Tearsheet

Allegiant Travel (ALGT)

Market Price (12/23/2025): $85.42 | Market Cap: $1.5 Bil
Sector: Industrials | Industry: Passenger Airlines

Allegiant Travel (ALGT)

Market Price (12/23/2025): $85.42
Market Cap: $1.5 Bil
Sector: Industrials
Industry: Passenger Airlines

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%	Weak multi-year price returns 2Y Excs Rtn is -40%, 3Y Excs Rtn is -46%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 76%
1	Megatrend and thematic drivers Megatrends include Experience Economy & Premiumization. Themes include Travel & Leisure Tech.	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10%	Weak revenue growth Rev Chg QQuarterly Revenue Change % is 0.0%
2			Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 56%
3			Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -23%
4			Key risks ALGT key risks include [1] its high dependence on fragile leisure travel demand, Show more.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%
1	Megatrend and thematic drivers Megatrends include Experience Economy & Premiumization. Themes include Travel & Leisure Tech.
2	Weak multi-year price returns 2Y Excs Rtn is -40%, 3Y Excs Rtn is -46%
3	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10%
4	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 76%
5	Weak revenue growth Rev Chg QQuarterly Revenue Change % is 0.0%
6	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 56%
7	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -23%
8	Key risks ALGT key risks include [1] its high dependence on fragile leisure travel demand, Show more.

Valuation, Metrics & Events

	12/23/25	2024	2023	2022	2021
Share Price CYE	$85.42	$94.12	$81.12	$65.72	$180.78
Market Cap CYE ($ Bil)	1.5	1.7	1.5	1.2	3.2
Total Debt ($ Bil)	2.1	2.1	2.4	2.2	1.9
Total Cash ($ Bil)	1.0	0.8	0.8	1.0	1.2
Enterprise Value ($ Bil)	2.7	3.8	3.9	3.4	5.1
Valuation Ratios
P/S TTM	0.6	0.7	0.6	0.5	1.9
P/EBIT TTM	-6.1	-8.5	5.6	11.3	12.1
P/E TTM	-5.3	-7.0	12.6	489.8	21.2
P/FCF TTM	176.5	43.9	-14.1	-9.3	10.9
Sector Ratios
P/S TTM (Sector)	1.6	1.5	1.4	1.1	1.6
P/EBIT TTM (Sector)	12.7	11.8	11.2	9.1	12.2
P/E TTM (Sector)	17.1	16.5	15.4	12.1	16.0
P/FCF TTM (Sector)	13.3	13.3	12.1	8.5	13.8

	12/23/25	2024	2023
Share Price CYE	$85.42	$94.12	$81.12
Market Cap CYE ($ Bil)	1.5	1.7	1.5
Total Debt ($ Bil)	2.1	2.1	2.4
Total Cash ($ Bil)	1.0	0.8	0.8
Enterprise Value ($ Bil)	2.7	3.8	3.9
Valuation Ratios
P/S TTM	0.6	0.7	0.6
P/EBIT TTM	-6.1	-8.5	5.6
P/E TTM	-5.3	-7.0	12.6
P/FCF TTM	176.5	43.9	-14.1
Sector Ratios
P/S TTM (Sector)	1.6	1.5	1.4
P/EBIT TTM (Sector)	12.7	11.8	11.2
P/E TTM (Sector)	17.1	16.5	15.4
P/FCF TTM (Sector)	13.3	13.3	12.1

	ALGT	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	2.6
Rev Chg Q	-0.0%	7.3%
Rev Chg LTM	3.3%	6.0%
Rev Chg 3Y Avg	5.8%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	0.2
CFO LTM ($ Bil)	0.4
Net Inc LTM ($ Bil)	-0.3
Op Mgn LTM	6.0%	18.8%
CFO/Rev LTM	14.0%	20.4%
Net Inc Mgn	-11.4%	13.1%
VALUATION	VERY LOW
P/S	0.6	3.2
P/CFO	4.3	15.5
P/FCF	176.5	20.7
P/E	-5.3	23.5
STABILITY	FAIR
Debt/Equity	1.38	0.21
Cash/Assets	0.22	0.07

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Metric	Value	Date	Source
Passengers (Total system)	4600000	9302025	Link
Controllable completion factor	99.9%	9302025	Link
Total aircraft in operating fleet	121	9302025	Link
Routes served	541	11042025	Link
Total cities served	121	11042025	Link
Annual passengers	~17M	11042025	Link
Load factor (Scheduled service)	84.3%	9302025	Link
Available seat miles (ASMs) (Scheduled service)	4.77 billion	9302025	Link
Revenue passenger miles (RPMs) (Scheduled service)	4.02 billion	9302025	Link
Airline operating CASM, excluding fuel (Total system)	8.47 cents	9302025	Link
Average fuel cost per gallon (Total system)	$2.60	9302025	Link
Total passenger revenue per ASM (TRASM) (Scheduled service)	11.19 cents	9302025	Link

Upcoming
2/03/2026	Earnings Release	Rev: $645 Mil (E) EPS: $2.06 (E)

ALGT Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Allegiant Travel (ALGT) experienced significant activity between August 31, 2025, and December 23, 2025. During this period, the stock saw a notable increase of 3.03% in the two weeks leading up to December 19, 2025, with its price at $85.14. The 52-week high was $107.57, and the 52-week low was $39.80 as of December 19, 2025. Analysts held a "Hold" consensus rating for ALGT, with an average price target of $79.55 as of December 19, 2025, representing a forecasted downside of 6.47% from the then-current price of $85.05. Some analysts provided a 2025 price prediction of $75.10. Here are five key points that likely contributed to the stock's movement: 1. Route Network Expansion and Strategic Growth. Allegiant consistently announced new nonstop routes throughout this period, indicating a strategic focus on expanding its network and strengthening its presence in the leisure travel market. In August 2025, Allegiant announced five new nonstop routes, including new service to Huntsville, Alabama, with fares as low as $39, and extended its flight schedule through May 2026. Later, in September 2025, the company announced three new nonstop routes, connecting five U.S. cities, with fares starting at $39, and its stock price increased by 24% over the preceding month, potentially supported by these announcements. In November 2025, Allegiant unveiled 30 new nonstop routes connecting 35 cities, entering four new markets, with new routes launching in the first half of 2026. Furthermore, in December 2025, Allegiant launched new service to Atlantic City, becoming the second scheduled carrier there, and began offering flights between Atlantic City and Orlando Sanford, with additional Florida routes planned for early 2026. This ongoing expansion aimed to connect small-to-medium cities to popular leisure destinations.

2. Strong Passenger Traffic and Demand Trends. Allegiant reported strong passenger traffic results, particularly in August and October 2025, suggesting resilient demand for leisure travel. In August 2025, Allegiant reported a 12.6% increase in scheduled service passengers and a 12.5% increase in total system passengers compared to August 2024. The company's Chief Commercial Officer noted solid demand trends that outperformed initial expectations, providing momentum into the fall and holiday periods. In October 2025, Allegiant reported a 27.4% increase in scheduled service passengers and a 27.6% increase in total system passengers year-over-year.

