Spirit Aviation Holdings, Inc. (FLYY) Financials

FLYY

FY2025 annual

Revenue Not reported for FY2025

Net Income -$2.8M -124.5% YoY

EPS (Diluted) Not reported for FY2025

Free Cash Flow Not reported for FY2025

Source SEC Filings (10-K/10-Q) Latest period FY2025, ended Dec 31, 2025 Reported Apr 30, 2026 Currency USD FYE December

Newest figures come from the 10-K for FY2025, filed Apr 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the FLYY SEC filings page.

This page shows Spirit Aviation Holdings, Inc. (FLYY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI FLYY FY2025 2026-08-30

Spirit’s dominant mechanic is a shrinking operating cushion: weaker revenue coincided with widening losses, cash consumption, and negative equity.

When revenue contracted in FY2024, operating margin deteriorated from -9.2% to -22.5%, indicating costs did not flex with volume. Operating cash flow worsened from -$247M to -$758M, so the accounting deterioration was accompanied by cash consumption rather than merely non-cash charges.

By FY2024, liabilities exceeded assets by $80M, and FY2025 widened that gap to $2.1B; negative equity means the reported asset base no longer fully represented obligations. The current ratio moved from 1.2x to 1.0x, leaving short-term assets roughly matched with short-term liabilities.

Long-term debt fell from $1.8B in FY2024 to $719M in FY2025. Yet total liabilities were $8.1B in FY2025, showing the financing burden extends beyond long-term debt.

Financial Health Signals

Financial health score not available

Spirit Aviation Holdings, Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

2/5

Spirit Aviation Holdings, Inc. passes 2 of 5 computable financial strength tests (4 of the nine could not be computed from available data). No profitability signals pass, 2 of 3 leverage/liquidity signals pass.

Key Financial Metrics

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Earnings & Revenue

None of these metrics is reported for Q4 2025.

Cash & Balance Sheet

Cash & Debt

$273.0M

YoY-69.7%

QoQ+9.0%

5Y CAGR-31.3%

10Y CAGR-10.2%

Spirit Aviation Holdings, Inc. held $273.0M in cash against $718.9M in long-term debt as of Q4 2025.

Shares Outstanding

28M

QoQ+4.7%

5Y CAGR-22.0%

10Y CAGR-8.9%

Spirit Aviation Holdings, Inc. had 28M shares outstanding in Q4 2025. Against the prior quarter it is up 4.7%.

Free Cash Flow

Not reported for Q4 2025.

Dividends Per Share

Not reported for Q4 2025.

Margins & Returns

None of these metrics is reported for Q4 2025.

Capital Allocation

Share Buybacks

YoY-100.0%

Spirit Aviation Holdings, Inc. repurchased no shares in Q4 2025. This represents a decrease of 100.0% from the same quarter a year earlier.

R&D Spending

Not reported for Q4 2025.

Capital Expenditures

Not reported for Q4 2025.

