Alaska Air Group
ALK on NYSE. Alaska Air Group sells airline flights and cargo to travelers and businesses. Market value $4.4bn.
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
See Industrials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $16.71 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns 5 cents a year. Above 10 is good.
Quality score: 60 of 100. Price score: 33 of 100. Our list needs 70 on quality and 60 on price.
$39.19 a share, 19% above its 1-year low
Over the past year the price has ranged from $33.03 to $60.63.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $6.2bn | $9.6bn | $10.4bn | $11.7bn | $14.2bn |
| Operating margin | |||||
| Operating margin | 11.1% | 0.7% | 3.8% | 4.9% | 2.1% |
| Debt to equity | |||||
| Debt to equity | 0.67 | 0.57 | 0.63 | 1.14 | 1.35 |
| Shares outstanding | |||||
| Shares outstanding | 0.13bn | 0.13bn | 0.13bn | 0.12bn | 0.11bn |
Health checks
- Free cash flow positive3 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt1.35× equity
- Revenue growth, five yearsStrong, 31.9% a year
- Buying back its own sharesYes, 12% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $4.1 billion last quarter, up 10% on a year ago.
- A loss of $76 million, after a profit of $172 million a year ago.
- It loses 2 cents on each $1 of sales, after keeping 4 cents a year earlier.
- Spare cash over the past 12 months: $731 million, down from $952 million.
- 8% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $5 billion more than cash, up from $4.2 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $3.1bn |
| December 2024 | $3.5bn |
| March 2025 | $3.1bn |
| June 2025 | $3.7bn |
| September 2025 | $3.8bn |
| December 2025 | $3.6bn |
| March 2026 | $3.3bn |
| June 2026 | $4.1bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $236m |
| December 2024 | $71m |
| March 2025 | -$166m |
| June 2025 | $172m |
| September 2025 | $73m |
| December 2025 | $21m |
| March 2026 | -$193m |
| June 2026 | -$76m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 12 February 2026
- Next quarterly (estimated, 10-Q)
- 3 November 2026
Who owns it
6 long-term investors we follow own it, unchanged from 6 last quarter. 488 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Causeway Capital ManagementSarah Ketterer | $166m | 1.8% | Added |
| Semper AugustusChristopher Bloomstran | $94m | 10.6% | Added |
| Gotham Asset ManagementJoel Greenblatt | $29m | <0.1% | Added |
| LSV Asset ManagementJosef Lakonishok | $18m | <0.1% | Added |
| Heartland AdvisorsBill Nasgovitz | $1m | <0.1% | Cut |
| Auxier Asset ManagementJeff Auxier | $382,730 | <0.1% | Cut |
Largest holders overall
- BlackRock$606m
- Dimensional Fund Advisors LP$339mAdded
- American Century Companies$278mAdded
- Vanguard Capital Management$260m
- Vanguard Portfolio Management$259mCut
- State Street$186mAdded
- Capital World Investors$181m
- Frontier Capital Management$177m
- Primecap Management$168m
- Causeway Capital Management$166mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- BlackRock, Inc.Passive investor8.4%Since 31 March 2025
- Dimensional Fund Advisors LPPassive investor5.1%Since 30 June 2025
- Vanguard Capital ManagementPassive investor5.1%Since 31 March 2026
- FMR LLCPassive investorat least 3.1%−2.5 pts(filed with 1 related holder)Since 31 March 2026
- Victory Capital Management, Inc.Passive investorSold down below 5%Since 30 September 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 8.4% | 31 March 2025 | |
Dimensional Fund Advisors LP Passive investor | 5.1% | 30 June 2025 | |
Vanguard Capital Management Passive investor | 5.1% | 31 March 2026 | |
FMR LLC Passive investor | at least 3.1%−2.5 pts (filed with 1 related holder) | 31 March 2026 | |
Victory Capital Management, Inc. Passive investor | Sold down below 5% | 30 September 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $1m of shares on the open market. 3 sold $3m.
- MINICUCCI BENITOCEO AND PRESIDENT, DirectorBought
- Date
- 20 August 2026
- Shares
- 25,000
- Price
- $40.06
- Value
- $1m
- HARRISON ANDREW REVP AND CCOSold
- Date
- 3 August 2026
- Shares
- 5,300
- Price
- $49.67
- Value
- $263,256
- HARRISON ANDREW REVP AND CCOSold
- Date
- 18 February 2026
- Shares
- 5,500
- Price
- $56.63
- Value
- $311,465
- TACKETT SHANE REVP AND CFOSold
- Date
- 18 February 2026
- Shares
- 24,000
- Price
- $57.15
- Value
- $1m
- HARRISON ANDREW REVP AND CCOSold
- Date
- 13 February 2026
- Shares
- 14,500
- Price
- $54.81
- Value
- $794,745
- LEVINE KYLE BEVP Corp Pub Aff & Chf Leg OffSold
- Date
- 9 February 2026
- Shares
- 2,945
- Price
- $60.02
- Value
- $176,759
- TACKETT SHANE REVP AND CFOSold
- Date
- 5 February 2026
- Shares
- 10,000
- Price
- $55.00
- Value
- $550,000
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 20 August 2026 | MINICUCCI BENITO CEO AND PRESIDENT, Director | Bought | 25,000 | $40.06 | $1m |
| 3 August 2026 | HARRISON ANDREW R EVP AND CCO | Sold | 5,300 | $49.67 | $263,256 |
| 18 February 2026 | HARRISON ANDREW R EVP AND CCO | Sold | 5,500 | $56.63 | $311,465 |
| 18 February 2026 | TACKETT SHANE R EVP AND CFO | Sold | 24,000 | $57.15 | $1m |
| 13 February 2026 | HARRISON ANDREW R EVP AND CCO | Sold | 14,500 | $54.81 | $794,745 |
| 9 February 2026 | LEVINE KYLE B EVP Corp Pub Aff & Chf Leg Off | Sold | 2,945 | $60.02 | $176,759 |
| 5 February 2026 | TACKETT SHANE R EVP AND CFO | Sold | 10,000 | $55.00 | $550,000 |
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 12 Feb 2026, plus the 10-Q filed 4 Aug 2026 and 10 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
Cheap for a reason is the question the numbers cannot answer.
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
Your first deep dive is free.
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.