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US airline holding company operating Alaska Airlines and, after its 2024 acquisition, Hawaiian Airlines.
US airline holding company operating Alaska Airlines and, after its 2024 acquisition, Hawaiian Airlines.
Earns mostly from ticket sales on routes centred on Seattle, Portland and the West Coast, plus fees from banks that issue co-branded credit cards and buy miles from its Mileage Plan loyalty scheme. The 2024 purchase of Hawaiian Airlines added Pacific long-haul flying and wide-body aircraft to what had been an all-Boeing 737 mainline fleet.
Moat: narrow (brand, scale, installed base). Strong West Coast hub position and loyalty program, reinforced by the Hawaiian Airlines acquisition.
Headquarters: Seattle, Washington, US · Founded: 1932 · Employees: 35,951
Size Alaska Air (ALK) is a United States Industrials company (Airlines) with a market value of $4.35B, the 1292nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $38.94 on 6 Nov 2026.
Performance Over six months the shares fell 4.7%, against +12.0% for the median peer and -1.1% for the United States market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 8.2% over the last twelve months (peer median +10.2%); the operating margin is -1.0% (peer median 7.6%).
Valuation It trades at 0.6× enterprise value to sales against a peer median of 1.0× (7th cheapest of 21).
Capital Return on invested capital runs 9.2 points below its cost of capital (7.8% WACC).
Credit Alaska Air has 1 bond outstanding ($500M), rated BB- by the agencies and trading like B+ at a weighted spread of 300 bp.
Short interest Short interest is 11.1% of the free float (15 Oct 2026).
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $15.3B | $14.2B | $11.7B | $10.4B | $9.65B |
| Revenue growth | — | +21% | +13% | +8% | — |
| Gross profit | $1.61B | $2.02B | $2.13B | $1.93B | $1.57B |
| EBITDA | $677M | $1.35B | $1.51B | $1.35B | $972M |
| Net income | -$395M | $100M | $395M | $235M | $58.0M |
| Free cash flow | -$650M | -$339M | $183M | -$444M | -$253M |
| Capital expenditure | $1.59B | $1.59B | $1.28B | $1.49B | $1.67B |
| Total debt | $7.52B | $6.89B | $6.39B | $3.82B | $3.78B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Alaska Air ALK | $4.35B | -5% | +8% | -1% | 0.6× | n/a |
| Southwest Airlines LUV | $21.8B | +8% | +14% | 5% | 0.8× | n/a |
| Delta Air Lines DAL | $57.4B | +19% | +14% | 7% | 1.0× | 9.9% |
| United Airlines UAL | $36.6B | +13% | +12% | 6% | 0.9× | 7.8% |
| American Airlines AAL | $8.73B | -1% | +12% | 2% | 0.6× | n/a |
| JetBlue Airways JBLU | $1.38B | -28% | +10% | -6% | 0.9× | n/a |
| Frontier ULCC | $1.71B | +40% | +24% | -15% | 1.2× | 31.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ALK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.5% | +5.6% | 4th lowest of 21 |
| 6-month return | -4.7% | +12.0% | 6th lowest of 21 |
| Distance from 52-week high | -35.8% | -14.6% | 3rd lowest of 21 |
| Revenue growth (TTM) | +8.2% | +10.2% | 8th lowest of 21 |
| Operating margin | -1.0% | 7.6% | 2nd lowest of 21 |
| EV / Sales | 0.6× | 1.0× | 7th cheapest of 21 |
| ROIC minus cost of capital | -9.2 pp | +0.7 pp | lowest of 21 |
| Net debt / EBITDA | 7.8× | 1.9× | 2nd most indebted of 17 |
| Bond spread | 300 bp | 153 bp | widest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Alaska Air ALK | United States | $4.35B | -5% | +8% | -1% | 0.6× | n/a | n/a |
| Air France-KLM AF.PA | France | $3.99B | +34% | +5% | 6% | 0.5× | -6.3% | +24.4% |
| Exchange Income EIF.TO | Canada | $4.77B | +13% | +33% | 11% | 2.5× | n/a | n/a |
| Air Canada AC.TO | Canada | $3.95B | +10% | +13% | 2% | 0.5× | 14.3% | +30.8% |
| China Airlines 2610.TW | Taiwan | $3.94B | +17% | +8% | 8% | 0.9× | n/a | n/a |
| Juneyao Airlines 603885.SS | China | $3.42B | -8% | +8% | 1% | 2.5× | 0.4% | +17.4% |
| Copa CPA | United States | $5.87B | +16% | +15% | 19% | 1.8× | n/a | n/a |
| SkyWest SKYW | United States | $3.02B | -10% | +7% | 14% | 1.1× | 2.2% | +13.8% |
| Spring Airlines 601021.SS | China | $6.51B | -6% | +16% | 6% | 2.5× | n/a | n/a |
| easyJet EZJ.L | United Kingdom | $6.96B | +90% | +10% | 5% | 0.5× | 4.8% | +27.4% |
| Eva Airways 2618.TW | Taiwan | $7.12B | +28% | +6% | 14% | 0.9× | -17.0% | +19.9% |
| Air China Cargo 001391.SZ | China | $7.12B | -21% | +10% | 9% | 1.8× | n/a | n/a |
| Allegiant Travel ALGT | United States | $2.51B | +11% | +12% | 9% | 1.6× | n/a | n/a |
| Hainan Airlines 600221.SS | China | $7.85B | -20% | +6% | -3% | 2.2× | 5.0% | +18.4% |
| KAL 003490.KS | South Korea | $7.99B | +20% | +21% | 2% | 1.1× | n/a | n/a |
| Grupo Aeromexico, S.A.B. de C.V. Unsponsored ADR AERO | United States | $2.32B | +1% | +10% | 11% | 0.9× | -6.6% | +32.3% |
| American Airlines AAL | United States | $8.73B | -1% | +12% | 2% | 0.6× | n/a | n/a |
| Japan Airlines 9201.T | Japan | $9.08B | +34% | +10% | 8% | 0.6× | -9.7% | +33.1% |
| Ana 9202.T | Japan | $9.77B | +24% | +17% | 8% | 0.6× | -10.0% | +28.4% |
| Qantas Airways QAN.AX | Australia | $9.79B | +9% | +8% | 7% | 0.8× | n/a | n/a |
| Milkyway Intelligent Supply Chain Service 603713.SS | China | $1.90B | +29% | +15% | 8% | 1.2× | n/a | n/a |
Alaska Air has 1 bond outstanding with $500M face value. The agencies rate it BB-; its bonds trade like B+. Weighted yield 7.70%, a spread of 300 bp over government bonds.