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Frontier Group Holdings, Inc. (ULCC) stock

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NASDAQ: ULCC Nasdaq Passenger Airlines Next results ~February 10, 2027

B Fundamentals grade

Frontier Group Holdings, Inc. is a US-listed company in the passenger airlines industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$2.8

Valuation models combined (2)

Base case. Range ~$2.7–$2.9. Weighted average of 2 models (forward price-to-earnings vs peers, forward price-to-sales vs peers).

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Frontier Group Holdings, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 8 selling0 purchases and 21 sales by directors and officers, last 12 monthsInsider trades
  • Funds106 adding, 67 cuttingOf 39 active managers that changed their stake, 28 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Frontier Group Holdings files

10-Q filed October 28: Frontier

Revenue for the twelve months to September 2026 was $4.62bn, up 24.0% on a year earlier, faster than the 10.0% growth a quarter earlier. That growth ranks 1 of 13 among the passenger airlines companies we cover. Free-cash-flow margin rose to 0.0% from -11.1% a year earlier. Operating margin narrowed to -9.5% from -4.1%. Its fundamentals grade moves from C+ to B. Our model value is little changed at $8.52 a share, against a share price of $6.46.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 29: Frontier

Revenue for the twelve months to June 2026 reached $4.62bn, up 24.0% on a year earlier. That marks an acceleration from the 10.0% growth recorded a quarter earlier, and it ranks 1 of 9 among the passenger airlines we cover. Free-cash-flow margin recovered to 0.0% from -11.1% a year earlier. Operating margin, by contrast, narrowed to -9.5% from -4.1%. On balance, the fundamentals grade moves from C to C+. Despite the stronger top line, our model value falls from $9.92 to $8.49 a share. The current share price stands at $5.53.

10-Q on SEC EDGAR

Where Frontier stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $4.15bn, up 10.0% on a year earlier, against a decline of 0.5% a quarter earlier. Free-cash-flow margin rose to -3.9% from -9.7% a year earlier. Operating margin narrowed to -9.8% from -1.5%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 1 of our 7 financial-health checks. Our revenue-to-maturity cash-flow model value is $9.92 a share, against a share price of $4.96.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 10, 2027 (estimated)

Frontier Group Holdings, Inc.'s trailing-twelve-month revenue grew 24.0% year on year, with a free-cash-flow margin of 0.0%. Where it stands out: revenue growth of 24.0% ranks 1 of 16 passenger airlines companies we cover.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 381% in the quarter to 2026-09-30, the 4th beat in the last four quarters.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 24.0% over the last 12 months, against a median of 12.2% for passenger airlines companies we cover.
  • Growth speeding up. The growth rate is 14.0 points higher than a quarter earlier.
  • Net cash. Cash exceeds long-term debt by $0.7bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Loss-making. Operating margin is -9.5%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 5.4 points on a year ago.
  • Volatile shares. Over the past year the shares showed annualised volatility of 78% and a beta of 2.5 against the S&P 500.
  • Insiders selling. 8 insiders sold $89M of stock over the past 365 days and none bought (2% under pre-set trading plans).
  • Heavily shorted. 42.1% of the shares available to trade are sold short (9.2 days of average volume to cover).
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 23.8% over 90 days.

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$0.18 against an average estimate of -$0.06: beat by 380.6%
Revenue
$1.35bn, up 52.9% on a year earlier
Share reaction
+17.2% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Next report
October 28, 2026; average EPS estimate -$0.02

Frontier Group Holdings' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+15.2%
  • 1 week+51.3%
  • 1 month+20.0%
  • This year+57.7%
  • 1 year+92.5%
  • 5 years-54.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$4.6B
Operating margin
-9.5%
Net margin
-8.9%
EPS (TTM, diluted)
$-1.80

Growth

Revenue growth
+24.0%
Change in growth rate
+14.0 pts
Share count change
+0.5%

Cash

Free cash flow (TTM)
$2M
FCF margin
0.0%
Stock pay % of revenue
0.4%

Earnings

Last results
October 28, 2026
Next results (est.)
February 10, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement

    Frontier names new COO and promotes revenue chief

    Frontier Group Holdings, Inc. said Michael Delehant will become Executive Vice President and Chief Operating Officer effective November 30, 2026. The company also promoted James Fenner to Senior Vice President and Chief Revenue Officer. Trevor Stedke and Alex Clerc will leave the firm on November 13, 2026.

    Company releaseRead source ↗
  2. Leadership
  3. Guidance

    Frontier posts record Q3 revenue of $1.4 billion

    Frontier Group Holdings, Inc. said third quarter 2026 revenue reached $1.4 billion, up 53 percent year-over-year. The company reported adjusted net income of $40 million, or $0.18 per diluted share, despite higher fuel costs. Frontier also noted it ended the quarter with $1.18 billion in total liquidity.

    Company releaseRead source ↗
  4. Results

    Frontier Group Holdings reports third-quarter results

    Frontier Group Holdings, Inc. said it issued a press release on October 28, 2026, announcing financial results for the three months ended September 30, 2026. The company noted that the release includes non-GAAP financial information and a reconciliation to GAAP measures. The document was furnished as Exhibit 99.1 to the Form 8-K filing.

    SEC 8-KRead source ↗
  5. Our research
  6. Restructuring
  7. Insider trade
  8. Insider trade
  9. Announcement
  10. Results
  11. Leadership
  12. Insider trade
  13. Agreement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Frontier Group Holdings, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Frontier Group Holdings, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 11.2%: the 10-year Treasury yield (4.9%) plus a beta of 1.39 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$8.8 ~$6.1–$11 Left out: far from the other models (more than 3x away from their median)
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$2.9 ~$2.6–$3.6 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$2.7 ~$3.7–$14 Included, half weight
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$41 ~$34–$49 Left out: out of range vs price (5.49x)
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$2.8 ~$2.7–$2.9 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Frontier Group Holdings, Inc. with Passenger Airlines in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20212022202320242025Now
Share price$13.57$10.27$5.46$7.11$4.71$7.43
Market value$2.9bn$2.2bn$1.2bn$1.6bn$1.1bn$1.7bn
+ Net debt (− = net cash)−$495m−$330m−$135m−$233m−$51m−$490m
Enterprise value$2.4bn$1.9bn$1.1bn$1.4bn$1.0bn$1.2bn
Multiples
Price / sales 1.4x0.7x0.3x0.4x0.3x0.4x
Price / earnings ———18.9x——
Price / free cash flow 15.2x————n/m
EV / EBITDA ——22.7x10.6x——

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

31 /100

Weak moat

How hard Frontier Group Holdings's competitive advantage looks for rivals to wear away, judged from 6 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 -2.5% of total assets over 6 years.

  • Durability 10 / 20

    Operating margin has been a median -5.0%; its worst year was -12.5%.

  • Cash conversion 2 / 20

    Free cash flow was positive in 1 of 6 years, at a median -5.9% of revenue.

  • Discipline 13 / 20

    The diluted share count rose 10.2% over five years; stock-based pay has been a median 0.4% 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.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.31 +48% $5.0bn +34%
Next $0.30 +198% $5.4bn +10%

Next year's EPS estimate has moved −23.8% in 90 days, across 11 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +21.6% on 90 days ago. In the last 30 days, 1 analyst raised Frontier Group Holdings, Inc.'s forecast and 8 cut it.

Consensus EPS forecast Frontier Group Holdings, Inc., last 90 days
−$1.00 −$0.50 $0.00 $0.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.26 Current fiscal year, 60 days ago: −$0.32 Current fiscal year, 30 days ago: −$0.42 Current fiscal year, 7 days ago: −$0.55 Current fiscal year, Now: −$0.31 −$0.31 Next fiscal year, 90 days ago: $0.40 Next fiscal year, 60 days ago: $0.39 Next fiscal year, 30 days ago: $0.39 Next fiscal year, 7 days ago: $0.25 Next fiscal year, Now: $0.30 $0.30

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.26$0.40
60 days ago −$0.32$0.39
30 days ago −$0.42$0.39
7 days ago −$0.55$0.25
Now −$0.31$0.30

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 −$0.06 $0.18 +380.6%
Jun 2026 −$0.47 −$0.10 +78.8%
Mar 2026 −$0.36 −$0.30 +17.0%
Dec 2025 $0.13 $0.23 +71.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

12 analysts, Oct 2026
Buy00%
Hold975%
Sell325%

Monthly trend

  1. Oct 20269312
  2. Sep 20269312
  3. Aug 20269312
  4. Jul 20269312

Counts of recommendations published by analysts covering Frontier Group Holdings, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
42.1%
of tradable shares
Days to cover
9.23
at average volume
Short interest, 1 month
+2%
to October 15, 2026
Held by institutions
60%
of shares
Held by insiders
43.4%
of shares
Employees
8,187
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +92.5%

