Frontier Group Holdings, Inc. Financial Ratios — ULCC Stock

Profitability (USD)

	2014 Y	2015 Y	2016 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	97.66	57.64	40.51	103.29	-60.24	-48.57	-26.33	-9.44	55.37	-107.45
Return on Assets (%)	- -	25.89	16.2	11.93	12.99	-6.07	-2.62	-0.85	-0.23	1.53	-2.05
Return on Capital (%)	- -	56.09	34.42	25.91	16.78	- -	- -	- -	-0.34	2.16	- -
Return on Invested Capital (%)	- -	57.48	29.68	19.02	15.33	- -	- -	- -	0.03	1.23	- -
Gross Margin (%)	26.37	29.49	30.57	17.3	20.06	-31.2	-9.81	8.48	8.41	4.95	0.38
EBITDA Margin (%)	16.13	20.57	22.87	7.88	14.15	-42	-18.16	0.3	1.31	3.44	-1.56
Operating Margin (%)	14.31	17.21	18.49	4.27	12.32	-44.64	-20	-1.05	-0.08	1.54	-4
Incremental Operating Margin (%)	- -	436.36	37.27	-50.9	61.65	- -	- -	- -	- -	32.8	- -
Pretax Margin (%)	14.06	14.21	18.44	4.87	12.96	-29.76	-6.99	-1.35	0.89	2.28	-3.6
Profit Margin (%)	8.79	9.1	11.67	3.71	10.01	-18	-4.95	-1.11	-0.31	2.25	-3.68
Net Income to Common Margin (%)	8.79	9.1	11.67	3.71	10.01	-18	-4.95	-1.11	-0.31	2.25	-3.68
Effective Tax Rate (%)	37.5	35.96	36.71	23.81	22.77	- -	- -	- -	134.38	1.16	- -
Dvd Payout Ratio (%)	- -	- -	50.5	263.75	63.35	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	97.66	28.53	-66.33	37.86	-60.24	-48.57	-26.33	-9.44	55.37	-107.45

Credit (USD)

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	2014 Y	2015 Y	2016 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	- -	233	246	- -	2,506	2,612	2,849	2,928	3,459	4,468	5,463
ST Debt	- -	115	150	- -	537	517	571	622	800	925	1,080
LT Debt	- -	118	96	- -	1,969	2,095	2,278	2,306	2,659	3,543	4,383
Total Debt/EBITDA	- -	0.71	0.63	- -	7.06	-4.98	-7.62	292.8	73.6	34.37	-94.19
Net Debt/EBITDA	- -	-0.6	-0.96	- -	-1.47	0.06	1.35	-33.2	-2.96	-1.83	0.98
Total Debt/EBIT	- -	0.84	0.78	- -	8.11	-4.68	-6.92	-83.66	-1,153	77.03	-36.66
Net Debt/EBIT	- -	-0.72	-1.18	- -	-1.69	0.05	1.22	9.49	46.33	-4.1	0.38
EBITDA to Interest Expense	64.25	66	130.67	42.5	- -	-43.75	-12.9	1	47	32.5	-5.27
EBITDA-CapEx/Interest Expense	50.75	44.6	129.33	33.75	- -	-43.75	-14.14	-10.1	11	32.5	-7.45
EBIT to Interest Expense	57	55.2	105.67	23	- -	-46.5	-14.21	-3.5	-3	14.5	-13.55
Interest Expense	4	5	3	4	- -	12	29	10	1	4	11
Common Equity/Total Assets	- -	26.51	29.46	- -	12.58	7.34	3.75	2.71	2.22	3.19	0.82
Long-Term Debt/Equity (%)	- -	34.5	21.52	- -	363.28	675.81	429.81	453.05	524.46	586.59	892.67
Long-Term Debt/Capital (%)	- -	22.18	14.98	- -	65.81	72.92	75.73	75.61	74.48	75.96	79.37
Long-Term Debt/Total Assets (%)	- -	10.46	7.16	- -	50.96	58.95	53.79	51.26	53.25	57.58	60.71
Total Debt/Equity (%)	- -	68.13	55.16	- -	462.36	842.58	537.55	575.25	682.25	739.74	1,112.63
Total Debt/Capital (%)	- -	43.8	38.38	- -	83.76	90.92	94.71	96	96.89	95.8	98.93
Total Debt/Total Assets (%)	- -	20.66	18.34	- -	64.86	73.49	67.27	65.08	69.28	72.61	75.66
Net Debt to Equity	- -	-57.89	-84.08	- -	-96.49	-9.68	-95.09	-65.23	-27.42	-39.4	-11.61
Net Debt/Capital (%)	- -	-175.22	-1,293.1	- -	-23.52	-1.2	-24.11	-14.5	-4.69	-6.07	-1.18
EBITDA	257	330	392	170	355	-525	-374	10	47	130	-58
EBITDA-CapEx	203	223	388	135	338	-525	-410	-101	11	130	-82
Operating Income (Loss)	228	276	317	92	309	-558	-412	-35	-3	58	-149