FLYY Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

FLYY quarterly income statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Revenue	N/A	$4.9B-8.4%	$5.4B+5.8%	$5.1B+56.9%	$3.2B+78.5%	$1.8B-52.7%	$3.8B+15.3%	$3.3B+25.7%	$2.6B+13.9%	$2.3B+8.3%	$2.1B+10.9%	$1.9B+16.8%	$1.7B+25.5%	$1.3B+23.1%	$1.1B
SG&A Expenses	N/A	$1.7B+4.5%	$1.6B+29.2%	$1.3B+17.4%	$1.1B+17.1%	$909.8M+5.2%	$865.0M+20.2%	$719.6M+36.3%	$528.0M+11.7%	$472.5M+25.2%	$377.5M+20.5%	$313.4M+19.6%	$262.1M+19.7%	$218.9M+20.5%	$181.7M
Operating Income	N/A	-$1.1B-123.0%	-$495.8M+17.2%	-$598.9M-953.1%	-$56.9M+88.8%	-$507.8M-201.3%	$501.0M+42.8%	$350.9M-8.8%	$384.8M-12.8%	$441.5M-13.3%	$509.1M+43.3%	$355.3M+25.8%	$282.3M+62.2%	$174.0M+20.5%	$144.4M
EBITDA	N/A	-$780.1M-346.1%	-$174.9M+38.8%	-$285.8M-218.9%	$240.3M+204.9%	-$229.2M-131.6%	$726.3M+37.7%	$527.6M+0.5%	$525.0M-3.2%	$542.6M-6.9%	$583.0M+44.9%	$402.2M+28.0%	$314.2M+66.0%	$189.2M+24.4%	$152.1M
Interest Expense	N/A	$219.1M+29.5%	$169.2M+20.9%	$139.9M-10.1%	$155.6M+15.7%	$134.5M+32.7%	$101.3M+21.0%	$83.8M+46.2%	$57.3M+37.6%	$41.6M+105.3%	$20.3M+1185.9%	$1.6M+636.9%	$214K-84.1%	$1.4M-94.6%	$24.8M
Income Tax	N/A	-$60.2M+45.8%	-$111.1M+24.2%	-$146.6M-207.0%	-$47.8M+75.1%	-$191.5M-289.3%	$101.2M+105.5%	$49.2M+174.8%	-$65.8M-142.8%	$153.8M-17.0%	$185.2M+45.2%	$127.5M+20.9%	$105.5M+59.5%	$66.1M+42.6%	$46.4M
Net Income	-$2.8M-124.5%	-$1.2M-174.8%	-$447K+17.8%	-$544K-15.1%	-$473K-210.2%	$429K-99.9%	$335.3M+115.3%	$155.7M-62.5%	$415.5M+57.7%	$263.5M-16.9%	$317.2M+40.7%	$225.5M+27.4%	$176.9M+63.1%	$108.5M+41.9%	$76.4M
EPS (Basic)	N/A	-$0.01+99.7%	-$4.10+19.6%	-$5.10-13.3%	-$4.50+11.1%	-$5.06-203.3%	$4.90+114.9%	$2.28-62.0%	$6.00+60.0%	$3.75-14.6%	$4.39+41.6%	$3.10+27.0%	$2.44+62.7%	$1.50+4.2%	$1.44
EPS (Diluted)	N/A	-$0.01	-$4.10+19.6%	-$5.10-13.3%	-$4.50+11.1%	-$5.06-203.5%	$4.89+114.5%	$2.28-61.9%	$5.99+60.2%	$3.74-14.6%	$4.38+42.2%	$3.08+27.3%	$2.42+62.4%	$1.49+4.2%	$1.43
Diluted Shares (Avg)	N/A	109M	109M+0.4%	109M+3.6%	105M+24.0%	85M+23.5%	69M+0.2%	68M-1.4%	69M-1.6%	71M-2.6%	72M-1.2%	73M+0.4%	73M+0.6%	73M+35.6%	54M

Metric	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-K	Q4'2410-K	Q3'2410-Q	Q2'2410-Q	Q1'24
Revenue	N/A	$958.5M-19.9%	$1.0B-20.4%	$755.4M-40.3%	$1.2B-11.5%	$1.2B-4.9%	$1.3B-10.6%	$1.3B-6.2%
SG&A Expenses	N/A	$367.4M-14.0%	$367.4M-12.2%	$308.6M-28.5%	$412.1M-0.9%	$427.1M+5.7%	$418.4M+2.6%	$431.5M+10.9%
Operating Income	N/A	-$134.9M+54.5%	-$184.1M-20.7%	-$287.2M-38.5%	-$449.1M-109.1%	-$296.4M-57.0%	-$152.5M-854.6%	-$207.3M-84.5%
EBITDA	N/A	-$76.9M+63.8%	-$121.2M-78.2%	-$232.3M-84.4%	-$373.7M-176.2%	-$212.4M-100.5%	-$68.0M-167.5%	-$126.0M-266.2%
Interest Expense	N/A	$46.3M-14.5%	$62.1M+14.4%	$47.7M-13.0%	$55.8M+18.2%	$54.1M+31.2%	$54.3M+88.0%	$54.8M+5.8%
Income Tax	N/A	$1.6M+105.4%	-$4.0M-221.1%	$17.9M+223.8%	-$19.3M+56.8%	-$29.8M+35.4%	$3.3M-80.9%	-$14.4M+61.8%
Net Income	N/A	-$317.5M-3.0%	-$245.8M-27.4%	$72.2M+150.6%	$642.6M+144.0%	-$308.2M-95.6%	-$192.9M-8113.2%	-$142.6M-37.3%
EPS (Basic)	N/A	-$7.87-180.1%	-$7.24-311.4%	$0.66+150.8%	N/A	-$2.81-95.1%	-$1.76-8700.0%	-$1.30-36.8%
EPS (Diluted)	N/A	-$7.87	-$7.24	$0.66	N/A	-$2.81-95.1%	-$1.76-8700.0%	-$1.30-36.8%
Diluted Shares (Avg)	N/A	40M	34M	110M	N/A	110M+0.3%	110M+0.3%	109M+0.3%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.

