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SkyWest, Inc. (SKYW) 10-Year Financial Performance & Capital Metrics

SKYW • • Industrial / General
IndustrialsAirlines & AirportsRegional AirlinesUS Regional Carriers
AboutSkyWest, Inc., through its subsidiaries, operates a regional airline in the United States. The company operates through two segment, SkyWest Airlines and SkyWest Leasing. It also leases regional jet aircraft and spare engines to third parties. As of December 31, 2021, the company's fleet consisted of 629 aircraft; and provided scheduled passenger and air freight services with approximately 2,080 total daily departures to various destinations in the United States, Canada, Mexico, and the Caribbean. In addition, it offers airport customer and ground handling services for other airlines. SkyWest, Inc. was incorporated in 1972 and is headquartered in St. George, Utah.Show more
  • Revenue $3.53B +20.2%
  • EBITDA $879M +80.3%
  • Net Income $323M +840.4%
  • EPS (Diluted) 7.77 +909.1%
  • Gross Margin 22.36% +76.4%
  • EBITDA Margin 24.9% +50.0%
  • Operating Margin 14.02% +295.5%
  • Net Margin 9.15% +682.5%
  • ROE 14.28% +827.7%
  • ROIC 7.42% +415.4%
  • Debt/Equity 1.15 -21.7%
  • Interest Coverage 4.33 +444.3%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Strong Piotroski F-Score: 8/9
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Share count reduced 6.8% through buybacks

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y0.86%
5Y3.49%
3Y9.14%
TTM19.27%

Profit (Net Income) CAGR

10Y-
5Y-1.03%
3Y42.37%
TTM78.75%

EPS CAGR

10Y-
5Y3.26%
3Y52.06%
TTM79.15%

ROCE

10Y Avg4.87%
5Y Avg3.9%
3Y Avg4.39%
Latest8.62%

Peer Comparison

US Regional Carriers
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
SKYWSkyWest, Inc.4.01B100.1112.8820.18%10.92%16.23%9.07%1.15
MESAMesa Air Group, Inc.879.48M21.00-0.04-4.35%-43.64%-58.67%1.58%2.90

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+3.1B3.12B3.12B3.22B2.97B2.13B2.71B3B2.94B3.53B
Revenue Growth %-0.04%0.01%0%0.03%-0.08%-0.28%0.28%0.11%-0.02%0.2%
Cost of Goods Sold+2.55B2.52B2.48B2.47B2.19B2.14B2.52B2.51B2.56B2.74B
COGS % of Revenue0.82%0.81%0.8%0.77%0.74%1.01%0.93%0.83%0.87%0.78%
Gross Profit+548.37M598.01M638.98M747.11M777.86M-13.89M193.72M499.31M372.19M788.96M
Gross Margin %0.18%0.19%0.2%0.23%0.26%-0.01%0.07%0.17%0.13%0.22%
Gross Profit Growth %0.51%0.09%0.07%0.17%0.04%-1.02%14.94%1.58%-0.25%1.12%
Operating Expenses+313.85M305.04M250.78M272.83M265.6M-122.69M-82.14M318.14M268.12M294.31M
OpEx % of Revenue0.1%0.1%0.08%0.08%0.09%-0.06%-0.03%0.11%0.09%0.08%
Selling, General & Admin0305.04M250.78M272.83M000000
SG&A % of Revenue-0.1%0.08%0.08%------
Research & Development0000000000
R&D % of Revenue----------
Other Operating Expenses33.66M-94K400K0265.6M-122.69M-82.14M318.14M268.12M294.31M
Operating Income+234.51M-172.68M388.2M474.28M512.26M108.8M275.87M181.16M104.07M494.66M
Operating Margin %0.08%-0.06%0.12%0.15%0.17%0.05%0.1%0.06%0.04%0.14%
Operating Income Growth %8.44%-1.74%3.25%0.22%0.08%-0.79%1.54%-0.34%-0.43%3.75%
EBITDA+499.02M112.28M680.97M808.87M880.36M583.76M716.07M575.71M487.18M878.54M
EBITDA Margin %0.16%0.04%0.22%0.25%0.3%0.27%0.26%0.19%0.17%0.25%
EBITDA Growth %0.75%-0.77%5.06%0.19%0.09%-0.34%0.23%-0.2%-0.15%0.8%
D&A (Non-Cash Add-back)264.51M284.97M292.77M334.59M368.1M474.96M440.2M394.55M383.12M383.88M
EBIT234.51M-170.63M388.2M474.28M574.06M115.85M273.73M219.67M171.24M546.48M
Net Interest Income+-73.85M-76.03M-100.42M-111.59M-113.62M-117.29M-122.01M-109.48M-87M-66.38M
Interest Income2M2.14M4.51M8.82M14.13M5.88M1.11M17.61M43.93M47.96M
Interest Expense75.85M78.18M104.92M120.41M127.75M123.17M123.12M127.08M130.93M114.34M
Other Income/Expense-40.19M-76.13M-100.02M-107.97M-65.95M-116.13M-125.26M-88.58M-63.76M-62.51M
Pretax Income+194.32M-248.81M288.18M366.31M446.31M-7.33M150.61M92.58M40.31M432.14M
Pretax Margin %0.06%-0.08%0.09%0.11%0.15%-0%0.06%0.03%0.01%0.12%
Income Tax+76.5M-87.23M-140.72M85.94M106.21M1.19M38.7M19.63M5.97M109.18M
Effective Tax Rate %0.61%0.65%1.49%0.77%0.76%1.16%0.74%0.79%0.85%0.75%
Net Income+117.82M-161.59M428.91M280.37M340.1M-8.52M111.91M72.95M34.34M322.96M
Net Margin %0.04%-0.05%0.14%0.09%0.11%-0%0.04%0.02%0.01%0.09%
Net Income Growth %5.88%-2.37%3.65%-0.35%0.21%-1.03%14.14%-0.35%-0.53%8.4%
Net Income (Continuing)117.82M-161.59M428.91M280.37M340.1M-8.52M111.91M72.95M34.34M322.96M
Discontinued Operations0000000000
Minority Interest0000000000
EPS (Diluted)+2.27-3.148.085.306.62-0.172.211.440.777.77
EPS Growth %5.83%-2.38%3.57%-0.34%0.25%-1.03%14%-0.35%-0.47%9.09%
EPS (Basic)2.31-3.148.285.406.68-0.172.221.440.788.02
Diluted Shares Outstanding51.83M51.51M53.1M52.87M51.38M50.2M50.75M50.64M44.6M41.55M
Basic Shares Outstanding51.08M51.46M51.8M51.91M50.93M50.2M50.35M50.55M43.94M40.26M
Dividend Payout Ratio0.07%-0.04%0.07%0.07%-----

