Republic Airways Holdings Inc. (RJET) 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

-191.2%

-$17.90

vs $19.64 price

Levered DCF

$16.57

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.2

Distress zone

Rating

A-

Overall 4 / 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	9.67×	0.74×	0.64×	0.93×	16.48×	3.79×	4.93×	10×
P/B	0.55×	0.04×	0.03×	0.2×	0.56×	0.23×	0.55×	0.89×
P/S	0.44×	0.03×	0.02×	0.05×	0.54×	0.19×	0.32×	0.49×
EV / EBITDA	6.08×	4.13×	4×	2.27×	6.2×	10.67×	4.82×	7.06×
Gross margin	27.8%	24.8%	22.6%	25.6%	-0.4%	8.9%	25.1%	20.7%
Operating margin	12.8%	9.3%	9.5%	10.0%	-10.3%	-0.7%	18.1%	14.2%
Net margin	4.5%	4.4%	3.8%	5.1%	3.3%	5.0%	6.6%	4.9%
Current ratio	0.94×	0.93×	1.05×	0.46×	0.61×	0.44×	0.61×	0.78×
Debt / equity	0.92×	1.02×	1.18×	2.06×	1.47×	1.83×	1.98×	2.44×
Interest coverage	3.55×	2.37×	2.76×	3.26×	-1.49×	-0.08×	2.35×	1.7×
Dividend yield	2.9%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	27.6%	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	5.7%	5.8%	5.2%	22.0%	3.4%	6.0%	11.2%	8.9%
Return on invested capital	5.0%	4.0%	3.3%	8.5%	-2.6%	-0.2%	6.6%	6.5%
Return on assets	2.3%	2.3%	2.0%	5.3%	1.0%	1.7%	3.0%	2.1%
Free cash flow yield	-12.1%	-69.8%	-177.0%	-15.6%	42.3%	142.4%	11.2%	0.3%
Earnings yield	10.4%	134.6%	155.4%	107.7%	6.1%	26.4%	20.3%	10.0%
Enterprise value	$1.8B	$1.1B	$1.2B	$635.6M	$867.7M	$839.3M	$1B	$1.1B
Net debt / EBITDA	3.63×	3.95×	3.88×	2.04×	4.24×	9.35×	3.69×	5×
Cash conversion cycle (days)	9	18	12	-11	-24	-13	-8	-18