Airline Stocks Are Down 43% Over the Past Year, Versus a 17% Drop for Amazon and Facebook

Airlines have a reputation for swinging from modest profits during good times to deep losses during bad times. One index of airline stocks is down 43% over the past year, versus a 17% decline for a broad US stock index covering all industries. If we look further out to forecasts for 2024, when conditions will be closer to whatever normal is, many shares go for 5 times earnings or less.