Frontier Group Holdings, Inc. (ULCC) Financial Ratios
11 years of historical data (2015–2025) · Industrials · Airlines, Airports & Air Services
EV/EBITDA
↓
N/A
—
5yr avg: 63.61
30Y Low41.0·High86.2
P/FCF
N/A
—
5yr avg: 19.25
30Y Low19.3·High19.3
P/B Ratio
↓
2.24
↓-35% vs avg
5yr avg: 3.44
30Y Low2.2·High5.6
ROE
↓
-25.0%
↑-189% vs avg
5yr avg: -8.7%
30Y Low-53%·High61%
Debt/EBITDA
↓
N/A
—
5yr avg: 53.98
30Y Low0.6·High34.4
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
ULCC Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Frontier Group Holdings, Inc. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.1B | $1.1B | $1.6B | $1.2B | $2.2B | $2.9B | — | — | — | — | — |
| Enterprise Value | $5.9B | $5.9B | $5.3B | $4.1B | $4.4B | $4.9B | — | — | — | — | — |
| P/E Ratio → | -7.97 | — | 18.71 | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.29 | 0.29 | 0.43 | 0.33 | 0.67 | 1.43 | — | — | — | — | — |
| P/B Ratio | 2.24 | 2.21 | 2.66 | 2.37 | 4.39 | 5.56 | — | — | — | — | — |
| P/FCF | — | — | — | — | — | 19.25 | — | — | — | — | — |
| P/OCF | — | — | — | — | — | 13.64 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
ULCC EV Ratios
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 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.58 | 1.41 | 1.13 | 1.32 | 2.37 | — | — | — | — | — |
| EV / EBITDA | — | — | 41.02 | 86.21 | — | — | — | — | — | — | — |
| EV / EBIT | — | — | 106.66 | 122.78 | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | 31.87 | — | — | — | — | — |
ULCC Profitability
Margins and return-on-capital ratios measuring operating efficiency
Frontier Group Holdings, Inc. earns an operating margin of -4.0%, below the Industrials sector average of 4.9%. Operating margins have compressed from -0.1% to -4.0% over the past 3 years, signaling potential cost pressures or competitive headwinds. A negative ROE of -25.0% indicates the company is currently destroying shareholder equity.
Margins
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 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 35.5% | 35.5% | 51.3% | 8.4% | 8.5% | -9.8% | -31.2% | 20.1% | 17.3% | 30.6% | 29.5% |
| Operating Margin | -4.0% | -4.0% | 1.5% | -0.1% | -1.4% | -5.7% | -29.2% | 12.3% | 4.3% | 18.5% | 14.5% |
| Net Profit Margin | -3.7% | -3.7% | 2.3% | -0.3% | -1.1% | -5.0% | -18.0% | 10.0% | 3.7% | 11.7% | 9.1% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -25.0% | -25.0% | 15.3% | -2.2% | -7.1% | -24.3% | -52.8% | 61.1% | 22.0% | 50.8% | 42.7% |
| ROA | -2.0% | -2.0% | 1.5% | -0.2% | -0.8% | -2.6% | -6.1% | 9.3% | 5.6% | 16.2% | 12.9% |
| ROIC | -2.3% | -2.3% | 1.1% | -0.1% | -1.3% | -3.5% | -11.3% | 22.3% | — | 201.5% | 112.0% |
| ROCE | -3.2% | -3.2% | 1.5% | -0.1% | -1.5% | -4.3% | -14.1% | 18.5% | 12.1% | 44.5% | 36.6% |
ULCC Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Net debt stands at $4.8B ($5.5B total debt minus $671M cash).
