Aegean Airlines S.A.

AEGN.AT

Airlines, Airports & Air Services · Industrials

Price

€12.04

-0.13 (-1.07%)

Market Cap

€1.08B

Exchange

Athens Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Strong

Stability

Good

Valuation

Good

Dividends

Exceptional

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Share count rising — dilution

+9.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 81.6M (2021) → 89.6M (2025)

Winston Score History

The full picture

Aegean Airlines is Greece's largest airline, flying passengers to destinations across Europe, the Middle East, and beyond. It operates scheduled flights from its main hub in Athens, along with domestic routes connecting Greek islands and cities. The airline serves both leisure travelers heading to popular Greek tourist spots and business passengers traveling around Europe.

Aegean makes money primarily by selling airline tickets, with additional revenue from baggage fees, onboard services, and cargo. It is a member of the Star Alliance, which gives it access to a global network of partner airlines and helps attract connecting passengers. The airline's dominant position in the Greek market is a key competitive advantage, but it also means its fortunes are closely tied to tourism trends in Greece. The main risk is exposure to fuel price swings and economic downturns that reduce travel demand, while the main growth driver remains the continued strength of Greece as one of Europe's most popular tourist destinations.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+4.8% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-225.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

56.7%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

€892M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Aegean Airlines S.A. is growing revenue at 5% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

26.8%

Modest — 26.8% gross margin

Profit after running costs

Operating Margin

14.0%

Healthy — 14.0% operating margin

Return on the money invested

ROCE

15.0%

Strong — 15.0% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+52.3%

Fast-growing sales (+52.3% YoY)

Profit growth

EPS YoY

-47.9%

Earnings shrinking (-47.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

400%

Turns 400% of profit into real cash

Spare cash per sale

FCF Margin

6.6%

Modest free cash flow (6.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.72

Moderate — manageable debt (0.72)

Covers its interest

Interest Cover

2.26x

Tight — interest eats into profit (2.3x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

8.2x

Attractive valuation — P/E 8.2

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-2.2

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

7.43%

Healthy income — 7.43% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+39.2%

Dividend growing fast (39.2% YoY)

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