ULCCFrontier Group Holdings, Inc.
Air Transportation, Scheduled
- Revenue
- $3.7B
- 1.4% YoY
- Operating margin
- -4.0%
- 360% YoY
- EBITDA
- −$58M
- 145% YoY
- Market cap
- $1.5B
- Employees
- 150
- $25M revenue each
- Net debt / EBITDA
- —
- −$490M net debt
- AI in 10-K
- 1.7
- mentions per 10K words
Takeover score 2 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—Cash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo96% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$25M · 100th pctBottom quartile of its SIC industry
- Quiet on AINo1.7 per 10K words · 50th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$1.5B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$89M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $2.1B | $3.3B | $3.6B | $3.8B | $3.7B | 1.4% |
| Operating income | −$117M | −$45M | −$3M | $58M | −$149M | 357% |
| Net income | −$102M | −$37M | −$11M | $85M | −$137M | 261% |
| Operating cash flow | $216M | −$78M | −$261M | −$82M | −$525M | 540% |
| Capex | $27M | $41M | $51M | $76M | $75M | 1.3% |
| Stock-based comp | $11M | $15M | $14M | $16M | $21M | 31% |
| Dividends | $0 | $1M | $1M | $0 | — |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $89M · 21
- Net
- −$89M
Pay vs performance
No pay-versus-performance disclosure yet.