Alaska Air Group, Inc. (ALK) Key Metrics
ALK valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $3.92B
- Enterprise value
- $9.38B
- P/E (TTM)
- — 10-yr median 17.3
- Forward P/E
- 7.4
- PEG ratio
- 1.20
- Price / sales
- 0.3 10-yr median 0.9
- Price / book
- 1.2 10-yr median 1.9
- EV / EBITDA
- 13.7 10-yr median 7.0
- Dividend yield
- —
- Beta
- 1.33
ALK key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsALK valuation Price multiples at each fiscal year-end price.
ALK returns How much profit the business earns on the capital it uses.
ALK per-share figures Results divided by the shares outstanding at year-end.
ALK financial health Debt, liquidity and how easily interest is covered.
ALK efficiency & capital use Working capital cycle and where the cash goes.
ALK valuation history
ALK returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
ALK debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
ALK cash returned to shareholders
ALK price vs earnings per share
ALK key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $5.90B | $8.31B | $5.03B | $5.49B | $6.60B | $6.42B | $8.42B | $7.54B | $9.10B | $11.04B |
| Enterprise value | $10.67B | $12.23B | $7.06B | $6.85B | $7.57B | $8.13B | $10.11B | $8.41B | $10.05B | $12.42B |
| P/E ratio | 59.0 | 21.0 | 21.4 | 94.7 | 13.8 | — | 11.0 | 17.3 | 9.5 | 13.8 |
| Price / sales | 0.4 | 0.7 | 0.5 | 0.6 | 1.1 | 1.8 | 1.0 | 0.9 | 1.2 | 1.9 |
| Price / book | 1.4 | 1.9 | 1.2 | 1.4 | 1.7 | 2.1 | 1.9 | 2.0 | 2.6 | 3.8 |
| Price / free cash flow | — | 45.4 | — | — | 8.9 | — | 8.2 | 32.1 | 16.1 | 15.6 |
| Price / operating cash flow | 4.7 | 5.7 | 4.8 | 3.9 | 6.4 | — | 4.9 | 6.3 | 5.7 | 8.0 |
| EV / sales | 0.7 | 1.0 | 0.7 | 0.7 | 1.2 | 2.3 | 1.2 | 1.0 | 1.3 | 2.1 |
| EV / EBITDA | 8.2 | 8.3 | 5.6 | 6.1 | 55.3 | — | 6.8 | 7.1 | 5.9 | 7.0 |
| EV / free cash flow | — | 66.8 | — | — | 10.3 | — | 9.9 | 35.8 | 17.8 | 17.5 |
| Earnings yield | 1.7% | 4.8% | 4.7% | 1.1% | 7.2% | −20.6% | 9.1% | 5.8% | 10.5% | 7.2% |
| Free cash flow yield | −5.7% | 2.2% | −8.8% | −4.6% | 11.2% | −6.9% | 12.2% | 3.1% | 6.2% | 6.4% |
| Dividend yield | — | — | — | 0.0% | 0.0% | 0.7% | 2.1% | 2.1% | 1.6% | 1.2% |
| Shareholder yield (dividends + buybacks) | 9.7% | 3.8% | 2.7% | 0.3% | 0.0% | 1.2% | 2.9% | 2.8% | 2.4% | 3.0% |
| Share price at fiscal year-end | $50.30 | $64.75 | $39.07 | $42.94 | $52.10 | $52.00 | $67.75 | $60.85 | $73.51 | $88.73 |
| Per share | ||||||||||
| Revenue per share | $121.33 | $91.41 | $81.01 | $75.42 | $48.72 | $28.89 | $70.65 | $66.66 | $63.74 | $47.68 |
| Earnings per share | $0.85 | $3.08 | $1.83 | $0.45 | $3.77 | −$10.72 | $6.19 | $3.52 | $7.75 | $6.41 |
| Operating cash flow per share | $10.64 | $11.40 | $8.16 | $11.09 | $8.12 | −$1.90 | $13.85 | $9.64 | $12.84 | $11.14 |
| Free cash flow per share | −$2.89 | $1.43 | −$3.45 | −$1.98 | $5.82 | −$3.56 | $8.25 | $1.90 | $4.55 | $5.69 |
| Cash per share | $18.09 | $19.28 | $13.92 | $18.90 | $24.58 | $27.10 | $12.24 | $9.97 | $13.09 | $12.70 |
| Book value per share | $35.09 | $34.06 | $31.96 | $29.84 | $29.98 | $24.20 | $34.85 | $30.26 | $27.94 | $23.56 |
| Tangible book value per share | $4.94 | $6.06 | $16.16 | −$2.03 | −$2.26 | $7.60 | $18.23 | $13.56 | $11.17 | $6.91 |
| Dividends per share | — | — | — | $0.00 | $0.00 | $0.36 | $1.39 | $1.27 | $1.19 | $1.09 |
| Capex per share | $13.53 | $9.98 | $11.61 | $13.06 | $2.30 | $1.67 | $5.60 | $7.74 | $8.28 | $5.45 |
