Forensic Analysis · Air Transportation · as of Nov 8, 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
1.7
Distress distance
Clean
Earnings quality
2
Forensic signals
6.2%
ROE
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 (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.
Republic Airways Holdings Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 1.7, placing it in the Grey zone. 2 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of NOA).
What the filings flag
+52.7%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +52.7% 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 sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. Net operating assets also rose $120.4M through acquisitions (increase in goodwill and intangibles); that purchase is investing and is excluded from this ratio. 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 14% of net operating assets, against an accruals ratio of 52.7%. 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.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
4.5%
FY2025
Return on invested capital.Return on invested capital is 4.5% in the latest fiscal year and slipping across FY2023–FY2025 from 12.9%. 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 +272% across FY2023–FY2025, from $684M to $2.5B, while the return fell 8.4 points, so the dollars added over that window earned less than the 12.9% the older base was already earning. FY2023's operating profit carried a $54M asset write-down that alone took about 5.2 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 3.7 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. A non-cash write-down lowers the reported return in the year it lands.
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 Equity6.2%
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?