Show more Allegiant Travel (ALGT) experienced significant activity between August 31, 2025, and December 23, 2025. During this period, the stock saw a notable increase of 3.03% in the two weeks leading up to December 19, 2025, with its price at $85.14. The 52-week high was $107.57, and the 52-week low was $39.80 as of December 19, 2025. Analysts held a "Hold" consensus rating for ALGT, with an average price target of $79.55 as of December 19, 2025, representing a forecasted downside of 6.47% from the then-current price of $85.05. Some analysts provided a 2025 price prediction of $75.10. Here are five key points that likely contributed to the stock's movement: 1. Route Network Expansion and Strategic Growth. Allegiant consistently announced new nonstop routes throughout this period, indicating a strategic focus on expanding its network and strengthening its presence in the leisure travel market. In August 2025, Allegiant announced five new nonstop routes, including new service to Huntsville, Alabama, with fares as low as $39, and extended its flight schedule through May 2026. Later, in September 2025, the company announced three new nonstop routes, connecting five U.S. cities, with fares starting at $39, and its stock price increased by 24% over the preceding month, potentially supported by these announcements. In November 2025, Allegiant unveiled 30 new nonstop routes connecting 35 cities, entering four new markets, with new routes launching in the first half of 2026. Furthermore, in December 2025, Allegiant launched new service to Atlantic City, becoming the second scheduled carrier there, and began offering flights between Atlantic City and Orlando Sanford, with additional Florida routes planned for early 2026. This ongoing expansion aimed to connect small-to-medium cities to popular leisure destinations.

2. Strong Passenger Traffic and Demand Trends. Allegiant reported strong passenger traffic results, particularly in August and October 2025, suggesting resilient demand for leisure travel. In August 2025, Allegiant reported a 12.6% increase in scheduled service passengers and a 12.5% increase in total system passengers compared to August 2024. The company's Chief Commercial Officer noted solid demand trends that outperformed initial expectations, providing momentum into the fall and holiday periods. In October 2025, Allegiant reported a 27.4% increase in scheduled service passengers and a 27.6% increase in total system passengers year-over-year.

3. Q3 2025 Earnings Miss and Raised Full-Year Guidance. On November 4, 2025, Allegiant reported its Q3 2025 earnings, which showed a consolidated net loss of $37.7 million and an adjusted EPS of -$2.09, missing analyst forecasts. The revenue of $561.9 million also fell short of expectations. Following this announcement, the stock dropped by 6.14% in aftermarket trading. However, the company also raised its full-year adjusted consolidated EPS guidance for 2025 to above $3.00, an increase from the prior view of above $2.25. This raised guidance contributed to a 19% increase in Allegiant's stock price since the Q3 earnings release.

4. Positive Analyst Sentiment Despite Hold Ratings. While the consensus analyst rating for Allegiant Travel stock was "Hold" as of December 2025, some analysts provided updated price targets and recommendations. For instance, Raymond James Financial downgraded Allegiant from a "strong-buy" to an "outperform" rating but simultaneously raised its price target from $78.00 to $98.00 in December 2025. UBS Group also reissued a "neutral" rating and increased its target price to $87.00 in December 2025.

5. Customer Appreciation and Industry Recognition. In October 2025, Allegiant celebrated Customer Appreciation Week by giving away nearly $1 million in free flights, vouchers, and travel rewards. The airline was also named 2025's Best Low-Cost Airline in North America by Skytrax, an international air transport rating organization. These initiatives and accolades likely contributed to positive brand perception and customer loyalty, which can indirectly support stock performance. Show less

Stock Movement Drivers

Fundamental Drivers

The 39.0% change in ALGT stock from 9/22/2025 to 12/22/2025 was primarily driven by a 39.4% change in the company's P/S Multiple.

	9222025	12222025	Change
Stock Price ($)	61.45	85.41	39.00%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2578.36	2578.09	-0.01%
P/S Multiple	0.43	0.60	39.44%
Shares Outstanding (Mil)	18.00	18.05	-0.31%
Cumulative Contribution			39.00%

LTM = Last Twelve Months as of date shown

Market Drivers

9/22/2025 to 12/22/2025

	Return	Correlation
ALGT	39.0%
Market (SPY)	2.7%	32.6%
Sector (XLI)	2.6%	38.8%

Fundamental Drivers

The 65.6% change in ALGT stock from 6/23/2025 to 12/22/2025 was primarily driven by a 64.8% change in the company's P/S Multiple.

	6232025	12222025	Change
Stock Price ($)	51.57	85.41	65.62%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2555.26	2578.09	0.89%
P/S Multiple	0.36	0.60	64.75%
Shares Outstanding (Mil)	17.98	18.05	-0.37%
Cumulative Contribution			65.62%

LTM = Last Twelve Months as of date shown

Market Drivers

6/23/2025 to 12/22/2025

	Return	Correlation
ALGT	65.6%
Market (SPY)	14.4%	36.3%
Sector (XLI)	9.6%	40.3%

Fundamental Drivers

The 1.1% change in ALGT stock from 12/22/2024 to 12/22/2025 was primarily driven by a 3.3% change in the company's Total Revenues ($ Mil).

	12222024	12222025	Change
Stock Price ($)	84.47	85.41	1.11%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2495.89	2578.09	3.29%
P/S Multiple	0.61	0.60	-1.36%
Shares Outstanding (Mil)	17.91	18.05	-0.76%
Cumulative Contribution			1.11%

LTM = Last Twelve Months as of date shown

Market Drivers

12/22/2024 to 12/22/2025

	Return	Correlation
ALGT	1.1%
Market (SPY)	16.9%	54.5%
Sector (XLI)	19.2%	55.3%

Fundamental Drivers

The 34.5% change in ALGT stock from 12/23/2022 to 12/22/2025 was primarily driven by a 17.9% change in the company's Total Revenues ($ Mil).

