# Allegiant Travel (ALGT.US)

Canonical: https://gigainvestors.com/s/ALGT

Analysis as of: 2026-10-16T07:26:22.727Z. Financial observations: FY2002–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $70.40 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 3

- Operating margin variation: 2.06×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.27×

- FY2017: 0.15×

- FY2018: 0.15×

- FY2019: 0.20×

- FY2020: -0.28×

- FY2021: 0.15×

- FY2022: 0.04×

- FY2023: 0.09×

- FY2024: -0.10×

- FY2025: 0.07×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 10.4pp below the typical margin (limit 4pp)

- ROIC, median of available years: 8.7%

- ROIC, second-lowest year: -7.8%

- Typical minus recent gross margin: 10.4 pp

- Typical gross margin (annual median): 25.8%

- Recent gross margin (lower of latest and 3-year median): 15.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 19.5%

- ROIC including acquisitions, ten-year median: -1.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 25.4%

- FY2017: 17.3%

- FY2018: 12.6%

- FY2019: 15.1%

- FY2020: -12.4%

- FY2021: 10.8%

- FY2022: 2.4%

- FY2023: 5.7%

- FY2024: -7.8%

- FY2025: 6.5%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$387M

- Net income, five-year total: -$13M

- Return on incremental invested capital: -4.6%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -1.2 pp

- Working capital / revenue, final three-year average: 1.9%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: $152M

- FY2022: $2.5M

- FY2023: -$218M

- FY2024: -$278M

- FY2025: -$45M

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 17.3% vs 5.7%

- Per-share earnings: 12.99 to -2.48 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.6%

- Ordinary dilution, 5-year annual growth: 2.5%

- Market cap gain: -$1.2B

- Cumulative retained earnings: $205M

- Diluted shares, 10-year annual growth: 0.6%

- Diluted shares, 5-year annual growth: 2.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$15.47

- Per-share value, starting three-year median: $12.99

- Per-share value, ending three-year median: -$2.48

- Buybacks concentrated in cheaper years (correlation): -0.10

- Average buyback yield: 1.5%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: $0

- Cumulative net income, 10 years: $611M

- ROIC, first three-year median: 17.3%

- ROIC, last three-year median: 5.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: $13.32

- FY2017: $12.11

- FY2018: $10.13

- FY2019: $14.47

- FY2020: -$11.51

- FY2021: $8.81

- FY2022: $0.14

- FY2023: $6.53

- FY2024: -$13.46

- FY2025: -$2.48

### accounting: pass

- Sloan accruals: -10.3%

- Receivables to sales index (DSRI): 0.61×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 2.8%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.6%

- FY2017: -9.0%

- FY2018: -7.8%

- FY2019: -6.9%

- FY2020: -12.8%

- FY2021: -9.6%

- FY2022: -6.7%

- FY2023: -6.2%

- FY2024: -12.7%

- FY2025: -10.3%

## Holders

- [Steven Romick](https://gigainvestors.com/FPA): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 62% since Dec 2021 · sales +3.7%

Story as of 2026-10-16T09:58:16.337Z; price observation 2026-10-15.

- 2025-05-19: Allegiant Travel Q1 Above-Consensus Results Backed by Stronger Cost Performance, Morgan Stanley Says ([finance.yahoo.com](https://finance.yahoo.com/news/allegiant-travel-q1-above-consensus-153417863.html))

- 2025-10-01: Air Travel Demand, Fleet Upgrade Aid Allegiant Amid High Labor Costs ([finance.yahoo.com](https://finance.yahoo.com/news/air-travel-demand-fleet-upgrade-141600204.html))

- 2025-11-28: Allegiant (ALGT): Evaluating Valuation After Strong October Traffic Gains, Route Expansion, and Holiday Promotions ([finance.yahoo.com](https://finance.yahoo.com/news/allegiant-algt-evaluating-valuation-strong-071122743.html))

### Sales · FY2024–2025

sales +3.7%; source https://www.sec.gov/Archives/edgar/data/1362468/000136246826000008/algt-20251231.htm; observed 2026-02-26.

- FY2016: $1.4B 

- FY2017: $1.5B 

- FY2018: $1.7B 

- FY2019: $1.8B 

- FY2020: $990M 

- FY2021: $1.7B 

- FY2022: $2.3B 

- FY2023: $2.5B 

- FY2024: $2.5B 

- FY2025: $2.6B 

### Gross margin · FY2025

gross margin 15.4%; source https://www.sec.gov/Archives/edgar/data/1362468/000136246826000008/algt-20251231.htm; observed 2026-02-26.

