Financial Failure Analysis of Airline Companies by Altman Z'' and Springate S Score Models

Financial failure is a risk that must be measured, audited, and controlled. This study measures and evaluates the financial failure risks of Turkish Airlines and Pegasus businesses. Altman Z'' and Springate S Score methods were used in the study. In the context of descriptive and cross-sectional research methods, the analysis and interpretation of data were carried out by systematically addressing quantitative data. Therefore, the financial performance of the firms in the sample was calculated and analyzed using the Altman Z'' Score and Springate S Score. The main reason for choosing these two methods is to create a combination of the most commonly used quantitative methods in the literature to objectively evaluate the financial health and performance of firms. Thus, the aim was to increase the reliability of the results and provide concrete data about the financial situation. The equations in the relevant methods were used as variables, and financial statement data between 2012 and 2023 were analyzed. The results showed that there was a general risk of financial failure, and evaluations were conducted. The results obtained were aimed at guiding researchers, industry officials, and people interested in the subject.