A Business at a Glance
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SKYWEST INC
SKYW
$4.3B
Mkt Cap
$103.65
+7.70%
SKYWEST INC (SKYW) has a current P/E ratio of 10.0, compared to its historical median P/E of 10.1. The stock is currently considered Fair based on its historical valuation range.
SKYWEST INC (SKYW) has a 5-year average return on invested capital (ROIC) of 5.6%. This is below average and may indicate limited pricing power.
SKYWEST INC (SKYW) has a market capitalization of $4.2B. It is classified as a mid-cap stock.
SKYWEST INC (SKYW) does not currently pay a regular dividend.
Based on historical P/E analysis, SKYWEST INC (SKYW) appears fair. The current P/E of 10.0 is 1% below its historical median of 10.1. The estimated fair value CAGR (P/E method) is 9.2%.
SKYWEST INC (SKYW) operates in the Air Transportation, Scheduled industry, within the Industrials sector.
SKYWEST INC (SKYW) reported annual revenue of $4.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
Through SkyWest Airlines, our primary operating entity, we offer scheduled passenger service to destinations in the United States, Canada and Mexico. Substantially all of our flights are operated as United Express, Delta Connection, American Eagle or Alaska Airlines flights under code-share agreements with United, Delta, American or Alaska, respectively. Code-share agreements are commercial agreements between airlines that, among other things, allow one airline to use another airline’s flight designator codes on its flights. As of December 31, 2025, we offered approximately 2,260 daily departures, of which approximately 940 were United Express flights, 680 were Delta Connection flights, 420 were American Eagle flights and 210 were Alaska Airlines flights. We generally provide regional flying to our major airline partners under long-term, fixed-fee, code-share agreements.
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Flying agreements | $2.62B | $2.90B | $2.83B | $3.41B | $3.89B | 47% |
Capacity purchase agreements flight operations revenue (non-lease component) | $1.68B | $2.03B | $1.98B | $2.42B | $2.59B | 32% |
Prorate agreements and SWC revenue | $410M | $349M | $381M | $457M | $610M | 7% |
Capacity purchase agreements fixed aircraft lease revenue | $527M | $505M | $296M | $303M | $441M | 5% |
Capacity purchase agreements variable aircraft lease revenue | — | $18M | $180M | $237M | $243M | 3% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 4.1B | 4.1B | 3.5B | 2.9B | 3.0B | - |
| Net Income | 429M | 428M | 323M | 34M | 73M | 112M |
| EPS | $10.41 | $10.35 | $7.77 | $0.77 | $1.44 | $2.20 |
| Free Cash Flow | 876M | 908M | 648M | 723M | 467M | 814M |
| ROIC | 10.3% | 10.5% | 8.4% | 1.9% | 3.0% | 4.4% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.89 | 0.93 | 1.18 | 1.50 | 1.54 | 1.50 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 602M | 618M | 495M | 104M | 181M | 276M |
| Operating Margin | 14.6% | 15.2% | 14.0% | 3.5% | 6.0% | - |
| ROE | 15.7% | 16.6% | 14.3% | 1.5% | 3.2% | 5.1% |
| Shares Outstanding | 41M | 41M | 42M | 45M | 51M | 51M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 3.2B | 3.1B | 3.1B | 3.1B | 3.2B | 3.0B | 35M | N/A | 3.0B | 2.9B | 3.5B | 4.1B | 4.1B |