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 11.13 | 11.13 | 7.40 | 6.82 | 5.75 | 5.38 | 8.43 | 4.62 | 0.76 | 0.55 | 0.68 |
| Debt / EBITDA | — | — | 34.37 | 73.60 | — | — | — | 7.06 | 1.26 | 0.63 | 0.81 |
| Net Debt / Equity | — | 9.76 | 6.17 | 5.62 | 4.26 | 3.64 | 7.21 | 3.21 | -1.73 | -0.82 | -0.54 |
| Net Debt / EBITDA | — | — | 28.68 | 60.64 | — | — | — | 4.90 | -2.85 | -0.93 | -0.65 |
| Debt / FCF | — | — | — | — | — | 12.62 | — | 15.94 | -3.72 | -1.76 | -3.00 |
| Interest Coverage | -13.55 | -13.55 | 12.50 | 33.00 | -4.20 | -3.97 | -30.00 | — | 27.25 | 106.33 | 46.60 |
ULCC Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.46x is below 1.0, meaning current liabilities exceed current assets. The current ratio has declined from 0.53x to 0.46x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.46 | 0.46 | 0.53 | 0.53 | 0.66 | 0.78 | 0.65 | 0.75 | 1.11 | 1.31 | 1.09 |
| Quick Ratio | 0.46 | 0.46 | 0.49 | 0.48 | 0.62 | 0.76 | 0.63 | 0.74 | 1.08 | 1.27 | 1.07 |
| Cash Ratio | 0.32 | 0.32 | 0.40 | 0.37 | 0.49 | 0.69 | 0.38 | 0.61 | 0.90 | 1.11 | 0.85 |
| Asset Turnover | — | 0.52 | 0.61 | 0.72 | 0.74 | 0.49 | 0.35 | 0.65 | 1.42 | 1.28 | 1.42 |
| Inventory Turnover | — | — | 23.27 | 41.61 | 55.35 | 78.00 | 91.11 | 100.25 | 99.06 | 62.63 | 113.10 |
| Days Sales Outstanding | — | 8.72 | 8.99 | 9.76 | 10.75 | 10.99 | 62.78 | 14.70 | 11.85 | 10.01 | 17.29 |
ULCC Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Frontier Group Holdings, Inc. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business.
Dividends
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 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | 63.3% | 263.8% | 50.5% | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 5.3% | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | 5.2% | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.4% | 0.0% | 0.0% | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.4% | 0.0% | 0.0% | — | — | — | — | — |
| Shares Outstanding | — | $230M | $226M | $220M | $218M | $217M | $215M | $215M | $216M | $214M | $214M |
Peer Comparison
Compare ULCC with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 ULCCYou | $1B | -8.0 | — | — | 35.5% | -4.0% | -25.0% | -2.3% | — |
 SNCY | $897M | 17.3 | 6.7 | 10.7 | 66.9% | 8.9% | 8.8% | 6.9% | 3.0 |
 SKYW | $4B | 8.5 | 6.0 | 12.3 | 61.6% | 15.2% | 16.6% | 9.2% | 2.4 |
 DAL | $48B | 9.6 | 7.8 | 12.5 | 22.8% | 9.2% | 27.8% | 12.0% | 2.6 |
 UAL | $32B | 9.8 | 7.5 | 12.7 | 64.1% | 8.0% | 24.0% | 9.1% | 4.1 |
 AAL | $9B | 76.1 | 12.4 | — | 19.2% | 2.7% | — | 3.5% | 10.5 |
 LUV | $20B | 52.5 | 11.6 | — | 17.4% | 1.5% | 4.8% | 3.0% | 3.0 |
 ALK | $5B | 46.6 | 9.9 | — | 59.7% | 2.1% | 2.4% | 2.3% | 6.3 |
 BA | $181B | 92.7 | — | — | 4.8% | -6.1% | 289.7% | -9.5% | — |
 GE | $320B | 37.5 | 32.8 | 44.0 | 36.8% | 19.1% | 45.3% | 24.7% | 2.1 |
 RTX | $238B | 35.6 | 21.0 | 30.0 | 20.1% | 10.0% | 10.4% | 6.7% | 3.1 |
| Industrials Median | — | 25.9 | 13.9 | 20.6 | 32.8% | 4.9% | 8.2% | 6.3% | 3.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Quick answers to the most common questions about buying ULCC stock.
What is Frontier Group Holdings, Inc.'s P/E ratio?
Frontier Group Holdings, Inc.'s current P/E ratio is -8.0x. The historical average is 18.7x.
What is Frontier Group Holdings, Inc.'s ROE?
Frontier Group Holdings, Inc.'s return on equity (ROE) is -25.0%. The historical average is 8.0%.
Is ULCC stock overvalued?
Based on historical data, Frontier Group Holdings, Inc. is trading at a P/E of -8.0x. Compare with industry peers and growth rates for a complete picture.
What are Frontier Group Holdings, Inc.'s profit margins?
Frontier Group Holdings, Inc. has 35.5% gross margin and -4.0% operating margin.