- FY2016: 34.7% 

- FY2017: 27.1% 

- FY2018: 25.0% 

- FY2019: 29.5% 

- FY2021: 13.6% 

- FY2022: 14.8% 

- FY2023: 26.5% 

- FY2024: 62.4% 

- FY2025: 15.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in airlines; annual sales are USD 2.6 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1362468/000136246826000008/algt-20251231.htm (filed 2026-02-26); FY2025: revenue 2606579000; grossProfit 400671000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); ALGT.US: Allegiant Travel Company, a leisure travel company, provides travel and leisure services and products to residents of under-served cities in the United States. The company offers scheduled air transportation on limited-frequency, nonstop flights between underserved cities and leisure destinations. As of February 1, 2026, it operated a fleet of 106 Airbus A320 series aircraft and 16 Boeing 737 series aircraft. The company also provides air-related services and products in conjunction with air transportation, including larger seats, baggage fees, advance seat assignments, travel protection products, change fees, priority boarding, customer convenience fee, food and beverage purchases on board, and other air-related services, as well as use of its call center for purchases. In addition, it offers third party travel products, such as hotel rooms, rental cars, and travel insurance from a third-party insurer; air transportation services; and charter services on a year-round and ad-hoc basis. Further, the company owns and operates a golf course. Allegiant Travel Company was founded in 1997 and is based in Las Vegas, Nevada.

### Why customers stay

Margins ranged from 15.4% to 62.4% during 2023–25; it earns 8.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 26.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 62.4%.

- Source: https://www.sec.gov/Archives/edgar/data/1362468/000136246826000008/algt-20251231.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 15.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on capital observations [[2016,0.25409709299136213],[2017,0.1733600301226974],[2018,0.1261991603844542],[2019,0.15104193384935916],[2020,-0.12402850142618879],[2021,0.10806960249570248],[2022,0.024043689600572175],[2023,0.05711751176859006],[2024,-0.07765103428332928],[2025,0.06541933113104619]]; median 0.08674446681337433. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 10 years; bought back USD 13.6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2016: growth capex 60288485.20621404; upkeep 139454514.79378596; owner earnings 185351485.20621404. Growth capex / owner earnings = 0.32526572495030015.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2018: growth capex 139738600.72593224; upkeep 195061399.27406776; owner earnings 96091600.72593224. Growth capex / owner earnings = 1.4542228422699277.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2019: growth capex 168181066.1563276; upkeep 337018933.8436724; owner earnings 50950066.156327605. Growth capex / owner earnings = 3.300899858310406.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2021: growth capex 62578000; upkeep 181035000; owner earnings 151853000. Growth capex / owner earnings = 0.41209590854313055.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2022: growth capex 237148000; upkeep 197542000; owner earnings 2493000. Growth capex / owner earnings = 95.12555154432411.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,67540000],[2017,45720000],[2018,45247000],[2019,45552000],[2020,11361000],[2021,0],[2022,0],[2023,22144000],[2024,21934000],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1362468/000136246826000008/algt-20251231.htm (filed 2026-02-26); FY2025: cash repurchases 13588000 USD.

### Are managers owners

Insiders own 10.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); ALGT.US SharesStats.PercentInsiders = 10.111 percentage points; cache date 2026-10-15.

### What the price says

The price is 0.5 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Closing price 70.4 USD; reporting-to-trading FX 1; FY2025 annual sales per share 144.40880886426592; price multiple 0.48750488667329867. FY2025 cash earnings/share -2.4762880886426593. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $137.90 per share