| Debt per share | $58.74 | $49.80 | $29.66 | $29.55 | $32.23 | $40.93 | $25.80 | $16.96 | $20.74 | $23.82 |
| Shares outstanding | 117.4M | 128.4M | 128.7M | 127.9M | 126.8M | 123.5M | 124.3M | 124.0M | 123.9M | 124.4M |
| Change in shares outstanding | −8.6% | −0.3% | +0.6% | +0.9% | +2.7% | −0.7% | +0.3% | +0.1% | −0.4% | −3.9% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 2.4% | 9.3% | 5.9% | 1.5% | 14.1% | −36.2% | 19.0% | 12.1% | 30.0% | 29.8% |
| Return on invested capital (ROIC) | 2.4% | 5.7% | 5.1% | 1.0% | 11.0% | −26.2% | 15.1% | 10.6% | 22.9% | 26.0% |
| Return on assets (ROA) | 0.5% | 2.2% | 1.5% | 0.4% | 3.3% | −9.4% | 6.2% | 4.0% | 9.3% | 9.7% |
| Return on tangible assets | 0.6% | 2.4% | 1.7% | 0.5% | 4.4% | −11.0% | 6.4% | 4.9% | 11.1% | 10.1% |
| Free cash flow margin | −2.4% | 1.6% | −4.3% | −2.6% | 11.9% | −12.3% | 11.7% | 2.8% | 7.1% | 11.9% |
| Income quality (OCF / net income) | 12.49 | 3.71 | 4.47 | 24.45 | 2.15 | — | 2.24 | 2.73 | 1.66 | 1.74 |
| Financial health | ||||||||||
| Total debt | $6.89B | $6.39B | $3.82B | $3.78B | $4.09B | $5.05B | $3.21B | $2.10B | $2.57B | $2.96B |
| Cash & short-term investments | $2.12B | $2.48B | $1.79B | $2.42B | $3.12B | $3.35B | $1.52B | $1.24B | $1.62B | $1.58B |
| Net debt | $4.77B | $3.92B | $2.03B | $1.36B | $970.0M | $1.71B | $1.69B | $867.0M | $948.0M | $1.38B |
| Debt / equity | 1.67 | 1.46 | 0.93 | 0.99 | 1.07 | 1.69 | 0.74 | 0.56 | 0.74 | 1.01 |
| Debt / assets | 0.34 | 0.32 | 0.24 | 0.25 | 0.27 | 0.36 | 0.23 | 0.19 | 0.24 | 0.30 |
| Net debt / EBITDA | 3.69 | 2.66 | 1.60 | 1.22 | 7.08 | — | 1.13 | 0.73 | 0.56 | 0.78 |
| Current ratio | 0.50 | 0.61 | 0.61 | 0.68 | 0.98 | 0.93 | 0.64 | 0.61 | 0.80 | 0.81 |
| Quick ratio | 0.46 | 0.58 | 0.58 | 0.65 | 0.97 | 0.92 | 0.61 | 0.59 | 0.78 | 0.79 |
| Interest coverage | 1.2 | 4.0 | 3.3 | 0.7 | 5.9 | -20.4 | 16.9 | 8.8 | 14.0 | 43.5 |
| Working capital | −$3.32B | −$2.38B | −$1.75B | −$1.45B | −$71.0M | −$287.0M | −$1.16B | −$1.16B | −$534.0M | −$487.0M |
| Invested capital | $8.89B | $8.29B | $6.14B | $5.18B | $4.77B | $4.70B | $6.02B | $4.62B | $4.41B | $4.31B |
| Tangible asset value | $580.0M | $778.0M | $2.08B | −$260.0M | −$287.0M | $938.0M | $2.27B | $1.68B | $1.38B | $859.0M |
| Net current asset value | −$12.98B | −$11.64B | −$9.02B | −$8.49B | −$7.24B | −$7.05B | −$7.63B | −$5.37B | −$5.13B | −$5.00B |
| Graham number | $25.94 | $48.56 | $36.23 | $17.45 | $50.43 | — | $69.65 | $48.99 | $69.80 | $58.28 |
| Graham net-net per share | −$115.84 | −$96.62 | −$74.47 | −$69.11 | −$60.00 | −$59.32 | −$63.33 | −$45.34 | −$43.44 | −$41.93 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | $0 | $0 | $45.0M | $173.0M | $158.0M | $148.0M | $136.0M |
| Share buybacks (net) | $570.0M | $312.0M | $137.0M | $18.0M | $0 | $31.0M | $75.0M | $50.0M | $75.0M | $193.0M |
| Dividend payout ratio | — | — | — | 0.0% | 0.0% | — | 22.5% | 36.2% | 15.4% | 17.1% |
| Dividends + buybacks / free cash flow | — | 170.5% | — | — | 0.0% | — | 24.2% | 88.5% | 39.5% | 46.5% |
| Capex / revenue | 11.2% | 10.9% | 14.3% | 17.3% | 4.7% | 5.8% | 7.9% | 11.6% | 13.0% | 11.4% |
| Capex / operating cash flow | 127.1% | 87.5% | 142.3% | 117.8% | 28.3% | — | 40.4% | 80.3% | 64.5% | 48.9% |
| Capex / depreciation | 2.00 | 2.20 | 3.31 | 4.03 | 0.74 | 0.49 | 1.65 | 2.41 | 2.76 | 1.87 |
| Stock-based compensation / revenue | 0.1% | 0.5% | 0.6% | 0.4% | 0.8% | 0.7% | 0.3% | 0.6% | 0.7% | 0.4% |