| Gross Margin | 49.7% | 57.4% | -3.7% | 12.4% | 14.7% | 17.2% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 1.3B | 1.2B | 1.2B | 1.2B | 1.2B | 1.0B | 826M | 987M | 1.2B | 1.3B | 1.5B | 1.6B | 1.6B |
| EBIT | 25M | 235M | -173M | 388M | 474M | 512M | 116M | 276M | 181M | 104M | 495M | 618M | 602M |
| Op. Margin | 0.8% | 7.6% | -5.5% | 12.4% | 14.7% | 17.2% | N/A | N/A | 6.0% | 3.5% | 14.0% | 15.2% | 14.6% |
| Net Income | -24M | 118M | -162M | 429M | 280M | 340M | -8.5M | 112M | 73M | 34M | 323M | 428M | 429M |
| Net Margin | -0.7% | 3.8% | -5.2% | 13.7% | 8.7% | 11.4% | -24.5% | N/A | 2.4% | 1.2% | 9.2% | 10.6% | 10.4% |
| Non-Recurring | -4.0M | 0 | 0 | 0 | 0 | 3.4M | -445K | 4.6M | 7.9M | 14M | 8.2M | 8.1M | 8.1M |
| Returns on Capital | |||||||||||||
| ROIC | 1.0% | 5.1% | -4.8% | 10.7% | 8.7% | 8.2% | 2.4% | 4.4% | 3.0% | 1.9% | 8.4% | 10.5% | 10.3% |
| ROE | -1.7% | 8.1% | -11.3% | 27.6% | 15.1% | 16.4% | -0.4% | 5.1% | 3.2% | 1.5% | 14.3% | 16.6% | 15.7% |
| ROA | -0.6% | 2.6% | -3.3% | 8.2% | 4.8% | 5.2% | -0.1% | 1.6% | 1.0% | 0.5% | 4.6% | 5.9% | 5.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 290M | 417M | 507M | 684M | 803M | 721M | 634M | 832M | 480M | 736M | 692M | 940M | 914M |
| Free Cash Flow | -407M | -298M | 492M | 657M | 768M | 640M | 621M | 814M | 467M | 723M | 648M | 908M | 876M |
| Owner Earnings | 25M | 147M | 214M | 381M | 455M | 343M | 152M | 383M | 77M | 336M | 289M | 557M | 489M |
| CapEx | 697M | 715M | 14M | 27M | 34M | 81M | 13M | 18M | 13M | 13M | 45M | 32M | 38M |
| Maint. CapEx | 260M | 265M | 285M | 293M | 335M | 368M | 475M | 440M | 395M | 383M | 384M | 364M | 365M |
| Growth CapEx | 437M | 451M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 260M | 265M | 285M | 293M | 335M | 368M | 475M | 440M | 395M | 383M | 384M | 364M | 365M |
| CapEx/OCF | 2.7% | N/A | N/A | 4.0% | 4.3% | 11.2% | 2.0% | 2.2% | 2.7% | 1.8% | 6.5% | 3.4% | 4.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 8.2M | 8.3M | 9.3M | 15M | 20M | 23M | 13M | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | 1.5% | 1.0% | 0.7% | 0.7% | 0.7% | 0.8% | 0.7% | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 8.4M | 19M | 20M | 20M | 54M | 78M | 20M | 0 | 0 | 289M | 43M | 0 | 0 |
| Buyback Yield | 1.4% | 1.8% | N/A | 0.7% | 2.3% | 2.4% | 1.0% | N/A | N/A | 12.4% | 1.0% | 2.0% | 0.0% |
| Stock-Based Comp | 5.3M | 5.4M | 7.6M | 11M | 13M | 10M | 6.8M | 8.7M | 9.2M | 17M | 20M | 19M | 60M |
| Debt Repayment | 185M | 354M | 302M | 330M | 371M | 382M | 187M | 541M | 415M | 448M | 453M | 492M | 492M |
| Balance Sheet | |||||||||||||
| Net Debt | 1.2B | 1.4B | 2.1B | 2.1B | 2.5B | 2.9B | 2.7B | 2.5B | 2.6B | 2.3B | 2.0B | 1.8B | 1.8B |
| Cash & Equiv. | 132M | 203M | 147M | 182M | 328M | 87M | 216M | 258M | 103M | 148M | 227M | 123M | 627M |
| Long-Term Debt | 1.5B | 1.7B | 2.2B | 2.4B | 2.8B | 2.6B | 2.8B | 2.7B | 2.9B | 2.6B | 2.1B | 1.8B | 1.8B |
| Debt/Equity | 1.25 | 1.28 | 1.93 | 1.57 | 1.64 | 1.57 | 1.65 | 1.50 | 1.54 | 1.50 | 1.18 | 0.93 | 0.89 |
| Interest Coverage | 0.4 | 3.1 | -2.2 | 3.7 | 3.9 | 4.0 | 0.9 | 2.2 | 1.4 | 0.8 | 4.3 | 5.9 | 5.9 |
| Equity | 1.4B | 1.5B | 1.4B | 1.8B | 2.0B | 2.2B | 2.1B | 2.3B | 2.3B | 2.1B | 2.4B | 2.7B | 2.7B |
| Total Assets | 4.4B | 4.8B | 5.0B | 5.5B | 6.3B | 6.7B | 6.9B | 7.1B | 7.4B | 7.0B | 7.1B | 7.4B | 7.3B |
| Total Liabilities | 895M | 902M | 1.0B | 3.7B | 956M | 1.0B | 1.0B | 4.9B | 5.1B | 4.9B | 4.7B | 4.6B | 915M |
