Latest Ratios: P/E Ratio 9.5x · EV/EBITDA 6.4x · ROE 16.6%. (1996–2025 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 | $3.9B | $4.2B | $4.2B | $2.3B | $836M | $2.0B | $2.0B | $3.3B | $2.4B | $2.8B | $1.9B |
| Enterprise Value | $6.3B | $6.5B | $6.7B | $5.3B | $4.3B | $5.1B | $5.3B | $6.6B | $5.2B | $5.3B | $4.3B |
| P/E Ratio → | 9.45 | 9.70 | 12.89 | 67.79 | 11.47 | 17.78 | — | 9.76 | 8.39 | 6.57 | — |
| P/S Ratio | 0.97 | 1.02 | 1.18 | 0.79 | 0.28 | 0.74 | 0.95 | 1.12 | 0.73 | 0.90 | 0.60 |
| P/B Ratio | 1.47 | 1.51 | 1.73 | 1.10 | 0.36 | 0.88 | 0.95 | 1.53 | 1.20 | 1.61 | 1.39 |
| P/FCF | 13.69 | 14.49 | 11.42 | 5.54 | — | 13.26 | 10.90 | 527.21 | — | — | — |
| P/OCF | 4.18 | 4.42 | 6.01 | 3.16 | 1.74 | 2.40 | 3.19 | 4.61 | 2.93 | 4.12 | 3.71 |
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 | — | 1.61 | 1.90 | 1.80 | 1.42 | 1.87 | 2.49 | 2.21 | 1.61 | 1.71 | 1.37 |
| EV / EBITDA | 6.44 | 6.67 | 7.62 | 10.82 | 7.42 | 7.10 | 9.08 | 7.47 | 6.41 | 7.82 | 38.08 |
| EV / EBIT | 10.23 | 9.77 | 12.25 | 30.79 | 19.46 | 18.57 | 45.75 | 11.46 | 10.93 | 13.72 | — |
| EV / FCF | — | 22.82 | 18.38 | 12.55 | — | 33.79 | 28.55 | 1044.83 | — | — | — |
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 | 61.6% | 61.6% | 22.4% | 12.7% | 16.6% | 7.1% | -0.7% | 26.2% | 23.2% | 20.5% | 19.2% |
| Operating Margin | 15.2% | 15.2% | 14.0% | 3.5% | 6.0% | 10.2% | 5.1% | 17.2% | 14.7% | 12.4% | -5.5% |
| Net Profit Margin | 10.6% | 10.6% | 9.2% | 1.2% | 2.4% | 4.1% | -0.4% | 11.4% | 8.7% | 13.7% | -5.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.6% | 16.6% | 14.3% | 1.5% | 3.2% | 5.1% | -0.4% | 16.4% | 15.1% | 27.6% | -11.3% |
| ROA | 5.9% | 5.9% | 4.6% | 0.5% | 1.0% | 1.6% | -0.1% | 5.2% | 4.8% | 8.2% | -3.3% |
| ROIC | 9.2% | 9.2% | 7.4% | 1.4% | 2.4% | 3.8% | 1.5% | 7.5% | 7.9% | 7.3% | -3.7% |
| ROCE | 10.8% | 10.8% | 8.6% | 1.7% | 2.9% | 4.5% | 1.8% | 9.2% | 9.4% | 8.7% | -4.2% |
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 | 0.87 | 0.87 | 1.15 | 1.46 | 1.51 | 1.48 | 1.63 | 1.54 | 1.61 | 1.53 | 1.88 |
| Debt / EBITDA | 2.44 | 2.44 | 3.14 | 6.35 | 6.15 | 4.67 | 5.98 | 3.80 | 3.91 | 3.95 | 22.67 |
| Net Debt / Equity | — | 0.87 | 1.05 | 1.39 | 1.46 | 1.36 | 1.53 | 1.50 | 1.44 | 1.43 | 1.78 |
| Net Debt / EBITDA | 2.44 | 2.44 | 2.88 | 6.04 | 5.97 | 4.31 | 5.61 | 3.70 | 3.50 | 3.68 | 21.36 |
| Debt / FCF | — | 8.33 | 6.95 | 7.01 | — | 20.53 | 17.65 | 517.62 | — | — | — |
| Interest Coverage | 6.42 | 6.42 | 4.78 | 1.31 | 1.73 | 2.22 | 0.94 | 4.49 | 3.94 | 3.70 | -2.18 |
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 | 0.65 | 0.65 | 0.78 | 0.90 | 1.17 | 0.89 | 1.04 | 0.82 | 1.10 | 1.21 | 1.23 |
| Quick Ratio | 0.65 | 0.65 | 0.68 | 0.80 | 1.06 | 0.81 | 0.95 | 0.70 | 0.97 | 1.07 | 1.07 |
| Cash Ratio | 0.42 | 0.42 | 0.56 | 0.67 | 0.89 | 0.72 | 0.88 | 0.56 | 0.75 | 0.83 | 0.74 |
| Asset Turnover | — | 0.55 | 0.49 | 0.42 | 0.38 | 0.38 | 0.29 | 0.45 | 0.51 | 0.57 | 0.62 |
| Inventory Turnover | — | — | 19.70 | 20.16 | 20.34 | 24.21 | 23.48 | 19.86 | 19.38 | 20.74 | 21.29 |
| Days Sales Outstanding | — | — | 12.82 | 10.45 | 13.41 | 8.79 | 6.59 | 11.56 | 10.21 | 5.62 | 6.30 |
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 | — | — | — | — | — | — | 0.6% | 0.7% | 0.8% | 0.5% | 0.5% |
| Payout Ratio | — | — | — | — | — | — | — | 6.9% | 7.0% | 3.5% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 10.6% | 10.3% | 7.8% | 1.5% | 8.7% | 5.6% | — | 10.2% | 11.9% | 15.2% | — |
| FCF Yield | 7.3% | 6.9% | 8.8% | 18.0% | — | 7.5% | 9.2% | 0.2% | — | — | — |
| Buyback Yield | 2.2% | 2.0% | 1.0% | 12.5% | 0.0% | 0.0% | 1.0% | 2.8% | 2.3% | 0.7% | 0.0% |
| Total Shareholder Yield | 2.2% | 2.0% | 1.0% | 12.5% | 0.0% | 0.0% | 1.6% | 3.6% | 3.2% | 1.2% | 0.5% |
| Shares Outstanding | — | $41M | $42M | $45M | $51M | $51M | $50M | $51M | $53M | $53M | $52M |
Pilot labor supply constraints
