Frontier Group Holdings, Inc. (ULCC) Stock

Frontier Group Holdings, Inc. (ULCC) is a Industrials stock trading at $5.79 (as of 2026-08-24), with a market capitalization of $1.33B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Frontier Group Holdings, Inc. provides passenger air transportation through an airline serving roughly 120 airports across the United States and international destinations in the Americas. It sells travel primarily via direct channels such as its website, mobile app, and call center, operating a fleet of Airbus single-aisle aircraft.

Understand Frontier Group Holdings, Inc.: how it makes money

Frontier Group Holdings runs a low-fare airline that transports passengers to about 120 airports across the United States and international destinations in the Americas, selling through direct channels like its website, mobile app, and call center, which contributes to passenger revenue plus other revenue.

Profitability is primarily a unit-economics spread per Available Seat Mile, where Adjusted Revenue per Available Seat Mile needs to outweigh Adjusted Non-Fuel Operating Expenses per Available Seat Mile (excluding fuel), with Flow and Load Factor supporting both demand and capacity utilization.

Revenue by segment (latest quarter)
Passenger	$0.9B
Other	$0.0B

Business quality (Weak): The company has clear, investor-relevant airline unit metrics (revenue per Available Seat Mile and non-fuel cost per Available Seat Mile), but the latest quarter shows deeply negative operating margin, so investors must focus on whether unit economics can improve while maintaining load factors.

Bull case

Direct distribution focus: Services are sold through direct channels, including the website, mobile app, and call center, which can support control of the customer experience and revenue capture.
Route reach and utilization: The airline serves approximately 120 airports in the United States and international destinations in the Americas, and the latest metrics show a Flow and Load Factor of 78.0% and Flown Load Factor of 78.4%.
Measurable unit economics: Investor KPIs are available around pricing and costs per Available Seat Mile, including Adjusted Revenue per Available Seat Mile (10.86) and Adjusted Non-Fuel Operating Expenses per Available Seat Mile (8.85).

Bear case

Operating losses in the latest quarter: Operating margin for the latest quarter (period ending 2026-03-31) was -28.5%, indicating that current cost and revenue dynamics did not support profitability.
Non-fuel cost pressure: The latest KPI for Adjusted Non-Fuel Operating Expenses per Available Seat Mile (8.85) is a key constraint, because the profit model relies on this number being below Adjusted Revenue per Available Seat Mile.
Fleet and lease actions: The latest KPIs include Aircraft Deferrals Executed (69.0) and Lease Terminations Executed (24.0), which can signal operational or fleet-optimization complexity.

Valuation — source: SEC EDGAR (first-party)
Price	$5.79
Market Cap	$1.33B
Price / Book	5.99
Price / Sales	0.36
FCF Yield	-62.6%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$3.72B
Net Margin	-3.7%
Revenue Growth (YoY)	-1.4%
EPS Growth (YoY)	-262.2%
FCF Growth (YoY)	279.7%

Financial Health — source: SEC EDGAR
Altman Z-Score	0.39 (distress)

Valuation vs Sector & Industry
Sector P/E (Industrials)	26.0
Industry P/E (Transportation)	17.0

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	Indigo Partners LLC ($113.28M)
Institutional Holders Tracked	10

Company
Sector	Industrials
Industry	Transportation
CEO	James G. Dempsey
Employees	7,906
Country	US
IPO Date	2021-04-01

Related Companies (Transportation; 8 comparable transport companies)

Data as of 2026-08-24.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.