	12232022	12222025	Change
Stock Price ($)	63.50	85.41	34.50%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2187.16	2578.09	17.87%
P/S Multiple	0.52	0.60	14.33%
Shares Outstanding (Mil)	18.01	18.05	-0.20%
Cumulative Contribution			34.50%

LTM = Last Twelve Months as of date shown

Market Drivers

12/23/2023 to 12/22/2025

	Return	Correlation
ALGT	2.9%
Market (SPY)	47.7%	47.4%
Sector (XLI)	42.3%	53.6%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
ALGT Return	9%	-1%	-64%	23%	16%	-10%	-49%
Peers Return	�	�	-32%	-17%	30%	-13%	�
S&P 500 Return	16%	27%	-19%	24%	23%	17%	113%
Monthly Win Rates [3]
ALGT Win Rate	58%	33%	25%	50%	50%	50%
Peers Win Rate	�	39%	40%	42%	60%	50%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
ALGT Max Drawdown	-62%	-14%	-66%	-16%	-55%	-57%
Peers Max Drawdown	�	�	-40%	-38%	-28%	-46%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: ULCC, SNCY, LUV, JBLU, ALK. See ALGT Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/22/2025 (YTD)

How Low Can It Go

Unique Key	Event	ALGT	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-78.8%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	371.1%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-62.7%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	168.4%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	210 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-44.2%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	79.2%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	357 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-55.4%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	124.2%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	112 days	1,480 days

Compare to RJET, AL, JBLU, CAKR, DAL

In The Past

Allegiant Travel's stock fell -78.8% during the 2022 Inflation Shock from a high on 3/15/2021. A -78.8% loss requires a 371.1% gain to breakeven.

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About Allegiant Travel (ALGT)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Allegiant Travel Company, a leisure travel company, provides travel 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 under-served cities and leisure destinations. As of February 14, 2022, it operated a fleet of 110 Airbus A320 series aircraft. The company also provides air-related services and products in conjunction with air transportation, including baggage fees, advance seat assignments, travel protection products, priority boarding, a 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 and ground transportation, such as rental cars and hotel shuttle products; and air transportation services through fixed fee agreements and charter service on a year-round and ad-hoc basis. Further, the company operates a golf course. Allegiant Travel Company was founded in 1997 and is based in Las Vegas, Nevada.

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A flying Carnival Cruise Line.
A no-frills Southwest Airlines for vacationers.

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Scheduled Passenger Air Transportation: Provides low-cost, nonstop air travel primarily from smaller, underserved cities to popular leisure destinations.
Ancillary Air Services: Offers a variety of optional services and amenities for purchase, such as baggage allowance, seat assignments, priority boarding, and in-flight food and beverages.
Vacation Packages: Bundles airfare with hotel accommodations, rental cars, and activity tickets, primarily for leisure travelers seeking complete vacation experiences.

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Allegiant Travel (symbol: ALGT) primarily sells to individuals.

The categories of customers it serves are:

Leisure Travelers/Vacationers: Allegiant's core market consists of individuals and families traveling for leisure, particularly to popular vacation destinations such as Florida, Arizona, and Nevada (Las Vegas). They often seek vacation packages that combine flights with hotels and car rentals.
Price-Sensitive Travelers: As an ultra-low-cost carrier, Allegiant appeals to customers prioritizing affordability and seeking the lowest possible airfares, often willing to forego traditional airline amenities for cost savings.
Residents of Smaller/Underserved Cities: Allegiant strategically serves smaller, regional airports that often lack direct service to popular leisure destinations from major airlines, catering to residents of these communities who desire convenient, non-stop access to vacation spots.

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Allegiant Travel Company's management team includes experienced leaders with diverse backgrounds in the aviation and hospitality industries.

Gregory C. Anderson

CEO, President, and Director Gregory C. Anderson was promoted to Chief Executive Officer in September 2024 and has served as President since August 2022. He was Allegiant's Chief Financial Officer from April 2019 until January 2023 and Executive Vice President from April 2019 until August 2022. Anderson joined Allegiant in 2010 in the accounting department and previously worked in corporate accounting for U.S. Airways and in public accounting for Ernst & Young, with a focus on the commercial aviation sector. He is a certified public accountant.

Robert J. Neal

President, Senior Vice President, and Chief Financial Officer Robert J. Neal was named President in November 2025, while retaining his duties as Chief Financial Officer, a role he assumed in January 2023. He oversees financial and strategic planning, operational and administrative departments, and areas such as investor relations, procurement, fleet operations, and human resources. Neal joined Allegiant in 2007 and has held progressively senior roles, leading capital-raising initiatives and managing the company's cost structure and fleet portfolio. He played a significant role in the company's 2021 order for up to 100 new Boeing 737 aircraft and a $550 million corporate debt refinancing.

Maurice J. Gallagher, Jr.

Executive Chairman of the Board Maurice J. Gallagher, Jr. has been actively involved in Allegiant since becoming its majority owner and joining the board of directors in 2001. He served as Chief Executive Officer from 2003 to September 2024 and was designated Chairman of the Board in 2006. Prior to Allegiant, Mr. Gallagher founded and was involved with other companies. He was a co-founder of ValuJet Airlines, Inc. (a predecessor of AirTran Airways, which was later acquired by Southwest Airlines) and served as an officer and director from 1993 until 1997. From 1983 to 1992, he was a principal owner and executive of WestAir Commuter Airlines. He also founded non-aviation businesses in telecommunications.

Scott D. Sheldon

Executive Vice President Scott D. Sheldon has been the Executive Vice President at Allegiant Travel Company. He previously served as both Chief Operating Officer and Chief Financial Officer, roles he assumed in October 2017. Sheldon joined Allegiant in 2004 as director of accounting and served as principal accounting officer from 2007 to 2010 before his appointment as CFO. Before Allegiant, he worked for the firm Perry-Smith, LLP. Scott Sheldon resigned from his roles as President and Chief Operating Officer, effective April 1, 2023, to pursue entrepreneurial opportunities.

Tracy Tulle

Senior Vice President, Chief Experience Officer Tracy Tulle serves as the Senior Vice President, Chief Experience Officer. In her previous role as Senior Vice President, Flight Crew Operations, she oversaw the flight operations and in-flight services departments and chaired the Customer Experience Leadership Team.

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The key risks to Allegiant Travel (ALGT) primarily stem from its exposure to macroeconomic factors affecting leisure travel, the volatile nature of fuel costs, and its substantial debt burden coupled with operational execution challenges.

Economic Downturn and Fragility of Leisure Travel Demand: Allegiant's business model as an ultra-low-cost carrier (ULCC) is highly dependent on discretionary leisure spending. Economic downturns, macroeconomic uncertainty, or shifts in consumer behavior can lead to reduced travel budgets, impacting demand for budget travel and putting pressure on pricing power and unit revenue (Revenue per Available Seat Mile - RASM). This risk materialized in Q3 2025, with total operating revenue missing estimates and RASM dipping year-over-year, indicating pricing pressure.
Fuel Price Volatility: As with all airlines, Allegiant's narrow profit margins are particularly vulnerable to unpredictable spikes in jet fuel costs. Fluctuations in oil prices can quickly erode profitability, despite conservative fuel price assumptions the company might make.
High Debt Load and Operational Execution Challenges: Allegiant relies heavily on debt to finance its capital-intensive growth, such as aircraft acquisitions, leading to a higher-than-average debt-to-equity ratio compared to the industry. As of Q3 2025, its debt-to-equity ratio stood at approximately 2.09, which makes the company more susceptible to economic downturns or rising interest rates. Furthermore, operational risks related to its ongoing fleet transition and the successful implementation and optimization of new systems like Navitaire can impact capacity growth plans, delay anticipated cost savings, and prolong margin pressures.

