Frontier Group Holdings, Inc. key statistics and ratios

In fiscal 2025, Frontier Group Holdings, Inc. had return on equity of -25.0%, an operating margin of -4.0%, debt equal to 126.3% of equity and a current ratio of 0.46. 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.

Frontier Group Holdings, Inc.: financial ratios, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
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%
Return on equity	46.3%	−52.8%	−24.3%	−7.1%	−2.2%	15.3%	−25.0%	−156.4%
Return on assets	—	−6.3%	−2.6%	−0.8%	−0.2%	1.5%	−2.0%	−5.8%
Asset turnover	—	0.35	0.53	0.76	0.76	0.68	0.56	0.65
Current ratio	—	0.65	0.78	0.66	0.53	0.53	0.46	0.62
Debt to equity	0.0%	115.2%	79.8%	84.7%	93.5%	83.9%	126.3%	>999%
Interest cover (operating income ÷ interest)	—	—	—	n/m	n/m	1.6x	n/m	n/m
Effective tax rate	22.8%	—	—	—	—	1.2%	—	—
Capital spending as % of revenue	1.8%	1.3%	1.3%	1.2%	1.4%	2.0%	2.0%	1.2%
Free cash flow ÷ net income	50.2%	—	—	—	—	−185.9%	—	—
Dividends ÷ net income	63.3%	—	—	—	—	0.0%	—	—
Dividends and buybacks ÷ free cash flow	126.2%	—	0.0%	—	—	—	—	—

US$ thousands unless shown otherwise. Fiscal quarters.

Frontier Group 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	4.5%	−5.0%	−8.1%	−8.7%	4.9%	−28.5%	−7.6%	−8.0%
Net margin	5.4%	−4.7%	−7.5%	−8.7%	5.3%	−27.4%	−7.0%	−7.7%
Free-cash-flow margin	7.3%	−11.4%	−17.9%	−24.5%	−11.3%	2.8%	10.8%	−3.8%
Current ratio	0.53	0.49	0.41	0.40	0.46	0.49	0.58	0.62
Debt to equity	83.1%	88.9%	110.7%	153.9%	125.1%	262.6%	372.1%	>999%

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

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.

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.

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Figures from Frontier Group Holdings, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Frontier Group Holdings, Inc.