Factors such as the country's economic situation, future prospects and the efficiency of businesses are very significant in determining the stock price, along with the demand-supply effect. In this regard, it is intended to investigate the relationship between airlines' operational performance metrics and their stock prices. Quarterly operational data of 5 traditional airlines between the period 2005-2017 were researched by panel data analysis method and operational factors (RPK, CASK, LF and OPL) determining stock prices were determined. According to the inferences from the analysis, It has been concluded that the revenue passenger kilometres (RPK) has a positive effect on the stock price. It was found that aircraft load factor (LF) variable has a negative effect on stock price. Cost per available seat kilometers (CASK) variable seems to have a negative effect on the stock price. Finally, it was found that the OPL variable positively affects the stock price. According to the results, airlines should increase operational revenue and demand to boost their stock values, besides increase aircraft load factors. Along with the increase in revenue and load factor, the decrease in unit cost and break-even load factor increase profitability and stock value of airlines.