Evaluation of the financial performances of international airlines by the TOPSIS method

The civil aviation sector increases day by day, and in parallel with these increasing trends, the competitiveness of airline companies increases and airline companies intend to maintain their profitability. In this study, ten international airline companies were selected and the financial statements of these companies were examined in detail. The data obtained from the balance sheets and income statements of the last period of 2021 were made by applying ratio analysis methods in financial analysis methods. Current ratio, Acid Test Ratio, Cash Ratio, Fixed asset turnover, total asset turnover, Debt-Total assets ratio, Net profit margin and Equity return ratios are used. In line with the data obtained from the ratios, the 6-step methods of the 'TOPSIS' multi-criteria decision-making method, together with the formulas, were examined with the criteria taken from the ratio analysis, and the results were obtained by examining the airline alternatives. When these results are evaluated, Air Astana has been determined as the airline with the highest financial performance for financial deciders. On the other side, the airline with the lowest financial performance was Qantas Airline.