Is the business good?
How good a business is ALK?
Alaska Air Group, Inc. earns −2.5% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
−2.5%
Return on invested capital · cost of capital 9.0% · 12 points below what the capital costs: growth destroys value
- Operating margin
- −1.5%
Operating margin · Airlines median 6.3% · 12 months to Q2 2026
- Share count, year on year
- −8.1%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | −50% |
| FY2021 | 11% |
| FY2022 | 0.73% |
| FY2023 | 3.8% |
| FY2024 | 4.9% |
| FY2025 | 2.1% |
Details›
- Operating margin12 months to Q2 2026
- −1.5%
- Net margin12 months to Q2 2026
- −1.2%
- Free cash flow margin
- 5.0%
- Revenue, trailing twelve months
- $14.8B
- Free cash flow, trailing twelve months
- $731M
- Net income, trailing twelve months
- −$175M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −2.5%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.