Tearsheet

JetBlue Airways (JBLU)


Market Price (9/18/2025): $5.08 | Market Cap: $1.8 Bil
Sector: Industrials | Industry: Passenger Airlines

JetBlue Airways (JBLU)


Market Price (9/18/2025): $5.08
Market Cap: $1.8 Bil
Sector: Industrials
Industry: Passenger Airlines

Investment Highlights

0 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -44%
Weak multi-year price returns
2Y Excs Rtn is -45%, 3Y Excs Rtn is -100%
Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -138 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1.5%
1  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 15%
Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 347%
2   Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 262x
3   Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.9%, Rev Chg QQuarterly Revenue Change % is -3.0%
4   Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -14%
5   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 -26%
0 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -44%
1 Weak multi-year price returns
2Y Excs Rtn is -45%, 3Y Excs Rtn is -100%
2 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 15%
3 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -138 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1.5%
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 347%
5 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 262x
6 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.9%, Rev Chg QQuarterly Revenue Change % is -3.0%
7 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -14%
8 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 -26%

Market Valuation

 9/18/252024202320222021
Share Price CYE$5.08$7.86$5.55$6.48$14.24
Market Cap CYE ($ Bil)1.82.81.92.14.6
Total Debt ($ Bil)9.49.15.44.44.8
Total Cash ($ Bil)3.13.61.61.42.8
Enterprise Value ($ Bil)8.211.97.36.59.4
Valuation Ratios     
P/S TTM0.20.30.20.20.8
P/EBIT TTM262.2-5.0-12.9-7.3-63.8
P/E TTM-4.8-3.4-6.0-5.8-24.9
Sector Ratios     
P/S TTM (Sector)1.71.41.41.11.6
P/EBIT TTM (Sector)11.310.210.08.312.1
P/E TTM (Sector)16.613.713.911.215.6
 9/18/2520242023
Share Price CYE$5.08$7.86$5.55
Market Cap CYE ($ Bil)1.82.81.9
Total Debt ($ Bil)9.49.15.4
Total Cash ($ Bil)3.13.61.6
Enterprise Value ($ Bil)8.211.97.3
Valuation Ratios   
P/S TTM0.20.30.2
P/EBIT TTM262.2-5.0-12.9
P/E TTM-4.8-3.4-6.0
Sector Ratios   
P/S TTM (Sector)1.71.41.4
P/EBIT TTM (Sector)11.310.210.0
P/E TTM (Sector)16.613.713.9

Business Description

JetBlue Airways Corporation provides air passenger transportation services. As of December 31, 2021, the company operated a fleet of 63 Airbus A321 aircraft, 8 Airbus A220 aircraft, 21 Airbus A321neo aircraft, 130 Airbus A320 aircraft, and 60 Embraer E190 aircraft. It also served 107 destinations in the 31 states in the United States, the District of Columbia, the Commonwealth of Puerto Rico, the U.S. Show more

Price Returns Compared

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 202020212022202320242025Total [1]
Returns
JBLU Return-22%-2%-54%-14%42%-35%-73%
Peers Return-33%1%-20%4%60%-7%-15%
S&P 500 Return16%27%-19%24%23%12%104%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: DAL, UAL, LUV, AAL, ALK. See JBLU Returns vs. Peers.
[3] 2025 data is for the year up to 9/17/2025 (YTD)

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Financials

JBLUDALUALLUVAALALKMedian
NameJetBlue .Delta Ai.United A.Southwes.American.Alaska A. 
Mkt Price5.0758.82105.5132.1212.4858.4945.30
Mkt Cap1.838.234.217.38.27.012.8
Rev LTM9,13861,92457,98627,47254,25013,44740,861
Op Inc LTM-1385,7855,4043182,7448061,775
FCF LTM-1,2452,3324,044-2731,563-8778
FCF 3Y Avg-1,0941,4141,670-1,171904-341281
CFO LTM-477,4039,6491,8504,0941,4272,972
CFO 3Y Avg2086,9278,0611,9003,4851,1772,692

Growth & Margins

JBLUDALUALLUVAALALKMedian
NameJetBlue .Delta Ai.United A.Southwes.American.Alaska A. 
Rev Chg LTM-1.9%3.0%4.2%1.6%1.5%27.8%2.3%
Rev Chg 3Y Avg5.4%14.7%18.8%9.3%10.8%18.6%12.8%
Rev Chg Q-3.0%-0.1%1.7%-1.5%0.4%27.9%0.2%
QoQ Delta Rev Chg LTM-0.8%-0.0%0.4%-0.4%0.1%6.4%0.0%
Op Mgn LTM-1.5%9.3%9.3%1.2%5.1%6.0%5.5%
Op Mgn 3Y Avg-0.2%9.5%9.5%0.7%6.6%7.2%6.9%
QoQ Delta Op Mgn LTM-0.3%-0.3%-0.4%-0.6%-0.4%-1.5%-0.4%
CFO/Rev LTM-0.5%12.0%16.6%6.7%7.5%10.6%9.1%
CFO/Rev 3Y Avg2.1%11.7%14.7%7.3%6.5%10.3%8.8%
FCF/Rev LTM-13.6%3.8%7.0%-1.0%2.9%-0.1%1.4%
FCF/Rev 3Y Avg-11.8%2.3%3.0%-4.5%1.7%-3.3%-0.8%

