Latest Ratios: P/E Ratio -31.2x · EV/EBITDA 7.5x · ROE -4.2%. (2004–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.5B | $1.5B | $1.7B | $1.5B | $1.2B | $3.2B | $3.0B | $2.8B | $1.6B | $2.5B | $2.7B |
| Enterprise Value | $3.2B | $3.2B | $3.5B | $3.7B | $3.2B | $4.7B | $4.6B | $4.1B | $2.8B | $3.6B | $3.5B |
| P/E Ratio → | -31.15 | — | — | 13.13 | 485.64 | 21.55 | — | 12.20 | 9.89 | 12.76 | 12.52 |
| P/S Ratio | 0.57 | 0.59 | 0.67 | 0.59 | 0.53 | 1.89 | 3.06 | 1.52 | 0.96 | 1.66 | 2.01 |
| P/B Ratio | 1.32 | 1.46 | 1.54 | 1.12 | 1.00 | 2.63 | 4.33 | 3.16 | 2.32 | 4.50 | 5.79 |
| P/FCF | 19.88 | 20.49 | 43.87 | — | — | 10.94 | — | — | 73.74 | — | 18.65 |
| P/OCF | 3.83 | 3.95 | 4.96 | 3.52 | 4.05 | 5.99 | 12.91 | 6.34 | 4.49 | 6.37 | 7.91 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.24 | 1.40 | 1.47 | 1.39 | 2.75 | 4.70 | 2.23 | 1.67 | 2.39 | 2.56 |
| EV / EBITDA | 7.51 | 7.62 | 193.02 | 8.31 | 11.09 | 10.58 | — | 7.89 | 7.48 | 10.31 | 7.33 |
| EV / EBIT | 18.21 | 41.55 | — | 13.82 | 29.70 | 17.73 | — | 10.85 | 11.03 | 15.11 | 9.26 |
| EV / FCF | — | 43.02 | 92.10 | — | — | 15.95 | — | — | 128.59 | — | 23.70 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 15.4% | 15.4% | 62.4% | 26.5% | 14.8% | 13.6% | -0.4% | 29.5% | 25.0% | 27.1% | 34.7% |
| Operating Margin | 6.7% | 6.7% | -9.6% | 8.8% | 4.0% | 15.4% | -28.4% | 19.8% | 14.6% | 15.1% | 27.2% |
| Net Profit Margin | -1.7% | -1.7% | -9.6% | 4.7% | 0.1% | 8.9% | -18.6% | 12.6% | 9.7% | 13.0% | 16.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -4.2% | -4.2% | -19.9% | 9.2% | 0.2% | 15.8% | -23.3% | 29.5% | 26.0% | 38.0% | 53.3% |
| ROA | -1.0% | -1.0% | -5.1% | 2.5% | 0.1% | 4.2% | -5.9% | 8.4% | 6.9% | 10.1% | 14.5% |
| ROIC | 4.6% | 4.6% | -5.6% | 4.9% | 2.3% | 7.9% | -9.3% | 13.4% | 10.3% | 11.8% | 26.2% |
| ROCE | 5.4% | 5.4% | -6.9% | 6.0% | 2.6% | 8.9% | -11.3% | 16.6% | 13.4% | 15.6% | 33.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.77 | 1.77 | 1.97 | 1.78 | 1.81 | 1.53 | 2.54 | 1.64 | 1.84 | 2.11 | 1.71 |
| Debt / EBITDA | 4.40 | 4.40 | 117.63 | 5.32 | 7.65 | 4.23 | — | 2.78 | 3.41 | 3.34 | 1.70 |
| Net Debt / Equity | — | 1.61 | 1.70 | 1.66 | 1.62 | 1.21 | 2.32 | 1.48 | 1.72 | 2.00 | 1.57 |
| Net Debt / EBITDA | 3.99 | 3.99 | 101.08 | 4.96 | 6.85 | 3.32 | — | 2.52 | 3.19 | 3.17 | 1.56 |
| Debt / FCF | — | 22.53 | 48.23 | — | — | 5.01 | — | — | 54.85 | — | 5.05 |
| Interest Coverage | 0.59 | 0.59 | -1.78 | 2.47 | 1.05 | 3.87 | -5.26 | 4.92 | 4.71 | 6.10 | 13.07 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.95 | 0.95 | 0.78 | 0.83 | 1.46 | 2.02 | 1.37 | 0.92 | 0.96 | 0.99 | 1.07 |
| Quick Ratio | 0.92 | 0.92 | 0.75 | 0.80 | 1.42 | 1.98 | 1.33 | 0.87 | 0.93 | 0.96 | 1.03 |
| Cash Ratio | 0.79 | 0.79 | 0.62 | 0.69 | 1.10 | 1.84 | 0.99 | 0.77 | 0.77 | 0.76 | 0.85 |