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+1.02B917.79M995.13M1.02B760.35M982.8M1.07B1.37B1.13B1.12B
Cash & Short-Term Investments489.7M556.66M685.29M689.33M520.17M825.91M860.41M1.05B835.22M801.63M
Cash Only203.03M146.77M181.79M328.38M87.21M215.72M258.42M102.98M148.28M227.36M
Short-Term Investments286.67M409.9M503.5M360.94M432.97M610.18M601.99M944.23M686.95M574.27M
Accounts Receivable65.03M53.91M48.05M90.13M94.12M38.38M65.35M110.42M84.05M123.88M
Days Sales Outstanding7.676.35.6210.2111.566.598.7913.4110.4512.82
Inventory140.31M118.51M119.75M127.69M110.5M91.2M104.09M123.21M127.11M139M
Days Inventory Outstanding20.1117.1417.618.8318.3815.5515.0817.9518.118.52
Other Current Assets127.31M26.35M26.94M26.61M35.55M27.32M38.74M90.43M85.5M53.66M
Total Non-Current Assets+3.76B4.09B4.48B5.29B5.9B6.23B6.06B6.49B5.89B6.02B
Property, Plant & Equipment3.47B3.82B4.18B5.01B5.73B5.64B5.74B5.7B5.57B5.68B
Fixed Asset Turnover0.89x0.82x0.75x0.64x0.52x0.38x0.47x0.53x0.53x0.62x
Goodwill0000000000
Intangible Assets10.5M8.25M00000000
Long-Term Investments0000025.5M036.6M00
Other Non-Current Assets283.17M260.23M296.26M286.67M166.09M234.91M320.24M306.26M324.7M347.66M
Total Assets+4.78B5.01B5.47B6.31B6.66B7.21B7.13B7.86B7.03B7.14B
Asset Turnover0.65x0.62x0.57x0.51x0.45x0.29x0.38x0.38x0.42x0.49x
Asset Growth %0.08%0.05%0.09%0.15%0.05%0.08%-0.01%0.1%-0.11%0.02%
Total Current Liabilities+748.03M747.26M820.83M924.83M924.68M941.72M1.19B1.17B1.25B1.43B
Accounts Payable279.86M241.22M288.9M331.98M284.47M278.68M496.33M422M470.25M527.35M
Days Payables Outstanding40.134.8942.4648.9747.3247.5171.961.4766.9670.28
Short-Term Debt268.67M305.46M309.68M350.21M364.13M484.8M391.8M510.23M443.87M535.59M
Deferred Revenue (Current)00000001000K00
Other Current Liabilities44.03M45.09M48.65M65.01M32.41M52.3M48.15M48.83M99.88M96.83M
Current Ratio1.36x1.23x1.21x1.10x0.82x1.04x0.89x1.17x0.90x0.78x
Quick Ratio1.17x1.07x1.07x0.97x0.70x0.95x0.81x1.06x0.80x0.68x
Cash Conversion Cycle-12.33-11.45-19.24-19.92-17.38-25.38-48.03-30.11-38.41-38.94
Total Non-Current Liabilities+2.53B2.91B2.9B3.42B3.56B4.13B3.66B4.34B3.66B3.3B
Long-Term Debt1.66B2.24B2.38B2.81B2.63B2.8B2.72B2.94B2.56B2.14B
Capital Lease Obligations0000259.24M205.84M158.27M88.62M67.39M67.26M
Deferred Tax Liabilities749.58M565.4M419.02M518.16M623.58M950.07M663.24M1.13B0787.97M
Other Non-Current Liabilities118.71M104.3M102.89M96.18M45.63M62.34M124.88M37.42M1.03B309.48M
Total Liabilities3.28B3.66B3.72B4.35B4.48B5.07B4.86B5.51B4.91B4.73B
Total Debt+1.93B2.55B2.69B3.16B3.35B3.49B3.35B3.54B3.09B2.76B
Net Debt1.72B2.4B2.51B2.83B3.26B3.28B3.09B3.44B2.94B2.53B
Debt / Equity1.28x1.88x1.53x1.61x1.54x1.63x1.48x1.51x1.46x1.15x
Debt / EBITDA3.86x22.67x3.95x3.91x3.80x5.98x4.67x6.15x6.35x3.14x
Net Debt / EBITDA3.46x21.36x3.68x3.50x3.70x5.61x4.31x5.97x6.04x2.88x
Interest Coverage3.09x-2.21x3.70x3.94x4.01x0.88x2.24x1.43x0.79x4.33x
Total Equity+1.51B1.35B1.75B1.96B2.18B2.14B2.27B2.35B2.11B2.41B
Equity Growth %0.08%-0.1%0.3%0.12%0.11%-0.02%0.06%0.04%-0.1%0.14%
Book Value per Share29.0726.2333.0437.1542.3442.6244.6846.3647.3957.98
Total Shareholders' Equity1.51B1.35B1.75B1.96B2.18B2.14B2.27B2.35B2.11B2.41B
Common Stock641.64M657.35M672.59M690.91M686.81M704.67M722.31M734.43M754.36M777.09M
Retained Earnings1.28B1.1B1.52B1.78B2.08B2.05B2.16B2.24B2.27B2.59B
Treasury Stock-410.09M-410.09M-435.18M-503.18M-590.97M-617.14M-618.71M-619.86M-912.4M-962.65M
Accumulated OCI-260K-71K-50K-32K000-3.8M325K168K
Minority Interest0000000000

