Frontier Group Holdings, Inc. (ULCC) 10-Year Financial Performance & Capital Metrics

ULCC • • Industrial / General

IndustrialsAirlines & AirportsLow-Cost & Ultra-Low-Cost CarriersUS Low-Cost Carriers

AboutFrontier Group Holdings, Inc., a low-fare airline company, provides air transportation for passengers. The company operates an airline that serves approximately 120 airports throughout the United States and international destinations in the Americas. It offers its services through direct distribution channels, including its website, mobile app, and call center. As of December 31, 2021, the company had a fleet of 110 Airbus single-aisle aircraft comprising, 16 A320ceos, 73 A320neos, and 21 A321ceos. Frontier Group Holdings, Inc. was incorporated in 2013 and is headquartered in Denver, Colorado.Show more

Revenue $3.77B +5.2%
EBITDA $130M +176.6%
Net Income $85M +872.7%
EPS (Diluted) 0.38 +860.0%
Gross Margin 51.31% +509.8%
EBITDA Margin 3.44% +163.0%
Operating Margin 1.54% +1937.8%
Net Margin 2.25% +834.6%
ROE 15.3% +806.6%
ROIC 1.13% +1616.8%
Debt/Equity 7.40 +8.4%
Interest Coverage 14.50 +583.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 82 (top 18%)

✗Weaknesses

✗High debt to equity ratio of 7.4x
✗Weak 3Y average ROE of 2.0%
✗Profits declining 19.5% over 5 years
✗Negative free cash flow
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y8.52%

3Y22.37%

TTM1.77%

Profit (Net Income) CAGR

10Y-

5Y-19.47%

3Y-

TTM-2166.67%

EPS CAGR

10Y-

5Y-19.15%

3Y-

TTM-1425%

ROCE

10Y Avg10.35%

5Y Avg-3.71%

3Y Avg-0.04%

Latest1.52%

Peer Comparison

US Low-Cost Carriers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LUVSouthwest Airlines Co.	22.29B	43.10	57.47	5.34%	1.38%	4.87%		0.78
SNCYSun Country Airlines Holdings, Inc.	925.67M	17.56	18.29	2.49%	5.25%	9.52%	12.7%	1.09
ULCCFrontier Group Holdings, Inc.	1.16B	5.08	13.37	5.18%	-3.65%	-31.34%		7.40
FLYYSpirit Aviation Holdings, Inc.		0.38	-0.03	-8.38%	-28.55%	-277.97%
JBLUJetBlue Airways Corporation	1.81B	4.98	-2.17	-3.49%	-5.16%	-20.66%		3.46
ALGTAllegiant Travel Company	1.63B	88.87	-6.59	0.11%	-11.36%	-28.84%	2.35%	1.97

