A Business at a Glance
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Frontier Group Holdings, Inc.
ULCC
$1.3B
Mkt Cap
$5.81
+5.64%
Frontier Group Holdings, Inc. (ULCC) has a 5-year average return on invested capital (ROIC) of -5.1%. This is below average and may indicate limited pricing power.
Frontier Group Holdings, Inc. (ULCC) has a market capitalization of $1.3B. It is classified as a small-cap stock.
Frontier Group Holdings, Inc. (ULCC) does not currently pay a regular dividend.
Frontier Group Holdings, Inc. (ULCC) operates in the Air Transportation, Scheduled industry, within the Industrials sector.
Frontier Group Holdings, Inc. (ULCC) reported annual revenue of $3.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
Frontier Group Holdings, Inc. (ULCC) has a net profit margin of -3.7%. The company is currently unprofitable.
Frontier Group Holdings, Inc. (ULCC) generated $-600 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
PART I Frontier Group Holdings, Inc. is the parent company of Frontier Airlines, Inc. (“Frontier” or “the Company”), an ultra low-cost carrier. We are headquartered in Denver, Colorado and offer flights throughout the United States and to select near international destinations in the Americas. As of December 31, 2025, we had a fleet of 176 Airbus single-aisle aircraft, consisting of 6 A320ceos, 89 A320neos, 21 A321ceos and 60 A321neos. Our unique strategy is underpinned by our low-cost structure and superior low-fare brand. Our Business Model Our business model is based on our unique ULCC strategy and customer offerings.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.8B | 3.7B | 3.8B | 3.6B | 3.3B | 2.1B |
| Net Income | -366M | -137M | 84M | -11M | -37M | -102M |
| EPS | $-1.60 | $-0.60 | $0.37 | $-0.05 | $-0.17 | $-0.48 |
| Free Cash Flow | -468M | -600M | -158M | -312M | -119M | 189M |
| ROIC | -924.1% | -16.6% | 15.6% | - | -4.6% | -14.8% |
| Gross Margin | - | 75.1% | 72.4% | 68.5% | 65.1% | 72.1% |
| Debt/Equity | 2.63 | 1.25 | 0.83 | 0.93 | 0.84 | 0.78 |
| Dividends/Share | $0.00 | - | $0.00 | $0.00 | $0.00 | $0.00 |
| Operating Income | -386M | -149M | 58M | - | -45M | -117M |
| Operating Margin | -10.1% | -4.0% | 1.5% | - | -1.4% | -5.7% |
| ROE | -164.9% | -25.0% | 15.1% | -2.2% | -7.1% | -24.3% |
| Shares Outstanding | 230M | 228M | 227M | 220M | 218M | 213M |
| Metric | ||||||||
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 2.5B | 1.3B | 2.1B | 3.3B | 3.6B | 3.8B | 3.7B | 3.8B |
| Gross Margin | 74.5% | 73.0% | 72.1% | 65.1% | 68.5% | 72.4% | 75.1% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 130M | 78M | 109M | 164M | 164M | 178M | 159M | 250M |
| EBIT | 309M | -365M | -117M | -45M | N/A | 58M | -149M | -386M |
| Op. Margin | 12.3% | -29.2% | -5.7% | -1.4% | N/A | 1.5% | -4.0% | -10.1% |
| Net Income | 237M | -225M | -102M | -37M | -11M | 84M | -137M | -366M |
| Net Margin | 9.4% | -18.0% | -5.0% | -1.1% | -0.3% | 2.2% | -3.7% | -9.6% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||||||
| ROIC | N/A | -35.5% | -14.8% | -4.6% | N/A | 15.6% | -16.6% | N/M |
| ROE | N/A | -52.8% | -24.3% | -7.1% | -2.2% | 15.1% | -25.0% | -164.9% |
| ROA | N/A | -12.6% | -2.6% | -0.8% | -0.2% | 1.5% | -2.0% | -5.2% |
| Cash Flow | ||||||||
| Op. Cash Flow | 171M | -557M | 216M | -78M | -261M | -82M | -525M | -399M |
| Free Cash Flow | 126M | -573M | 189M | -119M | -312M | -158M | -600M | -468M |
| Owner Earnings | 117M | -598M | 167M | -138M | -325M | -170M | -637M | -795M |
| CapEx | 45M | 16M | 27M | 41M | 51M | 76M | 75M | 69M |
| Maint. CapEx | 46M | 33M | 38M | 45M | 50M | 72M | 91M | 375M |
| Growth CapEx | 0 | 0 | 0 | 0 | 1000K | 4.0M | 0 | 0 |
| D&A | 46M | 33M | 38M | 45M | 50M | 72M | 91M | 375M |
| CapEx/OCF | N/A | N/A | 12.5% | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | ||||||||
| Dividends Paid | 159M | 0 | 0 | 1.0M | 1.0M | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | 0.0% | 0.1% | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 0.0% | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 8.0M | 8.0M | 11M | 15M | 14M | 16M | 21M | 21M |
| Debt Repayment | 139M | 126M | 97M | 266M | 131M | 447M | 380M | 380M |
| Balance Sheet | ||||||||
| Net Debt | -598M | -30M | -504M | -332M | -139M | -238M | -57M | -189M |
| Cash & Equiv. | 768M | 378M | 918M | 761M | 609M | 740M | 671M | 772M |
| Long-Term Debt | 170M | 247M | 287M | 272M | 219M | 241M | 313M | 343M |
| Debt/Equity | N/A | 1.12 | 0.78 | 0.84 | 0.93 | 0.83 | 1.25 | 2.63 |
| Interest Coverage | 30.9 | -365.0 | -117.0 | -2.1 | N/A | 1.6 | -3.2 | -3.2 |
| Equity | N/A | 310M | 530M | 509M | 507M | 604M | 491M | 222M |
| Total Assets | N/A | 3.6B | 4.2B | 4.5B | 5.0B | 6.2B | 7.2B | 7.0B |
| Total Liabilities | N/A | 3.2B | 3.7B | 4.0B | 4.5B | 5.5B | 6.7B | 6.8B |
| Intangibles | N/A | 29M | 29M | 28M | 28M | 27M | 27M | 27M |
| Retained Earnings | N/A | 261M | 159M | 122M | 111M | 196M | 59M | -213M |
| Working Capital | N/A | -353M | -289M | -535M | -787M | -862M | -1.1B | -1.1B |
| Current Assets | 29M | 650M | 1.0B | 1.0B | 871M | 990M | 958M | 1.1B |
| Current Liabilities | N/A | 1.0B | 1.3B | 1.6B | 1.7B | 1.9B | 2.1B | 2.2B |
| Per Share Data | ||||||||
| EPS | 1.19 | -1.13 | -0.48 | -0.17 | -0.05 | 0.37 | -0.60 | -1.60 |
| Owner EPS | 0.59 | -3.00 | 0.79 | -0.63 | -1.48 | -0.75 | -2.79 | -3.46 |
| Book Value | N/A | 1.56 | 2.49 | 2.34 | 2.30 | 2.66 | 2.15 | 0.97 |
| Cash Flow/Share | 0.86 | -2.80 | 1.02 | -0.36 | -1.19 | -0.36 | -2.30 | 0.04 |
| Dividends/Share | 0.76 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | N/A | 0.00 |
| Shares Out. | 199.2M | 199.1M | 212.5M | 217.6M | 220.0M | 227.0M | 228.3M | 229.7M |
| Valuation | ||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | 19.4 | N/A | -3.6 |
| P/FCF | N/A | N/A | 15.9 | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | 12.1 | 16.0 | N/A | N/A |
| Price/Book | N/A | N/A | 5.7 | 4.2 | 2.4 | 2.7 | 2.2 | 6.0 |
| Price/Sales | N/A | N/A | 1.7 | 0.8 | 0.5 | 0.3 | 0.3 | 0.4 |
| FCF Yield | N/A | N/A | 6.3% | -5.5% | -25.2% | -9.6% | -55.8% | -35.1% |
| Market Cap | 0 | N/A | 3.0B | 2.2B | 1.2B | 1.6B | 1.1B | 1.3B |
| Avg. Price | 0.00 | N/A | 16.85 | 11.70 | 8.02 | 5.63 | 5.01 | 5.81 |
| Year-End Price | 0.00 | N/A | 14.17 | 9.93 | 5.62 | 7.17 | 4.71 | 5.81 |
Frontier Group Holdings, Inc. passes 2 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average gross margin is 70.6%. At current prices, the estimated annualized return to fair value is -9.8%.
Frontier Group Holdings, Inc. (ULCC) has a debt-to-equity ratio of 1.25. This indicates moderate leverage.
Frontier Group Holdings, Inc. (ULCC) reported earnings per share (EPS) of $-0.60 in its most recent fiscal year.
Frontier Group Holdings, Inc. (ULCC) has a return on equity (ROE) of -25.0%. A negative ROE may indicate losses or negative equity.
Frontier Group Holdings, Inc. (ULCC) has a 5-year average gross margin of 70.6%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 7 years of financial data for Frontier Group Holdings, Inc. (ULCC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Frontier Group Holdings, Inc. (ULCC) has a book value per share of $2.15, based on its most recent annual SEC filing.