Based on current market data, SkyWest trades at a 9.60x P/E ratio, which appears to discount the company's structural role as a regional capacity provider while potentially underestimating the long-term durability of its multi-partner CPA model compared to the distressed valuations of direct regional peers.
The current EV/EBITDA multiple of 6.50x suggests that investors are pricing in a stable, utility-like growth profile rather than the high-growth trajectory typical of more volatile consumer-facing airlines. This valuation appears to reflect a cautious market stance regarding the company's ability to expand block hour production amidst persistent pilot labor shortages.
According to reported financial data, SkyWest's ROIC has remained in a narrow 1.5% to 2.6% range over the last ten quarters, indicating that the company's heavy investment in its E175 fleet has yet to yield significant compounding returns on invested capital for shareholders.
The modest ROIC levels suggest that the capital-intensive nature of maintaining a modern regional jet fleet acts as a persistent drag on overall returns. Investors should monitor whether the transition to larger, dual-class aircraft can eventually drive margin expansion sufficient to push ROIC above the company's weighted average cost of capital.
As reported in recent financial statements, SkyWest maintains a negative cash conversion cycle, consistently ranging between -34 and -40 days, which demonstrates the company's ability to leverage its contractual payment terms with major airline partners to effectively finance its ongoing regional flight operations.
This negative CCC is a critical indicator of the company's structural leverage over its working capital, as it essentially allows SkyWest to operate using its partners' capital. The consistency of this metric suggests that the underlying contractual framework remains robust despite broader industry pressures on regional operators.
Based on the company's reported figures, the debt-to-equity ratio has improved significantly from 1.46 in 2023Q4 to 0.25 in 2026Q1, reflecting a disciplined approach to capital structure that positions the firm as a outlier in terms of balance sheet strength within the regional airline sector.
This rapid deleveraging suggests that management is prioritizing financial resilience over aggressive fleet expansion, which may provide a buffer against future cyclical downturns. The improved interest coverage ratio, now at 5.06x, further indicates that the company's debt service obligations are becoming increasingly manageable under current operating conditions.
The most commonly misapplied metric for SkyWest is the traditional P/S ratio, which fails to account for the pass-through nature of fuel and landing fees that artificially inflate top-line revenue without contributing to the company's actual underlying profitability or operational margin profile.
Analysts should instead focus on revenue excluding pass-through costs to gain a clearer picture of the company's true earning power. Relying on standard P/S multiples obscures the fact that SkyWest functions more like a service-based infrastructure provider than a traditional airline exposed to ticket price volatility.
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Quick answers to the most common questions about buying SKYW stock.
SkyWest, Inc.'s current P/E ratio is 9.5x. The historical average is 15.8x. This places it at the 19th percentile of its historical range.
SkyWest, Inc.'s current EV/EBITDA is 6.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.2x.
SkyWest, Inc.'s return on equity (ROE) is 16.6%. The historical average is 8.5%.
Based on historical data, SkyWest, Inc. is trading at a P/E of 9.5x. This is at the 19th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
SkyWest, Inc. has 61.6% gross margin and 15.2% operating margin. Operating margin between 10-20% is typical for established companies.
SkyWest, Inc.'s Debt/EBITDA ratio is 2.4x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.