$3.86 on October 31, 2025 to $7.43

ThenNowEffect
Revenue (last 12 months) $3.8bn $4.2bn +10.0%
P/S multiple 0.2x 0.4x +76.0%
Share count 228m 229m −0.5%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +89.5%

$3.92 on November 3, 2023 to $7.43

ThenNowEffect
Revenue (last 12 months) $3.6bn $4.2bn +14.5%
P/S multiple 0.2x 0.4x +73.6%
Share count 218m 229m −4.7%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 20222023202420252026 to date
Return
ULCC−24%−47%+30%−34%+58%
Industry peers (median)−29%−10%+18%−11%−21%
S&P 500−18%+26%+25%+18%+11%
Months that ended higher
ULCC25%33%42%50%55%
S&P 50042%67%75%75%46%
Largest fall from a high during the year
ULCC−42%−77%−65%−70%−53%
S&P 500−25%−10%−8%−19%−9%

Worst fall since April 1, 2021: 87% from June 1, 2021 to August 12, 2024. Getting back needed a 672% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$3.10 – $8.06
From 52-week high
−7.8%
vs 50-day average
+29.2%
vs 200-day average
+36.8%
Volatility (1 year)
79%
Beta vs S&P 500
2.45

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±14.7%
After a week
7 up, 4 down
typical move ±15.6%
After a month
6 up, 5 down
typical move ±26.8%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 +17.2% 0.0% — —
July 29, 2026 +12.0% +0.1% +27.7% −5.1%
May 5, 2026 +16.9% +2.2% +15.4% +43.0%
February 11, 2026 −12.0% −1.6% −14.6% −43.5%
January 8, 2026 +12.1% +0.7% +7.4% +34.5%
December 15, 2025 −10.9% −0.4% −11.8% −11.5%
November 5, 2025 +8.1% −0.7% +12.8% +43.6%
August 5, 2025 −18.0% +0.3% +4.9% +26.7%
May 1, 2025 +12.8% +2.2% +25.2% +34.6%
April 10, 2025 −17.4% −2.7% −22.3% +2.0%
February 7, 2025 +24.4% −0.2% +9.4% −28.4%
October 29, 2024 −14.1% −0.1% −20.6% −21.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Frontier Group Holdings, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Frontier Group Holdings, Inc.
$3.5B $4B $4.5B $5B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $3.6B Revenue (TTM), FY24 Q1: $3.6B Revenue (TTM), FY24 Q2: $3.6B Revenue (TTM), FY24 Q3: $3.7B Revenue (TTM), FY24 Q4: $3.8B Revenue (TTM), FY25 Q1: $3.8B Revenue (TTM), FY25 Q2: $3.8B Revenue (TTM), FY25 Q3: $3.7B Revenue (TTM), FY25 Q4: $3.7B Revenue (TTM), FY26 Q1: $3.8B Revenue (TTM), FY26 Q2: $4.2B Revenue (TTM), FY26 Q3: $4.6B $4.6B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $3.6B
FY24 Q1 $3.6B
FY24 Q2 $3.6B
FY24 Q3 $3.7B
FY24 Q4 $3.8B
FY25 Q1 $3.8B
FY25 Q2 $3.8B
FY25 Q3 $3.7B
FY25 Q4 $3.7B
FY26 Q1 $3.8B
FY26 Q2 $4.2B
FY26 Q3 $4.6B
Revenue growth, TTM YoY Frontier Group Holdings, Inc.
-10% 0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 7.9% Revenue growth, TTM YoY, FY24 Q1: 1.0% Revenue growth, TTM YoY, FY24 Q2: -0.4% Revenue growth, TTM YoY, FY24 Q3: 1.7% Revenue growth, TTM YoY, FY24 Q4: 5.2% Revenue growth, TTM YoY, FY25 Q1: 6.0% Revenue growth, TTM YoY, FY25 Q2: 4.6% Revenue growth, TTM YoY, FY25 Q3: 1.8% Revenue growth, TTM YoY, FY25 Q4: -1.4% Revenue growth, TTM YoY, FY26 Q1: -0.5% Revenue growth, TTM YoY, FY26 Q2: 10.0% Revenue growth, TTM YoY, FY26 Q3: 24.0% 24.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 7.9%
FY24 Q1 1.0%
FY24 Q2 -0.4%
FY24 Q3 1.7%
FY24 Q4 5.2%
FY25 Q1 6.0%
FY25 Q2 4.6%
FY25 Q3 1.8%
FY25 Q4 -1.4%
FY26 Q1 -0.5%
FY26 Q2 10.0%
FY26 Q3 24.0%
Operating margin (TTM) Frontier Group Holdings, Inc.
-15% -10% -5% 0% 5% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: -0.1% Operating margin (TTM), FY24 Q1: -0.2% Operating margin (TTM), FY24 Q2: -1.7% Operating margin (TTM), FY24 Q3: 0.3% Operating margin (TTM), FY24 Q4: 1.5% Operating margin (TTM), FY25 Q1: 1.1% Operating margin (TTM), FY25 Q2: -1.5% Operating margin (TTM), FY25 Q3: -4.1% Operating margin (TTM), FY25 Q4: -4.0% Operating margin (TTM), FY26 Q1: -10.1% Operating margin (TTM), FY26 Q2: -9.8% Operating margin (TTM), FY26 Q3: -9.5% -9.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 -0.1%
FY24 Q1 -0.2%
FY24 Q2 -1.7%
FY24 Q3 0.3%
FY24 Q4 1.5%
FY25 Q1 1.1%
FY25 Q2 -1.5%
FY25 Q3 -4.1%
FY25 Q4 -4.0%
FY26 Q1 -10.1%
FY26 Q2 -9.8%
FY26 Q3 -9.5%
FCF margin (TTM) Frontier Group Holdings, Inc.
-20% -15% -10% -5% 0% 5% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: -8.7% FCF margin (TTM), FY24 Q1: -8.7% FCF margin (TTM), FY24 Q2: -8.7% FCF margin (TTM), FY24 Q3: -8.2% FCF margin (TTM), FY24 Q4: -4.2% FCF margin (TTM), FY25 Q1: -5.8% FCF margin (TTM), FY25 Q2: -9.7% FCF margin (TTM), FY25 Q3: -11.1% FCF margin (TTM), FY25 Q4: -16.1% FCF margin (TTM), FY26 Q1: -12.3% FCF margin (TTM), FY26 Q2: -3.9% FCF margin (TTM), FY26 Q3: 0.0% 0.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 -8.7%
FY24 Q1 -8.7%
FY24 Q2 -8.7%
FY24 Q3 -8.2%
FY24 Q4 -4.2%
FY25 Q1 -5.8%
FY25 Q2 -9.7%
FY25 Q3 -11.1%
FY25 Q4 -16.1%
FY26 Q1 -12.3%
FY26 Q2 -3.9%
FY26 Q3 0.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

