Forensic Analysis · Air Transportation · as of Nov 11, 2026
Allegiant Travel Co (ALGT)
A forensic read on Allegiant Travel Co built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
1.1
Distress distance
Clean
Earnings quality
2
Forensic signals
-4.2%
ROE
3.7%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Allegiant Travel Co earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 1.1, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
0.9%
FY2025
Return on invested capital.Return on invested capital is 0.9% in the latest fiscal year, against 4.1% in FY2023, having run between -5.2% and 4.1% across FY2023–FY2025 with no direction held. After-tax operating profit was $163M in FY2023 and $29M in FY2025, with operating income at 8.8% of revenue in FY2023, -9.6% in FY2024 and 1.4% in FY2025. The capital base behind it came down -18% across FY2023–FY2025, from $4.0B to $3.2B, so this return is struck on a smaller base than it started on. $564M of the $3.2B base at FY2025 is short-term investments (17.5%) — securities held beside cash, which the base keeps because only cash is subtracted from it; they earn the balance sheet's yield, which is not in the operating profit above, so this rate understates what the operating capital earns. FY2025's operating profit carried a $44M restructuring charge that alone took about 1.1 points off that year's return, so about 1.1 of the 3.2-point fall across FY2023–FY2025 is that charge landing in the latest year rather than the capital earning less.
FCF ($18M)
FY2025
Shareholder returns.Returned $14M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($18M) after capex — there was no free cash flow to fund the payout from at all, though operating cash flow alone was $390M — 3% of that. Capex and the payout together ran $32M past operating cash flow — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of. Over FY2025 cash and short-term investments rose $25M and total debt fell $267M, so neither line funded the gap. The FY2025 cash-flow statement filed $639M of debt issued against $906M repaid; $949M of investments purchased; $77M from sales of property and equipment; net cash used in investing activities of $220M; net cash used in financing activities of $281M.
Key fundamentals
Latest Revenue$2.61B
Revenue Growth YoY+3.7%
Revenue CAGR (2yr)+1.9%
Net Margin-1.7%
Free Cash Flow-$18.5M
Return on Equity-4.2%
Debt / Equity1.71x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Allegiant Travel Co's actual 10-K/10-Q/8-K filings?