Financial Performance Analysis of Airlines Operating in Europe: Critic Based MAUT and MARCOS Methods

Sümerli Sarıgül S., Yaşar E., Ünlü M.

International Journal of Business and Economic Studies , vol.5, no.2, pp.76-97, 2023 (Peer-Reviewed Journal)


This paper aims to measure the financial performance of 6 airline operators operating in Europe between the periods of 2019-2021. For performance measurement, 8 financial criteria were used: current ratio, cash ratio, financial leverage ratio, equity multiplier, asset turnover rate, equity turnover rate, return on equity and return on assets ratio. For the analysis of these criteria, the importance levels of the criteria related to the CRITIC method, one of the MCDM methods, were determined. At the same time, with the MAUT and MARCOS methods, the financial performance ranking of the airline enterprises was obtained according to the relevant years. According to the findings of the CRITIC method; It was determined that asset turnover rate in 2019 and financial leverage ratio criteria in 2020 and 2019 were the most important criteria. As a result of the MAUT method, it was concluded that the airline with the best financial performance in 2019, 2020 and 2021 was Air France. According to the findings of the MARCOS method, the airline with the highest financial performance in 2019 was Pegasus Airlines and in 2020 and 2021 it was determined as EasyJet.