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Newer Ultra-Low-Cost Carriers (ULCCs) focusing on underserved markets. Airlines such as Avelo Airlines and Breeze Airways have launched relatively recently (early 2020s) and are expanding networks with business models highly similar to Allegiant's: point-to-point service from smaller or secondary airports to leisure destinations, often bypassing traditional hubs. While Allegiant has long dominated this niche, the rapid growth and strategic alignment of these newer entrants represent an emerging competitive threat to Allegiant's core strategy, potentially leading to increased competition for passengers and routes in their target markets.
The highly competitive landscape of the leisure accommodation sector, particularly from alternative lodging options like short-term rentals (e.g., Airbnb, Vrbo), for their Sunseeker Resort venture. Allegiant's significant investment in and recent opening of the Sunseeker Resort means they have diversified into the hospitality industry. While the resort offers a full-service experience, it directly competes for leisure travelers with a fragmented but powerful market of alternative lodging options. The continued growth and popularity of platforms like Airbnb and Vrbo offer travelers different value propositions that could divert potential guests away from large integrated resorts like Sunseeker, thereby impacting occupancy rates and profitability. For Allegiant, this is an emerging threat as they are now directly exposed to competitive dynamics in the hospitality sector that they previously were not.

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Allegiant Travel Company (ALGT) primarily serves the U.S. leisure travel market through its ultra-low-cost airline operations and bundled vacation packages.

Addressable Markets:

U.S. Leisure Travel Market: The U.S. leisure travel market size reached approximately USD 229.82 billion in 2024. This market is projected to grow to about USD 415.11 billion by 2033, demonstrating a Compound Annual Growth Rate (CAGR) of 6.79% between 2025 and 2033. Total domestic travel spending, with leisure travel accounting for over USD 900 billion, was recorded in 2024.
U.S. Airline Market: The U.S. aviation market, which includes Allegiant's core airline operations, is projected to grow from an estimated USD 84.98 billion in 2024 to USD 122.82 billion by 2035, at a CAGR of 3.75% during the forecast period of 2025–2035. The U.S. and Canada travel market size was estimated at USD 1,537.7 billion in 2024, with the U.S. accounting for over 95% of this market.
U.S. Vacation Packages/Customized Holiday Market: The customized holiday market in the U.S. was valued at USD 134.2 billion in 2024 and is anticipated to exceed USD 463.6 billion by 2034, with a projected CAGR of 13.2% over the forecast period. The U.S. packaged travel segment, which aligns with Allegiant's bundled offerings of flights, hotels, and car rentals, grew to USD 14.5 billion in 2022. The USA Travel Agency Services Industry, encompassing the sale of luxury tour packages and guided tours, is estimated to generate USD 35 billion in 2024 and is projected to reach USD 172 billion by 2035.

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Here are 3-5 expected drivers of future revenue growth for Allegiant Travel (ALGT) over the next 2-3 years:

Network Expansion and Increased Capacity: Allegiant is actively pursuing significant network expansion by adding numerous new nonstop routes and introducing service to new cities, with a particular focus on underserved communities and popular leisure destinations. This strategy aims to meet customer demand and broaden its market presence, with recent announcements including 44 new nonstop routes and three new cities in late 2024 for flights starting in February 2025, and additional routes launching through early 2026. The company anticipates a 9.5% year-over-year growth in System Available Seat Miles (ASMs) for Q4 2025 and planned a 17% increase in overall capacity for 2025.
Growth in Ancillary Revenues: Allegiant expects continued growth from its ancillary products and services. Specifically, the "Allegiant Extra" premium seating product is anticipated to contribute incremental revenue, with its deployment increasing across the fleet. The co-branded credit card program is also a significant and growing source of steady incremental cash flows, with remuneration projected to continue increasing from the $140 million expected in 2025.
Fleet Modernization and Operational Efficiency: The integration of new Boeing 737 MAX aircraft is a key driver. Allegiant expects to have 16 MAX aircraft in service by year-end 2025, with the MAX fleet projected to comprise over 20% of its ASMs in 2026. These new aircraft are expected to drive efficiency, enhance margins, and provide greater earning potential by replacing older models. The company is also focused on increasing peak utilization to achieve nine hours of utilization per aircraft per day during peak periods in 2025, further optimizing its existing assets.
Strong Leisure Demand and Targeted Market Strategy: Allegiant's business model is specifically designed to cater to leisure travelers, connecting secondary and tertiary cities with nonstop flights to vacation hubs. The company's expansion is driven by robust leisure demand, particularly around holidays, summer, weekends, and school breaks. Allegiant's commitment to providing ultra-low-cost airfare to underserved communities also positions it to capture a growing segment of value-driven travelers.

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Share Repurchases

Allegiant repurchased shares worth $6 million in 2024.
The company repurchased shares totaling $11.1 million in the first quarter of 2025.
As of March 31, 2025, approximately $64.7 million remained authorized under the board-approved share repurchase program.

Share Issuance

On May 5, 2021, Allegiant priced an underwritten public offering of 1,350,000 shares of its common stock at $219.00 per share, generating aggregate gross proceeds of $295.65 million.
For the full year 2021, proceeds from the issuance of common stock were reported as $335.1 million, intended for airline growth opportunities, general corporate purposes, aircraft acquisition, and debt repayment.

Outbound Investments

Allegiant opened its Sunseeker Resort Charlotte Harbor on December 15, 2023.
The company sold the Sunseeker Resort on September 4, 2025, for a sale price of $200 million, receiving $189.9 million in cash proceeds.
The sale of Sunseeker Resort in 2025 resulted in total charges of $105.1 million, including a $100.4 million write-down in 2025, following a $321.8 million impairment charge in the fourth quarter of 2024.

Capital Expenditures

Allegiant committed to purchasing 50 new Boeing 737 MAX aircraft in December 2021, with deliveries scheduled from 2023 to 2025, and held options for an additional 50 aircraft.
Capital expenditures totaled $274.9 million for the nine months ended September 30, 2024, and increased to $334.1 million for the nine months ended September 30, 2025.
The estimated full-year capital expenditures for 2025 are approximately $435 million, primarily focused on integrating the new 737 MAX fleet, which is expected to comprise over 20% of available seat miles (ASMs) in 2026.

