Republic Airways Holdings Inc. (RJET) vs Surf Air Mobility Inc. (SRFM)

Republic Airways Holdings Inc. and Surf Air Mobility Inc. are both Airlines companies. Republic Airways Holdings Inc. is the larger, with a market value of $876.5M against $112.0M — 7.8× the size. Surf Air Mobility Inc. has negative trailing earnings, so its P/E is not meaningful; Republic Airways Holdings Inc. trades at 12.3×. Republic Airways Holdings Inc. grew revenue faster over the last twelve months: 93.8% against 3.14%. Republic Airways Holdings Inc. has the higher net margin (3.53% vs −101.6%) and the higher return on invested capital (5.06% vs 0.00%). Across the 17 metrics below, Republic Airways Holdings Inc. leads on 12 and Surf Air Mobility Inc. on 5.

Valuation

Metric RJET SRFM Airlines median
P/E 12.30 n/m 10.32
P/S 0.43 0.99 0.57
P/B 0.62 n/m 2.06
Price to free cash flow n/m n/m 13.20
EV/EBITDA 5.61 n/m 9.68
EV/Sales 0.82 1.06 0.89
Earnings yield 8.13% (144.14%) 2.85%
Free cash flow yield (1.60%) (61.42%) 3.17%

Profitability

Metric RJET SRFM Airlines median
Gross margin 78.58% 1.57% 42.57%
Operating margin 8.81% (67.30%) 4.18%
Net margin 3.53% (101.58%) 1.85%
Free cash flow margin (0.69%) (60.57%) 4.31%
Return on equity 10.38% 142.44% 10.75%
Return on assets 4.06% (83.41%) 1.67%
Return on invested capital 5.06% 0.00% 3.19%

Growth

Metric RJET SRFM Airlines median
Revenue growth (TTM) 93.80% 3.14% 9.79%
EPS growth (last fiscal year) 15.21% 45.69% —
Revenue growth, 5-year CAGR 25.85% 70.02% 25.83%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric RJET SRFM Airlines median
Debt to equity 0.77 (0.62) 0.81
Current ratio 1.03 0.26 0.60
Net debt to EBITDA 2.60 (0.46) 1.42

Dividend

Metric RJET SRFM Airlines median
Dividend yield — — 0.82%
Payout ratio 0.00 — 0.00

Size

Metric RJET SRFM Airlines median
Market cap 876.46m 112.01m 3.91b

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