Financial Sustainability of Operating Efficiency and Company Values in Selected North American Airlines Between the Periods of 2019 and 2022

The civil aviation world witnessed many changes in the last 25 years. Maybe, the worst of them is the crisis of COVID-19 and after. This study aims to shed light on this period in the United States. There are 6 United States airlines with an approximately %95 market cap of USA in total in this analysis. Through the explanative forces of the Tobin Q and Dupont Analysis (ROE), the study completes a gap toward operational efficiency and corporate value for this specific period. The research findings prove this situation regarding the dramatic drop in ROE and Tobin Q values. At the end of the analysis, it concludes that the COVID-19 process dramatically hit the financial structures of the American Air carriers with a sharp decline in revenues. It will be another undeniable reality that ticketing policies have strategic importance if it is concentrated on the other reality that only one financial resource of air carriers' tickets. This crisis also hit this structure. Some policy implications are realized for air carriers.