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ALASKA AIR GROUP, INC. ALK

NYSE · stock · Air Transportation, Scheduled · website · IPO 1983-02-23 · LEI

ALASKA AIR GROUP, INC. statistics & valuation

Market cap$6.0B
P / E60.0×
P / S0.4×
P / B1.5×
Net margin0.7%
Return on equity2.4%
Net debt$4.7B
Net debt / EBITDA4.3×
Enterprise value USD$10.7B
EV / EBITDA9.7×
Earnings yield EBIT/EV2.8%
Return on capital2.2%
Graham number -46.5%$25.32

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($25.32); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
13.40% 12.10% 5.30% 8.80% -37.10% 7.70% 0.60% 2.30% 3.40% 0.70% 2016201720182019202020212022202320242025
Gross margin (%)
2016201720182019202020212022202320242025
Operating margin (%)
22.00% 15.20% 7.80% 12.10% -49.80% 11.10% 0.70% 3.80% 4.90% 2.10% 2016201720182019202020212022202320242025
Return on equity (%)
29.00% 27.70% 11.70% 17.80% -44.30% 12.60% 1.50% 5.70% 9.00% 2.40% 2016201720182019202020212022202320242025
Shares outstanding
124.4M 123.9M 124.0M 124.3M 124.2M 126.8M 127.9M 128.7M 128.4M 119.9M 2016201720182019202020212022202320242025
Net debt ($)
$2.64B $2.38B $2.00B $1.28B $2.12B $2.07B $1.82B $2.19B $3.73B $4.68B 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
8.00% 8.90% 4.00% 5.90% -9.40% 3.40% 0.40% 1.60% 2.00% 0.50% 2016201720182019202020212022202320242025
Free cash flow margin (%)
11.90% 7.10% 2.80% 11.70% -12.80% 11.90% -2.60% -4.30% 2016201720182019202020212022202320242025
Debt / equity (×)
1.08× 0.74× 0.56× 0.35× 1.17× 0.67× 0.57× 0.60× 1.13× 1.29× 2016201720182019202020212022202320242025
EPS ($)
$6.41 $7.75 $3.52 $6.19 -$10.72 $3.77 $0.45 $1.83 $3.08 $0.83 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

ALASKA AIR GROUP, INC. trades at about 57.1× earnings — above its 10-year norm (10-year range 8.5×–114.1×, median 18.2×).

8.5× 114.1×

Shaded band = 10-year range (8.5×–114.1×); dot = today's 57.1×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating margin2.1%4.9%3.8%0.7%11.1%-49.8%12.1%7.8%15.2%22.0%
Net margin0.7%3.4%2.3%0.6%7.7%-37.1%8.8%5.3%12.1%13.4%
FCF margin——-4.3%-2.6%11.9%-12.8%11.7%2.8%7.1%11.9%
Return on assets0.5%2.0%1.6%0.4%3.4%-9.4%5.9%4.0%8.9%8.0%
Return on equity2.4%9.0%5.7%1.5%12.6%-44.3%17.8%11.7%27.7%29.0%
Debt / equity1.29×1.13×0.60×0.57×0.67×1.17×0.35×0.56×0.74×1.08×
Current ratio0.500.610.610.680.980.930.640.610.800.81

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.