FLYY Balance Sheet

FLYY quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Total Assets	$6.0B-37.5%	$9.6B+1.9%	$9.4B+2.5%	$9.2B+7.5%	$8.5B+1.7%	$8.4B+19.2%	$7.0B+36.4%	$5.2B+24.6%	$4.1B+31.5%	$3.2B+24.6%	$2.5B+58.9%	$1.6B+34.9%	$1.2B+28.4%	$919.9M+23.3%	$745.8M
Current Assets	$1.2B-40.9%	$2.1B+39.5%	$1.5B-24.2%	$2.0B+8.2%	$1.8B-21.8%	$2.4B+70.1%	$1.4B+3.0%	$1.3B+4.9%	$1.3B+31.2%	$977.5M-4.8%	$1.0B+42.3%	$721.5M+11.2%	$649.1M+18.6%	$547.4M+23.6%	$442.7M
Cash & Equivalents	$273.0M-69.7%	$902.1M+4.3%	$865.2M-35.7%	$1.3B+1.0%	$1.3B-25.5%	$1.8B+82.8%	$979.0M-2.6%	$1.0B+25.5%	$800.8M+14.3%	$700.9M-12.8%	$803.6M+27.0%	$632.8M+19.3%	$530.6M+27.3%	$416.8M+21.4%	$343.3M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$23.2M+2.2%	$22.7M+47.4%	$15.4M
Total Liabilities	$8.1B-16.4%	$9.7B+16.8%	$8.3B+8.8%	$7.6B+18.5%	$6.4B+4.5%	$6.1B+28.6%	$4.8B+47.7%	$3.2B+35.8%	$2.4B+34.8%	$1.8B+34.7%	$1.3B+122.7%	$589.7M+43.2%	$411.6M+22.0%	$337.3M+20.9%	$279.1M
Current Liabilities	$1.3B-27.4%	$1.8B+5.8%	$1.7B+4.7%	$1.6B+25.2%	$1.3B-4.9%	$1.3B+20.7%	$1.1B+33.3%	$834.5M+25.6%	$664.3M+21.7%	$545.7M+17.1%	$466.2M+27.5%	$365.6M+8.8%	$336.0M+21.3%	$276.9M+21.9%	$227.1M
Non-Current Liabilities	$6.8B-14.0%	$7.9B+19.6%	$6.6B+9.9%	$6.0B+16.8%	$5.2B+7.1%	$4.8B+31.0%	$3.7B+52.8%	$2.4B+39.8%	$1.7B+40.6%	$1.2B+44.4%	$847.0M+278.0%	$224.1M+196.2%	$75.7M+25.1%	$60.5M+16.2%	$52.0M
Long-Term Debt	$718.9M-59.2%	$1.8B-42.4%	$3.1B-4.5%	$3.2B+7.6%	$3.0B-3.0%	$3.1B+56.5%	$2.0B-3.2%	$2.0B+45.9%	$1.4B+54.6%	$897.4M+50.4%	$596.7M+341.2%	$135.2M	$0	$0	$0
Total Equity	-$2.1B-2510.2%	-$80.1M-107.1%	$1.1B-27.8%	$1.6B-25.7%	$2.1B-6.0%	$2.2B-0.5%	$2.3B+17.3%	$1.9B+9.4%	$1.8B+27.2%	$1.4B+13.8%	$1.2B+21.4%	$1.0B+30.4%	$769.1M+32.0%	$582.5M+24.8%	$466.7M
Retained Earnings	-$2.8B-141.5%	-$1.2B-2166.3%	$56.8M-88.7%	$504.2M-52.4%	$1.1B-30.6%	$1.5B-22.0%	$2.0B+20.3%	$1.6B+10.6%	$1.5B+39.4%	$1.1B+32.0%	$798.8M+65.9%	$481.5M+88.0%	$256.1M+223.5%	$79.2M+370.1%	-$29.3M

