Frontier Group Holdings, Inc.
- Open
- 6.27
- Day high
- 6.46
- Day low
- 6.17
- Prev close
- 6.53
- Volume
- 4.4M
- Mkt cap
- $1.4B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 6.4
- P/S
- 0.4
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$84.8M over the last 3 months (0 open-market buys, 5 sales)
- 🏛Institutions reducing (13F)
Frontier Group Holdings, Inc. (ULCC) is a Industrials company listed on NASDAQ. The stock is up 51% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 5 sales (SEC Form 4).
Frontier Group Holdings, Inc. (ULCC) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ULCC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $-0.37 | $-0.30 | +18.9% | $1.1B | +2.1% |
| Feb 11, 2026 | $0.10 | $0.23 | +130.0% | $997M | +2.2% |
| Nov 5, 2025 | $0.13 | $-0.34 | -366.2% | $886M | -8.8% |
| May 1, 2025 | $-0.22 | $-0.19 | +13.6% | $912M | -4.5% |
| Feb 7, 2025 | $0.04 | $0.23 | +475.0% | $1.0B | +1.6% |
| Aug 8, 2024 | $0.12 | $0.14 | +16.7% | $973M | -5.2% |
| May 2, 2024 | $-0.18 | $-0.09 | +50.0% | $865M | +0.4% |
| Oct 26, 2023 | $-0.17 | $-0.14 | +17.6% | $883M | -1.0% |
| Aug 1, 2023 | $0.28 | $0.31 | +10.7% | $967M | +0.1% |
| May 3, 2023 | $-0.08 | $-0.06 | +25.0% | $848M | -1.4% |
| Feb 8, 2023 | $0.17 | $0.18 | +5.9% | $906M | -3.4% |
| Oct 26, 2022 | $0.10 | $0.15 | +50.0% | $906M | -0.3% |
ULCC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 13, 2026 | Group Holdings - Frontier LLC10 percent owner | Sell | 11,700,000 | $7.20 |
| Jun 17, 2026 | Steele Barron Elliotdirector | Grant | 22,284 | — |
| Jun 9, 2026 | Schuller Steveofficer: SVP, Human Resources | Sell | 10,000 | $6.00 |
| Jun 4, 2026 | Clerc Alexandreofficer: SVP, Customers | Sell | 5,060 | $5.93 |
| May 21, 2026 | Wetzel Josh Aofficer: VP & CAO | Sell | 13,500 | $4.75 |
| May 18, 2026 | Franke Brian H.director | Grant | 32,990 | — |
| May 18, 2026 | Genise Robert J.director | Grant | 32,990 | — |
| May 18, 2026 | Connor Josh T.director | Option | 34,230 | — |
| May 18, 2026 | Kumpf Ofeliadirector | Option | 34,230 | — |
| May 18, 2026 | Connor Josh T.director | Grant | 32,990 | — |
| May 18, 2026 | Broderick Andrew S.director | Grant | 32,990 | — |
| May 18, 2026 | HAN BERNARD Ldirector | Option | 34,230 | — |
| May 18, 2026 | Wolff Alejandro Danieldirector | Option | 34,230 | — |
| May 18, 2026 | Salcido Anthony Daviddirector | Grant | 32,990 | — |
| May 18, 2026 | Salcido Anthony Daviddirector | Option | 6,721 | — |
Source: ULCC SEC Form 4 filings, latest Jul 13, 2026. For informational purposes only — not investment advice.
See the full ULCC insider & 13F page →Frontier Group Holdings, Inc. company profile
Overview
Frontier Group Holdings, Inc. (NASDAQ:ULCC) is a Denver-based low-cost airline that went public in April 2021. The company operates Frontier Airlines, which has grown from a regional carrier into one of America's largest ultra-low-cost carriers (ULCCs). Founded in its current form in 2013, Frontier serves approximately 120 airports throughout the United States and select international destinations in the Americas with a fleet of over 110 Airbus aircraft. The airline is known for its distinctive animal-themed livery and aggressive low-fare pricing strategy.
Business
Frontier operates as an ultra-low-cost carrier (ULCC) in the commercial aviation industry. ULCCs represent a specific segment of airlines that offer extremely low base fares by unbundling traditional airline services - passengers pay separately for extras like seat selection, carry-on bags, food, and beverages that are typically included with legacy carriers. The company's core service is domestic and short-haul international passenger air transportation. Frontier's route network focuses heavily on leisure travel and what the industry calls "Visiting Friends and Relatives" (VFR) traffic - passengers traveling for personal rather than business reasons. This customer segment tends to be more price-sensitive and willing to accept fewer included amenities in exchange for lower base fares. Frontier operates a simplified fleet of Airbus A320 family aircraft, including A320ceos, A320neos, and A321ceos. This single aircraft family strategy reduces training costs, maintenance complexity, and parts inventory requirements. The airline maintains crew bases across 13 locations and has been rapidly expanding its route network, launching over 100 new routes in recent years as it builds out its network from these strategic bases. The company also generates significant revenue through ancillary services - additional products and services sold beyond the base airfare. These include baggage fees, seat upgrades, food and beverage sales, travel insurance, and rental car partnerships. Ancillary revenue has become increasingly important, reaching over $80 per passenger and representing a substantial portion of total revenue per passenger.
Revenue model
Frontier makes money primarily through passenger ticket sales and ancillary revenue from add-on services. The company's business model is built on offering extremely low base fares to attract price-sensitive leisure travelers, then generating additional revenue through optional services like baggage fees, seat selection, priority boarding, and food purchases. The airline's customers are predominantly leisure travelers and VFR (Visiting Friends and Relatives) passengers rather than business travelers. This customer base is highly price-sensitive but also tends to purchase ancillary services, with the company achieving over $80 per passenger in ancillary revenue - among the highest in the industry. Several factors significantly impact Frontier's profitability margins. Fuel costs represent the largest variable expense, with jet fuel price fluctuations directly affecting operating margins. Seasonal demand patterns create significant earnings volatility, as leisure travel peaks during summer months and holidays while dropping substantially during off-peak periods. The company has been focusing more capacity on peak travel days and reducing flying on traditionally weak travel days like Tuesdays and Wednesdays. Industry capacity discipline greatly affects pricing power - when competitors add too much capacity to markets, fare wars can erode margins quickly. Frontier's margins also depend on operational efficiency, as the ULCC model requires high aircraft utilization and low unit costs to remain profitable at ultra-low fare levels. Airport costs and labor expenses represent significant fixed costs that must be spread across high passenger volumes to maintain the cost advantage essential to the ULCC model. The company has been implementing various revenue enhancement initiatives including premium seating products, an enhanced loyalty program, and business travel offerings to diversify revenue streams beyond pure leisure travel.
Competitive moat
Frontier's competitive moat is relatively narrow and primarily based on its cost structure advantage rather than any sustainable competitive barriers. The company maintains a significant cost advantage over legacy carriers - approximately 40-48% lower unit costs - which allows it to profitably operate at fare levels that would be unsustainable for higher-cost competitors. The airline's operational simplicity provides some defensive characteristics: a single aircraft family (Airbus A320 variants) reduces training and maintenance costs, while point-to-point route structures avoid the complexity and costs of hub operations. The company's focus on secondary airports often provides lower airport costs and less congestion than major hubs. However, Frontier faces significant competitive threats. Other ULCCs like Spirit Airlines operate similar business models and can quickly enter Frontier's markets. Legacy carriers can selectively match Frontier's fares on specific routes using their broader revenue base to subsidize losses. Southwest Airlines represents a particularly formidable competitor with a stronger brand, better operational reliability, and greater financial resources while maintaining competitive cost structure. The airline industry's high capital requirements and regulatory barriers provide some protection from new entrants, but existing competitors can easily add capacity to Frontier's routes. The company's network is still maturing in many markets, and newer routes typically generate lower yields until they establish market presence. Frontier's moat is further weakened by the commodity nature of air transportation - passengers primarily choose based on price and schedule convenience rather than brand loyalty. The recent industry consolidation has also created larger, more financially robust competitors that can better withstand fare wars and economic downturns.
Risks & safety
Frontier's margin of safety appears moderate but concerning given the cyclical and capital-intensive nature of the airline industry. • Liquidity position: $686 million in cash and short-term investments as of Q1 2025, but current ratio of only 0.49 indicates current liabilities significantly exceed current assets • Debt burden: High debt-to-equity ratio of 7.4, though this includes aircraft leases typical in airline industry; no traditional debt reported • Cash flow volatility: Negative free cash flow of -$115 million in Q1 2025, though this varies significantly by season • Profitability inconsistency: Recent quarterly results show volatility from -$43 million net loss in Q1 2025 to $54 million profit in Q4 2024 • Valuation metrics: Trading at reasonable multiples when profitable (7.4x P/E in Q4 2024), but metrics become meaningless during loss periods • Asset coverage: Graham net-net consistently negative around -20, indicating limited asset protection • Industry cyclicality: Airlines face significant earnings volatility from fuel costs, economic cycles, and competitive capacity additions The company targets over $300 million in cost reductions and has deferred aircraft deliveries to preserve cash, but the thin margins inherent in ULCC operations provide limited cushion during downturns.
Recent development
Over the past few years, Frontier has undergone significant strategic transformation focused on network optimization and revenue diversification. The company dramatically expanded its route network, launching over 100 new routes and growing from 13 crew bases, but this rapid expansion initially pressured unit revenues as new markets took time to mature. In response to margin pressures, Frontier implemented a major capacity discipline strategy starting in 2024. The company reduced off-peak flying by 37%, focusing capacity on peak travel days and deferring 54 aircraft deliveries from 2025-2028. This shift from growth-at-all-costs to profitable growth represents a fundamental strategic pivot. The airline has invested heavily in revenue enhancement initiatives to reduce dependence on base fares. These include launching "UpFront Plus" premium seating, introducing "BizFare" for business travelers, and developing bundled fare products. The company redesigned its Frontier Miles loyalty program with enhanced elite benefits and launched a co-branded credit card that has seen 35% growth in acquisitions. Product and digital improvements have been central to recent development efforts. Frontier is developing new mobile applications and websites, implementing New Distribution Capability (NDC) technology for better fare distribution, and planning to introduce a two-by-two first-class cabin configuration in late 2025. The company has also focused on operational efficiency improvements, targeting over $200 million in annual cost savings through network simplification and operational optimization. Management expects these initiatives to drive a return to double-digit profit margins by summer 2025, with full-year 2025 earnings guidance of at least $1 per share.
ULCC company profile · for informational purposes only — not investment advice.
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