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Allegiant Travel

ALGT on Nasdaq. Allegiant Travel sells airline flights and travel services to leisure travelers in under-served cities. Market value $2.1bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Industrials stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
5.5%fair

For every $100 of what the whole company costs, it produced $5.50 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
35.5×full

You pay 35.5 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
2.0%five-year median

Each dollar kept in the business earns 2 cents a year. Above 10 is good.

Quality score: 49 of 100. Price score: 37 of 100. Our list needs 70 on quality and 60 on price.

$77.54 a share, 36% above its 1-year low

Over the past year the price has ranged from $57.11 to $123.63.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.3
-0.1
-0.1
0.0
0.1
0.1
2021202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: $117 million in the past 12 months, $75 million in the year to December 2025.

Revenue
$1.7bn$2.3bn$2.5bn$2.5bn$2.6bn
Operating margin
15.4%4.0%8.8%-9.6%1.4%
Debt to equity
1.682.122.042.292.09
Shares outstanding
0.02bn0.02bn0.02bn0.02bn0.03bn

Health checks

  • Free cash flow positive3 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)5 of 7 checks we could run
  • Profit backed by cash (accruals)No
  • Debt2.09× equity
  • Revenue growth, five yearsStrong, 21.4% a year
  • Buying back its own sharesNo, 49% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $943 million last quarter, up 37% on a year ago.
  • A loss of $5 million, compared with a loss of $65 million a year ago.
  • It keeps 5 cents of each $1 of sales as operating profit, after losing 11 cents a year earlier.
  • Spare cash over the past 12 months: $117 million, up from $102 million.
  • 27% more shares than a year ago. Each share owns a bit less of the company.
  • Debt is $2.9 billion more than cash, up from $2.2 billion a year ago.
  • Sales grew on a year ago in 3 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$562m
December 2024$628m
March 2025$699m
June 2025$689m
September 2025$562m
December 2025$656m
March 2026$732m
June 2026$943m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$37m
December 2024-$216m
March 2025$32m
June 2025-$65m
September 2025-$44m
December 2025$32m
March 2026$42m
June 2026-$5m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
26 February 2026
Next quarterly (estimated, 10-Q)
9 November 2026

Who owns it

8 long-term investors we follow own it, up from 7 last quarter. 301 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

7 investors own more than 5%.

  • BlackRock, Inc.
    Passive investor
    12.7%+2.1 pts
    Since 30 June 2026
  • Maurice J. Gallagher, Jr.
    Insider or founder
    11.1%−1.7 pts
    Since 28 February 2026
  • Donald Smith & Co.
    Passive investor
    at least 8.1%−0.9 pts
    (filed with 1 related holder)
    Since 30 June 2026
  • American Century Investment Management, Inc.
    Passive investor
    at least 5.3%
    (filed with 3 related holders)
    Since 30 June 2026
  • 5.2%
    Since 31 March 2026
  • 5.2%−1.8 pts
    Since 30 June 2026
  • 5.0%
    Since 30 June 2026
  • Jeffrey L. Feinberg Personal Trust
    Passive investor
    Sold down below 5%
    Since 9 January 2026
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 2 sold $34m.

  • GALLAGHER MAURICE J JR
    Executive Chairman, Director
    Sold
    Date
    10 February 2026
    Shares
    19,618
    Price
    $113.54
    Value
    $2m
  • GALLAGHER MAURICE J JR
    Executive Chairman, Director
    Sold
    Date
    9 February 2026
    Shares
    105,382
    Price
    $115.13
    Value
    $12m
  • GALLAGHER MAURICE J JR
    Executive Chairman, Director
    Sold
    Date
    6 February 2026
    Shares
    175,000
    Price
    $114.24
    Value
    $20m
  • Morgan Sandra Douglass
    Director
    Sold
    Date
    28 October 2025
    Shares
    350
    Price
    $65.00
    Value
    $22,750

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 10 Aug 2026 and 17 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It carries a lot of debt: 2.1× its equity.
  • It isn't cheap on profits: 35.5× operating profit.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.