Metric	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-K	Q4'2410-K	Q3'2410-Q	Q2'2410-Q	Q1'24
Total Assets	$6.0B-37.5%	$8.8B-7.4%	$8.6B-10.3%	$8.9B-6.5%	$9.6B+1.9%	$9.5B+1.4%	$9.6B+2.0%	$9.5B+2.2%
Current Assets	$1.2B-40.9%	$1.1B-12.1%	$1.5B+3.9%	$1.8B+19.6%	$2.1B+39.5%	$1.2B-16.0%	$1.4B-19.6%	$1.5B-22.4%
Cash & Equivalents	$273.0M-69.7%	$250.5M-40.9%	$407.5M-43.8%	$487.5M-36.3%	$902.1M+4.3%	$423.5M-48.2%	$724.8M-34.7%	$764.8M-40.6%
Accounts Receivable	N/A	N/A	N/A	$201.7M	N/A	N/A	N/A	N/A
Total Liabilities	$8.1B-16.4%	$8.6B-4.0%	$8.1B-7.5%	$8.2B-4.0%	$9.7B+16.8%	$9.0B+11.7%	$8.7B+10.7%	$8.5B+8.6%
Current Liabilities	$1.3B-27.4%	$1.0B-60.2%	$1.5B-3.8%	$1.6B+3.2%	$1.8B+5.8%	$2.5B+58.7%	$1.5B-10.4%	$1.5B-12.8%
Non-Current Liabilities	$6.8B-14.0%	$7.6B+18.2%	$6.6B-8.2%	$6.6B-5.5%	$7.9B+19.6%	$6.4B+0.1%	$7.2B+16.5%	$7.0B+14.7%
Long-Term Debt	$718.9M-59.2%	$750.2M-62.2%	$2.2B-28.2%	$2.2B-29.7%	$1.8B-42.4%	$2.0B-34.7%	$3.1B+1.4%	$3.2B+0.4%
Total Equity	-$2.1B-2510.2%	$164.5M-67.3%	$479.4M-40.8%	$723.4M-27.8%	-$80.1M-107.1%	$503.7M-61.7%	$809.7M-45.0%	$1.0B-31.8%
Retained Earnings	-$2.8B-141.5%	-$574.2M+2.2%	-$256.8M+7.9%	-$10.9M+87.3%	-$1.2B-2166.3%	-$587.0M-344.2%	-$278.8M-170.1%	-$85.9M-121.5%

Not reported in any period shown, so not listed: Short-Term Investments, Inventory, Long-Term Investments, Goodwill.

FLYY Cash Flow Statement

FLYY quarterly cash flow statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Operating Cash Flow	N/A	-$758.1M-207.3%	-$246.7M-177.1%	-$89.0M-142.6%	$208.9M+192.7%	-$225.3M-140.9%	$551.3M+8.9%	$506.5M+19.1%	$425.2M-9.9%	$471.8M-0.3%	$473.0M+81.6%	$260.5M+33.3%	$195.4M+71.9%	$113.6M-33.6%	$171.2M
Depreciation & Amortization	N/A	$325.3M+1.4%	$320.9M+2.5%	$313.1M+5.3%	$297.2M+6.7%	$278.6M+23.7%	$225.3M+27.5%	$176.7M+26.1%	$140.2M+38.6%	$101.1M+36.8%	$73.9M+57.3%	$47.0M+47.0%	$31.9M+109.4%	$15.3M+96.6%	$7.8M
Stock-Based Compensation	N/A	$7.2M-39.7%	$12.0M+4.2%	$11.5M-8.4%	$12.5M+8.3%	$11.6M+42.0%	$8.2M-26.0%	$11.0M+29.3%	$8.5M+19.9%	$7.1M-23.0%	$9.2M+4.8%	$8.8M+54.6%	$5.7M+31.5%	$4.3M+716.4%	$530K
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	$334.5M-44.9%	$607.0M-3.5%	$628.9M+16.6%	$539.2M-1.7%	$548.8M+194.2%	$186.6M+841.7%	$19.8M-16.7%	$23.8M+68.7%	$14.1M
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	$216.8M+315.7%	-$100.5M+50.6%	-$203.6M-201.9%	-$67.4M+11.0%	-$75.8M-202.5%	$73.9M-57.9%	$175.6M+95.4%	$89.9M-42.8%	$157.1M
Investing Cash Flow	N/A	$463.6M+1369.9%	-$36.5M+86.2%	-$265.4M+24.7%	-$352.4M+36.4%	-$554.0M-21.2%	-$456.9M+41.7%	-$783.7M+1.0%	-$792.0M	N/A	-$701.3M-131.9%	-$302.4M-235.6%	-$90.1M-229.8%	-$27.3M+59.4%	-$67.2M
Financing Cash Flow	N/A	$380.3M+292.1%	-$198.0M-150.6%	$391.3M+235.6%	-$288.7M-117.4%	$1.7B+1482.6%	-$120.2M-125.0%	$481.1M+3.1%	$466.7M	N/A	$399.1M+177.2%	$144.0M+1586.5%	$8.5M+166.6%	-$12.8M-108.2%	$156.6M
Share Buybacks	N/A	$650K-75.4%	$2.6M+11.8%	$2.4M+55.7%	$1.5M-9.2%	$1.7M-69.3%	$5.4M+368.1%	$1.2M-97.5%	$46.6M-54.6%	$102.5M-8.7%	$112.3M+6787.2%	$1.6M+43.0%	$1.1M+11.5%	$1.0M+15.3%	$886K