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

Fiscal year 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 2,508 1,250 2,060 3,326 3,589 3,775 3,724 4,623
EBITDA 355 −332 −79 0 47 130 −58 −236
Operating income 309 −365 −117 −45 −3 58 −149 −439
Net income 251 −225 −102 −37 −11 85 −137 −413
Diluted EPS $1.19 −$1.13 −$0.48 −$0.17 −$0.05 $0.37 −$0.60 −$1.80
Growth (year on year)
Revenue — −50.2% +64.8% +61.5% +7.9% +5.2% −1.4% +24.0%
EBITDA — −193.5% — — — — −144.6% —
Operating income — −218.1% — — — — — —
Net income — −189.6% — — — — −261.2% —
Diluted EPS — −195.0% — — — — −262.2% —
Margins
EBITDA margin 14.2% −26.6% −3.8% 0.0% 1.3% 3.4% −1.6% −5.1%
Operating margin 12.3% −29.2% −5.7% −1.4% −0.1% 1.5% −4.0% −9.5%
Net margin 10.0% −18.0% −5.0% −1.1% −0.3% 2.3% −3.7% −8.9%
Free-cash-flow margin 5.0% −45.8% 9.2% −3.6% −8.7% −4.2% −16.1% 0.0%
Cash flow
Cash from operations 171 −557 216 −78 −261 −82 −525 59
Capital spending 45 16 27 41 51 76 75 57
Free cash flow 126 −573 189 −119 −312 −158 −600 2
Stock-based pay 8 8 11 15 14 16 21 20
Free cash flow after stock pay 118 −581 178 −134 −326 −174 −621 −18
Balance sheet
Cash 768 378 918 761 609 740 671 976
Total debt 0 357 423 431 474 507 620 486
Net debt (negative = net cash) −768 −21 −495 −330 −135 −233 −51 −490
Diluted shares 200m 199m 211m 218m 220m 226m 228m 229m
Returned to shareholders
Dividends 159 0 0 1 1 0 — —
Total returned 159 0 0 1 1 0 — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 7 checks passed · September 30, 2026
What it owns · $7.0bn
Short-term assets $1.4bnLonger-term assets $5.7bn
What it owes, and who funded it · $7.0bn
Short-term liabilities $2.2bnLonger-term liabilities $4.8bnShareholders' equity $37m
  • Short-term assets cover short-term liabilities $1.4bn of assets due within a year against $2.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.4bn short-term assets against $4.8bn of longer-dated liabilities.
  • More cash than debt $976m of cash against $482m of debt.
  • Debt below 40% of shareholders' equity Debt is 1303% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 51% to 1303% over five years.
  • A year's operating cash flow covers at least 20% of debt $59m of operating cash flow against $482m of debt.
  • Operating profit covers interest at least five times over Operating income of −$439m against $46m of interest.

