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Republic Airways Holdings
(NASDAQ:RJET)
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Rating:67Neutral
Price Target:
$19.50
▲(2.69% Upside)
Action:Reiterated
Date:07/31/26
The score is driven primarily by improving fundamentals (growing revenue, positive earnings, and better leverage), tempered by persistent negative free cash flow that limits financial flexibility. Valuation is a notable positive (low P/E with a dividend), while technicals are a meaningful drag because the stock trades below major moving averages. The latest earnings call was supportive overall due to raised 2026 guidance and strong operational metrics, though leverage and ongoing integration costs remain key watch items.
Positive Factors
Business Model (CPA)
Republic’s CPA model transfers ticketing and demand risk to major airline partners while it provides aircraft, crews, maintenance and operations. This creates durable, contractually backed revenue tied to block hours and performance metrics, improving predictability and partner-driven demand visibility over months to years.
Negative Factors
Persistent Negative Free Cash Flow
Despite improving operating cash flow, consecutive negative free cash flow reduces capacity to deleverage, invest selectively, or return capital. Ongoing capital intensity and reinvestment needs mean cash conversion risk persists until operational efficiencies or synergy savings materially reduce capex/working capital requirements.
Read all positive and negative factors
Positive Factors
Negative Factors
Business Model (CPA)
Republic’s CPA model transfers ticketing and demand risk to major airline partners while it provides aircraft, crews, maintenance and operations. This creates durable, contractually backed revenue tied to block hours and performance metrics, improving predictability and partner-driven demand visibility over months to years.
Read all positive factors
Republic Airways Holdings (RJET) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$967.03M
Dividend YieldN/A
Average Volume (3M)108.00K
Price to Earnings (P/E)―
Beta (1Y)1.59
Revenue Growth299.75%
EPS Growth87.78%
CountryUS
Employees8,400
SectorIndustrials
Sector Strength72
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)-4.35
Shares Outstanding46,829,475
10 Day Avg. Volume160,526
30 Day Avg. Volume108,004
Financial Highlights & Ratios
PEG Ratio-0.11
Price to Book (P/B)0.55
Price to Sales (P/S)0.44
P/FCF Ratio-8.28
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Republic Airways Holdings Business Overview & Revenue Model
Company Description
Republic Airways Holdings Inc., founded in 1974, specializes in offering scheduled air passenger services. The company operates a substantial fleet of approximately 240 aircraft, which allows it to conduct around 1,000 daily flights. These service...
How the Company Makes Money
Republic Airways primarily makes money through long-term capacity purchase agreements (CPAs) with major airlines. Under a CPA structure, Republic operates flights marketed and sold by its airline partners (typically under the partner’s brand), whi...
Republic Airways Holdings Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 10, 2026
Earnings Call Sentiment Positive
The call highlighted strong operational performance, sequential growth in block hours and revenues, improved completion metrics, meaningful progress on the Republic–Mesa integration (FAA approval of the first revision cycle) and a raised full-year guidance. Offsetting items include short-term weather-related disruption in July, continued integration costs and a timeline for realizing full synergy benefits through late 2027 into 2028, plus continued leverage and some unallocated fleet. On balance, the positives—notably revenue and utilization growth, improved margins on an adjusted basis, and upgraded guidance—outweigh the challenges.Positive Updates
Revenue Growth
Quarterly revenues rose approximately 8% sequentially to about $571 million, driven by strong partner demand and higher block hour production.
Negative Updates
Severe Q3 Weather Impact
July severe weather reduced completion factor to 91% through July 28, below levels seen in winter storm months and negatively impacting the start of Q3 operations.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Growth
Quarterly revenues rose approximately 8% sequentially to about $571 million, driven by strong partner demand and higher block hour production.
Read all positive updates
Company Guidance
On the call management raised full‑year 2026 guidance: block hour production is now targeted at approximately 880,000 hours (up ~2% from the prior at least 865,000), revenue is expected to be greater than $2.1 billion (up from >$2.0B) and adjusted EBITDAR is guided to $395–$405 million (up from >$380M); there are no changes to previously issued guidance for capital expenditures or debt reduction. They cited Q2 results and operating trends supporting the raise (Q2 adjusted net income $41.3M or $0.89/sh, adjusted pretax $57.4M, Q2 adjusted EBITDAR $109.6M) while noting recent July weather weakness (completion factor ~91% through July 28) but a 99.99% controllable completion factor for the quarter. Balance‑sheet and fleet context included $278M unrestricted cash, $1.2B total debt and lease liabilities, repayment of $43M of debt in the quarter, Q2 capex of ~$21M, a 314‑aircraft fleet (275 on CPAs, 31 leased to a partner, 8 unallocated), and 26 Embraer delivery positions with the next scheduled in April 2028.Republic Airways Holdings Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
68
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Mar 2025 | Dec 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.08B | 1.68B | 1.47B | 1.43B | 1.33B | 503.59M |
| Gross Profit | 279.51M | 466.00M | 365.00M | 323.50M | 339.50M | -1.92M |
| EBITDA | 157.51M | 300.30M | 261.60M | 296.50M | 280.50M | 139.99M |
| Net Income | 17.78M | 76.20M | 64.60M | 54.80M | 67.80M | 16.59M |
Balance Sheet | ||||||
| Total Assets | 3.27B | 3.28B | 2.77B | 2.73B | 1.27B | 1.60B |
| Cash, Cash Equivalents and Short-Term Investments | 295.60M | 296.50M | 302.00M | 342.20M | 61.02M | 123.87M |
| Total Debt | 1.24B | 1.23B | 1.14B | 1.24B | 633.70M | 718.05M |
| Total Liabilities | 1.91B | 1.95B | 1.65B | 1.68B | 960.19M | 1.12B |
| Stockholders Equity | 1.35B | 1.33B | 1.12B | 1.05B | 308.17M | 488.05M |
Cash Flow | ||||||
| Free Cash Flow | -73.94M | -88.70M | -33.50M | -62.40M | -9.80M | 115.72M |
| Operating Cash Flow | 413.75M | 322.00M | 226.10M | 329.20M | 189.70M | 132.87M |
| Investing Cash Flow | -620.87M | -350.90M | -105.50M | -420.90M | -137.00M | -33.47M |
| Financing Cash Flow | 170.19M | 54.70M | -102.20M | 107.10M | -189.80M | -78.37M |
Republic Airways Holdings Technical Analysis
Positive
18.99
Price Trends
18.97
Positive
19.24
Positive
19.57
Positive
Market Momentum
0.71
Negative
59.85
Neutral
79.14
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RJET, the sentiment is Positive. The current price of 18.99 is below the 20-day moving average (MA) of 19.00, above the 50-day MA of 18.97, and below the 200-day MA of 19.57, indicating a bullish trend. The MACD of 0.71 indicates Negative momentum. The RSI at 59.85 is Neutral, neither overbought nor oversold. The STOCH value of 79.14 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for RJET.
Republic Airways Holdings Risk Analysis
Republic Airways Holdings disclosed 34 risk factors in its most recent earnings report. Republic Airways Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Republic Airways Holdings Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $4.15B | 10.43 | 15.02% | ― | 9.10% | 1.55% | |
67 Neutral | $967.03M | -5.63 | 4.88% | ― | 299.75% | 87.78% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | $1.55B | -3.99 | -120.34% | ― | 9.95% | -1057.36% | |
54 Neutral | $2.64B | -49.29 | 3.28% | ― | 3.31% | 82.72% | |
50 Neutral | $2.28B | -2.50 | -45.51% | ― | 3.99% | -119.13% | |
46 Neutral | $5.29B | -30.03 | -4.50% | ― | 9.79% | -161.50% |
* Industrials Sector Average
RJET
Republic Airways Holdings
21.39
5.19
32.04%
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ULCC
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Republic Airways Holdings Corporate Events
Business Operations and StrategyExecutive/Board Changes
Republic Airways appoints new CEO and realigns leadership
Positive
Jun 17, 2026
On June 12, 2026, Republic Airways Holdings Inc. expanded its board to seven members and appointed incoming President and Chief Executive Officer Matthew J. Koscal as a director, effective June 15, 2026, with no separate board compensation. Concur...
Executive/Board ChangesShareholder Meetings
Republic Airways Shareholders Endorse Board, Pay and Auditor
Positive
May 26, 2026
At its annual meeting of stockholders held on May 21, 2026, Republic Airways Holdings Inc. shareholders elected six directors—Ellen N. Artist, David Grizzle, Michael C. Lenz, Ruth Okediji, Barry W. Ridings, and James E. Sweetnam—to ser...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.