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Alaska Air Group (ALK) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Alaska Air Group
NYSE•Industrials•Airlines
$39.68-0.23(-0.01%)Pre-market
Market Cap
$4.51B
P/S
0.3x
P/B
1.2x

Alaska Air Group, Inc., through its subsidiaries, operates airlines. It operates through three segments: Alaska Airlines, Hawaiian Airlines, and Regional. The company offers scheduled air transportation services on Boeing jet aircraft for passengers and cargo; and Horizon's and other third-party carriers scheduled air transportation services. It operates in the United States, Canada, Mexico, Costa Rica, Guatemala, Belize, the Bahamas, the South Pacific, Australia, New Zealand, and Asia. Alaska Air Group, Inc. was founded in 1932 and is based in Seattle, Washington.

D

How this company scores

WeakMetricSide Score: 32/100

Grade capped at D — Interest coverage below 1× (-0.7x) — earnings cannot cover interest. Strongest: Growth (13/25); weakest: Cash & Earnings Quality (5/25).

Profitability9/25
Growth13/25
Balance Sheet & Red Flags5/25
Cash & Earnings Quality5/25
Strengths
Consistent growthImproving marginsNo share dilution
Grade capped at D
  • Interest coverage below 1× (-0.7x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 53.5x5y range 13.7x – 582.4x
P/E 53.5x · above its 19-quarter median

Currently above its 19-quarter median.

P/S · 0.3x5y range 0.3x – 1.5x
P/S 0.3x · below its 20-quarter median

Currently below its 20-quarter median.

P/B · 1.2x5y range 1.0x – 2.1x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

Operating margins dropped 145.9% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

Earnings Quality

Red Flag

FCF consistently trails net income (avg -5.8x) — earnings may be inflated by non-cash items or aggressive accounting.

Price & Volume
Market Cap $4.51B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue
$14.76B
7Q
Q. Revenue
$4.07B
10%
TTM EBITDA
$589.00M
2Q
TTM Op. Income
$-224.00M
2Q
Q. Op. Income
$-168.00M
161%
TTM Net Income
$-175.00M
6Q
Q. Net Income
$-76.00M
144%
EPS
$-0.68
147%
Shares Out.
$111.13M
2Q
$14.76B in TTM revenue grew 9.8% YoY, reaching $4.07B last quarter. TTM EBITDA of $589.00M and TTM operating income of $-224.00M show growth is flowing through to the bottom line. However, net income is negative at $175.00M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin
1.0%
93%
Op. Margin
-4.1%
155%
Net Margin
-1.9%
140%
Op. margin of -4.1% is down 11.6% YoY — costs are rising relative to revenue. Net margin at -1.9% Over the past year, operating margin is down 155% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio
N/A
219%
P/S Ratio
0.3x
30%
P/B Ratio
1.2x
18%
P/S of 0.3x and P/B of 1.2x. P/S is low relative to typical market levels. Over the past year, P/E is up 219% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets
$21.25B
7%
Cash
$1.06B
42%
Long-Term Debt
$5.72B
29%
Book Value
$3.67B
2Q
D/E Ratio
1.6
3Q
Debt/EBITDA
146.8
3Q
With $21.25B in assets and $5.72B in long-term debt, D/E is 1.6and book value is $3.67B — moderate leverage. Across the last 8 quarters, debt/equity has risen for 3 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow
$185.00M
51%
TTM Free Cash Flow
$-747.00M
3Q
FCF Margin
-5.1%
4Q
FCF / Net Income
4.3
87%
TTM FCF of $-747.00M on $185.00M in operating cash flow. The FCF / Net Income ratio of 4.3x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has fallen for 3 consecutive quarters — a weakening trend.

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· near its 20-quarter median

Currently near its 20-quarter median.

Leverage Risk

Watch

Debt-to-equity has risen 38.2% recently — increasing financial risk even if the current ratio is manageable.

Cash Burn

Watch

FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.