The company's financial leverage has reached critical levels, with the debt-to-equity ratio surging to 14.31 in 2025Q2 compared to 3.95 in 2022Q4.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Total Current Assets | 1.48B | 2.11B | 1.51B | 1.99B | 1.84B | 2.36B | 1.39B | 1.35B | 1.28B | 975.85M | 1.03B | 721.5M | 649.08M | 547.36M | 442.71M | 251.22M | 163.79M | 105.98M |
| Cash & Short-Term Investments | 407.51M | 1.02B | 977.71M | 1.45B | 1.44B | 1.9B | 1.08B | 1.11B | 901.79M | 801.05M | 803.63M | 632.78M | 530.63M | 416.82M | 343.33M | 82.71M | 86.15M | 16.23M |
| Cash Only | 407.51M | 902.06M | 865.21M | 1.35B | 1.33B | 1.79B | 978.96M | 1B | 800.85M | 700.9M | 803.63M | 632.78M | 530.63M | 416.82M | 343.33M | 82.71M | 86.15M | 16.23M |
| Short-Term Investments | 0 | 118.33M | 112.5M | 107.11M | 106.31M | 106.34M | 105.32M | 102.79M | 100.94M | 100.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 219.41M | 178.96M | 205.47M | 233.54M | 166.72M | 190.4M | 94.82M | 47.66M | 119.17M | 41.14M | 28.27M | 22.68M | 23.25M | 22.74M | 15.43M | 9.47M | 8.35M | 6.01M |
| Days Sales Outstanding | 16.52 | 13.29 | 13.99 | 16.82 | 18.84 | 38.4 | 9.04 | 5.23 | 16.45 | 6.47 | 4.82 | 4.29 | 5.13 | 6.3 | 5.26 | 4.42 | 4.35 | 2.78 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 854.29M | 909.78M | 328.95M | 119.39M | 95.4M | 71.4M | 0 | 0 | 0 | 0 | 0 | 0 | 16.24M | 12.59M | 83.95M | 159.03M | 69.3M | 83.74M |
| Total Non-Current Assets | 7.1B | 7.49B | 7.91B | 7.19B | 6.7B | 6.04B | 5.66B | 3.82B | 2.86B | 2.18B | 1.5B | 871.25M | 531.69M | 372.53M | 303.11M | 224.54M | 164.07M | 134.03M |
| Property, Plant & Equipment | 6.82B | 7.19B | 7.56B | 6.94B | 6.29B | 5.66B | 5.26B | 3.49B | 2.64B | 1.99B | 1.34B | 681.4M | 354.77M | 247.47M | 235.28M | 19.33M | 18.41M | 20.84M |
| Fixed Asset Turnover | 0.63x | 0.68x | 0.71x | 0.73x | 0.51x | 0.32x | 0.73x | 0.95x | 1.00x | 1.17x | 1.60x | 2.83x | 4.66x | 5.33x | 4.55x | 40.42x | 38.03x | 37.78x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 83.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 190.94M | 296.05M | 344.24M | 254.17M | 405.6M | 384.03M | 398.5M | 328.47M | 220.92M | 185.76M | 166.67M | 189.85M | 176.92M | 125.05M | 67.83M | 203.89M | 145.67M | 113.19M |
| Total Assets | 8.58B | 9.6B | 9.42B | 9.18B | 8.54B | 8.4B | 7.04B | 5.17B | 4.15B | 3.15B | 2.53B | 1.59B | 1.18B | 919.88M | 745.81M | 475.76M | 327.87M | 240.01M |
| Asset Turnover | 0.50x | 0.51x | 0.57x | 0.55x | 0.38x | 0.22x | 0.54x | 0.64x | 0.64x | 0.74x | 0.85x | 1.21x | 1.40x | 1.43x | 1.44x | 1.64x | 2.14x | 3.28x |
| Asset Growth % | -4.99% | 1.89% | 2.53% | 7.55% | 1.68% | 19.24% | 36.36% | 24.59% | 31.53% | 24.56% | 58.88% | 34.89% | 28.36% | 23.34% | 56.76% | 45.11% | 36.61% | - |
| Total Current Liabilities | 1.45B | 1.77B | 1.67B | 1.6B | 1.28B | 1.34B | 1.11B | 834.53M | 664.33M | 531.95M | 466.24M | 365.62M | 335.99M | 276.89M | 227.06M | 214.43M | 163.89M | 178.27M |
| Accounts Payable | 147.68M | 32.38M | 42.1M | 75.45M | 44.95M | 28.45M | 43.6M | 39.32M | 22.82M | 15.19M | 17.04M | 13.4M | 23.1M | 24.17M | 15.93M | 13.36M | 15.27M | 21.08M |
| Days Payables Outstanding | 6.09 | 2.51 | 3.22 | 6.39 | 5.47 | 4.77 | 5.97 | 6.09 | 4.68 | 3.76 | 4.66 | 3.63 | 7.27 | 9.12 | 7.45 | 8.31 | 16.35 | 16.29 |
| Short-Term Debt | 121.19M | 436.53M | 315.58M | 346.89M | 208.95M | 384.2M | 258.85M | 163.56M | 115.43M | 84.35M | 49.64M | 10.43M | 0 | 0 | 0 | 23.24M | 3.24M | 5.1M |
