Aegean Airlines S.A. AGGNY

IndustrialsPassenger Transportation ServicesGreece

Last close 28.00 USD on Nov 1, 2026, – year to date

Quant rating

Quant rating C Rank 292 of 418 in Industrials

Growth B 78 of 418
Valuation A 38 of 418
Quality C 242 of 418
Revisions C 246 of 418
Momentum D 412 of 418

Wall Street consensus Buy (1.67)Average target 17.72 USD −36.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.1B
Enterprise value: 1.8B
52-week range: 28.00 – 28.00
3-year range: 28.00 – 28.00
Dividend yield: –
Beta (5 years): –
Shares outstanding: 90.2M
Next earnings: Nov 11, 2026

About the company

Aegean Airlines S.A. is a Greece-based company, which operates in the sector of public airline transportations. The Company provides transport of passengers and goods inside and outside the Greek territory, conducting scheduled and unscheduled flights. Furthermore it renders aviation services, technical support and ground handling aircraft services. The Company’s and the Group’s objectives include among others the following activities/operations: participation in any type of local or foreign company of similar nature of operations; establishment of subsidiaries and agencies, as well as import, trade, leasing of aircraft and spare parts. The Company’s subsidiaries are Olympic Air SA and Aegean Airlines Cyprus Ltd.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,184	1,840	1,869	1,431	767	–
Revenue growth	18.7%	−1.5%	30.6%	86.5%	51.3%	33.9%
EPS (basic, normalized)	1.90	1.58	2.05	1.20	0.07	–
EPS growth	20.1%	−22.8%	70.7%	1,716.3%	–	–
Gross margin	51.9%	51.0%	52.2%	46.7%	42.8%	48.9%
Net margin	7.9%	7.3%	10.0%	8.1%	0.7%	6.8%
ROE	27.7%	28.2%	44.2%	38.5%	3.4%	28.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	2,184	+18.7%	0.8x	485	+21.2%	3.8x	1.90	+20.1%	14.8x
2026	2,133	−2.3%	0.9x	431	−11.1%	4.3x	1.02	−46.1%	27.4x
2027	2,269	+6.4%	0.8x	440	+2.1%	4.2x	1.33	+29.9%	21.1x
2028	2,447	+7.9%	0.8x	515	+17.1%	3.6x	1.70	+27.6%	16.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	2,133	+0.1%	−2.5%	−2.9%	1.02	+4.6%	−37.9%	−40.0%
2027	2,269	+0.3%	−3.1%	−2.8%	1.33	+35.9%	−28.3%	−26.1%
2028	2,447	−0.7%	−0.6%	−1.3%	1.70	−3.0%	−22.6%	+27.3%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	FQ-9	FQ-8	FQ-7	Dec 2024	Mar 2025	FQ-4	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	269	458	631	397	306	481	647	426	321	496
Sales mean (mil)	261	485	631	379	304	508	650	423	321	488
Surprise	+3.0%	−5.5%	0.0%	+4.9%	+0.5%	−5.3%	−0.5%	+0.6%	−0.1%	+1.7%
EPS reported	–	–	–	−0.02	−0.07	–	1.11	−0.01	−0.24	0.20
EPS mean	–	–	–	−0.10	−0.10	0.70	1.20	0.10	−0.20	–
Surprise	–	–	–	+77.0%	+30.0%	–	−7.5%	−108.0%	−20.0%	–

Peer comparison Passenger Transportation Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
AGGNY Aegean Airlines S.A.	1.1B	–	7.9%	1.84x	27.4x	21.1x	4.3x	4.2x
WZZZY Wizz Air Holdings PLC	1.4B	–	0.0%	1.30x	−0.7x	−2.1x	6.4x	4.6x
VTOL Bristow Group Inc.	1.2B	1.76x	8.7%	1.14x	12.3x	8.2x	5.4x	4.8x
JBLU JetBlue Airways Corporation	1.1B	19.67x	−6.6%	0.80x	−1.1x	−2.3x	47.4x	10.4x
RJET Republic Airways Holdings Inc.	905M	–	4.5%	0.64x	–	–	–	–
BTSGY BTS Group Holdings Public Company Limited	879M	19.38x	−5.0%	0.51x	−3,044.6x	−3,257.2x	24.0x	23.0x
Mean		13.60x	1.6%	1.04x	−601.3x	−646.5x	17.5x	9.4x
Median		19.38x	2.3%	0.97x	−0.7x	−2.1x	6.4x	4.8x

