Latest Ratios: P/E Ratio -0.0x · EV/EBITDA N/A · ROE -233.3%. (2008–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | — | — | — | — | — | — | — | — | — | — | — |
| Enterprise Value | — | — | — | — | — | — | — | — | — | — | — |
| P/E Ratio → | -0.03 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — | — | — | — |
| P/B Ratio | — | — | — | — | — | — | — | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 4.3% | 4.3% | 11.0% | 14.9% | 7.2% | -20.3% | 30.4% | 29.1% | 32.6% | 36.5% | 37.6% |
| Operating Margin | -22.5% | -22.5% | -9.2% | -11.8% | -1.8% | -28.1% | 13.1% | 10.6% | 14.6% | 19.0% | 23.8% |
| Net Profit Margin | -25.0% | -25.0% | -8.3% | -10.9% | -14.6% | -23.7% | 8.8% | 4.7% | 15.7% | 11.4% | 14.8% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -233.3% | -233.3% | -33.1% | -30.1% | -21.7% | -19.0% | 16.0% | 8.4% | 26.3% | 20.1% | 28.5% |
| ROA | -12.9% | -12.9% | -4.8% | -6.3% | -5.6% | -5.6% | 5.5% | 3.3% | 11.4% | 9.3% | 15.4% |
| ROIC | -12.7% | -12.7% | -5.5% | -7.3% | -0.8% | -7.5% | 9.4% | 9.4% | 13.9% | 23.8% | 47.2% |
| ROCE | -14.2% | -14.2% | -6.5% | -8.1% | -0.8% | -7.8% | 9.8% | 9.0% | 12.6% | 18.8% | 30.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 6.11 | 3.95 | 2.42 | 2.18 | 1.58 | 1.14 | 0.86 | 0.71 | 0.55 |
| Debt / EBITDA | — | — | — | — | 21.29 | — | 4.93 | 4.18 | 2.90 | 1.83 | 1.15 |
| Net Debt / Equity | — | — | 5.35 | 3.10 | 1.79 | 1.38 | 1.15 | 0.62 | 0.41 | 0.21 | -0.11 |
| Net Debt / EBITDA | — | — | — | — | 15.75 | — | 3.58 | 2.27 | 1.37 | 0.54 | -0.23 |
| Debt / FCF | — | — | — | — | — | — | 25.02 | — | — | — | — |
| Interest Coverage | -5.92 | -5.92 | -4.05 | -5.94 | -0.47 | -4.28 | 5.64 | 4.75 | 8.84 | 15.25 | 57.66 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.19 | 1.19 | 0.90 | 1.25 | 1.44 | 1.76 | 1.25 | 1.61 | 1.93 | 1.83 | 2.20 |
| Quick Ratio | 1.19 | 1.19 | 0.90 | 1.25 | 1.44 | 1.76 | 1.25 | 1.61 | 1.93 | 1.83 | 2.20 |
| Cash Ratio | 0.58 | 0.58 | 0.58 | 0.91 | 1.13 | 1.41 | 0.98 | 1.33 | 1.36 | 1.51 | 1.72 |
| Asset Turnover | — | 0.51 | 0.57 | 0.55 | 0.38 | 0.22 | 0.54 | 0.64 | 0.64 | 0.74 | 0.85 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 13.29 | 13.99 | 16.82 | 18.84 | 38.40 | 9.04 | 5.23 | 16.45 | 6.47 | 4.82 |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | — | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | — | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $109M | $109M | $109M | $109M | $109M | $0 | $0 | $0 | $0 | $0 |
Liquidity and operational insolvency
As reported in recent financial statements, FLYY's gross margin has collapsed to 3.7% in 2025Q2, a stark decline from the 20.8% levels observed in 2023Q2, indicating that the company's ultra-low-cost model is currently failing to absorb rising maintenance and fuel-related cost pressures.
The persistent negative operating margin of -18.1% suggests that the company's core pricing strategy is no longer sufficient to cover its fixed-cost base. Investors should monitor whether this margin erosion is a temporary byproduct of engine-related groundings or a permanent shift in the competitive landscape.
Based on the company's quarterly data, ROIC has remained consistently negative, reaching -2.2% in 2025Q2, which highlights a multi-year trend of failing to generate returns that exceed the cost of capital required to maintain the fleet.
The inability to achieve positive ROIC suggests that the company's aggressive capacity expansion strategy has not yielded the expected efficiencies. This trend warrants further investigation into whether the current fleet configuration can ever achieve profitability without a fundamental restructuring of the cost base.
According to recent SEC filings, FLYY's debt-to-equity ratio has surged to 14.31 as of 2025Q2, reflecting a significant escalation from the 3.95 level seen in 2022Q4 and signaling that the company's reliance on debt financing has become increasingly unsustainable.
The negative interest coverage ratio of -3.80 implies that the company is currently unable to service its debt obligations through operational earnings alone. This precarious position suggests that the company may face significant refinancing risks if market conditions do not improve rapidly.
As indicated by the financial data, the current ratio has hovered near 1.02 in 2025Q2, leaving the company with minimal margin for error as it navigates ongoing operational disruptions and a shrinking cash runway that has fallen to $407.5 million.
The reliance on deferred revenue as a working capital source appears to be masking the true severity of the company's cash burn. Under a stress scenario, the lack of a robust liquidity cushion may force management to consider dilutive equity raises or asset sales to maintain operations.
Investors frequently misapply the Price-to-Sales ratio to FLYY, which obscures the reality that the company's revenue is increasingly driven by ancillary fees rather than core ticket pricing, making traditional valuation multiples unreliable in a distressed turnaround context.
Instead of relying on P/S, analysts should focus on Cost per Available Seat Mile excluding fuel (CASM-ex) to assess the true operational efficiency of the business. Using standard valuation metrics ignores the structural shift in labor costs and the impact of engine-related capacity constraints on the company's long-term viability.
Includes 30+ ratios · 17 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying FLYY stock.
Spirit Aviation Holdings, Inc.'s current P/E ratio is -0.0x. This places it at the 50th percentile of its historical range.
Spirit Aviation Holdings, Inc.'s return on equity (ROE) is -233.3%. The historical average is -8.8%.
Based on historical data, Spirit Aviation Holdings, Inc. is trading at a P/E of -0.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Spirit Aviation Holdings, Inc. has 4.3% gross margin and -22.5% operating margin.