I have generally soured on airlines, especially in a post pandemic environment. The company is really struggling to push out any meaningful cash flow and operating margins have dipped from the 9% range pre-pandemic to around 5.5% today.
I think they're more short-term plays based on demand, so I'd rather avoid them altogether. Margins are tight, costs are going up, and overall I think if the economy were to head into a recession we could see a sizable drop in travel overall.
Not my cup of tea.