Özet:

The aim of this research is to evaluate the operational, financial and total risks of international airline passenger transport companies in comparison with leverage analysis. For this purpose, the degree of operational, financial and total leverage levels of 64 airline passenger transportation companies whose shares are traded in stock exchanges in Türkiye, the United States of America, Asia-Pacific and European countries for the years 2017-2021 have been calculated. As a result of the research, it has been determined that airline companies sometimes operate under the negative influence of the degree of operating leverage. However, since the degree of operating leverage is higher than the degree of financial leverage, it has been determined that the operating risk is at a higher level than the financial risk. The study also found that the Covid-19 outbreak had a very negative impact on the operating risk of airline companies.

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