| Intangibles | 13M | 10M | 8.2M | 4.9M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 1.2B | 1.3B | 1.1B | 1.5B | 1.8B | 2.1B | 2.1B | 2.2B | 2.2B | 2.3B | 2.6B | 3.0B | 3.1B |
| Working Capital | 405M | 270M | 171M | 174M | 96M | -164M | 41M | -126M | 199M | -122M | -313M | -576M | -621M |
| Current Assets | 1.1B | 1.0B | 918M | 995M | 1.0B | 760M | 983M | 1.1B | 1.4B | 1.1B | 1.1B | 1.1B | 1.0B |
| Current Liabilities | 684M | 748M | 747M | 821M | 925M | 925M | 942M | 1.2B | 1.2B | 1.3B | 1.4B | 1.7B | 1.6B |
| Per Share Data | |||||||||||||
| EPS | -0.47 | 2.27 | -3.14 | 8.08 | 5.30 | 6.62 | -0.17 | 2.20 | 1.44 | 0.77 | 7.77 | 10.35 | 10.41 |
| Owner EPS | 0.49 | 2.84 | 4.16 | 7.17 | 8.60 | 6.67 | 3.03 | 7.53 | 1.51 | 7.54 | 6.95 | 13.46 | 12.02 |
| Book Value | 27.25 | 29.02 | 26.25 | 33.05 | 37.13 | 42.34 | 42.72 | 44.58 | 46.34 | 47.39 | 57.95 | 66.36 | 67.18 |
| Cash Flow/Share | 5.65 | 8.04 | 9.85 | 12.89 | 15.17 | 14.03 | 12.65 | 16.35 | 9.48 | 16.51 | 16.66 | 22.72 | 19.54 |
| Dividends/Share | 0.16 | 0.16 | 0.19 | 0.32 | 0.40 | 0.48 | 0.26 | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 51.4M | 51.9M | 51.5M | 53.1M | 52.9M | 51.4M | 50.1M | 50.9M | 50.7M | 44.6M | 41.6M | 41.4M | 40.7M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | 8.7 | N/A | 6.5 | 8.3 | 9.7 | N/A | 18.5 | 10.3 | 68.7 | 13.0 | 9.9 | 10.0 |
| P/FCF | N/A | N/A | 3.8 | 4.2 | 3.0 | 5.2 | 3.3 | 2.5 | 1.6 | 3.3 | 6.5 | 4.7 | 4.8 |
| EV/EBIT | 80.9 | 11.6 | N/A | 13.1 | 10.9 | 12.0 | 44.2 | 17.1 | 19.5 | 47.8 | 13.4 | 10.5 | 10.0 |
| Price/Book | 0.4 | 0.7 | 1.4 | 1.6 | 1.2 | 1.5 | 1.0 | 0.9 | 0.3 | 1.1 | 1.7 | 1.5 | 1.5 |
| Price/Sales | 0.2 | 0.3 | 0.4 | 0.6 | 0.9 | 1.0 | 0.9 | 0.9 | 0.4 | 0.5 | 0.9 | 1.0 | 1.0 |
| FCF Yield | -67.7% | -29.1% | 26.1% | 23.6% | 32.9% | 19.3% | 30.5% | 39.3% | 62.0% | 30.7% | 15.4% | 21.4% | 20.8% |
| Market Cap | 601M | 1.0B | 1.9B | 2.8B | 2.3B | 3.3B | 2.0B | 2.1B | 753M | 2.4B | 4.2B | 4.3B | 4.2B |
| Avg. Price | 10.90 | 15.41 | 24.35 | 38.22 | 54.53 | 56.88 | 36.57 | 46.65 | 24.67 | 33.83 | 78.60 | 102.36 | 103.65 |
| Year-End Price | 11.70 | 19.70 | 36.62 | 52.48 | 44.15 | 64.43 | 40.58 | 40.71 | 14.87 | 52.87 | 101.26 | 102.75 | 103.65 |
SKYWEST INC passes 3 of 9 quality checks, indicating weak fundamentals.
SKYWEST INC trades at 10.0x trailing earnings, compared to its 15-year median P/E of 10.1x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 4.6x vs a median of 3.6x. The company's 5-year average ROIC is 5.6%. At current prices, the estimated annualized return to fair value is +6.0%.
SKYWEST INC (SKYW) has a net profit margin of 10.6%. This is a healthy margin.
SKYWEST INC (SKYW) generated $908 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
SKYWEST INC (SKYW) has a debt-to-equity ratio of 0.93. This indicates moderate leverage.
SKYWEST INC (SKYW) reported earnings per share (EPS) of $10.35 in its most recent fiscal year.
SKYWEST INC (SKYW) has a return on equity (ROE) of 16.6%. This indicates the company generates strong returns for shareholders.
The Ledger Terminal provides 17 years of financial data for SKYWEST INC (SKYW), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
SKYWEST INC (SKYW) has a book value per share of $66.36, based on its most recent annual SEC filing.