. Sponsored ADR AZUL | United States | $915M | +86% | +12% | 14% | 13.3× | n/a | n/a |
| Allegiant Travel ALGT | United States | $2.51B | +11% | +12% | 9% | 12.7× | n/a | n/a |
| Controladora Vuela Compania de Aviacion SAB de CV Sponsored ADR VLRS | United States | $850M | +3% | +19% | -5% | n/a | -13.7% | +23.8% |
| Tigerair Taiwan 6757.TW | Taiwan | $753M | +8% | +13% | 19% | 9.8× | -20.2% | +55.1% |
| 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% |
| China Airlines 2610.TW | Taiwan | $3.94B | +17% | +8% | 8% | 9.9× | n/a | n/a |
| Air Canada AC.TO | Canada | $3.95B | +10% | +13% | 2% | n/a | 14.3% | +30.8% |