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+420.1M506.67M684.12M802.53M721.03M633.56M831.82M480.38M736.33M692.46M
Operating CF Margin %0.14%0.16%0.22%0.25%0.24%0.3%0.31%0.16%0.25%0.2%
Operating CF Growth %0.47%0.21%0.35%0.17%-0.1%-0.12%0.31%-0.42%0.53%-0.06%
Net Income117.82M-161.59M428.91M280.37M340.1M-8.52M111.91M72.95M34.34M322.96M
Depreciation & Amortization264.51M284.97M292.77M334.59M368.1M474.96M440.2M394.55M383.12M383.88M
Stock-Based Compensation5.37M7.57M10.58M13.11M10.27M6.8M8.69M9.16M17.13M19.86M
Deferred Taxes73.84M-83.44M-145.52M99.14M109.65M6.1M37.3M23.82M539K0
Other Non-Cash Items-33.66M464.37M544.55M676.23M-24.66M20.79M75.76M27.46M-11.68M91.15M
Working Capital Changes-7.77M-5.21M97.39M75.33M-82.44M133.43M157.97M-47.58M312.9M-125.4M
Change in Receivables21.08M15.26M4.2M-21.46M-40.7M26.83M-30.09M-32.96M33.42M-56.55M
Change in Inventory-2.86M-1.99M-1.25M-7.93M-4.3M19.31M-12.9M-16.63M-3.9M-11.89M
Change in Payables-20.72M-47.56M46.93M118.97M-54.04M-26.98M231.18M-42.03M80.96M-3.14M
Cash from Investing+-569.72M-1.18B-751.34M-983.4M-657.03M-683.47M-698.52M-904.89M-23.23M-228.63M
Capital Expenditures-721.28M-1.15B-735.38M-1.14B-714.73M-447.92M-681.4M-682.59M-316.33M-346.3M
CapEx % of Revenue0.23%0.37%0.24%0.35%0.24%0.21%0.25%0.23%0.11%0.1%
Acquisitions----------
Investments----------
Other Investing10.77M97.1M-10.9M-36.82M76.49M-89.43M-65.39M-31.63M31.69M5.15M
Cash from Financing+220.37M614.14M102.24M327.46M-305.17M178.43M-90.6M269.08M-667.81M-384.75M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid-8.26M-9.26M-15.02M-19.74M-23.47M-13.06M0000
Share Repurchases----------
Other Financing12.53M-8.65M-8.82M-17.45M4.63M-10.29M-3.24M-3.33M-760K-7.6M
Net Change in Cash----------
Free Cash Flow+-301.17M-647.3M-51.25M-336.18M6.3M185.64M150.42M-202.22M420.01M364.18M
FCF Margin %-0.1%-0.21%-0.02%-0.1%0%0.09%0.06%-0.07%0.14%0.1%
FCF Growth %0.23%-1.15%0.92%-5.56%1.02%28.48%-0.19%-2.34%3.08%-0.13%
FCF per Share-5.81-12.57-0.97-6.360.123.702.96-3.999.428.77
FCF Conversion (FCF/Net Income)3.57x-3.14x1.60x2.86x2.12x-74.41x7.43x6.58x21.44x2.14x
Interest Paid80.66M76.59M105.64M118.27M131.73M125.44M124.92M125.32M128.29M113.57M
Taxes Paid5.1M1.21M5.01M2.66M2.49M1.78M6.59M1.17M13.61M18.59M