Liquidity (USD)

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	2014 Y	2015 Y	2016 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	0.85	1.11	- -	0.61	0.38	0.69	0.49	0.37	0.4	0.32
Current Ratio	- -	1.09	1.31	- -	0.75	0.65	0.78	0.66	0.53	0.53	0.46
Quick Ratio	- -	1.01	1.19	- -	0.69	0.59	0.74	0.55	0.43	0.45	0.37
CFO/Avg Current Liab	- -	0.85	0.46	0.68	0.27	-0.49	0.19	-0.05	-0.16	-0.05	-0.27
Common Equity/Total Assets	- -	26.51	29.46	- -	12.58	7.34	3.75	2.71	2.22	3.19	0.82
Long-Term Debt/Equity (%)	- -	34.5	21.52	- -	363.28	675.81	429.81	453.05	524.46	586.59	892.67
Long-Term Debt/Capital (%)	- -	22.18	14.98	- -	65.81	72.92	75.73	75.61	74.48	75.96	79.37
Long-Term Debt/Total Assets (%)	- -	10.46	7.16	- -	50.96	58.95	53.79	51.26	53.25	57.58	60.71
Total Debt/Equity (%)	- -	68.13	55.16	- -	462.36	842.58	537.55	575.25	682.25	739.74	1,112.63
Total Debt/Capital (%)	- -	43.8	38.38	- -	83.76	90.92	94.71	96	96.89	95.8	98.93
Total Debt/Total Assets (%)	- -	20.66	18.34	- -	64.86	73.49	67.27	65.08	69.28	72.61	75.66
CFO/Total Liabilities	- -	26.46	26.59	- -	5.15	-17.17	5.83	-1.95	-5.82	-1.48	-7.8
CFO/CapEx	3.41	1.94	59.5	5.4	10.06	- -	6	-0.7	-7.25	- -	-21.88
Altman's Z-Score	- -	2.74	2.69	- -	1	-0.18	0.6	0.95	0.72	0.7	0.37

Working Capital (USD)

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	2014 Y	2015 Y	2016 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	- -	64.16	35.34	91.74	60.43	22.52	52.82	47.51	39.22	45.48	47.14
Days Sales Outstanding	- -	5.69	10.33	3.98	6.04	16.21	6.91	7.68	9.31	8.03	7.74
Inventory Turnover	- -	226.2	82.07	187.68	200.5	86.32	96.26	72.48	49.06	45.42	43.91
Days Inventory Outstanding	- -	1.61	4.45	1.94	1.82	4.23	3.79	5.04	7.44	8.04	8.31
Accounts Payable Turnover	- -	91.28	33.77	76.7	57.04	23.07	28.96	35.09	29.7	28.82	30.38
Accounts Payable Turnover Days	- -	4	10.81	4.76	6.4	15.82	12.61	10.4	12.29	12.67	12.02
Cash Conversion Cycle	- -	3.3	3.97	1.16	1.46	4.61	-1.9	2.31	4.45	3.4	4.04
Inventory to Cash Days	- -	4.08	5.88	2.03	4.22	11.98	3.12	2.65	1.87	-0.01	-0.57
Inventories	- -	10	19	- -	20	18	29	55	79	79	90
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	10	19	- -	20	18	29	55	79	79	90

Enterprise Value (USD)

