The airlines industry is made up of companies whose primary business activities are focused on air transportation for passengers and cargo and includes major network carriers, regional carriers and low-cost carriers. Below is current consensus forecast data on capacity metrics, such as available seat miles (ASMs); utilization metrics, such as load factor; and other airline KPIs that investors use to look for an investment edge, including revenue passenger miles (RPMs), passenger revenue per mile flown (PRASM), total costs and expenses per ASM (CASM) and fuel expenses. These key airline metrics aid market participants in identifying airline trends and future performance of airline companies, including Southwest Airlines, Air Canada, Air China and more. View all Airline Resources >
What are the most important airline KPIs?
Key performance indicators (KPIs) are the most important business metrics for a particular industry and are where investors should look to find an investment edge. When understanding market expectations for airlines, whether at a company or industry level, here are some of the airline KPIs to consider:
- Available seat miles (ASM)
- Revenue passengers miles (RPM)
- Load factor
- Total revenue per ASM (RASM)
- Passenger revenue per ASM (PRASM)
- Total costs and expenses per ASM (CASM)
- Total costs and expenses per ASM ex Fuel (CASM Ex Fuel)
What questions do these key airline metrics answer?
Here are some questions you can answer with Visible Alpha’s airline forecast data:
- Which airlines fly the most miles?
- How are airlines adjusting their capacity over time?
- Whose planes are filled with the most passengers?
- Which airline is flying the most passenger miles?
- Which airlines have the lowest fuel costs based on available seat miles (ASMs)?
- Which airline generates the most income?
- Which airline operates on the highest margin?
- Who can fly the cheapest?
How can this data be used?
By opening up forecast data on key airline KPIs, Visible Alpha is enabling institutional investors, retail investors, business reporters, students and more to quantify and compare market expectations for companies across the airlines industry.
How do I attribute Visible Alpha?
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This guide highlights the key performance indicators for the airline industry and where investors should look to find an investment edge, including:
- Airline Industry Business Model & Diagram
- Key Airline Metrics PLUS Visible Alpha’s Standardized Industry Metrics
- Available Comp Tables
- Industry KPI Terms & Definitions
Available Seat Miles (ASMs)
A measure of airline capacity, ASM is calculated by taking the number of seats available and multiplying by the distance flown.
Cost per Available Seat Mile (CASM)
A measure of efficiency, CASM is calculated by taking operating expenses and dividing by ASM.
Revenue per Available Seat Mile (RASM)
Calculated by dividing the airline’s total revenue by its total available seat miles.
A measure of utilization, passenger load factor is the number of Revenue Passenger Miles (RPMs) expressed as a percentage of ASMs (RPMs divided by ASMs).
Expenses paid by airlines for the use of airport facilities, including aircraft landing, freight and other charges related to the use of airport infrastructure such as runways and terminals.
Measure of average fare paid per mile, per passenger, calculated by dividing passenger revenue by revenue passenger miles (RPMs).
Total Revenue per Available Seat Mile (TRASM)
Calculated by dividing total revenue by available seat miles.
Passenger Revenue per Available Seat Mile (PRASM)
PRASM is calculated by dividing passenger revenue by available seat miles. PRASM is also equivalent to the product of load factor and passenger yield.
Revenue Passenger Miles (RPMs)
A measure of volume. RPM is calculated by taking the number of passengers and multiplying by miles of flight.
CASM-Ex Fuel (CASM-Ex)
CASM-Ex Fuel is calculated by taking operating expenses, dividing by ASM and then subtracting the cost of fuel.
Earnings before interest, taxes, depreciation, amortization, and restructuring or renting costs.
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