Latest Ratios: P/E Ratio -47.9x · EV/EBITDA 9.1x · 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 | $2.2B | $1.5B | $1.7B | $1.5B | $1.2B | $3.2B | $3.0B | $2.8B | $1.6B | $2.5B | $2.7B |
| Enterprise Value | $3.9B | $3.2B | $3.5B | $3.7B | $3.2B | $4.7B | $4.6B | $4.1B | $2.8B | $3.6B | $3.5B |
| P/E Ratio → | -47.85 | — | — | 13.13 | 485.64 | 21.55 | — | 12.20 | 9.89 | 12.76 | 12.52 |
| P/S Ratio | 0.83 | 0.59 | 0.67 | 0.59 | 0.53 | 1.89 | 3.06 | 1.52 | 0.96 | 1.66 | 2.01 |
| P/B Ratio | 2.03 | 1.46 | 1.54 | 1.12 | 1.00 | 2.63 | 4.33 | 3.16 | 2.32 | 4.50 | 5.79 |
| P/FCF | 28.86 | 20.49 | 43.87 | — | — | 10.94 | — | — | 73.74 | — | 18.65 |
| P/OCF | 5.56 | 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 | 9.10 | 7.62 | 193.02 | 8.31 | 11.09 | 10.58 | — | 7.89 | 7.48 | 10.31 | 7.33 |
| EV / EBIT | 22.07 | 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 | 3.5% | 4.9% | 2.3% | — | — | 9.1% | — | — | 1.4% | — | 5.4% |
| Buyback Yield | 0.6% | 0.9% | 0.4% | 2.0% | 2.4% | 0.0% | 1.1% | 0.7% | 0.2% | 3.6% | 2.4% |
| Total Shareholder Yield | 0.6% | 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 |
High Capital Intensity Risk
Based on current market data, Allegiant's negative TTM P/E of -46.81 and forward P/E of 28.56 suggest that investors are pricing the company as a speculative turnaround play rather than a mature airline, with valuation multiples heavily influenced by the ongoing, capital-intensive integration of the Sunseeker Resort project.
The divergence between trailing and forward earnings multiples indicates that the market is banking on a significant recovery in profitability as the resort segment matures. However, the P/S ratio of 0.81 remains depressed compared to historical norms, suggesting that the market remains skeptical of the company's ability to scale its hybrid business model without further diluting shareholder value.
According to recent financial disclosures, Allegiant's ROIC has struggled to maintain positive territory, fluctuating from a low of -6.3% in 2024Q4 to a modest 2.2% in 2026Q1, which highlights the difficulty of generating adequate returns on invested capital during a period of heavy infrastructure spending.
The persistent gap between ROIC and the company's cost of capital suggests that recent investments are currently value-destructive. Investors should monitor whether the transition to a more modern Boeing fleet can eventually drive the efficiency gains necessary to push ROIC sustainably above the company's weighted average cost of capital.
As reported in quarterly filings, Allegiant's cash conversion cycle has exhibited extreme volatility, swinging from 6 days in 2024Q4 to -4 days in 2026Q1, which indicates that the company's ability to manage its working capital is highly sensitive to seasonal demand and shifting payment terms with suppliers.
The negative CCC in 2026Q1 suggests a temporary improvement in liquidity, likely driven by the timing of advance ticket sales relative to operational outflows. However, the low asset turnover ratio of 0.17 underscores the inherent inefficiency of an asset-heavy model that requires significant capital to maintain its niche-monopoly route network.
Based on reported figures, Allegiant's debt-to-equity ratio of 1.69 as of 2026Q1, combined with an interest coverage ratio that has frequently dipped into negative territory, suggests that the company's debt service capacity remains highly vulnerable to operational shocks and fluctuations in discretionary leisure travel demand.
The reliance on external financing to fund both fleet modernization and resort development creates a rigid cost structure that limits the company's ability to pivot during economic downturns. The high D/E ratio relative to peers like Sun Country Airlines warrants close investigation into the sustainability of the company's current financing arrangements.
The most commonly misapplied metric for Allegiant is the standard P/E ratio, which fails to account for the company's transition into a hybrid travel-resort platform and the significant non-cash depreciation charges associated with its mid-life fleet and new resort assets, thereby obscuring true underlying earning power.
Analysts should instead prioritize EV/EBITDAR, as it normalizes for the varying capital structures and lease obligations inherent in the airline industry. Relying on P/E in this context ignores the strategic value of the Sunseeker Resort and the potential for long-term margin expansion that traditional airline metrics simply cannot capture.
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 -47.9x. The historical average is 19.8x.
Allegiant Travel Company's current EV/EBITDA is 9.1x. 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 -47.9x. 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.