Latest Ratios: P/E Ratio -3.6x · EV/EBITDA 32.7x · ROE -25.3%. (1999–2025 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 | $1.7B | $2.7B | $1.8B | $2.1B | $4.5B | $4.0B | $5.6B | $5.1B | $7.4B | $7.7B |
| Enterprise Value | $10.4B | $9.9B | $9.9B | $6.6B | $5.4B | $7.3B | $7.8B | $7.8B | $6.2B | $8.3B | $8.6B |
| P/E Ratio → | -3.63 | — | — | — | — | — | — | 9.80 | 26.77 | 6.55 | 10.10 |
| P/S Ratio | 0.25 | 0.19 | 0.29 | 0.19 | 0.23 | 0.75 | 1.36 | 0.69 | 0.66 | 1.05 | 1.16 |
| P/B Ratio | 1.05 | 0.79 | 1.03 | 0.55 | 0.59 | 1.18 | 1.02 | 1.16 | 1.10 | 1.52 | 1.91 |
| P/FCF | — | — | — | — | — | 7.00 | — | 19.07 | 49.04 | 37.57 | 12.35 |
| P/OCF | — | — | 18.93 | 4.62 | 5.53 | 2.76 | — | 3.86 | 4.15 | 5.27 | 4.70 |
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 | — | 1.09 | 1.07 | 0.69 | 0.59 | 1.21 | 2.65 | 0.96 | 0.82 | 1.18 | 1.30 |
| EV / EBITDA | 32.65 | 30.89 | — | 20.09 | 23.04 | 17.62 | — | 6.11 | 9.07 | 6.09 | 5.32 |
| EV / EBIT | — | — | — | — | — | — | — | 9.56 | 8.91 | 8.49 | 6.84 |
| EV / FCF | — | — | — | — | — | 11.30 | — | 26.55 | 60.65 | 42.14 | 13.89 |
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 | 33.9% | 33.9% | 24.7% | 24.1% | 21.5% | 14.7% | -20.0% | 33.8% | 33.0% | 37.1% | 41.9% |
| Operating Margin | -4.1% | -4.1% | -7.4% | -2.4% | -3.3% | -1.3% | -58.0% | 9.9% | 3.5% | 13.9% | 19.0% |
| Net Profit Margin | -6.6% | -6.6% | -8.6% | -3.2% | -4.0% | -3.0% | -45.8% | 7.0% | 2.5% | 16.3% | 11.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -25.3% | -25.3% | -26.6% | -9.0% | -9.8% | -4.7% | -30.9% | 12.1% | 4.0% | 25.8% | 20.1% |
| ROA | -3.4% | -3.4% | -4.9% | -2.1% | -2.5% | -1.3% | -10.7% | 5.1% | 1.9% | 11.8% | 8.0% |
| ROIC | -2.7% | -2.7% | -5.7% | -2.3% | -3.3% | -0.8% | -17.4% | 9.4% | 3.5% | 13.6% | 19.5% |
| ROCE | -2.7% | -2.7% | -5.5% | -2.1% | -2.7% | -0.7% | -17.2% | 9.3% | 3.5% | 13.3% | 18.5% |
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 | 4.84 | 4.84 | 3.46 | 1.78 | 1.23 | 1.25 | 1.45 | 0.66 | 0.36 | 0.25 | 0.34 |
| Debt / EBITDA | 32.05 | 32.05 | — | 18.02 | 18.57 | 11.57 | — | 2.48 | 2.42 | 0.88 | 0.85 |
| Net Debt / Equity | — | 3.87 | 2.73 | 1.43 | 0.94 | 0.72 | 0.96 | 0.46 | 0.26 | 0.19 | 0.24 |
| Net Debt / EBITDA | 25.65 | 25.65 | — | 14.47 | 14.16 | 6.71 | — | 1.72 | 1.74 | 0.66 | 0.59 |
| Debt / FCF | — | — | — | — | — | 4.30 | — | 7.48 | 11.61 | 4.57 | 1.53 |
| Interest Coverage | -0.33 | -0.33 | -0.27 | -0.16 | -1.11 | -4.76 | -11.16 | 12.52 | 8.55 | 15.95 | 12.23 |
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 | 0.74 | 0.74 | 1.10 | 0.60 | 0.51 | 0.95 | 1.25 | 0.67 | 0.61 | 0.50 | 0.70 |
| Quick Ratio | 0.69 | 0.69 | 1.06 | 0.57 | 0.49 | 0.93 | 1.22 | 0.64 | 0.58 | 0.48 | 0.68 |
| Cash Ratio | 0.51 | 0.51 | 0.93 | 0.43 | 0.37 | 0.83 | 1.14 | 0.50 | 0.20 | 0.29 | 0.19 |
| Asset Turnover | — | 0.49 | 0.55 | 0.63 | 0.63 | 0.41 | 0.22 | 0.68 | 0.73 | 0.72 | 0.70 |
| Inventory Turnover | 31.05 | 31.05 | 44.21 | 66.96 | 82.60 | 69.55 | 49.96 | 66.16 | 65.82 | 80.22 | 80.89 |
| Days Sales Outstanding | — | 14.98 | 13.69 | 12.76 | 12.63 | 12.52 | 12.10 | 10.42 | 10.06 | 12.75 | 9.47 |
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 | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | 10.2% | 3.7% | 15.3% | 9.9% |
| FCF Yield | — | — | — | — | — | 14.3% | — | 5.2% | 2.0% | 2.7% | 8.1% |
| Buyback Yield | 0.4% | 0.5% | 0.2% | 0.2% | 0.3% | 0.2% | 4.1% | 9.7% | 7.6% | 5.3% | 1.7% |
| Total Shareholder Yield | 0.4% | 0.5% | 0.2% | 0.2% | 0.3% | 0.2% | 4.1% | 9.7% | 7.6% | 5.3% | 1.7% |
| Shares Outstanding | — | $369M | $347M | $333M | $324M | $318M | $278M | $298M | $315M | $330M | $342M |
Persistent Negative Operating Margins
According to current market data, JetBlue trades at a P/S ratio of 0.25, which, when viewed alongside a negative P/E of -3.61, suggests that investors are heavily discounting the company's future earnings potential due to the ongoing challenges in achieving sustainable profitability in the current environment.
