ALGTAllegiant Travel CO

Air Transportation, Scheduled

Revenue: $2.3B; 4.8% YoY
Operating margin: 1.6%; 115% YoY
EBITDA: $286M; 1467% YoY
Market cap: $1.3B
Employees: 5,616; $414K revenue each
Net debt / EBITDA: 0.4×; $119M net debt
AI in 10-K: 1.5; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
3% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$414K · 43rd pct
Bottom quartile of its SIC industry
Quiet on AINo
1.5 per 10K words · 45th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.3B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$34M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.6B	$2.1B	$2.3B	$2.2B	$2.3B	4.8%
Operating income	$263M	$92M	$221M	−$240M	$37M	115%
Net income	$152M	$3M	$118M	−$240M	−$45M	81%
Operating cash flow	$538M	$303M	$423M	$338M	$390M	15%
Capex	$244M	$435M	$528M	$300M	$315M	4.8%
Stock-based comp	$16M	$15M	$30M	$23M	$11M	52%
Buybacks	$0	$30M	$30M	$6M	$14M	125%
Dividends	$0	$0	$22M	$22M	$0	100%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Mar 10, 2026	GALLAGHER MAURICE J JR	SCHEDULE 13D/A	11.1%	Passive
Feb 20, 2025	GALLAGHER MAURICE J JR	SCHEDULE 13D/A	12.8%	Passive
Feb 16, 2023	Allegiant Travel CO	SC 13D/A	13.2%	Passive
Feb 17, 2022	Allegiant Travel CO	SC 13D/A	13.2%	Passive
Feb 12, 2021	Allegiant Travel CO	SC 13D/A	15.1%	Passive
Feb 12, 2020	GALLAGHER MAURICE J JR	SC 13D/A	18.3%	Passive
Apr 5, 2019	GALLAGHER MAURICE J JR	SC 13D/A	19.6%	Passive
Feb 20, 2019	GALLAGHER MAURICE J JR	SC 13D/A	18.3%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $34M · 7
Net: −$34M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	46	85
FY2024	—	—	51	82
FY2023	—	—	44	82
FY2022	—	—	36	64
FY2021	—	—	99	99