- 2016-11: $163.40 per share

- 2016-12: $166.40 per share

- 2017-01: $172.00 per share

- 2017-02: $174.10 per share

- 2017-03: $160.25 per share

- 2017-04: $145.40 per share

- 2017-05: $137.00 per share

- 2017-06: $135.60 per share

- 2017-07: $129.25 per share

- 2017-08: $118.00 per share

- 2017-09: $131.70 per share

- 2017-10: $136.40 per share

- 2017-11: $152.00 per share

- 2017-12: $154.75 per share

- 2018-01: $159.25 per share

- 2018-02: $166.30 per share

- 2018-03: $172.55 per share

- 2018-04: $160.25 per share

- 2018-05: $151.35 per share

- 2018-06: $138.95 per share

- 2018-07: $123.60 per share

- 2018-08: $136.25 per share

- 2018-09: $126.80 per share

- 2018-10: $114.14 per share

- 2018-11: $134.41 per share

- 2018-12: $100.22 per share

- 2019-01: $130.00 per share

- 2019-02: $132.10 per share

- 2019-03: $129.47 per share

- 2019-04: $146.88 per share

- 2019-05: $140.11 per share

- 2019-06: $143.50 per share

- 2019-07: $149.85 per share

- 2019-08: $141.99 per share

- 2019-09: $149.66 per share

- 2019-10: $167.33 per share

- 2019-11: $169.73 per share

- 2019-12: $174.04 per share

- 2020-01: $168.04 per share

- 2020-02: $135.54 per share

- 2020-03: $81.80 per share

- 2020-04: $78.48 per share

- 2020-05: $106.55 per share

- 2020-06: $109.21 per share

- 2020-07: $112.03 per share

- 2020-08: $128.60 per share

- 2020-09: $119.80 per share

- 2020-10: $134.76 per share

- 2020-11: $170.19 per share

- 2020-12: $189.24 per share

- 2021-01: $181.49 per share

- 2021-02: $252.19 per share

- 2021-03: $244.06 per share

- 2021-04: $235.73 per share

- 2021-05: $221.46 per share

- 2021-06: $194.00 per share

- 2021-07: $190.12 per share

- 2021-08: $192.44 per share

- 2021-09: $195.48 per share

- 2021-10: $175.27 per share

- 2021-11: $173.22 per share

- 2021-12: $187.04 per share

- 2022-01: $178.66 per share

- 2022-02: $174.09 per share

- 2022-03: $162.39 per share

- 2022-04: $155.19 per share

- 2022-05: $149.45 per share

- 2022-06: $113.09 per share

- 2022-07: $115.31 per share

- 2022-08: $96.50 per share

- 2022-09: $72.98 per share

- 2022-10: $75.05 per share

- 2022-11: $82.61 per share

- 2022-12: $67.99 per share

- 2023-01: $86.03 per share

- 2023-02: $102.55 per share

- 2023-03: $91.98 per share

- 2023-04: $103.91 per share

- 2023-05: $97.49 per share

- 2023-06: $126.28 per share

- 2023-07: $123.70 per share

- 2023-08: $88.84 per share

- 2023-09: $76.86 per share

- 2023-10: $66.62 per share

- 2023-11: $68.49 per share

- 2023-12: $82.61 per share

- 2024-01: $78.40 per share

- 2024-02: $72.78 per share

- 2024-03: $75.21 per share

- 2024-04: $54.56 per share

- 2024-05: $53.20 per share

- 2024-06: $50.23 per share

- 2024-07: $56.07 per share

- 2024-08: $42.08 per share

- 2024-09: $55.06 per share

- 2024-10: $65.01 per share

- 2024-11: $81.84 per share

- 2024-12: $94.12 per share

- 2025-01: $102.43 per share

- 2025-02: $73.50 per share

- 2025-03: $51.65 per share

- 2025-04: $46.93 per share

- 2025-05: $55.58 per share

- 2025-06: $54.95 per share

- 2025-07: $51.64 per share

- 2025-08: $62.66 per share

- 2025-09: $60.77 per share

- 2025-10: $62.18 per share

- 2025-11: $76.00 per share

- 2025-12: $85.27 per share

- 2026-01: $88.63 per share

- 2026-02: $102.15 per share

- 2026-03: $81.04 per share

- 2026-04: $75.64 per share

- 2026-05: $91.61 per share

- 2026-06: $117.60 per share

- 2026-07: $98.08 per share

- 2026-08: $76.05 per share

- 2026-09: $75.79 per share

- 2026-10: $70.40 per share

## Annual estimated value (USD per share)

- FY2016: low $115.79 per share, central $157.43 per share, high $181.69 per share

- FY2017: low $48.05 per share, central $58.47 per share, high $64.54 per share

- FY2018: low $104.53 per share, central $139.59 per share, high $160.01 per share

- FY2019: low $99.46 per share, central $109.43 per share, high $122.70 per share

- FY2020: low $60.34 per share, central $62.92 per share, high $66.36 per share

- FY2021: low $106.12 per share, central $122.11 per share, high $131.41 per share

- FY2022: low $89.02 per share, central $94.34 per share, high $101.43 per share

- FY2023: low $45.18 per share, central $45.71 per share, high $46.11 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1362468/000136246826000008/algt-20251231.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.