Financial performance measurement and analysis in air transport: An application on airline companies traded in BIST

The aim of the study is to measure and analyze the performances of the companies operating in the air transportation sector. In this context, the financial and non-financial performance indicators used in performance measurement will be examined and basic indicators will be determined for businesses operating in the aviation sector. With the help of determined performance indicators, the performances of two leading airline companies operating in Turkey and traded in Borsa Istanbul (BIST) will be measured and analyzed with the TOPSIS method. In the first chapter for the purpose of the study, the subject of air transport is mentioned and airline companies, airport and ground services, which are shown as the main components in air transport, are given in detail. Information about the development of aviation in the world and in Turkey is given. In the second part of the study, financial performance concepts are mentioned, financial performance measures, non-financial performance measures, financial ratios, financial and non-financial performance measures used in air transportation and very stable decision-making criteria are included. In the third part, the literature is givenn the fourth part, with the help of TOPSIS method, which is one of the very stable decision-making techniques, Turkish Airlines A.O. and Pegasus Hava Taşımacılık A.Ş. covering the years 2011-2020. Ten of the liquidity ratios, profitability ratios, financial structure and activity ratios were selected and these data were taken from the companies' own financial fields. As a result, the most productive and most unproductive years of the two companies were compared and determined.