Latest Ratios: P/E Ratio 16.8x · EV/EBITDA 6.6x · ROE 8.8%. (2018–2025 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 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $876M | $789M | $803M | $921M | $968M | $1.6B | — | — | — |
| Enterprise Value | $1.3B | $1.2B | $1.3B | $1.6B | $1.5B | $1.9B | — | — | — |
| P/E Ratio → | 16.84 | 14.99 | 15.19 | 12.79 | 54.69 | 19.89 | — | — | — |
| P/S Ratio | 0.78 | 0.70 | 0.75 | 0.88 | 1.08 | 2.59 | — | — | — |
| P/B Ratio | 1.42 | 1.26 | 1.41 | 1.79 | 1.97 | 3.30 | — | — | — |
| P/FCF | 10.43 | 9.40 | 6.83 | — | — | 45.28 | — | — | — |
| P/OCF | 5.58 | 5.03 | 4.87 | 5.29 | 7.60 | 10.64 | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.10 | 1.24 | 1.50 | 1.68 | 2.97 | — | — | — |
| EV / EBITDA | 6.64 | 6.20 | 6.60 | 7.25 | 12.21 | 9.99 | — | — | — |
| EV / EBIT | 13.16 | 12.07 | 11.75 | 11.49 | 27.38 | 14.63 | — | — | — |
| EV / FCF | — | 14.72 | 11.39 | — | — | 51.90 | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 66.9% | 66.9% | 69.6% | 25.6% | 19.9% | 21.4% | 4.5% | 26.9% | 9.4% |
| Operating Margin | 8.9% | 8.9% | 9.9% | 12.1% | 6.2% | 18.0% | 4.3% | 11.1% | 4.6% |
| Net Profit Margin | 4.7% | 4.7% | 4.9% | 6.9% | 2.0% | 13.0% | -1.0% | 6.6% | 4.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.8% | 8.8% | 9.8% | 14.3% | 3.6% | 21.0% | -1.4% | 17.7% | 10.8% |
| ROA | 3.2% | 3.2% | 3.3% | 4.6% | 1.2% | 6.7% | -0.4% | 5.5% | 3.8% |
| ROIC | 6.9% | 6.9% | 7.0% | 8.7% | 4.8% | 11.3% | 1.8% | 11.2% | 5.7% |
| ROCE | 8.3% | 8.3% | 8.8% | 10.8% | 5.0% | 11.8% | 2.4% | 14.1% | 5.9% |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.95 | 0.95 | 1.09 | 1.36 | 1.28 | 1.11 | 1.89 | 1.61 | 0.64 |
| Debt / EBITDA | 2.97 | 2.97 | 3.05 | 3.22 | 5.10 | 2.94 | 8.20 | 4.04 | 3.43 |
| Net Debt / Equity | — | 0.72 | 0.94 | 1.27 | 1.09 | 0.48 | 1.67 | 1.43 | 0.51 |
| Net Debt / EBITDA | 2.24 | 2.24 | 2.64 | 3.00 | 4.36 | 1.27 | 7.25 | 3.59 | 2.75 |
| Debt / FCF | — | 5.32 | 4.56 | — | — | 6.62 | — | — | — |
| Interest Coverage | 2.78 | 2.78 | 2.57 | 3.21 | 1.77 | 4.81 | 0.79 | 4.50 | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.82 | 0.82 | 0.63 | 0.65 | 0.92 | 1.33 | 0.50 | 0.32 | 0.37 |
| Quick Ratio | 0.82 | 0.82 | 0.61 | 0.63 | 0.90 | 1.31 | 0.48 | 0.30 | 0.34 |
| Cash Ratio | 0.52 | 0.52 | 0.44 | 0.45 | 0.72 | 1.12 | 0.27 | 0.16 | 0.16 |
| Asset Turnover | — | 0.67 | 0.66 | 0.65 | 0.59 | 0.45 | 0.38 | 0.70 | 0.86 |
| Inventory Turnover | — | — | 31.22 | 100.15 | 93.58 | 90.25 | 70.90 | 97.21 | 109.20 |
| Days Sales Outstanding | — | 17.40 | 11.98 | 13.27 | 14.33 | 17.67 | 26.08 | 11.66 | 6.93 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | 41.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.9% | 6.7% | 6.6% | 7.8% | 1.8% | 5.0% | — | — | — |
| FCF Yield | 9.6% | 10.6% | 14.6% | — | — | 2.2% | — | — | — |
| Buyback Yield | 2.3% | 2.5% | 1.5% | 7.5% | 2.6% | 0.0% | — | — | — |
| Total Shareholder Yield | 2.3% | 2.5% | 1.5% | 7.5% | 2.6% | 0.0% | — | — | — |
| Shares Outstanding | — | $55M | $55M | $59M | $61M | $59M | $57M | $57M | $57M |
Labor cost inflation pressure
According to current market data, SNCY trades at a forward P/E of 20.50, which appears to price in significant earnings recovery potential compared to the TTM P/E of 16.84, suggesting investors are anticipating improved operational efficiency despite the inherent volatility of the leisure and cargo segments.