| Deferred Revenue (Current) | 1.8B | 436.81M | 383.75M | 429.62M | 382.32M | 401.97M | 315.41M | 291.98M | 263.71M | 206.39M | 216.83M | 188.87M | 167.63M | 131.41M | 112.28M | 0 | 0 | 0 |
| Other Current Liabilities | 34.03M | 47.51M | 104.05M | 29.19M | 32.82M | 31.47M | 34.71M | 25.74M | 23.12M | 21.44M | 14.36M | 16.93M | 10.59M | 11.29M | 10.73M | 151.91M | 124.6M | 152.09M |
| Current Ratio | 1.02x | 1.19x | 0.90x | 1.25x | 1.44x | 1.76x | 1.25x | 1.61x | 1.93x | 1.83x | 2.20x | 1.97x | 1.93x | 1.98x | 1.95x | 1.17x | 1.00x | 0.59x |
| Quick Ratio | 1.02x | 1.19x | 0.90x | 1.25x | 1.44x | 1.76x | 1.25x | 1.61x | 1.93x | 1.83x | 2.20x | 1.97x | 1.93x | 1.98x | 1.95x | 1.17x | 1.00x | 0.59x |
| Cash Conversion Cycle | 10.43 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 6.64B | 7.91B | 6.61B | 6.02B | 5.15B | 4.81B | 3.67B | 2.4B | 1.72B | 1.23B | 839M | 224.05M | 75.66M | 60.45M | 52.04M | 366.4M | 342.1M | 323.63M |
| Long-Term Debt | 2.24B | 1.76B | 3.06B | 3.2B | 2.98B | 3.07B | 1.96B | 2.02B | 1.39B | 897.36M | 596.69M | 135.23M | 0 | 0 | 0 | 11.97M | 11.97M | 209.38M |
| Capital Lease Obligations | 16.73B | 4.34B | 3.3B | 2.46B | 1.75B | 1.25B | 1.22B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 284.77M | 51.93M | 107.76M | 226.84M | 375.47M | 439.89M | 469.29M | 355.14M | 308.81M | 308.14M | 221.48M | 66.37M | 48.92M | 33.22M | 12.11M | 0 | 0 | 0 |
| Other Non-Current Liabilities | 107.28M | 1.76B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 354.44M | 330.13M | 114.25M |
| Total Liabilities | 8.1B | 9.68B | 8.28B | 7.61B | 6.43B | 6.15B | 4.78B | 3.24B | 2.38B | 1.76B | 1.31B | 589.68M | 411.65M | 337.35M | 279.11M | 580.83M | 505.99M | 501.9M |
| Total Debt | 6.86B | 6.81B | 6.93B | 6.21B | 5.12B | 4.9B | 3.58B | 2.2B | 1.52B | 992.09M | 670.34M | 155.75M | 7.99M | 8.02M | 7.21M | 35.21M | 15.21M | 214.48M |
| Net Debt | 6.45B | 5.91B | 6.07B | 4.87B | 3.78B | 3.11B | 2.6B | 1.2B | 719.07M | 291.19M | -133.29M | -477.03M | -522.64M | -408.8M | -336.12M | -47.51M | -70.94M | 198.25M |
| Debt / Equity | 14.31x | - | 6.11x | 3.95x | 2.42x | 2.18x | 1.58x | 1.14x | 0.86x | 0.71x | 0.55x | 0.16x | 0.01x | 0.01x | 0.02x | - | - | - |
| Debt / EBITDA | -8.98x | - | - | - | 21.29x | - | 4.93x | 4.18x | 2.90x | 1.83x | 1.15x | 0.39x | 0.03x | 0.04x | 0.05x | 0.47x | 0.13x | 9.52x |
| Net Debt / EBITDA | -8.45x | - | - | - | 15.75x | - | 3.58x | 2.27x | 1.37x | 0.54x | -0.23x | -1.19x | -1.66x | -2.16x | -2.21x | -0.64x | -0.61x | 8.80x |
| Interest Coverage | -6.12x | -5.92x | -4.05x | -5.94x | -0.47x | -4.28x | 5.64x | 4.75x | 8.84x | 15.25x | 57.66x | - | - | - | 6.60x | 1.41x | 2.43x | 0.46x |
| Total Equity | 479.44M | -80.13M | 1.13B | 1.57B | 2.11B | 2.25B | 2.26B | 1.93B | 1.76B | 1.39B | 1.23B | 1B | 769.12M | 582.53M | 466.71M | -105.08M | -178.13M | -261.89M |
| Equity Growth % | -254.53% | -107.06% | -27.82% | -25.66% | -6.03% | -0.51% | 17.26% | 9.41% | 26.38% | 13.82% | 22.16% | 30.42% | 32.03% | 24.82% | 544.16% | 41.01% | 31.98% | - |
| Book Value per Share | 14.11 | -0.73 | 10.36 | 14.35 | 19.31 | 20.55 | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Shareholders' Equity | 479.44M | -80.13M | 1.13B | 1.57B | 2.11B | 2.25B | 2.26B | 1.93B | 1.76B | 1.39B | 1.23B | 1B | 769.12M | 582.53M | 466.71M | -105.08M | -178.13M | -261.89M |
| Common Stock | 2K | 11K | 11K | 11K | 11K | 10K | 7K | 7K | 7K | 7K | 7K | 7K | 7K | 7K | 7K | 3K | 3K | 3K |
| Retained Earnings | -256.77M | -1.17B | 56.76M | 504.22M | 1.06B | 1.52B | 1.96B | 1.63B | 1.47B | 1.06B | 798.75M | 481.53M | 256.07M | 79.15M | -29.31M | -105.76M | -178.24M | -261.93M |
| Treasury Stock | 0 | -81.28M | -80.64M | -78M | -75.64M | -74.12M | -72.45M | -67.02M | -65.85M | -218.69M | -116.18M | -3.92M | -2.29M | -1.15M | -129K | 0 | 0 | -13K |
| Accumulated OCI | -2K | 188K | -67K | -596K | -532K | -618K | -787K | -1.19M | -1.46M | -1.34M | -1.55M | -718K | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and insolvency risk
As reported in recent financial statements, FLYY’s equity position has deteriorated from $1.6 billion in 2022Q4 to a precarious $479.4 million by 2025Q2, reflecting a persistent trend of value destruction driven by sustained net losses and an inability to stabilize the company’s core operational footprint.
The consistent decline in retained earnings, which have swung from positive territory to a deficit of $256.8 million, suggests that the business model is currently failing to generate sufficient returns to cover its fixed cost base. This trajectory indicates that the company is consuming its own capital to fund operations, which may necessitate further dilutive actions if the current trend persists.
Based on the provided balance sheet data, FLYY’s debt-to-equity ratio has surged to 14.31 as of 2025Q2, a significant escalation from the 3.95 level observed in 2022Q4, indicating that the company’s reliance on debt financing has become increasingly unsustainable in the current high-cost environment.
The accumulation of $6.9 billion in total debt against a shrinking equity base highlights a precarious capital structure that leaves little room for operational error. Investors should monitor whether the company can manage its debt service obligations without further compromising its already limited liquidity buffer.
According to the latest quarterly filings, FLYY’s cash reserves have declined to $407.5 million in 2025Q2, down from $1.3 billion in 2022Q4, suggesting that the company’s liquidity buffer is rapidly thinning as it navigates ongoing operational challenges and engine-related capacity constraints.
With a current ratio hovering near 1.02, the company possesses minimal margin for error in meeting its short-term obligations. This tight liquidity position appears to limit management's flexibility to address unforeseen operational shocks or to invest in necessary fleet maintenance without external capital support.
As indicated by the balance sheet, deferred revenue of $407.5 million represents a significant liability that must be serviced through future flight operations, potentially masking the true extent of the company's cash flow distress by providing a temporary, non-recurring source of working capital.
The reliance on pre-sold tickets to bolster current liquidity may create a dangerous feedback loop where future capacity constraints or demand softening directly impact the company's ability to maintain its current cash position. This dependency warrants further investigation into the sustainability of these unearned revenue balances as a proxy for operational health.
Quick answers to the most common questions about buying FLYY stock.
As of 2024, Spirit Aviation Holdings, Inc. (FLYY) had total assets of $9.60B including $2.11B in current assets.
Spirit Aviation Holdings, Inc. (FLYY) carries total debt of $6.81B, offset by $1.02B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Spirit Aviation Holdings, Inc. (FLYY) has total shareholders' equity (book value) of $-80.1M ($-0.73 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Spirit Aviation Holdings, Inc. (FLYY) reported a current ratio of 1.19x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.