From Frontier Group 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.

Dividends, buybacks and capital spending

Diluted share count
+0.5%
year over year
Days sales outstanding
13 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in passenger airlines
Last 12 months unless stated ULCC SKYW AERO ALGT JBLU ALK Median
Revenue, last 12 months $4.6bn $4.3bn $5.4bn $2.9bn $10.0bn $14.8bn $5.0bn
Revenue growth, last 12 months 24.0% 7.0% −4.6% 12.2% 9.9% 9.8% 11.1%
Revenue growth, 3-year average 8.7% 14.1% — 4.9% 1.0% 12.6% 7.6%
Revenue growth, latest quarter 52.9% 6.4% — 36.9% 21.1% 9.7% 20.2%
Operating margin −9.5% 13.9% 17.3% 4.9% −6.1% −1.5% 0.0%
Operating margin, 3-year average −4.4% 13.7% — −1.6% −5.7% 2.0% −1.6%
Net margin −8.9% 9.7% 6.6% 0.9% −10.0% −1.2% 0.1%
Cash from operations / revenue 1.3% 18.8% 17.0% 14.5% −2.2% 6.9% 7.0%
Free-cash-flow margin 0.0% 17.9% 10.8% 3.6% −11.4% 5.0% −0.1%
Free-cash-flow margin, 3-year average −6.4% 17.6% — −0.8% −13.5% 4.8% −3.2%
Stock pay / revenue 0.4% 0.4% 0.0% 0.7% 0.4% 0.5% 0.4%
Change in share count 0.5% −3.4% — 7.5% 4.7% −8.4% −1.3%

Median of all 16 companies we cover in passenger airlines. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

16 passenger airlines companies
Measure Company Peer median Rank
Revenue growth Growth 24.0% 12.2% 1 of 16
Change in growth rate Growth +14.0pp +4.8pp 3 of 16
Operating margin Profitability -9.5% 1.6% 12 of 16
Net margin Profitability -8.9% 0.9% 12 of 16
Free-cash-flow margin Cash generation 0.0% 0.0% 8 of 16
Stock pay as % of revenue Cash generation 0.4% 0.4% 7 of 13
Long-term debt as % of assets Balance sheet 4.6% 26.9% 2 of 14
Change in share count Balance sheet 0.5% -1.3% 7 of 10
Days sales outstanding Balance sheet 13 days 14 days 2 of 5

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Passenger $3.6B 96.6% ▼ 2.3%
Non Fare Passenger Revenue $2.1B 58.8% ▼ 5.8%
Aircraft Fare $1.5B 41.2% ▲ 3.2%
Other Passenger Revenue $127M 3.4% ▲ 8.5%

From Frontier Group Holdings, Inc.'s 10-K filed February 18, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.1B
Institutions reporting
177
Shares held vs prior quarter
▲ 8.0%
Positions opened / closed
42 / 24