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	2014 Y	2015 Y	2016 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	- -	- -	- -	- -	2,863	2,239	1,202	1,595	1,073
- Cash & Cash Equivalents	- -	419	612	- -	768	378	918	761	609	740	671
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	233	246	- -	2,506	2,612	2,849	2,928	3,459	4,468	5,463
Enterprise Value	- -	-186	-366	- -	1,738	2,234	4,794	4,406	4,052	5,323	5,865
Total Capital	- -	532	641	- -	2,992	2,873	3,008	3,050	3,570	4,664	5,522
Total Debt/Capital (%)	- -	43.8	38.38	- -	83.76	90.92	94.71	96	96.89	95.8	98.93
Total Debt / EV	- -	-1.25	-0.67	- -	1.44	1.17	0.59	0.66	0.85	0.84	0.93
EV/Sales	- -	- -	- -	- -	0.69	1.79	2.33	1.32	1.13	1.41	1.57
EV/EBITDA	- -	- -	- -	- -	4.9	- -	- -	440.59	86.21	40.95	- -
EV/EBIT	- -	- -	- -	- -	5.62	- -	- -	- -	- -	91.78	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	10.16	- -	20.27	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	9.24	- -	17.59	106.88	- -	- -	- -
Diluted Market Cap	- -	- -	- -	- -	- -	- -	2,863	2,239	1,202	1,610	1,073
Diluted Enterprise Value	- -	-186	-366	- -	1,738	2,234	4,794	4,406	4,052	5,338	5,865
EV per Share	- -	- -	- -	- -	8.11	10.39	22.72	20.21	18.41	23.73	25.75
TTM Sales	1,593	1,604	1,714	2,156	2,508	1,250	2,060	3,326	3,589	3,775	3,724
TTM EBITDA	257	330	392	170	355	-525	-374	10	47	130	-58
TTM Operating Income	228	276	317	92	309	-558	-412	-35	-3	58	-149
TTM Cash Flow to Firm	186	211	240	192	171	-550	237	-70	-261	-78	-514
TTM Free Cash Flow to Firm	240	318	244	227	188	-550	273	41	-225	-78	-490

Multiples (USD)

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	2014 Y	2015 Y	2016 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	11.36	67.84	-5.34	-19.64	-2.14
EV/EBIT	- -	- -	- -	- -	5.62	- -	- -	- -	- -	91.78	- -
Enterprise Value	- -	-186	-366	- -	1,738	2,234	4,794	4,406	4,052	5,323	5,865
Low Price	- -	- -	- -	- -	- -	- -	12.62	8.19	3.19	2.79	2.89
EV/Sales	- -	- -	- -	- -	0.69	1.79	2.33	1.32	1.13	1.41	1.57
EV/EBITDA	- -	- -	- -	- -	4.9	- -	- -	440.59	86.21	40.95	- -
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	18.76	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	-34.75	-68.64	-159.79	14.9	-8.3
Price/Earnings High	- -	- -	- -	- -	- -	- -	-46.96	-89.85	-282.03	21.98	-17.06
Price/Earnings Low	- -	- -	- -	- -	- -	- -	-26.11	-48.25	-63.83	7.36	-4.8
Price/Book Value	- -	- -	- -	- -	- -	- -	18.01	18.35	10.83	8.14	18.18
Price/Book Value Average	- -	- -	- -	- -	- -	- -	22.3	20.82	15.83	6.46	19.27
Price/Book Value High	- -	- -	- -	- -	- -	- -	30.12	27.25	27.95	9.53	39.61
Price/Book Value Low	- -	- -	- -	- -	- -	- -	16.75	14.63	6.33	3.19	11.16
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	5.72	4.65	2.51	2.76	2.31
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	7.08	5.28	3.67	2.19	2.45
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	9.56	6.91	6.48	3.24	5.04
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	5.32	3.71	1.47	1.08	1.42
Price/Sales	- -	- -	- -	- -	- -	- -	1.39	0.67	0.33	0.42	0.29
Price/Sales Average	- -	- -	- -	- -	- -	- -	1.72	0.76	0.49	0.34	0.31
Price/Sales High	- -	- -	- -	- -	- -	- -	2.33	1	0.86	0.5	0.63
Price/Sales Low	- -	- -	- -	- -	- -	- -	1.29	0.54	0.2	0.17	0.18
Price/Cash Flow	- -	- -	- -	- -	- -	- -	13.26	-28.7	-4.6	-19.45	-2.04
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	16.41	-32.56	-6.73	-15.44	-2.17
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	22.17	-42.62	-11.89	-22.79	-4.45
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	12.33	-22.89	-2.69	-7.63	-1.25
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	14.07	76.96	-7.81	-15.59	-2.27
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	19.01	100.74	-13.79	-23.01	-4.66
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	10.57	54.1	-3.12	-7.71	-1.31
EV/Sales Average	- -	- -	- -	- -	0.69	1.79	2.66	1.42	1.28	1.32	1.59
EV/Sales High	- -	- -	- -	- -	0.69	1.79	3.26	1.65	1.66	1.48	1.91
EV/Sales Low	- -	- -	- -	- -	0.69	1.79	2.23	1.19	0.99	1.15	1.46
EV/EBITDA Average	- -	-0.56	-0.93	- -	4.9	-4.26	-14.64	470.68	98.04	38.42	-102.22
EV/EBITDA High	- -	-0.56	-0.93	- -	4.9	-4.26	-17.97	549.15	126.64	43.05	-122.91
EV/EBITDA Low	- -	-0.56	-0.93	- -	4.9	-4.26	-12.28	395.24	75.58	33.49	-93.97
EV/EBIT Average	- -	-0.67	-1.15	- -	5.62	-4	-13.29	-134.48	-1,535.89	86.11	-39.79
EV/EBIT High	- -	-0.67	-1.15	- -	5.62	-4	-16.31	-156.9	-1,984.09	96.49	-47.85
EV/EBIT Low	- -	-0.67	-1.15	- -	5.62	-4	-11.15	-112.93	-1,184.04	75.07	-36.58
Last Price	- -	- -	- -	- -	- -	- -	13.57	10.27	5.46	7.11	4.71
High Price	- -	- -	- -	- -	- -	- -	22.7	15.25	14.1	8.33	10.26
Enterprise Value Average	- -	-186	-366	- -	1,738	2,234	5,476	4,707	4,608	4,994	5,929
Enterprise Value High	- -	-186	-366	- -	1,738	2,234	6,721	5,492	5,952	5,597	7,129
Enterprise Value Low	- -	-186	-366	- -	1,738	2,234	4,594	3,952	3,552	4,354	5,450

