Republic Airways Holdings Inc. key statistics and ratios

In fiscal 2025, Republic Airways Holdings Inc. had return on equity of 6.2%, an operating margin of 10.0%, debt equal to 82.4% of equity and a current ratio of 0.94. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Republic Airways Holdings Inc.: financial ratios, annual
Fiscal year	2016Sept 2016	2017Sept 2017	2018Sept 2018	2019Sept 2019	2020Sept 2020	2021Sept 2021	2022Sept 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Operating margin	9.7%	15.6%	10.7%	16.7%	14.7%	12.5%	−34.8%	9.5%	9.3%	10.0%	9.9%
Net margin	2.5%	5.1%	4.9%	6.6%	5.0%	3.3%	−34.4%	3.8%	4.4%	4.5%	4.6%
Free-cash-flow margin	−65.6%	−1.5%	0.1%	3.6%	27.2%	23.0%	−5.2%	−3.4%	−0.0%	−4.5%	2.3%
Return on equity	7.9%	16.0%	11.1%	11.9%	6.2%	3.5%	−45.9%	8.1%	6.0%	6.2%	7.1%
Return on assets	—	2.4%	2.4%	3.3%	1.9%	1.1%	−14.2%	5.8%	3.6%	2.5%	3.0%
Asset turnover	—	0.47	0.48	0.49	0.37	0.34	0.41	1.51	0.83	0.55	0.65
Current ratio	—	0.67	0.79	0.61	0.44	0.61	0.46	0.59	0.93	0.94	1.07
Debt to equity	0.0%	430.6%	248.4%	201.5%	162.3%	137.4%	226.1%	46.0%	92.1%	82.4%	72.0%
Interest cover (operating income ÷ interest)	1.7x	2.2x	1.3x	2.2x	1.8x	1.8x	n/m	2.8x	2.4x	2.8x	3.2x
Effective tax rate	40.0%	38.9%	—	24.8%	25.8%	26.0%	—	37.7%	25.7%	32.8%	33.6%
Capital spending as % of revenue	83.4%	13.1%	17.3%	17.3%	4.9%	3.4%	7.7%	26.5%	15.4%	23.7%	11.9%
Free cash flow ÷ net income	<−999%	−29.8%	2.9%	55.3%	538.9%	697.6%	—	−89.2%	−0.9%	−98.3%	49.9%
Dividends and buybacks ÷ free cash flow	—	—	525.6%	7.1%	0.4%	1.3%	—	—	—	—	—

US$ thousands unless shown otherwise. Fiscal quarters.

Republic Airways Holdings Inc.: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Operating margin	−107.3%	13.4%	13.4%	6.5%	7.3%	10.3%	10.3%	11.4%
Net margin	−108.4%	6.9%	9.2%	1.6%	1.1%	5.1%	5.5%	6.3%
Free-cash-flow margin	−13.2%	3.7%	−14.6%	−8.5%	1.1%	−6.7%	5.0%	9.1%
Current ratio	0.93	0.81	0.76	0.67	0.94	0.94	1.03	1.07
Debt to equity	20.4%	11.4%	9.6%	8.0%	77.2%	67.3%	63.2%	59.1%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 7 checks passed · September 30, 2026

What it owns · $3.3bn

Short-term assets $552mLonger-term assets $2.7bn

What it owes, and who funded it · $3.3bn

Short-term liabilities $515mLonger-term liabilities $1.3bnShareholders' equity $1.4bn

Short-term assets cover short-term liabilities $552m of assets due within a year against $515m of liabilities due within a year.
Short-term assets cover long-term liabilities $552m short-term assets against $1.3bn of longer-dated liabilities.
More cash than debt $129m of cash against $841m of debt.
Debt below 40% of shareholders' equity Debt is 59% of equity.
Debt burden no higher than five years ago Debt to equity moved from 121% to 59% over five years.
A year's operating cash flow covers at least 20% of debt $301m of operating cash flow against $841m of debt.
Operating profit covers interest at least five times over Operating income of $210m against $66m of interest.

From Republic Airways Holdings Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

26 /100

Weak moat

How hard Republic Airways's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 0 / 20

Net income has been a median 1.5% of total assets over 10 years.
Durability 2 / 20

Operating margin has been a median 10.3%; its worst year was -34.8%.
Cash conversion 8 / 20

Free cash flow was positive in 6 of 9 years, at a median 2.3% of revenue.
Discipline 11 / 20

The diluted share count rose 16.1% over five years; stock-based pay has been a median 0.6% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Republic Airways Holdings Inc.'s SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Republic Airways Holdings Inc.