| Asset Turnover | — | 0.62 | 0.55 | 0.51 | 0.51 | 0.43 | 0.30 | 0.61 | 0.67 | 0.69 | 0.82 |
| Inventory Turnover | 64.07 | 64.07 | 26.21 | 50.79 | 55.18 | 53.69 | 41.42 | 45.72 | 64.05 | 62.10 | 53.02 |
| Days Sales Outstanding | — | 8.00 | 13.13 | 10.29 | 16.90 | 13.39 | 70.86 | 5.06 | 7.88 | 17.25 | 10.89 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | 1.3% | 1.5% | — | — | 0.4% | 1.6% | 2.8% | 1.8% | 2.5% |
| Payout Ratio | — | — | — | 18.8% | — | — | — | 19.6% | 28.0% | 23.5% | 30.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 7.6% | 0.2% | 4.6% | — | 8.2% | 10.1% | 7.8% | 8.0% |
| FCF Yield | 5.0% | 4.9% | 2.3% | — | — | 9.1% | — | — | 1.4% | — | 5.4% |
| Buyback Yield | 0.9% | 0.9% | 0.4% | 2.0% | 2.4% | 0.0% | 1.1% | 0.7% | 0.2% | 3.6% | 2.4% |
| Total Shareholder Yield | 0.9% | 0.9% | 1.7% | 3.5% | 2.4% | 0.0% | 1.5% | 2.3% | 3.1% | 5.5% | 4.9% |
| Shares Outstanding | — | $18M | $18M | $18M | $18M | $17M | $16M | $16M | $16M | $16M | $16M |
Includes 30+ ratios · 22 years · Updated daily
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Quick answers to the most common questions about buying ALGT stock.
Allegiant Travel Company's current P/E ratio is -31.2x. The historical average is 19.8x.
Allegiant Travel Company's current EV/EBITDA is 7.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.1x.
Allegiant Travel Company's return on equity (ROE) is -4.2%. The historical average is 24.1%.
Based on historical data, Allegiant Travel Company is trading at a P/E of -31.2x. Compare with industry peers and growth rates for a complete picture.
Allegiant Travel Company has 15.4% gross margin and 6.7% operating margin.
Allegiant Travel Company's Debt/EBITDA ratio is 4.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Sunseeker and fleet transition costs
Metrics are mathematically derived from official filings.
Margin Volatility Masks Underlying Earning Power
Gross margin swung from 61.4% in 2026Q2 to 8.5% in 2024Q3, as reported in financial statements, while TTM net margin remains -1.7%, indicating that recent quarterly beats may not yet signal a durable profitability recovery.
The extreme quarterly swings in gross margin—from 61.4% in 2026Q2 to 8.5% in 2024Q3—suggest that the reported figures are heavily influenced by fuel cost timing and maintenance accounting choices, rather than a stable cost structure. The negative TTM net margin of -1.7% indicates that, despite the strong 2026Q2 operating margin of 2.2%, the company has not yet consistently covered its fixed costs. Investors should monitor whether the recent improvement in operating margin (11.1% in 2026Q1) can be sustained as the Boeing 737 MAX transition and Sunseeker Resort costs continue to weigh on the cost base.
