SKYWSKYWEST INC

Air Transportation, Scheduled

Revenue: $4.1B; 15% YoY
Operating margin: 15.2%; 8.6% YoY
EBITDA: $982M; 12% YoY
Market cap: $3.1B
Employees: 15,800; $257K revenue each
Net debt / EBITDA: 2.3×; $2.3B net debt
AI in 10-K: 0.5; mentions per 10K words

Takeover score 3 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 cashNo
220% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
4% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$257K · 29th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.5 per 10K words · 23rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.1B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$16M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.7B	$3.0B	$2.9B	$3.5B	$4.1B	15%
Operating income	$276M	$181M	$104M	$495M	$618M	25%
Net income	—	—	$34M	$323M	$428M	33%
Operating cash flow	$832M	$480M	$736M	$692M	$940M	36%
Capex	$18M	$13M	$13M	$45M	$32M	29%
Stock-based comp	$9M	$9M	$17M	$20M	$19M	5.7%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $16M · 13
Net: −$16M

Pay vs performance

No pay-versus-performance disclosure yet.