Better Bets than Allegiant Travel (ALGT)

INDUSTRY: Passenger Airlines

LATAM Airlines

UAL (8.8%)

United Airlines

AAL (5.6%)

American Airlines

LUV (3.5%)

Southwest Airlines

SECTOR: Industrials

Higher Rev Chg 3Y Avg | Lower P/S (Values for ALGT: 5.8% | 0.6x)

AAL (6.5% | 0.2x)

American Airlines

ALK (16.5% | 0.4x)

Alaska Air

GXO (13.7% | 0.5x)

GXO Logistics

CNXC (17.9% | 0.3x)

Concentrix

RXO (10.0% | 0.4x)

RXO

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ALGT: 5.8% | 10.0x)

DAL (10.8% | 7.7x)

Delta Air Lines

UAL (13.2% | 7.3x)

United Airlines

LTM (17.3% | 7.6x)

LATAM Airlines

AAL (6.5% | 4.8x)

American Airlines

BAH (10.0% | 9.6x)

Booz Allen Hamilton

Higher Rev Chg LTM (Value for ALGT: 3.3%)

UBER (18.2%)

Uber Technologies

GE (17.7%)

GE Aerospace

BA (10.2%)

Boeing

GEV (9.4%)

GE Vernova

RTX (8.8%)

RTX

Higher Rev Chg 3Y Avg (Value for ALGT: 5.8%)

UBER (19.6%)

Uber Technologies

GE (15.7%)

GE Aerospace

BA (10.1%)

Boeing

ETN (9.7%)

Eaton

RTX (9.4%)

RTX

Higher Op Mgn LTM (Value for ALGT: 6.0%)

UNP (40.6%)

Union Pacific

GE (20.5%)

GE Aerospace

CAT (17.7%)

Caterpillar

RTX (10.3%)

RTX

UBER (9.2%)

Uber Technologies

Higher CFO/Rev LTM (Value for ALGT: 14.0%)

UNP (39.6%)

Union Pacific

UBER (18.1%)

Uber Technologies

CAT (17.8%)

Caterpillar

GE (17.2%)

GE Aerospace

DE (16.7%)

Deere

Higher FCF/Rev LTM (Value for ALGT: 0.3%)

UBER (17.5%)

Uber Technologies

GE (14.7%)

GE Aerospace

CAT (11.7%)

Caterpillar

GEV (6.6%)

GE Vernova

RTX (5.5%)

RTX

Higher Total Yield (Value for ALGT: -19.0%)

UBER (9.8%)

Uber Technologies

CAT (4.4%)

Caterpillar

RTX (4.0%)

RTX

GE (2.4%)

GE Aerospace

GEV (1.1%)

GE Vernova

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for ALGT: 5.8% | 0.6x)

MCK (12.6% | 0.3x)

McKesson

CVS (7.7% | 0.3x)

CVS Health

GM (8.6% | 0.4x)

General Motors

ELV (8.4% | 0.4x)

Elevance Health

CI (13.6% | 0.3x)

Cigna

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ALGT: 5.8% | 10.0x)

ENB (8.6% | 9.1x)

Enbridge

CVS (7.7% | 9.2x)

CVS Health

GM (8.6% | 9.7x)

General Motors

PYPL (6.7% | 9.0x)

PayPal

OKE (16.4% | 7.8x)

ONEOK

Higher Rev Chg LTM (Value for ALGT: 3.3%)

NVDA (65.2%)

NVIDIA

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AMZN (10.9%)

Amazon.com

AAPL (6.0%)

Apple

Higher Rev Chg 3Y Avg (Value for ALGT: 5.8%)

NVDA (91.6%)

NVIDIA

META (17.3%)

Meta Platforms

MSFT (13.2%)

Microsoft

AMZN (11.3%)

Amazon.com

GOOGL (11.0%)

Alphabet

Higher Op Mgn LTM (Value for ALGT: 6.0%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

AMZN (11.4%)

Amazon.com

Higher CFO/Rev LTM (Value for ALGT: 14.0%)

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

AMZN (18.1%)

Amazon.com

Higher FCF/Rev LTM (Value for ALGT: 0.3%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

AMZN (2.0%)

Amazon.com

Higher Total Yield (Value for ALGT: -19.0%)

MSFT (3.6%)

Microsoft

GOOGL (3.6%)

Alphabet

AMZN (2.9%)

Amazon.com

AAPL (2.8%)

Apple

NVDA (2.2%)

NVIDIA

		Best Bets In Industrials Sector
	ALGT	GATX	VRSK	PAYX	ADT	AGX	PCTY	TDG	FTV	VRRM	CSW
What You Pay
P/E	-5.3	20.0	33.4	25.9	10.4	39.0	38.0	36.5	30.6	70.3	36.5
P/EBIT	-6.1	9.6	22.8	17.8	5.2	39.0	27.3	18.0	14.9	20.8	28.1
What You Get
Rev Chg Q	-0.0%	8.4%	5.9%	18.3%	4.4%	-2.3%	12.5%	11.5%	2.3%	16.1%	21.5%
Rev Chg LTM	3.3%	10.7%	7.3%	12.4%	6.3%	13.5%	13.3%	11.2%	27.9%	8.5%	14.9%
Rev Chg 3Y Avg	5.8%	10.3%	13.4%	7.9%	3.4%	26.9%	21.4%	17.7%	9.4%	9.1%	11.3%
FCF/Rev 3Y Avg	-1.7%	39.2%	33.2%	32.6%	24.7%	24.5%	21.5%	21.0%	20.1%	19.0%	18.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 16%, alpha of 4.2%, and sharpe of 0.76

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Allegiant Travel Earnings Notes
2	Is Allegiant Travel Stock Built to Withstand a Pullback?	Return
3	ALGT Dip Buy Analysis
4	Allegiant Travel Total Shareholder Return (TSR): 17.6% in 2024 and -18.9% 3-yr compounded annual returns (below peer average)
5	Day 0 of Loss Streak for Allegiant Travel Stock with 0% Return (vs. -22% YTD) [3/1/2025]	Notification
6	Allegiant Travel (ALGT) Operating Cash Flow Comparison	Financials
7	Allegiant Travel (ALGT) Net Income Comparison	Financials
8	Allegiant Travel (ALGT) Operating Income Comparison	Financials
9	Allegiant Travel (ALGT) Revenue Comparison	Financials
10	Allegiant Travel vs. S&P500 Correlation	Correlation

	Title
0	ARTICLES

Trade Ideas

Select ideas related to ALGT. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CNM_11212025_Dip_Buyer_FCFYield	11212025	CNM	Core & Main	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	18.0%	18.0%	-1.6%
VRRM_11212025_Dip_Buyer_FCFYield	11212025	VRRM	Verra Mobility	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.7%	3.7%	-1.2%
LII_11212025_Dip_Buyer_ValueBuy	11212025	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	6.8%	6.8%	0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	ADP	Automatic Data Processing	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	2.6%	2.6%	-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%	11212025	CW	Curtiss-Wright	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	3.6%	3.6%	-0.4%
ALGT_9302023_Dip_Buyer_High_CFO_Margins_ExInd_DE	09302023	ALGT	Allegiant Travel	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-0.4%	-29.2%	-51.3%
ALGT_5312022_Dip_Buyer_ValueBuy	05312022	ALGT	Allegiant Travel	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-46.3%	-34.8%	-57.5%