Metric	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-K	Q4'2410-K	Q3'2410-Q	Q2'2410-Q	Q1'24
Operating Cash Flow	-$50.8M+58.9%	-$406.1M-11.5%	-$249.7M-87.7%	-$223.7M-63.3%	-$123.8M+32.3%	-$364.3M-87.2%	-$133.0M-1221.6%	-$137.0M-197.3%
Depreciation & Amortization	N/A	$58.0M-30.9%	$62.9M-25.6%	$54.9M-32.6%	$75.4M-5.2%	$84.0M+1.5%	$84.5M+4.9%	$81.3M+4.3%
Stock-Based Compensation	N/A	N/A	$1.8M	$1.2M-60.0%	N/A	N/A	N/A	$3.1M-5.9%
Investing Cash Flow	$1.9M-96.6%	$262.3M+70.5%	$120.4M-21.4%	$19.0M-80.7%	$57.6M-61.4%	$153.9M+342.3%	$153.3M+381.5%	$98.8M+246.3%
Financing Cash Flow	$266.6M-50.9%	$230.8M+658.3%	$123.6M+268.7%	-$300.6M-525.1%	$543.0M+573.5%	-$41.3M-20.7%	-$73.3M+34.9%	-$48.1M+63.5%
Share Buybacks	$0-100.0%	$0-100.0%	$0-100.0%	$0-100.0%	$1K-99.9%	$4K-88.2%	$9K+800.0%	$636K-62.0%

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid.

FLYY Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

FLYY quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Operating Margin	N/A	-22.5%-13.3pp	-9.2%+2.6pp	-11.8%-10.1pp	-1.8%+26.3pp	-28.1%-41.1pp	13.1%+2.5pp	10.6%-4.0pp	14.6%-4.5pp	19.0%-4.7pp	23.8%+5.4pp	18.4%+1.3pp	17.1%+3.9pp	13.2%-0.3pp	13.5%
Net Margin	N/A	0.0%0.0pp	0.0%0.0pp	0.0%0.0pp	0.0%0.0pp	0.0%-8.7pp	8.8%+4.1pp	4.7%-11.0pp	15.7%+4.4pp	11.4%-3.5pp	14.8%+3.1pp	11.7%+1.0pp	10.7%+2.5pp	8.2%+1.1pp	7.1%
Return on Equity	N/A	N/A	0.0%0.0pp	0.0%0.0pp	0.0%0.0pp	0.0%-14.8pp	14.8%+6.7pp	8.1%-15.5pp	23.6%+4.5pp	19.0%-7.0pp	26.1%+3.6pp	22.5%-0.5pp	23.0%+4.4pp	18.6%+2.2pp	16.4%
Return on Assets	-0.1%0.0pp	0.0%0.0pp	0.0%0.0pp	0.0%0.0pp	0.0%0.0pp	0.0%-4.8pp	4.8%+1.7pp	3.0%-7.0pp	10.0%+1.7pp	8.3%-4.2pp	12.5%-1.6pp	14.2%-0.8pp	15.0%+3.2pp	11.8%+1.5pp	10.3%
Current Ratio	0.97-0.2x	1.19+0.3x	0.90-0.3x	1.25-0.2x	1.44-0.3x	1.76+0.5x	1.25-0.4x	1.61-0.3x	1.93+0.1x	1.79-0.4x	2.20+0.2x	1.970.0x	1.930.0x	1.980.0x	1.95
Debt-to-Equity	N/A	N/A	2.69+0.7x	2.04+0.6x	1.410.0x	1.36+0.5x	0.87-0.2x	1.05+0.3x	0.79+0.1x	0.65+0.2x	0.49+0.4x	0.13+0.1x	0.000.0x	0.000.0x	0.00
Asset Turnover	N/A	0.51-0.1x	0.570.0x	0.55+0.2x	0.38+0.2x	0.22-0.3x	0.54-0.1x	0.640.0x	0.64-0.1x	0.74-0.1x	0.85-0.4x	1.21-0.2x	1.400.0x	1.430.0x	1.44
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	5.7%+8.7pp	-3.0%+4.7pp	-7.7%-4.8pp	-2.9%+0.6pp	-3.5%-7.4pp	3.8%-6.8pp	10.6%+3.8pp	6.8%-7.8pp	14.7%

