JetBlue Airways Corporation (JBLU) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-699.6%

-$19.01

vs $3.17 price

Levered DCF

-$64.58

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

0.44

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-2.74×	-3.42×	-5.97×	-5.79×	-24.98×	-2.96×	9.75×	26.77×
P/B	0.79×	1.03×	0.55×	0.59×	1.18×	1.02×	1.16×	1.09×
P/S	0.19×	0.29×	0.19×	0.23×	0.75×	1.36×	0.69×	0.66×
EV / EBITDA	20.01×	17.69×	11.24×	13.59×	-19.6×	-5.37×	5.78×	5.32×
Gross margin	33.9%	24.7%	24.1%	21.5%	14.7%	-20.0%	33.8%	33.0%
Operating margin	-4.1%	-7.4%	-2.4%	-3.3%	-1.3%	-58.0%	9.9%	3.5%
Net margin	-6.6%	-8.6%	-3.2%	-4.0%	-3.0%	-45.8%	7.0%	2.5%
Current ratio	0.74×	1.1×	0.6×	0.51×	0.95×	1.25×	0.67×	0.61×
Debt / equity	4.84×	3.46×	1.78×	1.23×	1.25×	1.45×	0.66×	0.36×
Interest coverage	-0.63×	-1.95×	-1.1×	-1.8×	-0.42×	-9.58×	12.31×	3.24×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-28.4%	-30.1%	-9.3%	-10.2%	-4.7%	-34.3%	11.9%	4.1%
Return on invested capital	-1.9%	-4.5%	-1.8%	-2.2%	-0.5%	-10.9%	6.1%	2.7%
Return on assets	-3.2%	-4.7%	-2.0%	-2.5%	-1.2%	-10.1%	4.8%	1.8%
Free cash flow yield	-72.5%	-54.2%	-43.6%	-25.9%	14.3%	-36.5%	5.3%	2.0%
Earnings yield	-35.9%	-29.2%	-16.8%	-17.3%	-4.0%	-33.6%	10.2%	3.8%
Enterprise value	$9.9B	$9.9B	$6.6B	$5.4B	$7.3B	$7.8B	$7.7B	$6.2B
Net debt / EBITDA	16.62×	12.85×	8.1×	8.35×	-7.46×	-2.61×	1.64×	1.02×
Cash conversion cycle (days)	-13	-10	-14	-10	-18	-18	-11	-15