ULCC Industrials

Frontier Group Holdings, Inc.

$6.47-12.92%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Industrials
Industry: Airlines
Country: United States
Market cap: 1.5B USD
Enterprise value: 642.6M USD
Full-time employees: 8,352

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 2.57 vs a peer median of 0.64), less short-term liquidity (current ratio 0.58 vs a peer median of 1.62) and more debt relative to equity (3.76× vs a peer median of 0.40×)higher risk: bigger price swings (beta 2.57 vs peers 0.64), less liquidity (current ratio 0.58 vs peers 1.62) and more debt vs equity (3.76× vs peers 0.40×)
About average: growth

Ranks #2,214 of 2,308 industrials companies (bottom 5%)

See how it ranks against its peers

Worth knowing

Much more borrowing than peers. Debt is 3.8× equity vs a peer median of 0.4×.Debt is 3.8× equity vs peers 0.4×.
Debt is 3.8× shareholders' equity, against a peer median of 0.4×, among the highest 10% of its peer group.Debt is 3.8× shareholders' equity, vs peers 0.4×, among the highest 10% of its peer group.
Not profitable yet. Reported a loss in the 12 months to June 2026.
Frontier reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.
More volatile share price. Beta 2.57: tends to move more than the market.
Frontier's shares have swung more with the market than most peers' (beta 2.57, above the market's 1.0).

StockQuotient Score

15/ 100

Oct 5 15 → Nov 4 15

Valuation

Is the price right?

9/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-25.9%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.28Sector median: 0.0377 · MAD: 0.0294

EBITDA yield-34.7%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.64Sector median: 0.0695 · MAD: 0.0425

Free cash flow yield-11.0%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0370 · MAD: 0.0370

Other data (not scored)

Book yield9.1%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5027 · MAD: 0.2823

Growth

Is it growing?

44/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 9.2%

Why

Mixed versus peers:

▲ Revenue growth
▼ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

The loss per share widened33% base weight · Z-score -1.31Sector median: 0.0709 · MAD: 0.2481

3-year revenue growth4.6%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 0.07Sector median: 0.0421 · MAD: 0.0625

Revenue growth10.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.73Sector median: 0.0439 · MAD: 0.0766

Profitability

Does it earn well?

6/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ ROA
▼ Operating margin
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-9.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -3.46Sector median: 0.0773 · MAD: 0.0507

Return on assets-5.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -3.51Sector median: 0.0311 · MAD: 0.0241

Return on invested capital-6.7%

Yahoo Finance fallback · SEC operating income or invested capital unavailable · trailing 12 monthsReported value33% base weight · Z-score -2.48Sector median: 0.0715 · MAD: 0.0558

Other data (not scored)

Gross margin0.6%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.2573 · MAD: 0.1038

Return on equity-283.8%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0802 · MAD: 0.0639

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Beta
▼ Current ratio
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta2.57

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score -3.49Sector median: 0.6440 · MAD: 0.2745

Current ratio0.58×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score -1.77Sector median: 1.6180 · MAD: 0.5360

Debt / equity3.76×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score -6.37Sector median: 0.4019 · MAD: 0.3378

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Frontier

Is Frontier getting weaker?: Its latest SEC filing (Jul 29, 2026) showed no major changes. Its overall score is unchanged at 15/100 since Oct 28, 2026.
How is Frontier valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 9/100 against 2,459 industrials peers. Earnings yield -25.9% vs a peer median of 3.8% (weaker than 100% of peers).Earnings yield -25.9% vs peers 3.8% (weaker than 100% of peers).
Is Frontier growing?: At about the same pace as its peers. Growth scores 44/100 against 2,459 industrials peers. Revenue growth 10.0% vs a peer median of 4.4% (stronger than 70% of peers).Revenue growth 10.0% vs peers 4.4% (stronger than 70% of peers).
How profitable is Frontier?: Less profitable than most of its peers. Profitability scores 6/100 against 2,459 industrials peers. Return on assets -5.3% vs a peer median of 3.1% (weaker than 95% of peers).Return on assets -5.3% vs peers 3.1% (weaker than 95% of peers).
How risky is Frontier?: Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Beta 2.57 vs a peer median of 0.64 (weaker than 100% of peers).Beta 2.57 vs peers 0.64 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 29, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

Worth watching: Frontier is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	3.8B USD	4.2B USD	+9.2%
Net income (12 months)	−366.0M USD	−386.0M USD	+5.5%
Operating margin	-10.1%	-9.8%	+0.3 pts
Free cash flow (12 months)	−468.0M USD	−164.0M USD	−65.0%
Debt	588.0M USD	511.0M USD	−13.1%
Cash	772.0M USD	955.0M USD	+23.7%
Shares outstanding	229.8M	230.2M	+0.2%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Industrials · 318 companies

Valuations in Industrials are near the top of their range since 2016.

