ALKALASKA AIR GROUP, INC.
Air Transportation, Scheduled
- Revenue
- $14.2B
- 21% YoY
- Operating margin
- 2.1%
- 56% YoY
- EBITDA
- $1.1B
- 4.8% YoY
- Market cap
- $4.0B
- Employees
- —
- Net debt / EBITDA
- 4.3×
- $4.7B net debt
- AI in 10-K
- 0.7
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo12× net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowNo46% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo13% of assetsOver 40% of assets
- Shareholder dissentNo91% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo0.7 per 10K words · 26th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo4.3× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$4.0B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$2M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $6.2B | $9.6B | $10.4B | $11.7B | $14.2B | 21% |
| Operating income | $685M | $70M | $394M | $570M | $303M | 47% |
| Net income | $478M | $58M | $235M | $395M | $100M | 75% |
| Operating cash flow | $1.0B | $1.4B | $1.1B | $1.5B | $1.2B | 15% |
| Capex | $292M | $1.7B | $1.5B | — | — | |
| Stock-based comp | $51M | $42M | $85M | $63M | $10M | 84% |
| Buybacks | $0 | $0 | $137M | $312M | $570M | 83% |
| Dividends | $0 | $0 | — | — | — |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $1M · 1
- Open-market sells, 12 mo
- $3M · 6
- Net
- −$2M
Pay vs performance
No pay-versus-performance disclosure yet.