Alaska Air Group vs JetBlue
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The short version
- Alaska Air Group is the larger business, with $14.2B of revenue in fiscal 2025 against $9.1B for JetBlue, about 1.6 times as much.
- Alaska Air Group grew revenue faster (21.3%, against −2.3%).
- Alaska Air Group kept more of each dollar of sales as operating profit (2.1% operating margin, against −4.1%).
- Alaska Air Group turned more of its sales into free cash flow (6.6% FCF margin, against −12.9%).
- Alaska Air Group earned a higher return on the capital invested in it (2.9%, against −3.6%).
| Latest fiscal year | ALK · FY25 | JBLU · FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.8B | $987M |
| Revenue | $14.2B | $9.1B |
| Free cash flow | $940M | −$1.2B |
| Net income | $100M | −$602M |
| Growth | ||
| Revenue growth | 21.3% | −2.3% |
| 5-year growth | 31.9% | 25.1% |
| Share count change | −6.6% | 4.7% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 2.1% | −4.1% |
| Net margin | 0.7% | −6.6% |
| FCF margin | 6.6% | −12.9% |
| Return on capital | 2.9% | −3.6% |
| Return on equity | 2.4% | −25.3% |
| Balance sheet | ||
| Net debt | $3.4B | $6.3B |
| Net debt / EBITDA | 3.1x | 19.8x |
| Dividends and buybacks | $570M | $0.0M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 5 | 3 |
Revenue
FY16
ALK $5.9B
JBLU $6.6B
FY17
ALK $7.9B
JBLU $7.0B
FY18
ALK $8.3B
JBLU $7.7B
FY19
ALK $8.8B
JBLU $8.1B
FY20
ALK $3.6B
JBLU $3.0B
FY21
ALK $6.2B
JBLU $6.0B
FY22
ALK $9.6B
JBLU $9.2B
FY23
ALK $10.4B
JBLU $9.6B
FY24
ALK $11.7B
JBLU $9.3B
FY25
ALK $14.2B
JBLU $9.1B
ALK
JBLU
Operating margin
FY16
ALK 22.0%
JBLU 19.1%
FY17
ALK 15.3%
JBLU 13.9%
FY18
ALK 7.8%
JBLU 3.5%
FY19
ALK 12.1%
JBLU 9.9%
FY20
ALK −49.8%
JBLU −58.0%
FY21
ALK 11.1%
JBLU −1.3%
FY22
ALK 0.7%
JBLU −3.3%
FY23
ALK 3.8%
JBLU −2.4%
FY24
ALK 4.9%
JBLU −7.4%
FY25
ALK 2.1%
JBLU −4.1%
ALK
JBLU
Free cash flow
FY16
ALK $708M
JBLU $782M
FY17
ALK $564M
JBLU $305M
FY18
ALK $235M
JBLU $292M
FY19
ALK $1.0B
JBLU $517M
FY20
ALK −$456M
JBLU −$1.4B
FY21
ALK $738M
JBLU $735M
FY22
ALK −$253M
JBLU −$388M
FY23
ALK −$444M
JBLU −$728M
FY24
ALK $1.2B
JBLU −$1.3B
FY25
ALK $940M
JBLU −$1.2B
ALK
JBLU
Return on capital
FY16
ALK 26.8%
JBLU 19.1%
FY17
ALK 23.4%
JBLU 20.7%
FY18
ALK 10.6%
JBLU 4.3%
FY19
ALK 18.0%
JBLU 10.5%
FY20
ALK −37.7%
JBLU −23.5%
FY21
ALK 16.4%
JBLU −1.2%
FY22
ALK 1.5%
JBLU −4.4%
FY23
ALK 6.8%
JBLU −3.0%
FY24
ALK 7.1%
JBLU −7.7%
FY25
ALK 2.9%
JBLU −3.6%
ALK
JBLU
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.