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SkyWest, Inc.

SKYW Industrials Airlines

SkyWest, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.1 billion, up 15.0% from fiscal 2024.

Revenue
+6.41%
EPS
+7.27%
Free cash flow
−119.6%
Total debt
−0.84%

Quarter to September 2026, against a year earlier

79.70 2.71 −3.29%
Market cap
$3.0B
P/E
7.6×
Fwd P/E
7.7×
Dividend yield
—
F-score
6/9
Altman Z
1.83
Beneish M
−2.48
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 16.35
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 — 2 — — — — 3 1 — — —
Insider Ownership 3.39%

Capital & Financial Ratios $m

Size
Market Cap 3,040.00
Revenue ttm 4,257.77
Net income ttm 428.33
Free cash flow ttm 135.71
Net debt Q 1,795.93
Valuation
P/E 7.61
Forward P/E 7.72
Price / sales 0.72
Forward P/S Powerpack
Price / FCF 22.67
Price / book 1.09
Financial health
Current ratio Q 0.58 (below 1: weak)
Debt / equity Q 0.84
Interest coverage Q 7.15
Growth
Revenue growth Q +6.41% (above 0%: growing)
Operating income growth Q +1.08% (above 0%: growing)
EPS, this year +1.64%
EPS, next year A +4.53%
Revenue, next year A +7.71%
EPS, past 5 yrs —
EPS, next 5 yrs A +6.50%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.1×, against a ten-year median of 1.5×; over the ten years it ranged from 0.7× in 2016 to 2.6× in 2021.
P/E against its own 10 years 20.45%
10-year low 10-year high
P/S against its own 10 years 39.90%
10-year low 10-year high
P/B against its own 10 years 40.41%
10-year low 10-year high
EV/Sales against its own 10 years 15.25%
10-year low 10-year high
EV/FCF against its own 10 years 86.18%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—
Growth, 2017–25
−100.0%/yr
  1. 0.32 ’17
  2. 0.40 ’18 +25
  3. 0.48 ’19 +20
  4. 0.14 ’20 −71
  5. 0.00 ’21 −100
  6. 0.00 ’22
  7. 0.00 ’23
  8. 0.00 ’24
  9. 0.00 ’25
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 835 802 707 569
Receivables 83 123 160 181
Inventory 127 139 169 205
Other 87 54 56 56
1,132 1,117 1,091 1,011
2023 2024 2025 Q'26
Payables 470 527 634 712
ST’ Debt 444 536 547 646
Other 100 97 204 114
1,254 1,430 1,668 1,755

Compound Annual Growth %

10y 5y 3y
Sales 2.74% 13.79% 10.54%
Cash Flow 8.46% 8.22% 25.09%
Earnings 13.78% 0.00% 80.40%
Book Value 6.19% 5.12% 5.37%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 3.13 Actual 3.08