Profit & Loss

	Dec 2015	Dec 2016	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.6B	1.71B	2.16B	2.51B	1.25B	2.06B	3.33B	3.59B	3.77B
Revenue Growth %	-	0.07%	0.26%	0.16%	-0.5%	0.65%	0.61%	0.08%	0.05%
Cost of Goods Sold+	1.13B	1.19B	1.78B	2B	1.64B	2.26B	3.04B	3.29B	1.84B
COGS % of Revenue	0.71%	0.69%	0.83%	0.8%	1.31%	1.1%	0.92%	0.92%	0.49%
Gross Profit+	473M	524M	373M	503M	-390M	-202M	282M	302M	1.94B
Gross Margin %	0.29%	0.31%	0.17%	0.2%	-0.31%	-0.1%	0.08%	0.08%	0.51%
Gross Profit Growth %	-	0.11%	-0.29%	0.35%	-1.78%	0.48%	2.4%	0.07%	5.41%
Operating Expenses+	197M	207M	281M	194M	-25M	-85M	372M	305M	1.88B
OpEx % of Revenue	0.12%	0.12%	0.13%	0.08%	-0.02%	-0.04%	0.11%	0.08%	0.5%
Selling, General & Admin	79M	72M	110M	130M	78M	109M	164M	164M	178M
SG&A % of Revenue	0.05%	0.04%	0.05%	0.05%	0.06%	0.05%	0.05%	0.05%	0.05%
Research & Development	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-
Other Operating Expenses	118M	135M	171M	64M	-103M	-194M	153M	141M	1.7B
Operating Income+	233M	317M	92M	309M	-365M	-117M	-45M	-3M	58M
Operating Margin %	0.15%	0.18%	0.04%	0.12%	-0.29%	-0.06%	-0.01%	-0%	0.02%
Operating Income Growth %	-	0.36%	-0.71%	2.36%	-2.18%	0.68%	0.62%	0.93%	20.33%
EBITDA+	287M	392M	170M	355M	-332M	-79M	0	47M	130M
EBITDA Margin %	0.18%	0.23%	0.08%	0.14%	-0.27%	-0.04%	-	0.01%	0.03%
EBITDA Growth %	-	0.37%	-0.57%	1.09%	-1.94%	0.76%	1%	-	1.77%
D&A (Non-Cash Add-back)	54M	75M	78M	46M	33M	38M	45M	50M	72M
EBIT	233M	319M	109M	325M	-360M	-115M	-42M	33M	50M
Net Interest Income+	-5M	-1M	13M	16M	-7M	-27M	0	35M	28M
Interest Income	0	2M	17M	16M	5M	2M	10M	36M	32M
Interest Expense	5M	3M	4M	0	12M	29M	10M	1M	4M
Other Income/Expense	-5M	-1M	13M	16M	-7M	-27M	0	35M	28M
Pretax Income+	228M	316M	105M	325M	-372M	-144M	-45M	32M	86M
Pretax Margin %	0.14%	0.18%	0.05%	0.13%	-0.3%	-0.07%	-0.01%	0.01%	0.02%
Income Tax+	82M	116M	25M	74M	-147M	-42M	-8M	43M	1M
Effective Tax Rate %	0.64%	0.63%	0.76%	0.77%	0.6%	0.71%	0.82%	-0.34%	0.99%
Net Income+	146M	200M	80M	251M	-225M	-102M	-37M	-11M	85M
Net Margin %	0.09%	0.12%	0.04%	0.1%	-0.18%	-0.05%	-0.01%	-0%	0.02%
Net Income Growth %	-	0.37%	-0.6%	2.14%	-1.9%	0.55%	0.64%	0.7%	8.73%
Net Income (Continuing)	146M	200M	80M	251M	-225M	-102M	-37M	-11M	85M
Discontinued Operations	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.68	0.93	0.37	1.10	-1.05	-0.47	-0.17	-0.05	0.38
EPS Growth %	-	0.37%	-0.6%	1.97%	-1.95%	0.55%	0.64%	0.71%	8.6%
EPS (Basic)	0.68	0.93	0.37	1.10	-1.05	-0.47	-0.17	-0.05	0.38
Diluted Shares Outstanding	214.26M	214.26M	215.92M	215.08M	215.08M	217.06M	217.6M	220.1M	225.72M
Basic Shares Outstanding	214.26M	214.26M	214.07M	215.08M	215.08M	217.06M	217.6M	220.1M	224.33M
Dividend Payout Ratio	-	0.51%	2.64%	0.63%	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	535M	722M	859M	944M	650M	1.04B	1.02B	871M	990M
Cash & Short-Term Investments	419M	612M	698M	768M	378M	918M	761M	609M	740M
Cash Only	419M	612M	698M	768M	378M	918M	761M	609M	740M
Short-Term Investments	0	0	0	0	0	0	0	0	0
Accounts Receivable	76M	47M	70M	101M	215M	62M	98M	96M	93M
Days Sales Outstanding	17.29	10.01	11.85	14.7	62.78	10.99	10.75	9.76	8.99
Inventory	10M	19M	18M	20M	18M	29M	55M	79M	79M
Days Inventory Outstanding	3.23	5.83	3.68	3.64	4.01	4.68	6.59	8.77	15.69
Other Current Assets	6M	21M	49M	42M	15M	14M	86M	66M	76M
Total Non-Current Assets+	593M	619M	655M	2.92B	2.9B	3.2B	3.48B	4.12B	5.16B
Property, Plant & Equipment	265M	276M	174M	2.44B	2.43B	2.61B	2.71B	3.27B	4.71B
Fixed Asset Turnover	6.05x	6.21x	12.39x	1.03x	0.52x	0.79x	1.23x	1.10x	0.80x
Goodwill	0	0	0	0	0	0	0	0	0
Intangible Assets	37M	35M	31M	30M	29M	29M	28M	28M	27M
Long-Term Investments	-80M	-77M	0	9M	0	0	0	0	0
Other Non-Current Assets	291M	308M	450M	448M	449M	557M	741M	821M	426M
Total Assets+	1.13B	1.34B	1.51B	3.86B	3.55B	4.24B	4.5B	4.99B	6.15B
Asset Turnover	1.42x	1.28x	1.42x	0.65x	0.35x	0.49x	0.74x	0.72x	0.61x
Asset Growth %	-	0.19%	0.13%	1.55%	-0.08%	0.19%	0.06%	0.11%	0.23%
Total Current Liabilities+	492M	553M	776M	1.25B	1B	1.33B	1.55B	1.66B	1.85B
Accounts Payable	25M	46M	47M	71M	71M	86M	89M	134M	115M
Days Payables Outstanding	8.07	14.11	9.62	12.93	15.8	13.88	10.67	14.88	22.84
Short-Term Debt	103M	141M	126M	150M	101M	127M	157M	251M	261M
Deferred Revenue (Current)	1000K	1000K	0	0	0	0	0	0	0
Other Current Liabilities	313M	316M	469M	570M	318M	496M	627M	381M	551M
Current Ratio	1.09x	1.31x	1.11x	0.75x	0.65x	0.78x	0.66x	0.53x	0.53x
Quick Ratio	1.07x	1.27x	1.08x	0.74x	0.63x	0.76x	0.62x	0.48x	0.49x
Cash Conversion Cycle	12.45	1.73	5.91	5.41	50.98	1.79	6.68	3.66	1.84
Total Non-Current Liabilities+	294M	342M	458M	2.07B	2.24B	2.38B	2.44B	2.83B	3.7B
Long-Term Debt	118M	96M	88M	95M	247M	287M	272M	219M	241M
Capital Lease Obligations	0	0	0	1.87B	1.85B	1.99B	2.03B	2.44B	3.3B
Deferred Tax Liabilities	28M	14M	0	27M	9M	0	0	0	0
Other Non-Current Liabilities	124M	164M	201M	72M	114M	101M	129M	169M	154M
Total Liabilities	786M	895M	1.23B	3.32B	3.24B	3.71B	3.99B	4.49B	5.55B
Total Debt+	233M	246M	214M	2.51B	2.61B	2.85B	2.93B	3.46B	4.47B
Net Debt	-186M	-366M	-484M	1.74B	2.23B	1.93B	2.17B	2.85B	3.73B
Debt / Equity	0.68x	0.55x	0.76x	4.62x	8.43x	5.38x	5.75x	6.82x	7.40x
Debt / EBITDA	0.81x	0.63x	1.26x	7.06x	-	-	-	73.60x	34.37x
Net Debt / EBITDA	-0.65x	-0.93x	-2.85x	4.90x	-	-	-	60.64x	28.68x
Interest Coverage	46.60x	105.67x	23.00x	-	-30.42x	-4.03x	-4.50x	-3.00x	14.50x
Total Equity+	342M	446M	280M	542M	310M	530M	509M	507M	604M
Equity Growth %	-	0.3%	-0.37%	0.94%	-0.43%	0.71%	-0.04%	-0%	0.19%
Book Value per Share	1.60	2.08	1.30	2.52	1.44	2.44	2.34	2.30	2.68
Total Shareholders' Equity	342M	446M	280M	542M	310M	530M	509M	507M	604M
Common Stock	0	0	0	0	0	0	0	0	0
Retained Earnings	299M	395M	245M	486M	261M	159M	122M	111M	196M
Treasury Stock	0	0	0	0	0	0	0	0	0
Accumulated OCI	-10M	1M	-17M	4M	-11M	-10M	-6M	-7M	-6M
Minority Interest	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	208M	238M	189M	171M	-557M	216M	-78M	-261M	-82M
Operating CF Margin %	0.13%	0.14%	0.09%	0.07%	-0.45%	0.1%	-0.02%	-0.07%	-0.02%
Operating CF Growth %	-	0.14%	-0.21%	-0.1%	-4.26%	1.39%	-1.36%	-2.35%	0.69%
Net Income	146M	200M	80M	251M	-225M	-102M	-37M	-11M	85M
Depreciation & Amortization	54M	75M	78M	46M	33M	38M	45M	50M	72M
Stock-Based Compensation	44M	42M	26M	8M	8M	11M	15M	14M	16M
Deferred Taxes	14M	-23M	-72M	52M	-14M	-32M	-8M	43M	0
Other Non-Cash Items	59M	-13M	7M	-108M	-26M	-37M	-79M	-146M	-292M
Working Capital Changes	-109M	-43M	70M	-78M	-333M	338M	-14M	-211M	37M
Change in Receivables	15M	28M	28M	-6M	61M	-14M	-28M	33M	22M
Change in Inventory	-5M	20M	29M	-18M	-166M	174M	-40M	0	20M
Change in Payables	6M	20M	-7M	24M	-213M	13M	-4M	47M	-15M
Cash from Investing+	-143M	-39M	-59M	-62M	11M	-67M	-154M	-90M	-75M
Capital Expenditures	-107M	-30M	-35M	-17M	-16M	-63M	-152M	-87M	-73M
CapEx % of Revenue	0.07%	0.02%	0.02%	0.01%	0.01%	0.03%	0.05%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-
Other Investing	-36M	-9M	-24M	-45M	27M	-4M	-2M	-3M	-2M
Cash from Financing+	91M	-6M	-149M	-39M	156M	391M	75M	199M	288M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-
Dividends Paid	0	-101M	-211M	-159M	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-
Other Financing	0	-5M	152M	89M	-1M	269M	72M	1M	-5M
Net Change in Cash	-	-	-	-	-	-	-	-	-
Free Cash Flow+	62M	208M	130M	109M	-573M	153M	-230M	-348M	-158M
FCF Margin %	0.04%	0.12%	0.06%	0.04%	-0.46%	0.07%	-0.07%	-0.1%	-0.04%
FCF Growth %	-	2.35%	-0.38%	-0.16%	-6.26%	1.27%	-2.5%	-0.51%	0.55%
FCF per Share	0.29	0.97	0.60	0.51	-2.66	0.70	-1.06	-1.58	-0.70
FCF Conversion (FCF/Net Income)	1.42x	1.19x	2.36x	0.68x	2.48x	-2.12x	2.11x	23.73x	-0.96x
Interest Paid	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	42.69%	50.76%	22.04%	61.07%	-52.82%	-24.29%	-7.12%	-2.17%	15.3%
Return on Invested Capital (ROIC)	112.02%	201.48%	-	22.33%	-11.35%	-3.51%	-1.31%	-0.07%	1.13%
Gross Margin	29.49%	30.57%	17.3%	20.06%	-31.2%	-9.81%	8.48%	8.41%	51.31%
Net Margin	9.1%	11.67%	3.71%	10.01%	-18%	-4.95%	-1.11%	-0.31%	2.25%
Debt / Equity	0.68x	0.55x	0.76x	4.62x	8.43x	5.38x	5.75x	6.82x	7.40x
Interest Coverage	46.60x	105.67x	23.00x	-	-30.42x	-4.03x	-4.50x	-3.00x	14.50x
FCF Conversion	1.42x	1.19x	2.36x	0.68x	2.48x	-2.12x	2.11x	23.73x	-0.96x
Revenue Growth	-	6.86%	25.79%	16.33%	-50.16%	64.8%	61.46%	7.91%	5.18%

Revenue by Segment

	2021	2022	2023	2024
Passenger	2B	3.25B	3.51B	3.68B
Passenger Growth	-	62.40%	8.04%	4.96%
Non-Fare Passenger Revenue	1.19B	1.87B	2.23B	2.25B
Non-Fare Passenger Revenue Growth	-	56.28%	19.61%	0.72%
Aircraft Fare	806M	1.38B	1.28B	1.44B
Aircraft Fare Growth	-	71.46%	-7.60%	12.37%
Passenger Service Fees	521M	817M	943M	1B
Passenger Service Fees Growth	-	56.81%	15.42%	6.57%
Passenger Baggage	457M	741M	880M	862M
Passenger Baggage Growth	-	62.14%	18.76%	-2.05%
Passenger Seat Selection	170M	251M	281M	264M
Passenger Seat Selection Growth	-	47.65%	11.95%	-6.05%
Other Passenger Revenue	46M	57M	128M	117M
Other Passenger Revenue Growth	-	23.91%	124.56%	-8.59%
Product and Service, Other	60M	78M	80M	92M
Product and Service, Other Growth	-	30.00%	2.56%	15.00%

Revenue by Geography

	2021	2022	2023	2024
Latin America Destination	-	-	-	210M
Latin America Destination Growth	-	-	-	-

Frequently Asked Questions

Valuation & Price

Frontier Group Holdings, Inc. (ULCC) has a price-to-earnings (P/E) ratio of 13.4x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Frontier Group Holdings, Inc. (ULCC) reported $3.73B in revenue for fiscal year 2024. This represents a 132% increase from $1.60B in 2015.

Frontier Group Holdings, Inc. (ULCC) grew revenue by 5.2% over the past year. This is steady growth.

Frontier Group Holdings, Inc. (ULCC) reported a net loss of $136.0M for fiscal year 2024.

Dividend & Returns

Frontier Group Holdings, Inc. (ULCC) has a return on equity (ROE) of 15.3%. This is reasonable for most industries.

Frontier Group Holdings, Inc. (ULCC) had negative free cash flow of $85.0M in fiscal year 2024, likely due to heavy capital investments.

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Frontier Group Holdings, Inc. (ULCC) 10-Year Financial Performance & Capital Metrics

ULCC • • Industrial / General

IndustrialsAirlines & AirportsLow-Cost & Ultra-Low-Cost CarriersUS Low-Cost Carriers

Revenue $3.77B +5.2%
EBITDA $130M +176.6%
Net Income $85M +872.7%
EPS (Diluted) 0.38 +860.0%
Gross Margin 51.31% +509.8%
EBITDA Margin 3.44% +163.0%
Operating Margin 1.54% +1937.8%
Net Margin 2.25% +834.6%
ROE 15.3% +806.6%
ROIC 1.13% +1616.8%
Debt/Equity 7.40 +8.4%
Interest Coverage 14.50 +583.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 82 (top 18%)

✗Weaknesses

✗High debt to equity ratio of 7.4x
✗Weak 3Y average ROE of 2.0%
✗Profits declining 19.5% over 5 years
✗Negative free cash flow
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y8.52%

3Y22.37%

TTM1.77%

Profit (Net Income) CAGR

10Y-

5Y-19.47%

3Y-

TTM-2166.67%

EPS CAGR

10Y-

5Y-19.15%

3Y-

TTM-1425%

ROCE

10Y Avg10.35%

5Y Avg-3.71%

3Y Avg-0.04%

Latest1.52%

Peer Comparison

US Low-Cost Carriers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LUVSouthwest Airlines Co.	22.29B	43.10	57.47	5.34%	1.38%	4.87%		0.78
SNCYSun Country Airlines Holdings, Inc.	925.67M	17.56	18.29	2.49%	5.25%	9.52%	12.7%	1.09
ULCCFrontier Group Holdings, Inc.	1.16B	5.08	13.37	5.18%	-3.65%	-31.34%		7.40
FLYYSpirit Aviation Holdings, Inc.		0.38	-0.03	-8.38%	-28.55%	-277.97%
JBLUJetBlue Airways Corporation	1.81B	4.98	-2.17	-3.49%	-5.16%	-20.66%		3.46
ALGTAllegiant Travel Company	1.63B	88.87	-6.59	0.11%	-11.36%	-28.84%	2.35%	1.97

Profit & Loss

	Dec 2015	Dec 2016	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.6B	1.71B	2.16B	2.51B	1.25B	2.06B	3.33B	3.59B	3.77B
Revenue Growth %	-	0.07%	0.26%	0.16%	-0.5%	0.65%	0.61%	0.08%	0.05%
Cost of Goods Sold+	1.13B	1.19B	1.78B	2B	1.64B	2.26B	3.04B	3.29B	1.84B
COGS % of Revenue	0.71%	0.69%	0.83%	0.8%	1.31%	1.1%	0.92%	0.92%	0.49%
Gross Profit+	473M	524M	373M	503M	-390M	-202M	282M	302M	1.94B
Gross Margin %	0.29%	0.31%	0.17%	0.2%	-0.31%	-0.1%	0.08%	0.08%	0.51%
Gross Profit Growth %	-	0.11%	-0.29%	0.35%	-1.78%	0.48%	2.4%	0.07%	5.41%
Operating Expenses+	197M	207M	281M	194M	-25M	-85M	372M	305M	1.88B
OpEx % of Revenue	0.12%	0.12%	0.13%	0.08%	-0.02%	-0.04%	0.11%	0.08%	0.5%
Selling, General & Admin	79M	72M	110M	130M	78M	109M	164M	164M	178M
SG&A % of Revenue	0.05%	0.04%	0.05%	0.05%	0.06%	0.05%	0.05%	0.05%	0.05%
Research & Development	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-
Other Operating Expenses	118M	135M	171M	64M	-103M	-194M	153M	141M	1.7B
Operating Income+	233M	317M	92M	309M	-365M	-117M	-45M	-3M	58M
Operating Margin %	0.15%	0.18%	0.04%	0.12%	-0.29%	-0.06%	-0.01%	-0%	0.02%
Operating Income Growth %	-	0.36%	-0.71%	2.36%	-2.18%	0.68%	0.62%	0.93%	20.33%
EBITDA+	287M	392M	170M	355M	-332M	-79M	0	47M	130M
EBITDA Margin %	0.18%	0.23%	0.08%	0.14%	-0.27%	-0.04%	-	0.01%	0.03%
EBITDA Growth %	-	0.37%	-0.57%	1.09%	-1.94%	0.76%	1%	-	1.77%
D&A (Non-Cash Add-back)	54M	75M	78M	46M	33M	38M	45M	50M	72M
EBIT	233M	319M	109M	325M	-360M	-115M	-42M	33M	50M
Net Interest Income+	-5M	-1M	13M	16M	-7M	-27M	0	35M	28M
Interest Income	0	2M	17M	16M	5M	2M	10M	36M	32M
Interest Expense	5M	3M	4M	0	12M	29M	10M	1M	4M
Other Income/Expense	-5M	-1M	13M	16M	-7M	-27M	0	35M	28M
Pretax Income+	228M	316M	105M	325M	-372M	-144M	-45M	32M	86M
Pretax Margin %	0.14%	0.18%	0.05%	0.13%	-0.3%	-0.07%	-0.01%	0.01%	0.02%
Income Tax+	82M	116M	25M	74M	-147M	-42M	-8M	43M	1M
Effective Tax Rate %	0.64%	0.63%	0.76%	0.77%	0.6%	0.71%	0.82%	-0.34%	0.99%
Net Income+	146M	200M	80M	251M	-225M	-102M	-37M	-11M	85M
Net Margin %	0.09%	0.12%	0.04%	0.1%	-0.18%	-0.05%	-0.01%	-0%	0.02%
Net Income Growth %	-	0.37%	-0.6%	2.14%	-1.9%	0.55%	0.64%	0.7%	8.73%
Net Income (Continuing)	146M	200M	80M	251M	-225M	-102M	-37M	-11M	85M
Discontinued Operations	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.68	0.93	0.37	1.10	-1.05	-0.47	-0.17	-0.05	0.38
EPS Growth %	-	0.37%	-0.6%	1.97%	-1.95%	0.55%	0.64%	0.71%	8.6%
EPS (Basic)	0.68	0.93	0.37	1.10	-1.05	-0.47	-0.17	-0.05	0.38
Diluted Shares Outstanding	214.26M	214.26M	215.92M	215.08M	215.08M	217.06M	217.6M	220.1M	225.72M
Basic Shares Outstanding	214.26M	214.26M	214.07M	215.08M	215.08M	217.06M	217.6M	220.1M	224.33M
Dividend Payout Ratio	-	0.51%	2.64%	0.63%	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	535M	722M	859M	944M	650M	1.04B	1.02B	871M	990M
Cash & Short-Term Investments	419M	612M	698M	768M	378M	918M	761M	609M	740M
Cash Only	419M	612M	698M	768M	378M	918M	761M	609M	740M
Short-Term Investments	0	0	0	0	0	0	0	0	0
Accounts Receivable	76M	47M	70M	101M	215M	62M	98M	96M	93M
Days Sales Outstanding	17.29	10.01	11.85	14.7	62.78	10.99	10.75	9.76	8.99
Inventory	10M	19M	18M	20M	18M	29M	55M	79M	79M
Days Inventory Outstanding	3.23	5.83	3.68	3.64	4.01	4.68	6.59	8.77	15.69
Other Current Assets	6M	21M	49M	42M	15M	14M	86M	66M	76M
Total Non-Current Assets+	593M	619M	655M	2.92B	2.9B	3.2B	3.48B	4.12B	5.16B
Property, Plant & Equipment	265M	276M	174M	2.44B	2.43B	2.61B	2.71B	3.27B	4.71B
Fixed Asset Turnover	6.05x	6.21x	12.39x	1.03x	0.52x	0.79x	1.23x	1.10x	0.80x
Goodwill	0	0	0	0	0	0	0	0	0
Intangible Assets	37M	35M	31M	30M	29M	29M	28M	28M	27M
Long-Term Investments	-80M	-77M	0	9M	0	0	0	0	0
Other Non-Current Assets	291M	308M	450M	448M	449M	557M	741M	821M	426M
Total Assets+	1.13B	1.34B	1.51B	3.86B	3.55B	4.24B	4.5B	4.99B	6.15B
Asset Turnover	1.42x	1.28x	1.42x	0.65x	0.35x	0.49x	0.74x	0.72x	0.61x
Asset Growth %	-	0.19%	0.13%	1.55%	-0.08%	0.19%	0.06%	0.11%	0.23%
Total Current Liabilities+	492M	553M	776M	1.25B	1B	1.33B	1.55B	1.66B	1.85B
Accounts Payable	25M	46M	47M	71M	71M	86M	89M	134M	115M
Days Payables Outstanding	8.07	14.11	9.62	12.93	15.8	13.88	10.67	14.88	22.84