The current EV/EBITDA multiple of 6.64, with a forward contraction to 5.04, indicates that the market expects a meaningful expansion in EBITDA generation over the coming year. This valuation suggests that investors are currently discounting the company's hybrid business model, potentially failing to fully credit the non-cyclical stability provided by the Amazon cargo partnership.
Based on reported financial statements, SNCY's ROIC has remained modest, peaking at 3.7% in 2025Q1, which highlights the difficulty of compounding returns in a capital-intensive airline model where heavy maintenance cycles and fleet expansion requirements frequently dilute the underlying profitability of invested capital.
The persistent gap between ROIC and the company's cost of capital warrants further investigation into whether the mid-life fleet strategy is truly value-accretive over the long term. While the lower ownership costs are a structural advantage, the recurring need for heavy checks appears to suppress the return profile, keeping it below the levels typically required for sustained equity outperformance.
As evidenced by the negative cash conversion cycle, which reached -36 days in 2026Q1, SNCY effectively utilizes customer deposits and cargo contract terms to finance operations, a trend that suggests the company maintains significant leverage over its suppliers and service providers compared to traditional airline peers.
The ability to maintain a negative CCC is a critical component of the company's liquidity management, allowing it to operate with a thinner cash buffer than would otherwise be prudent. However, investors should monitor whether this efficiency is sustainable if the mix of scheduled passenger revenue, which is highly sensitive to consumer sentiment, continues to fluctuate relative to the more stable cargo segment.
According to recent quarterly filings, the current ratio has consistently hovered below 1.0, reaching 0.83 in 2026Q1, which indicates that the company relies heavily on the continuous inflow of ticket sales and cargo payments to meet its immediate short-term obligations and operational commitments.
While this liquidity profile is not uncommon for the airline industry, it leaves little room for error during periods of unexpected demand shocks or sudden spikes in fuel and labor costs. The reliance on operational cash flow to cover current liabilities suggests that any disruption in the Amazon cargo contract or a seasonal downturn in leisure travel could rapidly strain the company's financial flexibility.
The most commonly misapplied metric for SNCY is the standard P/E ratio, which obscures the company's true earning power by failing to adjust for the non-cash depreciation of its mid-life fleet and the unique, cost-plus nature of its dedicated cargo revenue stream.
Using a simple P/E ratio ignores the structural differences between SNCY's hybrid model and pure-play passenger carriers, leading to an inaccurate assessment of its cyclical risk. Analysts should instead focus on EV/EBITDAR or free cash flow yield, which better account for the company's specific lease structures and the capital-light nature of its cargo-focused growth initiatives.
Includes 30+ ratios · 8 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying SNCY stock.
Sun Country Airlines Holdings, Inc.'s current P/E ratio is 16.8x. The historical average is 23.5x. This places it at the 60th percentile of its historical range.
Sun Country Airlines Holdings, Inc.'s current EV/EBITDA is 6.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.4x.
Sun Country Airlines Holdings, Inc.'s return on equity (ROE) is 8.8%. The historical average is 10.6%.
Based on historical data, Sun Country Airlines Holdings, Inc. is trading at a P/E of 16.8x. This is at the 60th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Sun Country Airlines Holdings, Inc. has 66.9% gross margin and 8.9% operating margin.
Sun Country Airlines Holdings, Inc.'s Debt/EBITDA ratio is 3.0x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.