| SG&A / revenue | 41.0% | 5.9% | 5.9% | 33.1% | 41.2% | 5.7% | 7.1% | 41.1% | 40.0% | 39.6% |
| Efficiency | ||||||||||
| Days sales outstanding | 14.4 | 14.6 | 11.9 | 15.9 | 30.3 | 41.1 | 14.3 | 15.6 | 14.9 | 15.8 |
| Days of inventory on hand | 12.8 | 6.5 | 5.0 | 4.0 | 4.1 | 5.4 | 3.8 | 3.5 | 3.6 | 5.2 |
| Days payables outstanding | 16.2 | 8.1 | 9.8 | 10.2 | 10.5 | 10.7 | 7.9 | 7.4 | 7.3 | 8.2 |
| Cash conversion cycle (days) | 11.0 | 13.0 | 7.1 | 9.7 | 23.9 | 35.9 | 10.2 | 11.6 | 11.1 | 12.8 |
| Receivables turnover | 25.36 | 24.94 | 30.71 | 22.91 | 12.04 | 8.88 | 25.49 | 23.38 | 24.55 | 23.08 |
| Payables turnover | 22.53 | 45.16 | 37.21 | 35.69 | 34.80 | 34.24 | 46.15 | 49.01 | 49.70 | 44.66 |
| Inventory turnover | 28.58 | 56.34 | 72.39 | 90.52 | 90.07 | 67.43 | 97.20 | 105.56 | 101.31 | 70.63 |
| Asset turnover | 0.71 | 0.66 | 0.67 | 0.64 | 0.43 | 0.25 | 0.70 | 0.76 | 0.76 | 0.72 |
| Average receivables | $561.5M | $470.5M | $339.5M | $421.0M | $513.0M | $401.5M | $344.5M | $353.5M | $321.5M | $257.0M |
| Average payables | $255.0M | $196.5M | $214.0M | $210.5M | $154.0M | $127.0M | $139.0M | $126.0M | $106.0M | $77.5M |
| Average inventory | $201.0M | $157.5M | $110.0M | $83.0M | $59.5M | $64.5M | $66.0M | $58.5M | $52.0M | $49.0M |
| Intangibles / total assets | 17.4% | 18.2% | 12.8% | 26.6% | 27.3% | 14.6% | 14.7% | 19.0% | 19.3% | 20.8% |
Computed from ALK's annual financial statements (latest annual report filed February 12, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
ALK valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Alaska Air traded at 59.0 times earnings, against a 10-year median of 17.3. Alaska Air earned a return on equity of 2.4% and a return on invested capital of 2.4% in fiscal 2025. It ended the year with $6.9 billion of debt and $2.1 billion in cash and short-term investments, net debt of $4.8 billion. It returned $570.0 million to shareholders: $0 in dividends and $570.0 million in share buybacks. The share count fell 5.7% from 124.4M to 117.4M over 9 years.
See the ALK income statement, the ALK chart for price history, or the ALK stock overview for the latest quote and news.
ALK key metrics FAQ
What is Alaska Air's P/E ratio?
Alaska Air traded at 59.0 times earnings at the end of fiscal 2025.
What is Alaska Air's EV/EBITDA?
Alaska Air's enterprise value was 8.2 times EBITDA at the end of fiscal 2025 (enterprise value $10.7 billion, EBITDA $1.3 billion); the current EV/EBITDA is 13.7.
What is Alaska Air's return on equity?
Alaska Air's return on equity (ROE) was 2.4% in fiscal 2025: net income of $100.0 million on average shareholders' equity of $4.2 billion.
What is Alaska Air's ROIC?
Alaska Air's return on invested capital was 2.4% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Alaska Air have?
Alaska Air had total debt of $6.9 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.67 and $4.8 billion of net debt (3.69 times EBITDA).
Does Alaska Air buy back its shares?
Yes. Alaska Air spent $570.0 million on net share repurchases in fiscal 2025 Shares outstanding changed −8.6% over the year, to 117.4M..
What is Alaska Air's free cash flow yield?
Alaska Air generated -$339.0 million of free cash flow in fiscal 2025, a free cash flow yield of −5.7% on its market value at year-end ($5.9 billion).
What is Alaska Air's current ratio?
Alaska Air's current ratio was 0.50 at the end of fiscal 2025: current assets were 0.50 times current liabilities.