Valuation

JBLUDALUALLUVAALALKMedian
NameJetBlue .Delta Ai.United A.Southwes.American.Alaska A. 
Mkt Cap1.838.234.217.38.27.012.8
P/S0.20.60.60.60.20.50.6
P/EBIT261.76.06.125.93.211.58.8
P/E-4.78.510.444.114.522.212.4
P/CFO-39.05.23.59.32.04.94.2
Total Yield-21.1%12.3%9.7%4.7%6.9%4.5%5.8%
Dividend Yield0.0%0.5%0.0%2.5%0.0%0.0%0.0%
FCF Yield 3Y Avg-58.1%4.5%6.8%-6.2%9.0%-5.6%-0.5%
D/E5.10.61.00.34.50.90.9
Net D/E3.50.50.50.13.50.60.6

Returns

JBLUDALUALLUVAALALKMedian
NameJetBlue .Delta Ai.United A.Southwes.American.Alaska A. 
1M Rtn-2.1%-3.7%3.1%3.2%-5.2%1.9%-0.1%
3M Rtn23.7%24.1%42.0%3.7%18.0%24.8%23.9%
6M Rtn-10.4%24.0%41.8%-3.3%8.7%8.1%8.4%
12M Rtn-11.8%27.5%100.4%15.5%11.7%42.7%21.5%
3Y Rtn-36.0%87.7%181.5%-1.0%-9.2%31.8%15.4%
1M Excs Rtn-4.5%-6.1%0.7%0.8%-7.6%-0.4%-2.5%
3M Excs Rtn10.1%14.4%32.9%-7.0%7.9%14.9%12.3%
6M Excs Rtn-26.0%11.4%30.3%-17.3%-4.8%-5.8%-5.3%
12M Excs Rtn-32.0%14.4%92.8%-2.8%-0.6%23.1%6.9%
3Y Excs Rtn-100.1%21.3%108.4%-71.9%-74.3%-35.7%-53.8%

Financials

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Air transportation services9,6159,158   
Other  428224308
Passenger  5,6092,7337,786
Total9,6159,1586,0372,9578,094


Price Behavior

Short Interest

Short Interest: As Of Date8292025
Short Interest: Shares Quantity53,813,769
Short Interest: % Change Since 8152025-1.5%
Average Daily Volume14,123,466
Days-to-Cover Short Interest3.81
Basic Shares Quantity361,300,000
Short % of Basic Shares14.9%

Earnings Returns History

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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/29/20256.7%-0.5%22.0%
4/29/20252.7%14.7%28.3%
1/28/2025-25.7%-25.3%-17.3%
10/29/2024-17.1%-22.0%-19.3%
7/30/202412.3%-9.8%-18.0%
4/23/2024-18.8%-21.4%-24.5%
1/30/2024-4.7%1.5%16.7%
10/31/2023-10.5%2.4%6.0%
...
SUMMARY STATS   
# Positive81013
# Negative161411
Median Positive4.6%2.9%14.9%
Median Negative-5.9%-6.5%-17.3%
Max Positive12.3%14.7%70.7%
Max Negative-25.7%-25.3%-24.7%

SEC Filings

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Report DateFiling DateFiling
6302025729202510-Q 6/30/2025
3312025429202510-Q 3/31/2025
12312024214202510-K 12/31/2024
93020241029202410-Q 9/30/2024
6302024730202410-Q 6/30/2024
3312024425202410-Q 3/31/2024
12312023212202410-K 12/31/2023
93020231031202310-Q 9/30/2023
6302023801202310-Q 6/30/2023
3312023428202310-Q 3/31/2023
12312022227202310-K 12/31/2022
93020221102202210-Q 9/30/2022
6302022805202210-Q 6/30/2022
3312022429202210-Q 3/31/2022
12312021222202210-K 12/31/2021
93020211101202110-Q 9/30/2021

Insider Activity

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 OwnerTitleFiling DateActionPriceSharesTransacted
Value
Value of
Held Shares
Form
0Hurley Ursula LChief Financial Officer2192025Sell7.5015,000112,500313,748Form
1Mittal Nik2052025Buy6.1486,244529,452630,395Form