Technical analysis

1M–
3M–
1Y–
3Y–

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Aegean Airlines S.A., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	2,184	1,840	1,869	1,431	767	507
Cost of revenue	1,051	901	893	762	439	368
Gross profit	1,133	939	976	668	328	139
Selling, general & administrative expenses	421	339	335	252	140	150
Research & development	–	–	–	–	–	–
Depreciation/amortization	239	184	169	138	172	179
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	0.1	1.2	0.4	0.1	0	0
Other operating expenses	217	180	199	120	−18.2	66.7
Operating income	256	234	272	157	34.2	−258
Net interest income (expense)	−28.7	−62.2	−32.5	−5.8	−43.0	−104
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−1.9	−2.1	−2.5	−0.4	−1.8	−1.2
Net income before taxes	226	170	237	151	−10.6	−362
Provision for taxes	52.0	35.2	51.0	37.0	−16.4	−84.2
Minority interest	–	0	1.5	1.3	−0.2	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	174	135	188	116	5.6	−278
Extraordinary items	–	–	–	–	–	–
Net income	174	135	188	116	5.6	−278
EBIT, normalized	256	235	272	158	34.2	−258
EBITDA, normalized	499	421	445	296	206	−78.1
Basic EPS, normalized	1.90	1.58	2.05	1.20	0.07	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Aegean Airlines S.A., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,118	765	767	552	517	549
Receivables	234	179	177	133	132	104
Total inventory	61.8	49.5	44.4	36.1	25.9	24.4
Prepaid expenses	88.6	56.0	53.1	86.0	108	21.9
Other current assets	5.0	21.1	16.8	55.6	21.1	36.1
Total current assets	1,507	1,071	1,058	863	803	735
Property, plant & equipment	1,936	1,601	1,445	1,100	656	759
Goodwill	46.7	41.2	43.9	43.0	45.6	48.6
Intangibles	63.1	49.5	52.7	48.3	48.3	51.9
Long-term investments	89.7	68.9	30.0	21.1	23.5	25.9
Note receivable	–	–	–	–	–	–
Other long-term assets	131	145	71.1	87.4	174	139
Total assets	3,774	2,976	2,701	2,162	1,751	1,760
Liabilities
Accounts payable	145	123	118	132	148	90.1
Payable/accrued	–	–	–	–	–	–
Accrued expenses	237	203	164	139	122	89.2
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	407	138	131	142	122	257
Other current liabilities	535	469	581	334	254	291
Total current liabilities	1,325	932	993	747	646	728
Long-term debt	1,514	1,344	1,107	934	742	796
Minority interest	–	0	−2.1	−0.7	0.7	–
Other liabilities	268	183	139	108	120	141
Total liabilities	3,106	2,459	2,237	1,789	1,509	1,665
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	53.0	46.7	49.8	48.2	66.6	56.7
Additional paid-in capital	92.1	81.2	86.6	84.0	137	88.9
Retained earnings (accumulated deficit)	503	358	303	203	20.8	−27.1
Treasury stock	−5.4	−7.8	−0.1	–	–	–
Other equity	25.2	39.3	24.7	38.4	17.6	−23.8
Total equity	668	517	464	373	242	94.7
Total liabilities & shareholders' equity	3,774	2,976	2,701	2,162	1,751	1,760

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Aegean Airlines S.A., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	226	170	237	151	−10.6	−362
Depreciation, depletion & amortization	239	184	169	137	170	178
Deferred taxes	–	–	–	–	–	–
Non-cash items	105	152	73.3	30.4	−9.2	66.4
Changes in working capital	−210	−104	−2.0	56.5	89.7	15.1
Cash from operations	359	402	478	375	240	−103
Investing activities
Capital expenditures	−271	−116	−154	−92.2	−6.8	−55.1
Other investing cash flows	−83.6	−51.9	−88.2	−83.1	−20.9	−14.2
Cash from investing	−354	−168	−242	−175	−27.7	−69.2
Financing activities
Financing cash flow items	33.9	49.6	63.8	48.8	−50.0	−43.4
Cash dividends paid	−84.7	−70.0	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	179	−218	−165	−222	−162	183
Cash from financing	129	−238	−102	−174	−212	140
Foreign exchange effects	−44.7	3.9	−8.7	−4.8	5.7	−15.6
Net change in cash	89.1	−0.1	125	21.1	6.3	−47.5
Free cash flow	88.8	286	324	283	234	−158

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.