Frontier Group Holdings
ULCC on Nasdaq. Frontier Airlines sells plane tickets to travelers in the United States and nearby countries. Market value $1.4bn.
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 $-11.40 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 -20 cents a year. Above 10 is good.
Quality score: 41 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$6.25 a share, 107% above its 1-year low
Over the past year the price has ranged from $3.02 to $8.40.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $164 million in the past 12 months, a shortfall of $600 million in the year to December 2025.
| Revenue | |||||
| Revenue | $2.1bn | $3.3bn | $3.6bn | $3.8bn | $3.7bn |
| Operating margin | |||||
| Operating margin | -5.7% | -1.4% | -0.1% | 1.5% | -4.0% |
| Debt to equity | |||||
| Debt to equity | 0.80 | 0.85 | 0.93 | 0.84 | 1.26 |
| Shares outstanding | |||||
| Shares outstanding | 0.22bn | 0.22bn | 0.23bn | 0.23bn | 0.23bn |
Health checks
- Free cash flow positive1 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)0 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt1.26× equity
- Revenue growth, five yearsStrong, 16.0% a year
- Buying back its own sharesNo, 6% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $1.3 billion last quarter, up 38% on a year ago.
- A loss of $90 million, compared with a loss of $70 million a year ago.
- It loses 10 cents on each $1 of sales, compared with 2 cents a year earlier.
- Over the past 12 months it spent $164 million more cash than it brought in, compared with $367 million a year earlier.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- It has $444 million more cash than debt. A year ago debt was $2 million more than cash.
- Sales grew on a year ago in 2 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $935m |
| December 2024 | $1.0bn |
| March 2025 | $912m |
| June 2025 | $929m |
| September 2025 | $886m |
| December 2025 | $997m |
| March 2026 | $992m |
| June 2026 | $1.3bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $26m |
| December 2024 | $54m |
| March 2025 | -$43m |
| June 2025 | -$70m |
| September 2025 | -$77m |
| December 2025 | $53m |
| March 2026 | -$272m |
| June 2026 | -$90m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 18 February 2026
- Next quarterly (estimated, 10-Q)
- 28 October 2026
Who owns it
2 long-term investors we follow own it, up from 1 last quarter. 178 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Boston PartnersBoston Partners team | $474,690 | <0.1% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $92,531 | <0.1% | New |
Largest holders overall
- Indigo Partners$254m
- Wildcat Capital Management$222m
- BlackRock$47mAdded
- U S Global Investors$39mCut
- TWO Sigma Investments, LP$37mAdded
- Marshall Wace, LLP$33mAdded
- Vanguard Capital Management$29m
- Jane Street Group$28mAdded
- Vanguard Portfolio Management$27mAdded
- Millennium Management$23mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- Group Holdings - Frontier LLCPassive investor9.9%Since 9 July 2026
| Holder | Stake | Since | |
|---|---|---|---|
Group Holdings - Frontier LLC Passive investor | 9.9% | 9 July 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. 7 sold $5m, $2m of it under preset trading plans.
- Schuller SteveSVP, Human ResourcesSoldunder a preset trading plan
- Date
- 4 September 2026
- Shares
- 7,500
- Price
- $6.00
- Value
- $45,000
- Clerc AlexandreSVP, CustomersSold
- Date
- 4 September 2026
- Shares
- 3,480
- Price
- $5.71
- Value
- $19,871
- Mitchell Mark ChristopherSVP & CFOSold
- Date
- 5 August 2026
- Shares
- 125,000
- Price
- $8.09
- Value
- $1m
- Wetzel Josh AVP & CAOSold
- Date
- 4 August 2026
- Shares
- 2,000
- Price
- $8.00
- Value
- $16,000
- Stedke Trevor J.Sr. Vice President, OperationsSold
- Date
- 4 August 2026
- Shares
- 167,277
- Price
- $8.03
- Value
- $1m
- Diamond HowardEVP, Legal & Corporate AffairsSold
- Date
- 4 August 2026
- Shares
- 24,195
- Price
- $8.25
- Value
- $199,609
- Clerc AlexandreSVP, CustomersSold
- Date
- 4 August 2026
- Shares
- 3,068
- Price
- $8.17
- Value
- $25,078
- Schuller SteveSVP, Human ResourcesSold
- Date
- 3 August 2026
- Shares
- 10,000
- Price
- $7.55
- Value
- $75,537
- Clerc AlexandreSVP, CustomersSold
- Date
- 31 July 2026
- Shares
- 7,142
- Price
- $7.13
- Value
- $50,923
- Schuller SteveSVP, Human ResourcesSold
- Date
- 5 June 2026
- Shares
- 10,000
- Price
- $6.00
- Value
- $60,000
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 4 September 2026 | Schuller Steve SVP, Human Resources | Sold under a preset trading plan | 7,500 | $6.00 | $45,000 |
| 4 September 2026 | Clerc Alexandre SVP, Customers | Sold | 3,480 | $5.71 | $19,871 |
| 5 August 2026 | Mitchell Mark Christopher SVP & CFO | Sold | 125,000 | $8.09 | $1m |
| 4 August 2026 | Wetzel Josh A VP & CAO | Sold | 2,000 | $8.00 | $16,000 |
| 4 August 2026 | Stedke Trevor J. Sr. Vice President, Operations | Sold | 167,277 | $8.03 | $1m |
| 4 August 2026 | Diamond Howard EVP, Legal & Corporate Affairs | Sold | 24,195 | $8.25 | $199,609 |
| 4 August 2026 | Clerc Alexandre SVP, Customers | Sold | 3,068 | $8.17 | $25,078 |
| 3 August 2026 | Schuller Steve SVP, Human Resources | Sold | 10,000 | $7.55 | $75,537 |
| 31 July 2026 | Clerc Alexandre SVP, Customers | Sold | 7,142 | $7.13 | $50,923 |
| 5 June 2026 | Schuller Steve SVP, Human Resources | Sold | 10,000 | $6.00 | $60,000 |
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.