Frontier Group Holdings, Inc. (ULCC) 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

-368.9%

-$19.98

vs $7.43 price

Levered DCF

-$40.42

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.39

Distress zone

Rating

D+

Overall 1 / 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	-7.85×	18.71×	-109.2×	-60.41×	-28.87×	-17.95×	17.14×	50.95×
P/B	2.19×	2.64×	2.37×	4.4×	5.56×	13.08×	7.48×	14.41×
P/S	0.29×	0.42×	0.33×	0.67×	1.43×	3.24×	1.62×	1.87×
EV / EBITDA	-183.42×	32.86×	48.82×	440.59×	-63.33×	-19.23×	15.61×	18.99×
Gross margin	0.4%	5.0%	8.4%	8.5%	-9.8%	-31.2%	20.1%	17.3%
Operating margin	-4.0%	1.5%	-0.1%	-1.1%	-5.7%	-29.2%	12.3%	4.3%
Net margin	-3.7%	2.3%	-0.3%	-1.1%	-5.0%	-18.0%	10.0%	3.7%
Current ratio	0.46×	0.53×	0.53×	0.66×	0.78×	0.65×	0.75×	1.11×
Debt / equity	11.13×	7.4×	6.82×	5.75×	5.38×	8.43×	4.62×	0.76×
Interest coverage	-13.55×	14.5×	-3×	-11.67×	-4.03×	-30.42×	0×	23×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	3.9%	5.2%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	63.3%	263.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-27.9%	14.1%	-2.2%	-7.3%	-19.2%	-72.6%	46.3%	28.6%
Return on invested capital	-2.4%	1.1%	0.0%	-0.8%	-2.4%	-7.2%	7.6%	8.1%
Return on assets	-1.9%	1.4%	-0.2%	-0.8%	-2.4%	-6.3%	6.5%	5.3%
Free cash flow yield	-57.9%	-9.9%	-29.0%	-10.3%	5.2%	-14.1%	2.7%	3.2%
Earnings yield	-12.7%	5.3%	-0.9%	-1.7%	-3.5%	-5.5%	6.2%	2.0%
Enterprise value	$5.9B	$5.3B	$4.1B	$4.4B	$4.9B	$6.3B	$5.8B	$3.6B
Net debt / EBITDA	-149.75×	23.01×	34.34×	216.7×	-25.08×	-6.83×	4.68×	-2.59×
Cash conversion cycle (days)	6	5	5	7	2	51	5	6