Top buyers and sellers, Q2 2026: 106 institutions bought and 67 sold ; the biggest buyer was Millennium Management LLC (+2.6M shares) and the biggest seller PAR Capital Management Inc (−2.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Indigo Partners LLC $254M 32.1M 23.6% 0.0%
Wildcat Capital Management, LLC $222M 28.1M 20.6% 0.0%
Blackrock, Inc. $47.2M 6.0M 4.4% ▲ 13.0%
U S Global Investors Inc $38.9M 4.9M 3.6% ▼ 27.5%
Two Sigma Investments, LP $37M 4.7M 3.4% ▲ 106.4%
Marshall Wace, LLP $33.3M 4.2M 3.1% ▲ 4.3%
Vanguard Capital Management LLC $28.9M 3.7M 2.7% ▲ 1.8%
Jane Street Group, LLC $28.2M 3.6M 2.6% ▲ 267.1%
Vanguard Portfolio Management LLC $26.7M 3.4M 2.5% ▲ 3.1%
Millennium Management LLC $22.8M 2.9M 2.1% ▲ 924.0%
Dimensional Fund Advisors LP $19.8M 2.5M 1.8% ▲ 1.7%
State Street Corp $19.1M 2.4M 1.8% ▲ 5.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Frontier Group Holdings, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $89.3M 21 trades by 8 insiders · 2% under pre-set plans
Net ▼ $89.3M net selling
Insider Date Trade Shares Price Value
Schuller Steve SVP, Human Resources September 4, 2026 Sell pre-set plan 7,500 $6.00 $45,000
Clerc Alexandre SVP, Customers September 4, 2026 Sell 3,480 $5.71 $19,871
Mitchell Mark Christopher SVP & CFO August 5, 2026 Sell 125,000 $8.09 $1M
Clerc Alexandre SVP, Customers August 4, 2026 Sell 3,068 $8.17 $25,066
Stedke Trevor J. Sr. Vice President, Operations August 4, 2026 Sell 167,277 $8.03 $1.3M
Wetzel Josh A VP & CAO August 4, 2026 Sell 2,000 $8.00 $16,000
Diamond Howard EVP, Legal & Corporate Affairs August 4, 2026 Sell 24,195 $8.25 $199,609
Schuller Steve SVP, Human Resources August 3, 2026 Sell 10,000 $7.55 $75,500
Clerc Alexandre SVP, Customers July 31, 2026 Sell 7,142 $7.13 $50,922
Group Holdings - Frontier Llc 10% owner July 9, 2026 Sell 11,700,000 $7.20 $84.2M
Schuller Steve SVP, Human Resources June 5, 2026 Sell 10,000 $6.00 $60,000
Clerc Alexandre SVP, Customers June 2, 2026 Sell 5,060 $5.93 $30,006

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around February 10, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 29, 2026
  • May 5, 2026
  • February 11, 2026
  • January 8, 2026
  • December 15, 2025

Recent SEC filings

Data status

When each part of this page on Frontier Group Holdings, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Frontier Group Holdings, Inc. in brief

What does Frontier Group Holdings, Inc. do?
Frontier Group Holdings, Inc. is a US-listed company in the passenger airlines industry. Its financial year ends in December.
What is Frontier Group Holdings, Inc.'s stock ticker?
Frontier Group Holdings, Inc. trades under the ticker ULCC on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Frontier Group Holdings, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Frontier Group Holdings, Inc. reported revenue of $4.6B, 24.0% higher than a year earlier, according to its SEC filings.
What is Frontier Group Holdings, Inc.'s free cash flow?
Frontier Group Holdings, Inc.'s free-cash-flow margin is 0.0% of revenue over the trailing twelve months, ranking 8 of the 16 passenger airlines companies we cover.
Who are Frontier Group Holdings, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Indigo Partners LLC, Wildcat Capital Management, LLC and Blackrock, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Frontier Group Holdings, Inc.'s market cap?
On November 2, 2026, Frontier Group Holdings, Inc.'s market capitalisation was about $1.7B and net debt of -$490M. Market figures come from third-party market data and may be delayed.
How much debt does Frontier Group Holdings, Inc. have?
Frontier Group Holdings, Inc.'s debt-to-equity ratio is 1302.7%, from its latest balance sheet (50.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are Frontier Group Holdings, Inc.'s competitors?
In our Passenger Airlines peer group, the companies closest to Frontier Group Holdings, Inc. are Skywest Inc, Grupo Aeromexico, S.a.b. De C.v., Allegiant Travel Co, Jetblue Airways Corp and Alaska AIR Group, Inc. The side-by-side comparison below sets their revenue, margins and growth against Frontier Group Holdings, Inc.'s.
Are insiders buying or selling Frontier Group Holdings, Inc. stock?
Over the last 12 months, Frontier Group Holdings, Inc.'s directors and officers reported 0 open-market purchases and 21 sales on Form 4. The insider trading page charts every trade.
When is Frontier Group Holdings, Inc.'s next earnings date?
Around February 10, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Frontier Group Holdings, Inc. announces its own schedule.