Short-Term Debt	103M	141M	126M	150M	101M	127M	157M	251M	261M
Deferred Revenue (Current)	1000K	1000K	0	0	0	0	0	0	0
Other Current Liabilities	313M	316M	469M	570M	318M	496M	627M	381M	551M
Current Ratio	1.09x	1.31x	1.11x	0.75x	0.65x	0.78x	0.66x	0.53x	0.53x
Quick Ratio	1.07x	1.27x	1.08x	0.74x	0.63x	0.76x	0.62x	0.48x	0.49x
Cash Conversion Cycle	12.45	1.73	5.91	5.41	50.98	1.79	6.68	3.66	1.84
Total Non-Current Liabilities+	294M	342M	458M	2.07B	2.24B	2.38B	2.44B	2.83B	3.7B
Long-Term Debt	118M	96M	88M	95M	247M	287M	272M	219M	241M
Capital Lease Obligations	0	0	0	1.87B	1.85B	1.99B	2.03B	2.44B	3.3B
Deferred Tax Liabilities	28M	14M	0	27M	9M	0	0	0	0
Other Non-Current Liabilities	124M	164M	201M	72M	114M	101M	129M	169M	154M
Total Liabilities	786M	895M	1.23B	3.32B	3.24B	3.71B	3.99B	4.49B	5.55B
Total Debt+	233M	246M	214M	2.51B	2.61B	2.85B	2.93B	3.46B	4.47B
Net Debt	-186M	-366M	-484M	1.74B	2.23B	1.93B	2.17B	2.85B	3.73B
Debt / Equity	0.68x	0.55x	0.76x	4.62x	8.43x	5.38x	5.75x	6.82x	7.40x
Debt / EBITDA	0.81x	0.63x	1.26x	7.06x	-	-	-	73.60x	34.37x
Net Debt / EBITDA	-0.65x	-0.93x	-2.85x	4.90x	-	-	-	60.64x	28.68x
Interest Coverage	46.60x	105.67x	23.00x	-	-30.42x	-4.03x	-4.50x	-3.00x	14.50x
Total Equity+	342M	446M	280M	542M	310M	530M	509M	507M	604M
Equity Growth %	-	0.3%	-0.37%	0.94%	-0.43%	0.71%	-0.04%	-0%	0.19%
Book Value per Share	1.60	2.08	1.30	2.52	1.44	2.44	2.34	2.30	2.68
Total Shareholders' Equity	342M	446M	280M	542M	310M	530M	509M	507M	604M
Common Stock	0	0	0	0	0	0	0	0	0
Retained Earnings	299M	395M	245M	486M	261M	159M	122M	111M	196M
Treasury Stock	0	0	0	0	0	0	0	0	0
Accumulated OCI	-10M	1M	-17M	4M	-11M	-10M	-6M	-7M	-6M
Minority Interest	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	208M	238M	189M	171M	-557M	216M	-78M	-261M	-82M
Operating CF Margin %	0.13%	0.14%	0.09%	0.07%	-0.45%	0.1%	-0.02%	-0.07%	-0.02%
Operating CF Growth %	-	0.14%	-0.21%	-0.1%	-4.26%	1.39%	-1.36%	-2.35%	0.69%
Net Income	146M	200M	80M	251M	-225M	-102M	-37M	-11M	85M
Depreciation & Amortization	54M	75M	78M	46M	33M	38M	45M	50M	72M
Stock-Based Compensation	44M	42M	26M	8M	8M	11M	15M	14M	16M
Deferred Taxes	14M	-23M	-72M	52M	-14M	-32M	-8M	43M	0
Other Non-Cash Items	59M	-13M	7M	-108M	-26M	-37M	-79M	-146M	-292M
Working Capital Changes	-109M	-43M	70M	-78M	-333M	338M	-14M	-211M	37M
Change in Receivables	15M	28M	28M	-6M	61M	-14M	-28M	33M	22M
Change in Inventory	-5M	20M	29M	-18M	-166M	174M	-40M	0	20M
Change in Payables	6M	20M	-7M	24M	-213M	13M	-4M	47M	-15M
Cash from Investing+	-143M	-39M	-59M	-62M	11M	-67M	-154M	-90M	-75M
Capital Expenditures	-107M	-30M	-35M	-17M	-16M	-63M	-152M	-87M	-73M
CapEx % of Revenue	0.07%	0.02%	0.02%	0.01%	0.01%	0.03%	0.05%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-
Other Investing	-36M	-9M	-24M	-45M	27M	-4M	-2M	-3M	-2M
Cash from Financing+	91M	-6M	-149M	-39M	156M	391M	75M	199M	288M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-
Dividends Paid	0	-101M	-211M	-159M	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-
Other Financing	0	-5M	152M	89M	-1M	269M	72M	1M	-5M
Net Change in Cash	-	-	-	-	-	-	-	-	-
Free Cash Flow+	62M	208M	130M	109M	-573M	153M	-230M	-348M	-158M
FCF Margin %	0.04%	0.12%	0.06%	0.04%	-0.46%	0.07%	-0.07%	-0.1%	-0.04%
FCF Growth %	-	2.35%	-0.38%	-0.16%	-6.26%	1.27%	-2.5%	-0.51%	0.55%
FCF per Share	0.29	0.97	0.60	0.51	-2.66	0.70	-1.06	-1.58	-0.70
FCF Conversion (FCF/Net Income)	1.42x	1.19x	2.36x	0.68x	2.48x	-2.12x	2.11x	23.73x	-0.96x
Interest Paid	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	42.69%	50.76%	22.04%	61.07%	-52.82%	-24.29%	-7.12%	-2.17%	15.3%
Return on Invested Capital (ROIC)	112.02%	201.48%	-	22.33%	-11.35%	-3.51%	-1.31%	-0.07%	1.13%
Gross Margin	29.49%	30.57%	17.3%	20.06%	-31.2%	-9.81%	8.48%	8.41%	51.31%
Net Margin	9.1%	11.67%	3.71%	10.01%	-18%	-4.95%	-1.11%	-0.31%	2.25%
Debt / Equity	0.68x	0.55x	0.76x	4.62x	8.43x	5.38x	5.75x	6.82x	7.40x
Interest Coverage	46.60x	105.67x	23.00x	-	-30.42x	-4.03x	-4.50x	-3.00x	14.50x
FCF Conversion	1.42x	1.19x	2.36x	0.68x	2.48x	-2.12x	2.11x	23.73x	-0.96x
Revenue Growth	-	6.86%	25.79%	16.33%	-50.16%	64.8%	61.46%	7.91%	5.18%

Revenue by Segment

	2021	2022	2023	2024
Passenger	2B	3.25B	3.51B	3.68B
Passenger Growth	-	62.40%	8.04%	4.96%
Non-Fare Passenger Revenue	1.19B	1.87B	2.23B	2.25B
Non-Fare Passenger Revenue Growth	-	56.28%	19.61%	0.72%
Aircraft Fare	806M	1.38B	1.28B	1.44B
Aircraft Fare Growth	-	71.46%	-7.60%	12.37%
Passenger Service Fees	521M	817M	943M	1B
Passenger Service Fees Growth	-	56.81%	15.42%	6.57%
Passenger Baggage	457M	741M	880M	862M
Passenger Baggage Growth	-	62.14%	18.76%	-2.05%
Passenger Seat Selection	170M	251M	281M	264M
Passenger Seat Selection Growth	-	47.65%	11.95%	-6.05%
Other Passenger Revenue	46M	57M	128M	117M
Other Passenger Revenue Growth	-	23.91%	124.56%	-8.59%
Product and Service, Other	60M	78M	80M	92M
Product and Service, Other Growth	-	30.00%	2.56%	15.00%

Revenue by Geography

	2021	2022	2023	2024
Latin America Destination	-	-	-	210M
Latin America Destination Growth	-	-	-	-

Frequently Asked Questions

Valuation & Price

Frontier Group Holdings, Inc. (ULCC) has a price-to-earnings (P/E) ratio of 13.4x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Frontier Group Holdings, Inc. (ULCC) reported $3.73B in revenue for fiscal year 2024. This represents a 132% increase from $1.60B in 2015.

Frontier Group Holdings, Inc. (ULCC) grew revenue by 5.2% over the past year. This is steady growth.

Frontier Group Holdings, Inc. (ULCC) reported a net loss of $136.0M for fiscal year 2024.

Dividend & Returns

Frontier Group Holdings, Inc. (ULCC) has a return on equity (ROE) of 15.3%. This is reasonable for most industries.

Frontier Group Holdings, Inc. (ULCC) had negative free cash flow of $85.0M in fiscal year 2024, likely due to heavy capital investments.