Allegiant Travel Company
ALGT Industrials Airlines
Allegiant Travel Company’s revenue for fiscal 2025 (year ended December 2025) was $2.6 billion, up 3.74% from fiscal 2024. In the quarter to June 2026, revenue grew 36.9%, EPS grew 94.2%, free cash flow fell 610.6% and total debt rose 41.7%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Allegiant Travel Company (ALGT) Beneish M-score
Allegiant Travel Company's Beneish M-score for fiscal 2025 is −3.32; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.32 | (0.50) |
| FY2024 | −2.82 | 0.36 |
| FY2023 | −3.18 | (0.92) |
| FY2022 | −2.26 | 0.78 |
| FY2021 | −3.04 | (12.16) |
| FY2020 | 9.12 | 12.17 |
| FY2019 | −3.05 | 0.13 |
| FY2018 | −3.17 | (0.80) |
| FY2017 | −2.37 | (0.55) |
| FY2016 | −1.82 | 0.77 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.61 | — | 0.56 | |
| Gross margin index | 1.03 | — | 0.54 | |
| Asset quality index | 0.84 | — | 0.34 | |
| Sales growth index | 1.04 | — | 0.93 | |
| Depreciation index | 1.00 | — | 0.11 | |
| SG&A index | 0.90 | — | −0.16 | |
| Total accruals to total assets | (0.10) | — | −0.48 | |
| Leverage index | 0.98 | — | −0.32 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.32 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| ALGT Allegiant Travel Company | −3.3× |
| ALK Alaska Air Group, Inc. compare | −2.8× |
| CPA Copa Holdings, S.A. compare | −2.7× |
| AERO Grupo Aeromexico SAB DE CV - Sponsored ADR compare | −2.7× |
| JBLU JetBlue Airways Corporation compare | −2.5× |
| SKYW SkyWest, Inc. compare | −2.5× |
| VLRS Controladora Vuela Compania de Aviacion, S.A.B. de C.V. compare | −2.4× |
| ULCC Frontier Group Holdings, Inc. compare | −2.0× |
| RJET Republic Airways Holdings Inc. compare | −1.7× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI