Company Valuation: Alaska Air Group, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 6,529 5,446 5,003 8,220 5,834 4,613 - -
Change - -16.58% -8.14% 64.29% -29.02% -20.94% - -
Enterprise Value (EV) 1 7,499 6,904 7,030 10,649 9,266 9,784 9,288 8,411
Change - -7.92% 1.82% 51.47% -12.98% 5.59% -5.08% -9.44%
P/E 13.8x 95.4x 21.3x 21x 60.6x -35.6x 8.21x 5.13x
PBR 1.73x 1.44x 1.2x 1.82x 1.41x 1.14x 0.97x 0.77x
PEG - -1.1x 0x 0.3x -0.8x 0x -0x 0.1x
Capitalization / Revenue 1.06x 0.56x 0.48x 0.7x 0.41x 0.29x 0.27x 0.26x
EV / Revenue 1.21x 0.72x 0.67x 0.91x 0.65x 0.62x 0.55x 0.47x
EV / EBITDA 20.8x 4.82x 4.65x 6.45x 5.81x 9.72x 4.16x 3.37x
EV / EBIT -26.1x 9.51x 8.24x 12.4x 16.8x -92.3x 8.58x 5.83x
EV / FCF 10.2x -27.3x -15.8x 58.2x -27.3x -26.9x 13x 9.5x
FCF Yield 9.84% -3.66% -6.32% 1.72% -3.66% -3.72% 7.69% 10.5%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 3.77 0.45 1.83 3.08 0.83 -1.16 5.037 8.05
Distribution rate - - - - - - - -
Net sales 1 6,176 9,646 10,426 11,735 14,239 15,802 16,932 17,869
EBITDA 1 361 1,432 1,512 1,651 1,595 1,007 2,235 2,494
EBIT 1 -287 726 853 861 550 -106.1 1,082 1,442
Net income 1 478 58 235 395 100 -138 569.2 886.4
Net Debt 1 970 1,458 2,027 2,429 3,432 5,172 4,675 3,798
Reference price 2 52.10 42.94 39.07 64.75 50.30 41.33 41.33 41.33
Nbr of stocks (in thousands) 125,311 126,838 128,053 126,945 115,989 111,603 - -
Announcement Date 1/27/22 1/26/23 1/25/24 1/22/25 1/22/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
-35.63x0.62x9.72x-.--% 4.61B
12.23x0.88x6.84x1% 51.02B
9.67x0.78x6.39x-.--% 35.05B
13.23x1.34x6.02x1.89% 28B
8.42x0.82x3.85x2.15% 26.15B
69.02x2.36x13.72x0.06% 21.27B
28.09x1.1x5.84x3.66% 16.82B
-10.92x1.58x11.67x-.--% 15.85B
11x1.16x4.82x3.17% 14.85B
-47.34x1.55x9.72x-.--% 11.88B
Average 5.78x 1.22x 7.86x 1.19% 22.55B
Weighted average by Cap. 12.23x 1.17x 7.31x 1.2%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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