In this study, the financial performance of the flag carrier airline companies operating in ASEAN countries and Turkish Airlines, the flag carrier airline of Turkey, have been analyzed using various financial ratios. In the analysis, the changes in the performance of the airline companies according to the years were observed and the sensitivity of the companies operating in the sector to national or international events was also revealed. The analysis have been made using multi-criteria decision making methods. The MABAC method was used to evaluate the performance of CRITIC alternatives, and the CRITIC for criterion weighting.
Among the criteria selected according to the CRITIC results, the ratio of short-term liabilities to total resources, the turnover rate of tangible assets, the ratio of total liabilities to equity and the load factor were the criteria with the highest weight in different periods.
According to the findings obtained as a result of the MABAC method, Singapore Airlines showed the highest performance in the first two periods, Turkish Airlines in 2018, Cebu Airlines in 2019, Air Asia in 2020, which was declared a pandemic, and Thai Airways in the last period. According to the information obtained from the company scores, there was a decrease in the performance scores of all companies during the pandemic period. It has been concluded that the pandemic affects large companies at a higher level due to their high fixed costs.