Similar to the P/E multiple, the large gap between the trailing and leading estimate is mainly due to JetBlue’s large jump in EBIT for 2002 (over 100 percent). JetBlue’s increase in EBIT is magnified by the sample’s increase in the EBIT multiple. The trailing multiple valuation provides a conservative $16.48 per share ($9.87 per share when using sample median multiple). However, the leading valuation is in line with the other multiples at $29.08 per share ($19.54 per share when using the median multiple).