Forensic Analysis · Transportation / Logistics · as of Sep 25, 2026
Republic Airways Holdings Inc. (RJET)
A forensic read on Republic Airways Holdings Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Grey Zone
Financial health
1.5
Distress distance
Clean
Earnings quality
3
Forensic signals
6.2
P / E (ttm)
5.7%
ROE
$876M
Market cap
13.7%
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 (red flags, auditor quality, say on pay, board independence, going concern, valuation). 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.
Republic Airways Holdings Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 1.5, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
4.1%
FY2025
Return on invested capital.Return on invested capital is 4.1% in the latest fiscal year and slipping across FY2023–FY2025 from 11.6%. After-tax operating profit was $88M in FY2023 and $113M in FY2025, with operating income at 9.5% of revenue in FY2023, 9.3% in FY2024 and 10.0% in FY2025. The capital base behind it grew +264% across FY2023–FY2025, from $761M to $2.8B, while the return fell 7.5 points, so the dollars added over that window earned less than the 11.6% the older base was already earning. FY2023's operating profit carried a $54M asset write-down that alone took about 4.6 points off that year's return, so the FY2025 return is being compared with a base year that charge had already pulled down. FY2024's operating profit carried a $74M asset write-down that alone took about 2.3 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it.
+1.3%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +3% over the last 2 years to FY2025 (+1.3%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~1.3% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~2%.
+12.2%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +12.2% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by inventory up +40% against +14% in revenue and PP&E up +14% against revenue +14%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 11% of net operating assets, against an accruals ratio of 12.2%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
Key fundamentals
Latest Revenue$1.68B
Revenue Growth YoY+13.7%
Revenue CAGR (2yr)+8.3%
Net Margin4.5%
Free Cash Flow-$74.9M
Return on Equity5.7%
Debt / Equity0.82x
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 Republic Airways Holdings Inc.'s actual 10-K/10-Q/8-K filings?