The current EV/EBITDA multiple of 32.63 appears significantly elevated relative to historical norms, indicating that the market is pricing in substantial recovery expectations that may not align with current operational realities. Investors should monitor whether the forward EV/EBITDA of 6.05 represents a realistic path to margin expansion or merely a reflection of depressed earnings expectations.
Based on reported financial statements, JetBlue's ROIC has trended into negative territory, reaching -1.7% in 2026Q1, which highlights a period of significant value destruction as the company struggles to generate returns that exceed its cost of capital during this intensive fleet transition phase.
The consistent decay in ROE and ROIC over the last ten quarters suggests that the company's capital allocation strategy has failed to yield the expected efficiency gains from its newer aircraft investments. This trend warrants further investigation into whether the current negative returns are structural or temporary consequences of the failed merger and engine-related grounding issues.
As reported in recent filings, JetBlue's asset turnover has remained stagnant at 0.13 in 2026Q1, indicating that the company is struggling to extract sufficient revenue from its existing asset base compared to its historical performance and broader industry benchmarks for efficient fleet utilization.
The fluctuation in the cash conversion cycle, which has shifted from negative to positive territory, suggests that the company's working capital management is highly sensitive to the timing of air traffic liability inflows. Investors should monitor whether the current DSO of 15 days indicates a tightening of credit terms or simply reflects the seasonal nature of passenger bookings.
Based on the company's reported figures, the debt-to-equity ratio has escalated to 5.16 in 2026Q1, a sharp increase from 1.61 in 2023Q4, which suggests that the company's reliance on debt financing has reached a level that may limit its strategic flexibility in a high-interest-rate environment.
The negative interest coverage ratio of -1.35 in the most recent quarter indicates that the company is currently unable to service its debt obligations through operating income alone. This situation necessitates a close watch on refinancing risks, as the company's ability to manage its capital structure becomes increasingly dependent on external liquidity sources.
The most commonly misapplied ratio for JetBlue is the traditional P/E multiple, which obscures the company's true economic reality by failing to account for the heavy non-cash depreciation and amortization charges associated with its premium-focused, high-cost fleet and terminal infrastructure investments.
Analysts should instead prioritize EV/EBITDAR or adjusted cash flow metrics to better capture the underlying earning power of the business model. Relying on standard P/E ratios in this context is misleading, as it ignores the structural costs of the Mint product and the specific geographic constraints that differentiate JetBlue from pure-play low-cost carriers.
Includes 30+ ratios · 26 years · Updated daily
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Quick answers to the most common questions about buying JBLU stock.
JetBlue Airways Corporation's current P/E ratio is -3.6x. The historical average is 23.3x.
JetBlue Airways Corporation's current EV/EBITDA is 32.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.5x.
JetBlue Airways Corporation's return on equity (ROE) is -25.3%. The historical average is 3.2%.
Based on historical data, JetBlue Airways Corporation is trading at a P/E of -3.6x. Compare with industry peers and growth rates for a complete picture.
JetBlue Airways Corporation has 33.9% gross margin and -4.1% operating margin.
JetBlue Airways Corporation's Debt/EBITDA ratio is 32.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.