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)8.11%-11.31%27.62%15.08%16.43%-0.39%5.08%3.16%1.54%14.28%
Return on Invested Capital (ROIC)5.63%-3.71%7.27%7.86%7.51%1.5%3.84%2.44%1.44%7.42%
Gross Margin17.71%19.16%20.46%23.19%26.17%-0.65%7.14%16.62%12.68%22.36%
Net Margin3.81%-5.18%13.74%8.7%11.44%-0.4%4.12%2.43%1.17%9.15%
Debt / Equity1.28x1.88x1.53x1.61x1.54x1.63x1.48x1.51x1.46x1.15x
Interest Coverage3.09x-2.21x3.70x3.94x4.01x0.88x2.24x1.43x0.79x4.33x
FCF Conversion3.57x-3.14x1.60x2.86x2.12x-74.41x7.43x6.58x21.44x2.14x
Revenue Growth-4.38%0.83%0.04%3.17%-7.75%-28.43%27.57%10.74%-2.31%20.18%

Revenue by Segment

2015201620172018201920202021202220232024
Flying agreements------2.62B2.9B2.83B3.41B
Flying agreements Growth-------10.89%-2.26%20.41%
Lease, airport services and other.------98.42M105.09M101.03M115.12M
Lease, airport services and other. Growth-------6.78%-3.86%13.94%
Airport customer service and other revenue------31.89M39.32M35.06M30.18M
Airport customer service and other revenue Growth-------23.33%-10.84%-13.92%
Flight operations------1.15B---
Flight operations Growth----------
Aircraft lease and fixed revenue------1.06B---
Aircraft lease and fixed revenue Growth----------
Prorate agreements------409.68M---
Prorate agreements Growth----------
Flying Agreements---3.17B2.89B2.06B----
Flying Agreements Growth-----8.84%-28.67%----
Aircraft Operations----1.54B945.01M----
Aircraft Operations Growth------38.56%----
Aircraft Leases----830.25M846.93M----
Aircraft Leases Growth-----2.01%----
Prorate Agreements----520.96M268.86M----
Prorate Agreements Growth------48.39%----
Airport Customer Service And Other---52.16M82.7M-----
Airport Customer Service And Other Growth----58.55%-----
Airport Customer Service Revenue----45.54M-----
Airport Customer Service Revenue Growth----------
Sky West Airlines1.85B1.94B2.17B-------
Sky West Airlines Growth-4.71%12.30%-------
Express Jet Airlines Inc1.17B1.04B790.94M-------
Express Jet Airlines Inc Growth--10.69%-24.30%-------
Skywest Leasing-141M239.94M-------
Skywest Leasing Growth--70.17%-------
All Others77.28M---------
All Others Growth----------

Frequently Asked Questions

Valuation & Price

SkyWest, Inc. (SKYW) has a price-to-earnings (P/E) ratio of 12.9x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

SkyWest, Inc. (SKYW) reported $3.98B in revenue for fiscal year 2024. This represents a 9% increase from $3.65B in 2011.

SkyWest, Inc. (SKYW) grew revenue by 20.2% over the past year. This is strong growth.

Yes, SkyWest, Inc. (SKYW) is profitable, generating $434.6M in net income for fiscal year 2024 (9.2% net margin).

Dividend & Returns

SkyWest, Inc. (SKYW) has a return on equity (ROE) of 14.3%. This is reasonable for most industries.

SkyWest, Inc. (SKYW) generated $166.4M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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