| Summary: | Financial performance is a method of subjective measurement used as an alternative to measuring overall
health from a financial point of view. Financial performance shows the ability of a company to generate and control its
own resources. A lot of researchers use financial performance indicators to compare similar companies from the same
industry in order to determine the strengths and weaknesses of a company. This article highlights the way in which
airlines are appraised based on financial indicators. The purpose of the paper is to create a ranking of the largest
airlines in Europe, which we will differentiate in terms of their financial performance. The sample includes 15
companies from the European airline industry, which are in the top 20 largest companies in Europe in terms of the
number of passengers on board. A number of 6 financial ratios were used, these being the most used in scientific
research when it comes to measuring financial performance. The analyzed period was 3 years, from 2016 to 2018. The
performance indicators aggregation method was determined using the ARAS method, a method of analysis with several
criteria. This method helps us optimize the values of companies with certain ideal values. The results showed that
Rayanair, which had the most passengers transported during the analysis period, does not record the best financial
appraisals in the sample.
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