A company still losing money with steady sales, with elevated risk. Institutions are adding.
Watch out for
About 15 months of cash left at its current burn
Losing money
Debt above equity: 1.26x
Money moves
No insider buying or selling in the last 30 days
Institutions added 8.4% to their holdings in the quarter ending June 2026 (109 bought, 67 sold)
Facts from SEC filings, not a recommendation.
What the price means
Price as of Oct 26
$4.90-0.4% that day
Company value
$1.1B
Share price times all shares
Price vs sales
0.30x
No profit over the last year, so this compares value with sales instead
Cash vs value
69%
A big cushion: cash is a large part of what the company is worth
Debt vs value
55%
Debt as a share of company value
From ULCC's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.
The business over time
Last 12 quarters, from SEC filings
Sales, Mar '26
$992.0M+8.8% vs a year earlier
Jun '23Tap a barMar '26
Last 12 months: $3.8B, down 0.5% from the 12 months before. Over 5 years, sales grew about 24% a year.
What the price assumes
Your guesses, our math
Move the sliders to your own view of ULCC. Starting points are the company's recent numbers (it isn't profitable yet, so the margin starts at a 10% guess).
Sales in 5 years$3.8B
Profit in 5 years$380M
Price these guesses point to$22.49+359% vs $4.90 todayAbout +36% a year, before dividends
What today's price needs: with a 10% margin and a 15x P/E, sales could shrink about 26% a year for 5 years and still match today's price.
Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.
The checklist Warren Buffett-style investors use. Annual numbers for 2025.
0/6Weak
MissReturn on equity 15%+Earns a lot on the money owners have in the business.-25.0%
MissDebt under half of equityNot relying on borrowed money.1.26x equity
MissNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.-3.7%
MissProfitable every yearSteady profits, not one good year.2 of 7 years
MissFree cash flow positiveBrings in more cash than it spends to run and grow.-$525.0M
MissShare count not growingNot diluting owners. Falling means buybacks.+4.7% in 3 years
Revenue
$3.7B
-1.4% vs prior year
5-year growth
+24.4%/yr
revenue, per year
Total debt
$620.0M
1.26x equity
Current ratio
0.46x
short-term assets / bills due
From annual reports filed with the SEC. Not in this company's SEC data, so not scored: gross margin 40%+. A checklist is a starting point for research, not a verdict.
Latest quarter
Quarter ended Mar 31, 2026
Reported Jul 29
Revenue
$992.0M
+8.8% YoY
EPS
-$1.18
vs -$0.19
Op. margin
-28.5%
-23.5 pts
Free cash flow
$28.0M
Share count
+1.1%
vs a year ago
Insider rating
Last 90 days
No open-market insider buys or sells in the last 90 days.
Weekly insider trend
No trades to chart yet.
Filing buzz
Last 7 days vs normal
0/ 100
This week
6
Normal week
1.8
vs normal
3.4x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
▲Accumulating+8.4%
Institutions added 8.4% to their holdings. 109 bought, 67 sold. 2 quarters of net buying in a row.
Shares held by institutions136.0M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
+1.7%
Cash runwayAt last year's cash burn
18 months
Debt to equityLatest balance sheet: debt compared with what owners have
2.6x · $588.0M debt
Shares outstandingLatest reported
230M
Why elevated risk
Losing money
About 18 months of cash left at its current burn
High debt: 2.65x equity
Bills due within a year exceed short-term assets
Earnings reports
Last 12
Next reportIn 7 days (est.)Estimated from the same quarter last year
Results filedJul 29
Results filedMay 5
Results filedFeb 11
Results filedJan 8
Results filedDec 15, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days
No offerings, red flags or new big holders. Clean record.
Insider trades
Open-market buys and sells, last 90 days
No open-market buys or sells in 90 days. Grants and option exercises are left out.
"Owns after" is the insider's holding right after the trade. Pre-planned (10b5-1) sales are set up months ahead, a weaker signal.
Latest filings
Straight from SEC EDGAR
Option exerciseJames G. DempseyPresident & CEO, Director