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AAOI	Applied Optoelectronics	2.5	30.8%	6.1%

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AAOI	Applied Optoelectronics	2.5	100.6%	6.1%
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RZLT	Rezolute	0.2	-78.8%	-58.2%
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KOS	Kosmos Energy	0.5	-26.5%	-71.8%

Peer Comparisons for Allegiant Travel

Peers to compare with:

Financials

	ALGT	ULCC	SNCY	LUV	JBLU	ALK	Median
Name	Allegian.	Frontier	Sun Coun.	Southwes.	JetBlue .	Alaska A.
Mkt Price	85.41	5.06	14.95	42.24	4.96	53.48	28.59
Mkt Cap	1.5	1.2	0.8	22.1	1.8	6.2	1.7
Rev LTM	2,578	3,729	1,106	27,551	9,095	14,141	6,412
Op Inc LTM	154	-153	110	315	-222	603	132
FCF LTM	9	-519	135	-250	-1,354	-54	-152
FCF 3Y Avg	-44	-347	56	-1,019	-1,156	-292	-319
CFO LTM	362	-347	169	2,024	-160	1,338	265
CFO 3Y Avg	373	-228	158	1,917	153	1,196	266

Growth & Margins

	ALGT	ULCC	SNCY	LUV	JBLU	ALK	Median
Name	Allegian.	Frontier	Sun Coun.	Southwes.	JetBlue .	Alaska A.
Rev Chg LTM	3.3%	1.8%	4.3%	0.6%	-2.5%	31.5%	2.5%
Rev Chg 3Y Avg	5.8%	7.5%	10.0%	6.8%	2.3%	16.5%	7.1%
Rev Chg Q	-0.0%	-5.2%	2.4%	1.1%	-1.8%	22.6%	0.6%
QoQ Delta Rev Chg LTM	-0.0%	-1.3%	0.6%	0.3%	-0.5%	5.2%	0.1%
Op Mgn LTM	6.0%	-4.1%	10.0%	1.1%	-2.4%	4.3%	2.7%
Op Mgn 3Y Avg	7.3%	-0.8%	10.4%	0.3%	-1.0%	6.9%	3.6%
QoQ Delta Op Mgn LTM	-0.2%	-2.6%	-0.3%	-0.0%	-0.9%	-1.7%	-0.6%
CFO/Rev LTM	14.0%	-9.3%	15.3%	7.3%	-1.8%	9.5%	8.4%
CFO/Rev 3Y Avg	14.8%	-6.2%	14.8%	7.3%	1.5%	10.3%	8.8%
FCF/Rev LTM	0.3%	-13.9%	12.2%	-0.9%	-14.9%	-0.4%	-0.6%
FCF/Rev 3Y Avg	-1.7%	-9.4%	5.1%	-3.8%	-12.4%	-2.7%	-3.3%

Valuation

	ALGT	ULCC	SNCY	LUV	JBLU	ALK	Median
Name	Allegian.	Frontier	Sun Coun.	Southwes.	JetBlue .	Alaska A.
Mkt Cap	1.5	1.2	0.8	22.1	1.8	6.2	1.7
P/S	0.6	0.3	0.7	0.8	0.2	0.4	0.5
P/EBIT	-6.1	-9.2	6.9	35.9	-28.2	14.9	0.4
P/E	-5.3	-8.5	13.6	58.3	-3.8	41.1	4.9
P/CFO	4.3	-3.3	4.7	10.9	-11.3	4.6	4.4
Total Yield	-19.0%	-11.8%	7.3%	3.5%	-26.0%	2.4%	-4.7%
Dividend Yield	-0.0%	0.0%	0.0%	1.8%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	-3.6%	-32.5%	10.0%	-5.9%	-60.1%	-5.8%	-5.9%
D/E	1.4	4.4	0.7	0.2	5.2	1.0	1.2
Net D/E	0.8	3.9	0.5	0.1	3.8	0.7	0.7

Returns

	ALGT	ULCC	SNCY	LUV	JBLU	ALK	Median
Name	Allegian.	Frontier	Sun Coun.	Southwes.	JetBlue .	Alaska A.
1M Rtn	30.5%	33.5%	24.1%	28.8%	18.4%	35.3%	29.6%
3M Rtn	39.0%	-5.9%	21.1%	30.8%	-1.8%	-2.4%	9.6%
6M Rtn	65.6%	44.4%	37.5%	33.2%	21.0%	12.0%	35.4%
12M Rtn	1.1%	-25.0%	-0.3%	29.8%	-33.3%	-19.0%	-9.7%
3Y Rtn	34.5%	-51.6%	-6.3%	25.3%	-23.1%	23.5%	8.6%
1M Excs Rtn	33.1%	30.1%	26.8%	30.4%	16.4%	36.2%	30.2%
3M Excs Rtn	34.5%	-5.8%	16.5%	23.4%	-5.1%	-4.5%	6.0%
6M Excs Rtn	45.2%	21.3%	17.2%	20.4%	3.3%	-5.0%	18.8%
12M Excs Rtn	-11.5%	-34.1%	-12.8%	15.9%	-46.3%	-31.5%	-22.1%
3Y Excs Rtn	-45.8%	-133.3%	-92.4%	-55.3%	-103.1%	-54.3%	-73.9%

Comparison Analyses

	Title
0	Allegiant Travel Company vs. SkyWest: With Return Forecast Of 7.6%, Allegiant Travel Company Is A Better Bet
1	SAVE Could Deliver 0.0% Returns And Outperform ALGT
2	Allegiant Travel Company vs. CoStar Group: Similar Revenue, But CoStar Group Is A Better Bet
3	Allegiant Travel Company vs. Ansys: Similar Revenue, But Ansys Is A Better Bet
4	Allegiant Travel Company vs. Veeva Systems: Similar Revenue, But Veeva Systems Is A Better Bet

FDIC Bank Data

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/6/2025	3/3/2025	2/29/2024	2/27/2023	3/1/2022	3/1/2021	2/27/2020
Key Financials
Total Revenue	2,578	2,513	2,510	2,302	1,708	990	1,841
EBITDA	3	61	490	306	446	-127	534
Operating Income	154	128	250	126	277	25	364
Net Income	-293	-240	118	2	152	-184	232
EPS	-16.29	-13.49	6.32	0.14	8.69	-11.53	14.27
Growth Rates
Total Revenue Growth	3.3%	0.1%	9.0%	34.8%	72.5%	-46.2%	10.4%
EBITDA Growth	-99.1%	-87.6%	60.4%	-31.5%	450.9%	-123.8%	39.6%
Operating Income Growth	85.0%	-48.7%	97.7%	-54.4%	994.5%	-93.0%	49.5%
Net Income Growth	-1027.9%	-304.3%	4617.0%	-98.4%	182.5%	-179.3%	43.5%
Margins
EBITDA Margin	0.1%	2.4%	19.5%	13.3%	26.1%	-12.8%	29.0%
Operating Income Margin	6.0%	5.1%	9.9%	5.5%	16.2%	2.6%	19.8%
Net Income Margin	-11.4%	-9.6%	4.7%	0.1%	8.9%	-18.6%	12.6%
Cash & Debt
Total Cash	957	781	815	955	1,183	685	458
Total Debt	2,126	2,150	2,363	2,212	1,877	1,776	1,446
Net Debt / (Cash)	1,169	1,368	1,548	1,257	694	1,090	988
Cash Flows
Net Cash from Operations	362	338	423	303	538	235	442
Free Cash from Operations	9	38	-105	-132	295	-47	-65
Returns to Shareholders
Dividends	-0	22	22	-0	-0	11	46
Share Repurchases	14	6	30	30	-0	34	19