Return on Capital Decaying Amid Expansion
ROIC turned positive at 0.5% in 2026Q2, but the ten-quarter average is negative, with ROE at -4.2% TTM, as per the ratio data, suggesting that capital deployed into Sunseeker and fleet transition is not yet generating adequate returns.
ROIC has been volatile, ranging from -6.3% in 2024Q4 to 2.3% in 2025Q4, and the most recent quarter's 0.5% is far below the cost of capital for a highly leveraged airline. The negative ROE of -4.2% TTM indicates that shareholder equity is being eroded by losses, despite the asset revaluation that boosted equity in 2026Q2. This suggests that the company's expansion into the resort and new aircraft is not yet compounding returns, and investors should watch whether the improving operating margins translate into sustained positive ROIC.
Working Capital Efficiency Shows Mixed Signals
The cash conversion cycle turned negative at -7 days in 2026Q2, as reported in the ratio data, driven by a DPO of 27 days, but the negative cycle is offset by thin liquidity and volatile operating cash flow, indicating limited supplier leverage.
The negative CCC of -7 days in 2026Q2 suggests that Allegiant is collecting cash from customers before paying suppliers, which is typical for airlines with strong advance ticket sales. However, the DPO of 27 days is not exceptionally high, and the current ratio of 0.83 indicates that the company still relies on short-term financing to cover its obligations. The working capital swings—ranging from -$140.3M to +$140.3M in consecutive quarters—highlight that the efficiency gains are not stable, and the negative CCC may not provide a reliable buffer in a demand downturn.
Leverage Elevated Despite Apparent Improvement
Debt-to-equity improved to 1.60 in 2026Q2 from 2.09 in 2025Q3, but interest coverage of 0.40x in 2026Q2, based on reported figures, indicates that earnings are barely covering interest expense, suggesting refinancing risk remains high.
The reported D/E of 1.60 appears low for an airline, but this may exclude operating lease liabilities and resort-related debt, potentially understating true leverage. Interest coverage of 0.40x in 2026Q2 is critically low, and even the stronger 2026Q1 coverage of 3.26x is inconsistent, reflecting the volatility in operating income. The company's heavy capital expenditure program, including the Boeing 737 MAX orders and Sunseeker Resort, suggests that debt levels are likely to remain elevated, and investors should monitor the company's ability to service debt if fuel costs rise or demand softens.
Liquidity Buffer Thin and Deteriorating
The current ratio of 0.83 in 2026Q2, as per the ratio data, remains below 1, indicating that short-term liabilities exceed current assets, and the quick ratio of 0.80 suggests limited inventory cushion, leaving the company vulnerable to cash flow disruptions.
Despite a cash balance of $508.7M, the current ratio of 0.83 indicates that Allegiant may struggle to meet its short-term obligations without accessing credit markets. The quick ratio of 0.80 is only slightly lower, reflecting that inventory is not a significant buffer, which is typical for an airline. The negative free cash flow margin of -7.9% in 2026Q2 and the volatile operating cash flow suggest that the liquidity position could deteriorate further if the company faces unexpected fuel price spikes or a demand slowdown. Investors should monitor whether the company can maintain access to financing given its strained liquidity metrics.
Misapplied Metric: Debt-to-Equity
The reported debt-to-equity ratio of 1.60 in 2026Q2, as per the balance sheet, is commonly used to assess leverage, but it likely understates Allegiant's true obligations by excluding operating leases and resort debt, making EV/EBITDAR a more appropriate measure.
For capital-intensive airlines, debt-to-equity is often misleading because it does not capture off-balance-sheet operating lease liabilities, which are significant for Allegiant given its fleet strategy. The company's transition to Boeing 737 MAX aircraft and the Sunseeker Resort development add substantial fixed obligations that may not be fully reflected in the reported D/E. Analysts should instead use EV/EBITDAR, which adds back rental costs, to better compare Allegiant's leverage with peers like Frontier and Sun Country. This adjustment would likely reveal a more stretched balance sheet than the raw D/E suggests, and it is critical for assessing refinancing risk in a rising rate environment.