| 1 | SkyWest Inc (SKYW) | 10/10 | 4.8x |
| 2 | Vietnam Airlines JSC (HVN.VN) | 10/10 | 4.8x |
| 3 | Japan Airlines Co., Ltd. (92015.T) | 10/10 | 11.1x |
| 4 | Ryanair Holdings plc (RYA.IR) | 9/10 | 15.0x |
| 5 | International Consolidated Airlines Group S.A. (IAG.MC) | 9/10 | 8.3x |
| 6 | International Consolidated Airlines Group S.A. (IAG.L) | 9/10 | 8.0x |
| 7 | easyJet plc (EZJ.L) | 9/10 | 8.2x |
| 8 | Bangkok Airways Public Company Limited (BA.BK) | 9/10 | 8.2x |
| 9 | Japan Airlines Co., Ltd. (9201.T) | 9/10 | 3.5x |
| 10 | Tigerair Taiwan Co., Ltd. (6757.TW) | 9/10 | 6.2x |
| 11 | United Airlines Holdings Inc (UAL) | 8/10 | 12.5x |
| 12 | Ryanair Holdings PLC (RYAAY) | 8/10 | 13.9x |
| 13 | LATAM Airlines Group SA (LTM) | 8/10 | 6343.3x |
| 14 | Asia Aviation Public Company Limited (AAV.BK) | 8/10 | 1.2x |
| 15 | Juneyao Airlines Co., Ltd (603885.SS) | 8/10 | 3.2x |
| 16 | EVA Airways Corp. (2618.TW) | 8/10 | 8.1x |
| 17 | Cathay Pacific Airways Limited (0293.HK) | 8/10 | 6.1x |
| 18 | Thai Airways International Public Company Limited (THAI.BK) | 7/9 | 5.8x |
| 19 | VietJet Aviation Joint Stock Company (VJC.VN) | 7/10 | n.d. |
| 20 | Virgin Australia Holdings Limited (VGN.AX) | 7/10 | 4.8x |
| 21 | Pegasus Hava Tasimaciligi Anonim Sirketi (PGSUS.IS) | 7/10 | 2.0x |
| 22 | Norwegian Air Shuttle ASA (NAS.OL) | 7/10 | 5.9x |
| 23 | Deutsche Lufthansa AG (LHA.DE) | 7/10 | n.d. |
| 24 | Delta Air Lines Inc (DAL) | 7/10 | 13.3x |
| 25 | Copa Holdings SA (CPA) | 7/10 | n.d. |
| 26 | PT AirAsia Indonesia Tbk (CMPP.JK) | 7/10 | 0.9x |
| 27 | Grupo Aeromexico SAB de CV (AERO) | 7/10 | 4.2x |
| 28 | Hainan Airlines Holding Co., Ltd. (900945.SS) | 7/10 | 4.2x |
| 29 | Hainan Airlines Holding Co., Ltd. (600221.SS) | 7/10 | 3.8x |
| 30 | China Southern Airlines Company Limited (600029.SS) | 7/10 | 4.1x |
| 31 | China Airlines, Ltd. (2610.TW) | 7/10 | n.d. |
| 32 | China Southern Airlines Company Limited (1055.HK) | 7/10 | 2.1x |
| 33 | Wizz Air Holdings Plc (WIZZ.L) | 6/10 | 3.0x |
| 34 | Surf Air Mobility Inc (SRFM) | 6/10 | n.d. |
| 35 | Singapore Airlines Limited (SIA19.BK) | 6/10 | 0.9x |
| 36 | InterGlobe Aviation Limited (INDIGO.NS) | 6/10 | 8.5x |
| 37 | PT. Garuda Indonesia (Persero) Tbk (GIAA.JK) | 6/10 | n.d. |
| 38 | Singapore Airlines Limited (C6L.SI) | 6/10 | 10.0x |
| 39 | ANA Holdings Inc. (9202.T) | 6/10 | 8.6x |
| 40 | Air China Limited (601111.SS) | 6/10 | 4.9x |
| 41 | STARLUX Airlines Co., Ltd. (2646.TW) | 6/10 | n.d. |
| 42 | Air China Limited (0753.HK) | 6/10 | 2.7x |
| 43 | Controladora Vuela Compania de Aviacion SAB de CV (VLRS) | 5/10 | 14.8x |
| 44 | Republic Airways Holdings Inc (RJET) | 5/10 | n.d. |
| 45 | Qantas Airways Limited (QAN.AX) | 5/10 | 31.7x |
| 46 | Southwest Airlines Co (LUV) | 5/10 | n.d. |
| 47 | Flyexclusive Inc (FLYX) | 5/10 | n.d. |
| 48 | Exchange Income Corporation (EIF.TO) | 5/10 | n.d. |
| 49 | Cargojet Inc. (CJT.TO) | 5/10 | n.d. |
| 50 | Azul SA (AZUL) | 5/10 | n.d. |
| 51 | Alaska Air Group Inc (ALK) | 5/10 | n.d. |
| 52 | Allegiant Travel Co (ALGT) | 5/10 | 14.2x |
| 53 | Spring Airlines Co., Ltd. (601021.SS) | 5/10 | 136.1x |
| 54 | China Eastern Airlines Corporation Limited (600115.SS) | 5/10 | 4.4x |
| 55 | Flynas Company (4264.SR) | 5/10 | n.d. |
| 56 | China Eastern Airlines Corporation Limited (0670.HK) | 5/10 | 2.7x |
| 57 | Korean Airlines Co.,Ltd. (003495.KS) | 5/10 | n.d. |
| 58 | Korean Airlines Co.,Ltd. (003490.KS) | 5/10 | n.d. |
| 59 | China Express Airlines Co.,LTD (002928.SZ) | 5/10 | 52.6x |
| 60 | Frontier Group Holdings Inc (ULCC) | 4/10 | n.d. |