Latest Ratios: P/E Ratio -4.1x · EV/EBITDA N/A · ROE -25.0%. (2015–2025 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 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.7B | $1.1B | $1.6B | $1.2B | $2.2B | $2.9B | — | — | — | — | — |
| Enterprise Value | $6.5B | $5.9B | $5.3B | $4.1B | $4.4B | $4.9B | — | — | — | — | — |
| P/E Ratio → | -4.14 | — | 18.71 | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.37 | 0.29 | 0.43 | 0.33 | 0.67 | 1.43 | — | — | — | — | — |
| P/B Ratio | 3.48 | 2.21 | 2.66 | 2.37 | 4.40 | 5.56 | — | — | — | — | — |
| P/FCF | 20.61 | — | — | — | — | 19.25 | — | — | — | — | — |
| P/OCF | — | — | — | — | — | 13.64 | — | — | — | — | — |
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 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.58 | 1.41 | 1.13 | 1.32 | 2.37 | — | — | — | — | — |
| EV / EBITDA | — | — | 41.02 | 86.21 | 440.59 | — | — | — | — | — | — |
| EV / EBIT | — | — | 59.25 | 122.78 | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | 31.87 | — | — | — | — | — |
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 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 0.4% | 0.4% | 5.0% | 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% | -1.1% | -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% |
| 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% | -1.0% | -3.5% | -11.3% | 22.3% | — | 201.5% | 112.0% |
| ROCE | -3.2% | -3.2% | 1.5% | -0.1% | -1.2% | -4.3% | -14.1% | 18.5% | 12.1% | 44.5% | 36.6% |
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 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 | 292.80 | — | — | 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 | 216.70 | — | — | 4.90 | -2.85 | -0.93 | -0.65 |
| Debt / FCF | — | — | — | — | — | 12.62 | — | 15.94 | -3.72 | -1.76 | -3.00 |
| Interest Coverage | -11.18 | -11.18 | 22.50 | 33.00 | -11.67 | -3.97 | -30.00 | — | 27.25 | 106.33 | 46.60 |
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 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 | 0.41 | 0.41 | 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 | 41.22 | 41.22 | 45.42 | 41.61 | 55.35 | 78.00 | 91.11 | 100.25 | 99.06 | 62.63 | 113.10 |
| Days Sales Outstanding | — | 9.80 | 8.99 | 11.09 | 10.75 | 10.99 | 62.78 | 14.70 | 11.85 | 10.01 | 17.29 |
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 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | 63.3% | 263.8% | 50.5% | — |
| 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 | 4.9% | — | — | — | — | 5.2% | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — | — |
| Shares Outstanding | — | $230M | $226M | $220M | $218M | $217M | $215M | $215M | $216M | $214M | $214M |
Includes 30+ ratios · 10 years · Updated daily
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Quick answers to the most common questions about buying ULCC stock.
Frontier Group Holdings, Inc.'s current P/E ratio is -4.1x. The historical average is 18.7x.
Frontier Group Holdings, Inc.'s return on equity (ROE) is -25.0%. The historical average is 8.0%.
Based on historical data, Frontier Group Holdings, Inc. is trading at a P/E of -4.1x. Compare with industry peers and growth rates for a complete picture.
Frontier Group Holdings, Inc. has 0.4% gross margin and -4.0% operating margin.
Key Metrics
Top Statement Risk
Negative equity and leverage
Metrics are mathematically derived from official filings.
Multiples Unanchored by Negative Earnings
Based on reported figures, ULCC trades at a P/E of -12.38 and a P/S of 0.46, with P/B of 3.48 on a near-zero equity base, so earnings-based multiples offer little guidance relative to peers SNCY and SKYW.
The negative P/E means the earnings multiple cannot be used to compare value, leaving investors to rely on sales and book multiples. A P/S of 0.46 looks low against SNCY's P/E of 16.84 and SKYW's 7.67, but ULCC's sales are generated at deeply negative operating margins, so the discount may reflect impaired earnings power rather than mispricing. The P/B of 3.48 is elevated only because equity has collapsed toward $37M, which makes this ratio a poor signal of asset value and warrants further investigation of the equity trajectory.
Margins Swing Between Loss and Brief Recovery
As reported in quarterly filings, ULCC's operating margin moved from 4.9% in 2025Q4 to -8.0% in 2026Q3, with net margin at -7.7% in the latest quarter against SkyWest's 10.6% and Sun Country's 4.7%.
The 2025Q4 positive quarter appears to be an outlier rather than an earnings base, since margins returned to losses in each subsequent period. The gross margin swing from 49.5% in 2025Q1 to -21.0% in 2026Q1 points to cost or fare pressure that the operating line does not fully capture. Investors should monitor whether the latest quarter reflects a durable reset or a cyclical trough before treating any single margin as representative of earning power.
Returns Oscillate Around Zero Without Compounding
According to reported figures, ULCC's ROIC has ranged from -4.3% to 0.8% over ten quarters, with ROE at -120.2% in 2026Q3, far below SkyWest's 9.2% ROIC.
The absence of sustained positive ROIC suggests the company has not been compounding invested capital, and the brief 2025Q4 and 2024Q4 positives remain too small to indicate a trend. The ROE figure is distorted by a near-zero equity denominator, so ROIC is the more meaningful measure here. The gap to SKYW's 9.2% and SNCY's 6.9% ROIC suggests the shortfall may be structural in operating economics rather than a temporary margin dip.
Debt Load Overwhelms Thin Equity Cushion
Based on reported figures, ULCC's debt-to-equity ratio rose from 7.40 in 2024Q4 to 136.49 in 2026Q3, while interest coverage turned negative at -7.67, signalling that operating losses cannot service interest.
The equity base has shrunk to a level where leverage ratios lose analytical stability, and the trajectory suggests debt service is becoming less comfortable rather than more. Negative interest coverage in most recent quarters means earnings do not currently cover interest expense, raising questions about refinancing capacity that the supplied data cannot confirm. Investors should monitor the debt maturity profile and any covenant provisions, which are not included in the supplied figures.
Current Ratio Below One With Cash Buffer
As reported in financial statements, ULCC's current ratio sat at 0.62 and quick ratio at 0.57 in 2026Q3, with cash of $976M providing a meaningful but incomplete offset against short-term obligations.
A current ratio persistently below one is typical for airlines with large air traffic liability, but the level here is low enough to warrant attention given the negative operating results. The cash balance appears to be the primary stress buffer, yet its durability depends on whether the recent rebuild reflects financing or working capital timing. Under a severe demand or fuel shock, the position would likely depend on liquidity access that the supplied data does not confirm.
Cash Rebuild May Mask Structural Strain
The strongest counter-view is that ULCC's cash rebuild to $976M in 2026Q3 reflects working capital timing rather than durable improvement, since equity is near zero and the 2026Q2 positive FCF margin of 10.8% coincided with a large working capital inflow.
Based on reported figures, the most favorable cash quarters appear tied to working capital swings rather than improved operating profitability, as the 2026Q2 net loss persisted alongside positive free cash flow. If that pattern reflects timing, the apparent liquidity improvement may reverse once working capital normalizes. The ratio most likely to mislead here is ROE, which appears near -120% but is driven by a near-zero equity denominator, so ROIC and cash metrics should carry more weight in assessing the business.