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.25 2.21 Miss by 0.04
Q1 FY26 2.15 2.21 Beat by 0.06
Q2 FY26 2.70 2.54 Miss by 0.16
Q3 FY26 3.13 3.08 Miss by 0.05
Q4 FY26 2.47 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 2.50 2.54 3.08 — —
’25 2.42 2.91 2.81 2.21 10.35
’24 1.45 1.82 2.16 2.34 7.77
’23 (0.45) 0.35 0.55 0.42 0.77
’22 0.35 1.07 0.96 (0.93) 1.44
’21 0.71 1.22 0.19 0.09 2.20
’20 0.59 (0.51) 0.66 (0.93) (0.17)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,013 1,103 1,117 — —
’25 948 1,035 1,050 1,024 4,058
’24 804 867 913 944 3,528
’23 692 726 766 752 2,935
’22 735 799 789 681 3,005
’21 535 657 745 777 2,713
’20 730 350 457 590 2,127
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 144 292 131 — —
’25 171 257 281 232 940
’24 158 165 184 186 692
’23 150 183 179 224 736
’22 21 195 128 137 480
’21 232 267 188 145 832
’20 269 223 56 85 634
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 36 148 (31) — —
’25 93 66 160 (17) 303
’24 122 147 94 6 369
’23 49 154 94 139 436
’22 (119) (7) (93) 34 (185)
’21 173 198 (11) (202) 158
’20 194 129 47 (181) 189
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 3,064 3,123 3,222 2,972 2,127 2,713 3,005 2,935 3,528 4,058 4,258 +3.2% 4,371 4,477 4,711 +5.1%
Gross margin, % 66.55 68.01 70.87 72.27 60.51 59.72 70.07 71.66 74.89 70.78 69.82 +4.2 pt
EBT (249) 288 366 446 (7) 151 93 40 432 566 531 n/m
EBT margin, % (8.12) 9.23 11.37 15.02 (0.34) 5.55 3.08 1.37 12.25 13.94 12.46 +22.1 pt
Net income (162) 429 280 340 (9) 112 73 34 323 428 428 n/m
Per share, $
Per share, $ Revenue 59.48 60.28 62.06 58.35 42.38 53.89 59.45 66.81 87.62 100.66 110.31 +6.0%
Earnings (3.14) 8.28 5.40 6.68 (0.17) 2.22 1.44 0.78 8.02 10.62 10.47 n/m
Cash flow 9.84 13.21 15.46 14.16 12.62 16.52 9.50 16.76 17.20 23.33 20.70 +10.1%
Capex (22.35) (13.19) (21.93) (13.52) (8.86) (13.39) (13.17) (6.84) (8.03) (15.82) (17.19) (3.8%)
Free cash flow (12.51) 0.01 (6.48) 0.63 3.76 3.13 (3.66) 9.92 9.17 7.51 3.52 n/m
Book value 26.23 33.86 37.84 42.70 42.62 45.04 46.44 48.10 59.83 68.13 72.80 +11.2%
Shares, m 52 52 52 51 50 50 51 44 40 40 40 (2.7%)
Valuation, ×
Valuation, × P/E 0.00 6.39 8.22 9.69 0.00 17.70 11.33 58.08 12.47 9.45 7.61 13.3
P/S 0.61 0.88 0.72 1.11 0.95 0.73 0.28 0.77 1.14 1.00 0.72 0.8
P/B 1.39 1.57 1.18 1.51 0.95 0.87 0.35 1.07 1.67 1.47 1.09 1.2
EV/Sales 1.26 1.52 1.48 1.94 2.07 1.56 1.05 1.51 1.67 1.41 1.14 1.5
EV/FCF (6.00) 6,398.03 (14.22) 178.44 23.30 26.84 (17.08) 10.19 15.98 18.95 35.90 663.4
Cash, $m
Cash, $m Operating cash flow 507 684 803 721 634 832 480 736 692 940 799 +7.1%
Capex (1,151) (683) (1,139) (689) (445) (674) (666) (300) (323) (638) (663) (6.3%)
Free cash flow (644) 1 (336) 32 189 158 (185) 436 369 303 136 n/m
Balance, $m
Balance, $m Working capital 171 174 96 (164) 41 (126) 199 (122) (313) (576) (744) n/m
Net debt 1,981 2,002 2,471 2,473 2,378 2,249 2,333 2,171 1,871 1,685 1,796 (1.8%)
Shareholders’ equity 1,351 1,754 1,964 2,175 2,140 2,268 2,348 2,114 2,409 2,746 2,810 +8.2%
Returns, %
Returns, % ROA (3.30) 8.18 4.76 5.24 (0.13) 1.60 1.00 0.48 4.56 5.90 5.61 +9.2 pt
ROIC (3.24) 6.46 6.68 6.89 1.51 3.82 2.42 1.52 7.22 8.71 8.00 +12.0 pt
ROE (11.31) 27.62 15.08 16.43 (0.39) 5.08 3.16 1.54 14.28 16.62 15.05 +27.9 pt
People
People Employees 16,900 16,300 15,900 13,700 12,502 15,205 13,582 13,121 14,610 15,775 — (0.8%)
Revenue/emp, $m 0.18 0.19 0.20 0.22 0.17 0.18 0.22 0.22 0.24 0.26 — +4.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

SkyWest, Inc. vs peers in Airlines (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
AAL American Airlines Group Inc. $8.6B — (loss-making) — (loss-making) +19.31% (above 0%: growing) n/m −43.12% (below 0%: shrinking) 19.23% 0.70% Compare
CPA Copa Holdings, S.A. $5.8B 9.4× 8.5× +25.72% (above 0%: growing) −53.74% (below 0%: shrinking) +207.63% (above 0%: growing) 50.85% 8.65% Compare
ALK Alaska Air Group, Inc. $4.3B — (loss-making) — (loss-making) +14.39% (above 0%: growing) n/m −16.83% (below 0%: shrinking) 100.00% 1.90% Compare
SKYW SkyWest, Inc. $3.0B 7.6× 7.7× +6.41% (above 0%: growing) +7.27% (above 0%: growing) −119.57% (below 0%: shrinking) 69.21% 15.75%
ALGT Allegiant Travel Company $2.4B 61.7× 47.8× +36.86% (above 0%: growing) n/m −610.56% (below 0%: shrinking) 24.77% 2.24% Compare
AERO Grupo Aeromexico SAB DE CV - Sponsored ADR $2.1B 9.3× 71.2× +8.67% (above 0%: growing) −44.00% (below 0%: shrinking) −77.90% (below 0%: shrinking) 71.03% 11.74% Compare
ULCC Frontier Group Holdings, Inc. $1.6B — (loss-making) — (loss-making) +52.93% (above 0%: growing) n/m +76.50% (above 0%: growing) 23.76% (7.97%) Compare
JBLU JetBlue Airways Corporation $1.3B — (loss-making) — (loss-making) +21.10% (above 0%: growing) n/m −28.53% (below 0%: shrinking) 54.13% (5.12%) Compare
AZUL Azul S.A. - Sponsored ADR $881.8M — (loss-making) — +23.24% (above 0%: growing) n/m −179.01% (below 0%: shrinking) 41.18% (3.19%) Compare
Median of peers $2.3B 9.4× 47.8× +22.17% — −35.82% 46.01% 1.30%

All 19 Airlines stocks →

Pay and ownership Proxy statement filed 25 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 6.72m 14.27m 249.09
2024 7.22m 35.90m 248.40
2023 5.55m 20.11m 129.50
2022 3.29m (917.78k) 40.96
2021 3.26m 5.16m 97.49

Ownership

Directors and executive officers, together 1.50%
BlackRock, Inc. 14.70%
The Vanguard Group 12.20%
Dimensional Fund Advisors LP 6.80%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

SkyWest, Inc. (SKYW) Latest News

31 Oct

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27 Jul

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24 Jul

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23 Jul

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16 Jul

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SKYW metrics, ten years each

stockrow.com/SKYW · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com