Global Crossing Airlines (TSE:JET)
NEO-L:JET
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Global Crossing Airlines
(NEO-L:JET)
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Rating:58Neutral
Price Target:
C$1.50
▲(10.29% Upside)
Action:Reiterated
Date:05/09/26
The score is mainly supported by strong and improving cash generation and an attractive low P/E valuation, but it is held back by significant balance-sheet risk (negative equity/high leverage) and weak technical conditions (extremely overbought RSI with little confirmed trend strength).
Positive Factors
Improving cash generation
Operating and free cash flow have turned positive and grown through 2024–2026, indicating the company can internally fund operations and maintenance. Sustained FCF reduces reliance on external capital in a capital‑intensive airline business and supports fleet upkeep, contract delivery and reinvestment.
Negative Factors
Negative shareholders' equity and high leverage
Negative equity and a debt‑heavy capital structure materially constrain financial flexibility in an asset‑intensive industry. This elevates refinancing, covenant and liquidity risk, limits ability to absorb shocks or pursue opportunistic investments, and increases sensitivity to interest rate and demand swings.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving cash generation
Operating and free cash flow have turned positive and grown through 2024–2026, indicating the company can internally fund operations and maintenance. Sustained FCF reduces reliance on external capital in a capital‑intensive airline business and supports fleet upkeep, contract delivery and reinvestment.
Read all positive factors
Global Crossing Airlines (JET) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$69.11M
Dividend YieldN/A
Average Volume (3M)10.01K
Price to Earnings (P/E)4.2
Beta (1Y)N/A
Revenue Growth7.42%
EPS Growth89.31%
CountryCA
Employees678
SectorIndustrials
Sector Strength72
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)-0.02
Shares Outstanding51,725,365
10 Day Avg. Volume10,010
30 Day Avg. Volume10,010
Financial Highlights & Ratios
PEG Ratio0.21
Price to Book (P/B)-1.65
Price to Sales (P/S)0.19
P/FCF Ratio2.93
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.08
Revenue Forecast (FY)C$370.00M
Global Crossing Airlines Business Overview & Revenue Model
Company Description
Global Crossing Airlines Group Inc. operates in the airline business. The company operates a US Part 121 flag and charter airline using the Airbus A320 family of aircraft that provides passenger and cargo air transportation services. It also rents...
How the Company Makes Money
GlobalX primarily makes money by operating flights under contract rather than selling tickets on a large scheduled network. Its key revenue streams are: (1) Charter revenue: payments from customers that contract the airline to operate specific fli...
Global Crossing Airlines Earnings Call Summary
Earnings Call Date:Aug 13, 2025
(Q2-2025)
| Next Earnings Date:Aug 18, 2026
Earnings Call Sentiment Positive
The earnings call highlighted significant revenue growth and improved profitability, with strong performance in the ACMI business and record block hours flown, indicating a positive operational outlook. However, challenges such as a decline in charter revenue, a soft freight market, and increased operating expenses were noted. Overall, the highlights slightly outweigh the lowlights, indicating a cautiously optimistic sentiment.Positive Updates
Revenue Growth and Improved Profitability
Revenue increased 7% year-over-year to $61.4 million, driven by higher block hours flown, aircraft fleet expansion, and increased ACMI business. Net income improved to $0.6 million compared to $0.3 million.
Negative Updates
Decline in Charter Revenue
Charter revenue decreased to $15.3 million from $24.6 million in the same quarter last year, now representing 25% of total revenue compared to 43% in the prior year quarter.
Read all updates
Q2-2025 Updates
Positive
Negative
Revenue Growth and Improved Profitability
Revenue increased 7% year-over-year to $61.4 million, driven by higher block hours flown, aircraft fleet expansion, and increased ACMI business. Net income improved to $0.6 million compared to $0.3 million.
Read all positive updates
Company Guidance
During the second quarter of 2025, Global Crossing Airlines reported strong financial performance with a 7% year-over-year revenue increase to $61.4 million. This growth was driven by a record 8,065 block hours flown and an expansion in the aircraft fleet, enhancing their capacity to meet rising demand. The company achieved a significant 40% increase in ACMI revenue, which now comprises 73% of total revenue, compared to 55% in the same period the previous year. They also improved their cash flow from operating activities to $8.8 million, up from $0.9 million, and net income increased to $0.6 million. The introduction of a hybrid ownership model through the acquisition and leasing of aircraft is expected to support future growth. Additionally, Global Crossing successfully launched a trial ACMI contract with DHL, which has been extended, reflecting confidence in their services. The company aims to continue its focus on operational excellence and disciplined growth, setting the stage for scaling up in 2026.Global Crossing Airlines Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
24
Negative
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 278.85M | 250.66M | 223.75M | 160.12M | 97.11M | 14.29M |
| Gross Profit | 111.88M | 103.05M | 35.38M | 11.55M | 7.24M | -6.99M |
| EBITDA | 40.67M | 40.16M | 18.14M | -5.40M | -8.79M | -18.78M |
| Net Income | -1.27M | -3.10M | -11.47M | -21.01M | -15.82M | -25.06M |
Balance Sheet | ||||||
| Total Assets | 205.42M | 202.68M | 166.74M | 131.33M | 51.16M | 39.07M |
| Cash, Cash Equivalents and Short-Term Investments | 19.99M | 20.47M | 12.35M | 11.60M | 1.88M | 5.24M |
| Total Debt | 168.16M | 167.87M | 149.95M | 111.87M | 39.15M | 25.01M |
| Total Liabilities | 231.60M | 232.11M | 196.21M | 151.20M | 58.42M | 34.83M |
| Stockholders Equity | -26.36M | -29.48M | -29.55M | -20.09M | -7.26M | 4.25M |
Cash Flow | ||||||
| Free Cash Flow | 30.86M | 16.61M | 853.00K | -5.42M | -8.76M | -8.73M |
| Operating Cash Flow | 43.98M | 28.41M | 8.07M | -1.38M | -6.85M | -8.08M |
| Investing Cash Flow | -18.40M | -14.54M | -9.99M | -13.19M | -1.91M | -3.34M |
| Financing Cash Flow | -10.53M | -7.30M | -1.71M | 26.78M | 6.23M | 18.86M |
Global Crossing Airlines Risk Analysis
Global Crossing Airlines disclosed 12 risk factors in its most recent earnings report. Global Crossing Airlines 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
Global Crossing Airlines Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | C$556.35M | 18.72 | 12.73% | 0.76% | -7.22% | ― | |
66 Neutral | C$6.01B | 52.62 | 10.61% | 3.13% | 27.49% | 36.71% | |
65 Neutral | C$2.07B | 19.45 | 8.72% | 5.21% | 7.92% | -14.19% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
58 Neutral | C$69.11M | 4.24 | 11.06% | ― | 7.42% | 89.31% | |
56 Neutral | C$5.39B | 27.75 | 34.23% | ― | 3.31% | -44.10% | |
52 Neutral | C$1.25B | 72.99 | 4.92% | 1.67% | -2.16% | -69.46% |
* Industrials Sector Average
TSE:JET
Global Crossing Airlines
1.36
0.00
0.00%
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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.