Republic Airways Holdings
RJET on Nasdaq. Republic flies regional passenger flights for American, Delta, and United. Market value $799m.
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
Nothing stands out yet.
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 $-4.59 of spare cash in the past 12 months. A savings account pays about $4.
You pay 10.0 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns -9 cents a year. Above 10 is good.
Quality score: 48 of 100. Price score: 66 of 100. Our list needs 70 on quality and 60 on price.
$17.06 a share, 11% above its 1-year low
Over the past year the price has ranged from $15.37 to $26.70.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $37 million in the past 12 months, a shortfall of $75 million in the year to December 2025.
| Revenue | |||||
| Revenue | $504m | $531m | $498m | $476m | $1.7bn |
| Operating margin | |||||
| Operating margin | 12.5% | -34.8% | -16.9% | -13.8% | 10.0% |
| Debt to equity | |||||
| Debt to equity | 1.33 | 2.32 | 2.98 | 2.86 | 0.82 |
| Shares outstanding | |||||
| Shares outstanding | 0.04bn | 0.04bn | 0.04bn | 0.04bn | 0.05bn |
Health checks
- Free cash flow positive2 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 8 checks we could run
- Profit backed by cash (accruals)No
- Debt0.82× equity
- Revenue growth, five yearsStrong, 23.9% a year
- Buying back its own sharesNo, 29% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $571 million last quarter, up 41% on a year ago.
- Profit: $31 million, down 17% on a year ago.
- It keeps 9 cents of each $1 of sales as operating profit, after losing 46 cents a year earlier.
- Over the past 12 months it spent $37 million more cash than it brought in, compared with $38 million a year earlier.
- 16% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $946 million more than cash, up from $70 million a year ago.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $115m |
| December 2024 | $103m |
| March 2025 | $395m |
| June 2025 | $406m |
| September 2025 | $91m |
| December 2025 | $1.1bn |
| March 2026 | $527m |
| June 2026 | $571m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$25m |
| December 2024 | -$112m |
| March 2025 | $27m |
| June 2025 | $37m |
| September 2025 | -$14m |
| December 2025 | $128m |
| March 2026 | $27m |
| June 2026 | $31m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 19 March 2026
- Next quarterly (estimated, 10-Q)
- 30 October 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 60 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Donald Smith & Co.Jon Hartsel | $6m | 0.1% | Added |
Largest holders overall
- United Airlines Holdings$220m
- American Airlines Group$205m
- Delta Air Lines$142m
- Contrarian Capital Management, L.L.C.$91mCut
- Owl Creek Asset Management, L.P.$90m
- BlackRock$23mAdded
- PAR Capital Management$11m
- Geode Capital Management$9mAdded
- Donald Smith & Co.$6mAdded
- Vanguard Capital Management$5mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
7 investors own more than 5%.
- at least 22.3%+4.1 pts(filed with 1 related holder)Since 3 February 2026
What they said
Item 4 of the Schedule 13D is hereby amended and supplemented as follows: On February 3, 2026, pursuant to the terms of the Three Party Agreement (as defined and described in Amendment No. 3), the amount of Escrow Shares payable to United in exchange for the forgiveness and…
Read the filing - at least 20.8%(filed with 1 related holder)Since 25 November 2025
What they said
Merger Item 3 above includes a description of the Merger and is incorporated by reference to this Item 4. Registration Rights Agreement In connection with the Merger, American entered into a Registration Rights Agreement (the "Registration Rights Agreement") with the Issuer and…
Read the filing - Delta Air Lines, Inc.Passive investor14.4%Since 25 November 2025
- Contrarian Capital Management, L.L.C.Passive investorat least 9.5%(filed with 1 related holder)Since 31 December 2025
- Embraer S.A.Passive investorat least 8.8%(filed with 3 related holders)Since 25 November 2025
- Owl Creek Asset Management, L.P.Passive investorat least 8.8%(filed with 1 related holder)Since 31 December 2025
- PAR Investment Partners, L.P.Passive investorat least 6.2%+1.0 pts(filed with 2 related holders)Since 30 September 2025
| Holder | Stake | Since | |
|---|---|---|---|
at least 22.3%+4.1 pts (filed with 1 related holder) | 3 February 2026 | What they saidItem 4 of the Schedule 13D is hereby amended and supplemented as follows: On February 3, 2026, pursuant to the terms of the Three Party Agreement (as defined and described in Amendment No. 3), the amount of Escrow Shares payable to United in exchange for the forgiveness and… Read the filing | |
at least 20.8% (filed with 1 related holder) | 25 November 2025 | What they saidMerger Item 3 above includes a description of the Merger and is incorporated by reference to this Item 4. Registration Rights Agreement In connection with the Merger, American entered into a Registration Rights Agreement (the "Registration Rights Agreement") with the Issuer and… Read the filing | |
Delta Air Lines, Inc. Passive investor | 14.4% | 25 November 2025 | |
Contrarian Capital Management, L.L.C. Passive investor | at least 9.5% (filed with 1 related holder) | 31 December 2025 | |
Embraer S.A. Passive investor | at least 8.8% (filed with 3 related holders) | 25 November 2025 | |
Owl Creek Asset Management, L.P. Passive investor | at least 8.8% (filed with 1 related holder) | 31 December 2025 | |
PAR Investment Partners, L.P. Passive investor | at least 6.2%+1.0 pts (filed with 2 related holders) | 30 September 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
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.