Frontier Group Holdings, Inc.
ULCC Industrials Airlines
Frontier Group Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.7 billion, down 1.35% from fiscal 2024. In the quarter to June 2026, revenue grew 37.7%, EPS fell 25.8%, free cash flow grew 183.1% and total debt fell 1.85%, each against the same quarter a year earlier.
Follow ULCC
Frontier Group Holdings, Inc. (ULCC) Piotroski F-score
Frontier Group Holdings, Inc.'s Piotroski F-score for fiscal 2025 is 0 out of 9: 0 of nine tests of profitability, leverage and efficiency passed, down from 4 in fiscal 2024.
Piotroski F-score, annual
Embed this chart
Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 0 | (4.00) |
| FY2024 | 4 | 1.00 |
| FY2023 | 3 | (1.00) |
| FY2022 | 4 | (2.00) |
| FY2021 | 6 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (2.05%) | 1.51% | Fail | 0 |
| Positive operating cash flow | (525.00m) | (82.00m) | Fail | 0 |
| Rising return on assets | (2.05%) | 1.51% | Fail | 0 |
| Cash flow above net income | (388.00m) | (166.00m) | Fail | 0 |
| Falling long-term leverage | 0.05 | 0.05 | Fail | 0 |
| Rising current ratio | 0.46 | 0.53 | Fail | 0 |
| No new shares issued | 227,773,000 | 224,333,000 | Fail | 0 |
| Rising gross margin | 30.10% | 32.13% | Fail | 0 |
| Rising asset turnover | 0.56 | 0.68 | Fail | 0 |
| Piotroski F-score | Weak — most fundamentals deteriorated | 0 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| CPA Copa Holdings, S.A. compare | 6 |
| ALK Alaska Air Group, Inc. compare | 6 |
| SKYW SkyWest, Inc. compare | 6 |
| AERO Grupo Aeromexico SAB DE CV - Sponsored ADR compare | 5 |
| ALGT Allegiant Travel Company compare | 5 |
| VLRS Controladora Vuela Compania de Aviacion, S.A.B. de C.V. compare | 4 |
| JBLU JetBlue Airways Corporation compare | 4 |
| ULCC Frontier Group Holdings, Inc. | 0 |
| RJET Republic Airways Holdings Inc. compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover