FINANCIAL PERFORMANCE EVALUATION OF TURKISH AIRLINE COMPANIES USING INTEGRATED FUZZY AHP FUZZY TOPSIS MODEL*

Emerging changes in global markets and financial crisis led to increase in uncertainty and instability of the financial and business environments, which lead to increase in the importance of making efficient financial decisions, along with the complexity of the financial decision making process. The aim of this study is to propose a financial performance evaluation model, based on ratio analysis of solvency, efficiency, and profitability, utilizing the integrated Fuzzy AHP Fuzzy TOPSIS. Fuzzy AHP method is used to assign weights for the evaluation criteria, and Fuzzy TOPSIS method is used to rank alternatives. Profitability and Solvency are the most important criteria, the Return On Assets and Return On Sales a company can achieve are the most important norms to reflect how well a company financially operates. The application of this model on airline companies listed in Istanbul Stock Exchange showed that Pegasus has a better financial performance than Turkish Airlines