	2014 Y	2015 Y	2016 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	- -	215	215	- -	215	215	217	218	223	225	229
Diluted Weighted Avg Shares	214	214	214	216	214	215	211	218	220	226	228
Basic Weighted Avg Shares	214	214	214	214	214	215	211	218	220	224	228
Revenue per Share	7.43	7.49	8	10.07	11.71	5.81	9.76	15.26	16.31	16.83	16.35
EBITDA per Share	1.2	1.54	1.83	0.79	1.66	-2.44	-1.77	0.05	0.21	0.58	-0.25
Operating Income per Share	1.06	1.29	1.48	0.43	1.44	-2.59	-1.95	-0.16	-0.01	0.26	-0.65
Basic EPS, GAAP	0.65	0.68	0.93	0.37	1.17	-1.05	-0.48	-0.17	-0.05	0.38	-0.6
Basic EPS from Cont Ops	0.65	0.68	0.93	0.37	1.17	-1.05	-0.48	-0.17	-0.05	0.38	-0.6
Diluted EPS, GAAP	0.65	0.68	0.93	0.37	1.17	-1.05	-0.48	-0.17	-0.05	0.38	-0.6
Diluted EPS from Cont Ops	0.65	0.68	0.93	0.37	1.17	-1.05	-0.48	-0.17	-0.05	0.38	-0.6
Dividend per Share	- -	- -	0.47	0.99	0.74	- -	- -	- -	- -	- -	- -
Cash Flow per Share	0.86	0.97	1.11	0.88	0.8	-2.59	1.02	-0.36	-1.19	-0.37	-2.3
Free Cash Flow per Basic Share	0.61	0.47	1.09	0.72	0.72	-2.59	0.85	-0.87	-1.35	-0.37	-2.41
Cash & Equivalents per Share	- -	1.96	2.86	- -	3.58	1.76	4.35	3.49	2.77	3.3	2.95
Book Value per Share	- -	1.4	1.84	- -	2.27	1.21	0.75	0.56	0.5	0.87	0.26
Tangible Book Value per Share	- -	1.42	1.92	- -	2.39	1.31	2.37	2.21	2.18	2.57	2.04

Frontier Group Holdings, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)