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/6/2025	8/6/2025	5/7/2025	3/3/2025	11/5/2024	8/6/2024	5/9/2024	2/29/2024	11/8/2023	8/7/2023	5/8/2023	2/27/2023
Key Financials Quarterly
Total Revenue	562	689	699	628	562	666	656	611	565	684	650	612
Ebitda	42	11	140	-190	48	111	91	81	50	199	160	150
Operating Income	-24	50	63	64	-18	53	29	19	15	122	93	88
Net Income	-44	-65	32	-216	-37	14	-1	-2	-25	88	56	52
EPS	-2.41	-3.62	1.74	-12.00	-2.05	0.75	-0.07	-0.13	-1.44	4.80	3.09	2.87
Key Financials TTM
Total Revenue TTM	2,578	2,578	2,555	2,513	2,496	2,499	2,517	2,510	2,510	2,505	2,451	2,302
Ebitda TTM	3	9	109	61	332	334	422	490	559	533	411	306
Operating Income TTM	154	160	163	128	83	116	185	250	319	308	212	126
Net Income TTM	-293	-286	-207	-240	-26	-14	61	118	172	151	67	2
Growth Rates Quarterly
Total Revenue Growth	-0.0%	3.5%	6.5%	2.7%	-0.6%	-2.6%	1.0%	-0.1%	0.9%	8.6%	29.9%	23.1%
EBITDA Growth	-12.3%	-90.0%	52.5%	-333.4%	-5.2%	-44.1%	-42.7%	-45.8%	110.4%	157.2%	193.7%	85.6%
Operating Income Growth	-35.1%	-4.9%	122.3%	230.2%	-218.9%	-56.6%	-69.4%	-78.0%	249.0%	365.2%	1164.6%	99.0%
Net Income Growth	-18.4%	-575.7%	3593.1%	-10954.7%	-46.8%	-84.5%	-101.6%	-103.7%	46.0%	1930.0%	812.5%	390.3%
Margins Quarterly
EBITDA Margin	7.4%	1.6%	20.0%	-30.2%	8.5%	16.7%	13.9%	13.3%	8.9%	29.1%	24.6%	24.5%
Operating Income Margin	-4.2%	7.3%	9.1%	10.2%	-3.1%	8.0%	4.3%	3.2%	2.6%	17.9%	14.3%	14.5%
Net Income Margin	-7.8%	-9.5%	4.6%	-34.4%	-6.5%	2.1%	-0.1%	-0.3%	-4.4%	12.9%	8.6%	8.6%
Cash & Debt
Total Cash	957	843	879	781	759	792	810	815	935	977	1,008	955
Total Debt	2,126	2,034	2,091	2,150	2,277	2,313	2,348	2,363	2,394	2,271	2,216	2,212
Net Debt / (Cash)	1,169	1,191	1,213	1,368	1,517	1,521	1,538	1,548	1,459	1,294	1,208	1,257
Cash Flows Quarterly
FCF from Operations	-6	92	191	84	17	69	168	54	23	131	215	81
Cash Flows TTM
FCF from Operations TTM	362	385	362	338	308	313	375	423	451	422	342	303
Returns to Shareholders Quarterly
Dividends	0	0	0	-0	0	11	11	11	11	0	0	0
Share Repurchases	1	0	11	1	2	3	0	13	1	3	12	30
Return on Invested Capital (ROIC) Quarterly
ROIC	-6.8%	12.5%	16.0%	14.4%	-3.9%	10.6%	5.1%	5.0%	3.4%	28.7%	23.3%	22.4%
Return on Invested Capital (ROIC) TTM
ROIC TTM	10.2%	10.4%	10.5%	7.3%	5.0%	7.2%	8.7%	11.9%	16.6%	17.9%	13.0%	5.1%

Segment Financials

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Airline	4,213	4,047	3,872	3,215	2,830
Sunseeker	656	464	119	37	133
Other non- airline				8	47
Total	4,869	4,511	3,991	3,259	3,011

Price Behavior

Price Behavior

Market Price	$85.41
Market Cap ($ Bil)	1.5
First Trading Date	12/08/2006
Distance from 52W High	-18.9%
	50 Days	200 Days
DMA Price	$71.52	$59.03
DMA Trend	down	up
Distance from DMA	19.4%	44.7%
	3M	1YR
Volatility	68.4%	67.8%
Downside Capture	118.99	199.17
Upside Capture	265.00	170.72
Correlation (SPY)	32.9%	54.6%

ALGT Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	2.89	2.00	1.72	2.62	1.89	1.73
Up Beta	-1.12	0.55	1.14	2.94	1.93	1.93
Down Beta	1.45	2.63	2.42	2.33	1.76	1.59
Up Capture	732%	334%	210%	357%	280%	384%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	9	20	31	59	119	363
Down Capture	258%	141%	116%	217%	143%	110%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	10	21	31	65	128	385

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of ALGT With Other Asset Classes (Last 1Y)
	ALGT	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	2.0%	17.0%	14.7%	67.3%	6.8%	-0.5%	-16.6%
Annualized Volatility	67.5%	19.0%	19.7%	19.3%	15.2%	17.6%	35.4%
Sharpe Ratio	0.29	0.69	0.57	2.54	0.23	-0.18	-0.25
Correlation With Other Assets		55.3%	54.7%	-2.9%	13.0%	39.4%	34.9%

ETFs used for asset classes: Sector ETF = XLI, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of ALGT With Other Asset Classes (Last 5Y)
	ALGT	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-12.5%	14.1%	15.0%	18.9%	11.8%	5.1%	35.8%
Annualized Volatility	52.9%	17.2%	17.1%	15.5%	18.7%	18.9%	48.9%
Sharpe Ratio	-0.05	0.66	0.71	0.98	0.51	0.18	0.63
Correlation With Other Assets		54.1%	49.0%	-2.0%	9.1%	41.6%	24.0%

Based On 10-Year Data

		Comparison of ALGT With Other Asset Classes (Last 10Y)
	ALGT	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-5.7%	13.5%	14.9%	14.9%	6.7%	5.5%	69.9%
Annualized Volatility	49.9%	19.9%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.08	0.60	0.71	0.84	0.30	0.23	0.90
Correlation With Other Assets		56.7%	51.6%	-1.6%	14.1%	47.1%	15.4%

Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	1,838,657
Short Interest: % Change Since 11152025	-1.6%
Average Daily Volume	322,817
Days-to-Cover Short Interest	5.70
Basic Shares Quantity	18,050,000
Short % of Basic Shares	10.2%

Returns Analyses

	Title
0	Is Allegiant Travel Stock Built to Withstand a Pullback?
1	Allegiant Travel Stock Return Comparison
2	Allegiant Travel Total Shareholder Return (TSR): -63.6% in 2022 and -26.8% 3-yr returns (below peer average)
3	Allegiant Travel Company (ALGT) Stock Return: AI Predicts ALGT Average and Excess Return After a Fall or Rise

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/4/2025	25.1%	15.0%	42.4%
8/4/2025	0.6%	0.9%	35.5%
5/6/2025	3.7%	18.1%	11.1%
2/4/2025	-15.3%	-13.6%	-36.7%
10/30/2024	3.3%	17.3%	30.0%
7/31/2024	-11.1%	-30.2%	-24.3%
5/7/2024	-1.5%	10.0%	-0.3%
2/5/2024	7.4%	8.3%	3.0%
...
SUMMARY STATS
# Positive	15	16	12
# Negative	8	7	11
Median Positive	4.0%	7.8%	24.9%
Median Negative	-2.4%	-7.8%	-6.2%
Max Positive	25.1%	18.1%	46.1%
Max Negative	-15.3%	-30.2%	-36.7%

	Forward Returns
11/4/2025	25.1%	15.0%	42.4%
8/4/2025	0.6%	0.9%	35.5%
5/6/2025	3.7%	18.1%	11.1%
2/4/2025	-15.3%	-13.6%	-36.7%
10/30/2024	3.3%	17.3%	30.0%
7/31/2024	-11.1%	-30.2%	-24.3%
5/7/2024	-1.5%	10.0%	-0.3%
2/5/2024	7.4%	8.3%	3.0%
11/2/2023	-2.3%	-7.5%	9.3%
5/3/2023	11.8%	7.4%	-0.3%
2/1/2023	21.2%	14.0%	23.7%
11/2/2022	3.7%	2.6%	13.4%
8/3/2022	-2.5%	-8.9%	-18.0%
5/4/2022	1.0%	-7.8%	-4.7%
2/2/2022	-0.6%	3.7%	-11.0%
10/27/2021	-2.2%	3.0%	-2.5%
7/28/2021	2.3%	-3.5%	-3.3%
5/4/2021	1.6%	-2.7%	-6.2%
2/3/2021	13.5%	11.9%	26.2%
10/28/2020	11.0%	6.9%	43.4%
7/29/2020	-2.9%	0.4%	14.6%
5/12/2020	6.1%	13.3%	46.1%
1/29/2020	4.0%	5.3%	-16.5%
SUMMARY STATS
# Positive	15	16	12
# Negative	8	7	11
Median Positive	4.0%	7.8%	24.9%
Median Negative	-2.4%	-7.8%	-6.2%
Max Positive	25.1%	18.1%	46.1%
Max Negative	-15.3%	-30.2%	-36.7%

SEC Filings

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Report Date	Filing Date	Filing
9302025	11062025	10-Q 9/30/2025
6302025	8062025	10-Q 6/30/2025
3312025	5072025	10-Q 3/31/2025
12312024	3032025	10-K 12/31/2024
9302024	11052024	10-Q 9/30/2024
6302024	8062024	10-Q 6/30/2024
3312024	5092024	10-Q 3/31/2024
12312023	2292024	10-K 12/31/2023
9302023	11082023	10-Q 9/30/2023
6302023	8072023	10-Q 6/30/2023
3312023	5082023	10-Q 3/31/2023
12312022	2272023	10-K 12/31/2022
9302022	11032022	10-Q 9/30/2022
6302022	8042022	10-Q 6/30/2022
3312022	5052022	10-Q 3/31/2022
12312021	3012022	10-K 12/31/2021

Insider Activity

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	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	Morgan Sandra Douglass		10302025	Sell	65.00	350	22,750	711,750	Form

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Allegiant Travel (ALGT)

Market Price (12/23/2025): $85.42 | Market Cap: $1.5 BilSector: Industrials | Industry: Passenger Airlines

Allegiant Travel (ALGT)

Market Price (12/23/2025): $85.42Market Cap: $1.5 BilSector: IndustrialsIndustry: Passenger Airlines

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

ALGT Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Allegiant Travel (ALGT)

Gregory C. Anderson

Robert J. Neal

Maurice J. Gallagher, Jr.

Scott D. Sheldon

Tracy Tulle

Addressable Markets:

Interactive Breakdown

Better Bets than Allegiant Travel (ALGT)

INDUSTRY: Passenger Airlines

Higher Rev Chg 3Y Avg | Lower P/S (Values for ALGT: 5.8% | 0.6x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ALGT: 5.8% | 10.0x)

Higher Rev Chg LTM (Value for ALGT: 3.3%)

Higher Rev Chg 3Y Avg (Value for ALGT: 5.8%)

Higher Op Mgn LTM (Value for ALGT: 6.0%)

Higher CFO/Rev LTM (Value for ALGT: 14.0%)

Higher FCF/Rev LTM (Value for ALGT: 0.3%)

Higher Total Yield (Value for ALGT: -19.0%)

SECTOR: Industrials

Higher Rev Chg 3Y Avg | Lower P/S (Values for ALGT: 5.8% | 0.6x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ALGT: 5.8% | 10.0x)

Higher Rev Chg LTM (Value for ALGT: 3.3%)

Higher Rev Chg 3Y Avg (Value for ALGT: 5.8%)

Higher Op Mgn LTM (Value for ALGT: 6.0%)

Higher CFO/Rev LTM (Value for ALGT: 14.0%)

Higher FCF/Rev LTM (Value for ALGT: 0.3%)

Higher Total Yield (Value for ALGT: -19.0%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for ALGT: 5.8% | 0.6x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ALGT: 5.8% | 10.0x)

Higher Rev Chg LTM (Value for ALGT: 3.3%)

Higher Rev Chg 3Y Avg (Value for ALGT: 5.8%)

Higher Op Mgn LTM (Value for ALGT: 6.0%)

Higher CFO/Rev LTM (Value for ALGT: 14.0%)

Higher FCF/Rev LTM (Value for ALGT: 0.3%)

Higher Total Yield (Value for ALGT: -19.0%)

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Market Price (12/23/2025): $85.42 | Market Cap: $1.5 Bil
Sector: Industrials | Industry: Passenger Airlines

Market Price (12/23/2025): $85.42
Market Cap: $1.5 Bil
Sector: Industrials
Industry: Passenger Airlines