Metric	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-K	Q4'2410-K	Q3'2410-Q	Q2'2410-Q	Q1'24
Operating Margin	N/A	-14.1%+10.7pp	-18.1%-6.1pp	-38.0%-21.6pp	-38.4%-22.1pp	-24.8%-9.8pp	-11.9%-13.3pp	-16.4%-8.1pp
Net Margin	N/A	-33.1%-7.4pp	-24.1%-9.0pp	9.6%+20.8pp	54.9%+35.0pp	-25.8%-13.2pp	-15.1%-14.9pp	-11.3%-3.6pp
Return on Equity	N/A	-193.0%-131.8pp	-51.3%-27.4pp	10.0%+24.2pp	N/A	-61.2%-49.2pp	-23.8%-23.7pp	-14.2%-7.2pp
Return on Assets	N/A	-3.6%-0.4pp	-2.9%-0.9pp	0.8%+2.3pp	6.7%+3.9pp	-3.3%-1.6pp	-2.0%-2.0pp	-1.5%-0.4pp
Current Ratio	0.97-0.2x	1.06+0.6x	1.02+0.1x	1.13+0.2x	1.19+0.3x	0.48-0.4x	0.94-0.1x	0.97-0.1x
Debt-to-Equity	N/A	4.56+0.6x	4.68+0.8x	3.08-0.1x	N/A	3.94+1.6x	3.86+1.8x	3.17+1.0x
Asset Turnover	N/A	0.110.0x	0.120.0x	0.080.0x	0.120.0x	0.130.0x	0.130.0x	0.130.0x

Not reported in any period shown, so not listed: Gross Margin, FCF Margin.

Note: Shareholder equity is negative (-$2.1B), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.97), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Spirit Aviation Holdings, Inc. FLYY	FY2025	N/A	-$2.8M	N/A	$31.6M	—
Mesa Air Group, Inc. MESA	FY2025	$1.7B	$76.2M	4.5%	$58.6M	37/100
Surf Air Mobility Inc. SRFM	FY2025	$106.6M	-$110.6M	N/A	$59.6M	36/100
flyExclusive, Inc. FLYX	FY2025	$375.9M	-$17.6M	-4.7%	$114.3M	23/100
JetBlue Airways Corp JBLU	FY2025	$9.1B	-$602.0M	-6.6%	$1.6B	18/100

Where Spirit Aviation Holdings, Inc. Ranks

Frequently Asked Questions

Is Spirit Aviation Holdings, Inc. profitable?

No, Spirit Aviation Holdings, Inc. (FLYY) reported a net income of -$2.8M in fiscal year 2025.

How much debt does Spirit Aviation Holdings, Inc. have?

As of fiscal year 2025, Spirit Aviation Holdings, Inc. (FLYY) had $273.0M in cash and equivalents against $718.9M in long-term debt.

What are Spirit Aviation Holdings, Inc.'s total assets?

Spirit Aviation Holdings, Inc. (FLYY) had $6.0B in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Spirit Aviation Holdings, Inc. have outstanding?

Spirit Aviation Holdings, Inc. (FLYY) had 28M shares outstanding as of fiscal year 2025.

What is Spirit Aviation Holdings, Inc.'s current ratio?

Spirit Aviation Holdings, Inc. (FLYY) had a current ratio of 0.97 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Spirit Aviation Holdings, Inc.'s return on assets (ROA)?

Spirit Aviation Holdings, Inc. (FLYY) had a return on assets of -0.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Why is Spirit Aviation Holdings, Inc.'s debt-to-equity ratio negative or not reported?

Spirit Aviation Holdings, Inc. (FLYY) has negative shareholder equity of -$2.1B as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Spirit Aviation Holdings, Inc.'s Piotroski F-Score?

Spirit Aviation Holdings, Inc. (FLYY) has a Piotroski F-Score of 2 out of 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.