85% of months since 2016 were valued lower than now.
41% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +20% and earnings +14% (medians): prices and earnings moved broadly together.
Median price-to-sales is −24% vs the whole market, against a usual −31%.

2016Shaded: most expensive fifth of its range2026

Shown for Industrials: too few Airlines companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	-5.7%	-1.4%	-0.1%	1.5%	-4.0%	▼ 5.5 pts
Net margin	-5.0%	-1.1%	-0.3%	2.3%	-3.7%	▼ 5.9 pts
Return on assets (ROA)	-2.4%	-0.8%	-0.2%	1.4%	-1.9%	▼ 3.3 pts
Return on equity (ROE)	-19.2%	-7.3%	-2.2%	14.1%	-27.9%	▼ 42 pts
Free cash flow margin	9.2%	-3.6%	-8.7%	-4.2%	-16.1%	▼ 12 pts
Current ratio	0.78×	0.66×	0.53×	0.53×	0.46×	▼ 15%
Debt to equity	0.80×	0.85×	0.93×	0.84×	1.26×	▲ 50%
Interest coverage	—	-2.14×	-0.10×	1.61×	-3.24×	▼ 301%

ULCC price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 2.57 vs a peer median of 0.64), less short-term liquidity (current ratio 0.58 vs a peer median of 1.62) and more debt relative to equity (3.76× vs a peer median of 0.40×)higher risk: bigger price swings (beta 2.57 vs peers 0.64), less liquidity (current ratio 0.58 vs peers 1.62) and more debt vs equity (3.76× vs peers 0.40×)

About average: growth

Ranks #2,214 of 2,308 industrials companies (bottom 5%)

See how it ranks against its peers

Worth knowing

Much more borrowing than peers. Debt is 3.8× equity vs a peer median of 0.4×.Debt is 3.8× equity vs peers 0.4×.

Debt is 3.8× shareholders' equity, against a peer median of 0.4×, among the highest 10% of its peer group.Debt is 3.8× shareholders' equity, vs peers 0.4×, among the highest 10% of its peer group.

Not profitable yet. Reported a loss in the 12 months to June 2026.

Frontier reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

More volatile share price. Beta 2.57: tends to move more than the market.

Frontier's shares have swung more with the market than most peers' (beta 2.57, above the market's 1.0).

Questions investors ask about Frontier

Is Frontier getting weaker?

Its latest SEC filing (Jul 29, 2026) showed no major changes. Its overall score is unchanged at 15/100 since Oct 28, 2026.

How is Frontier valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 9/100 against 2,459 industrials peers. Earnings yield -25.9% vs a peer median of 3.8% (weaker than 100% of peers).Earnings yield -25.9% vs peers 3.8% (weaker than 100% of peers).

Is Frontier growing?

At about the same pace as its peers. Growth scores 44/100 against 2,459 industrials peers. Revenue growth 10.0% vs a peer median of 4.4% (stronger than 70% of peers).Revenue growth 10.0% vs peers 4.4% (stronger than 70% of peers).

How profitable is Frontier?

Less profitable than most of its peers. Profitability scores 6/100 against 2,459 industrials peers. Return on assets -5.3% vs a peer median of 3.1% (weaker than 95% of peers).Return on assets -5.3% vs peers 3.1% (weaker than 95% of peers).

How risky is Frontier?

Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Beta 2.57 vs a peer median of 0.64 (weaker than 100% of peers).Beta 2.57 vs peers 0.64 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

3.8B USD

4.2B USD

+9.2%

Net income (12 months)

−366.0M USD

−386.0M USD

+5.5%

Operating margin

-10.1%

-9.8%

+0.3 pts

Free cash flow (12 months)

−468.0M USD

−164.0M USD

−65.0%

Debt

588.0M USD

511.0M USD

−13.1%

Cash

772.0M USD

955.0M USD

+23.7%

Shares outstanding

229.8M

230.2M

+0.2%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

-5.7%

-1.4%

-0.1%

1.5%

-4.0%

▼ 5.5 pts

Net margin

-5.0%

-1.1%

-0.3%

2.3%

-3.7%

▼ 5.9 pts

Return on assets (ROA)

-2.4%

-0.8%

-0.2%

1.4%

-1.9%

▼ 3.3 pts

Return on equity (ROE)

-19.2%

-7.3%

-2.2%

14.1%

-27.9%

▼ 42 pts

Free cash flow margin

9.2%

-3.6%

-8.7%

-4.2%

-16.1%

▼ 12 pts

Current ratio

0.78×

0.66×

0.53×

0.46×

▼ 15%

Debt to equity

0.80×

0.85×

0.93×

0.84×

1.26×

▲ 50%

Interest coverage

—

-2.14×

-0.10×

1.61×

-3.24×

▼ 301%