Jetblue Airways Corp (NASDAQ: JBLU)

Sector: Industrials Industry: Airlines CIK: 0001158463
Market Cap 2.20 Bn
P/B 1.04
P/E -3.66
P/S 0.24
ROIC (Qtr) -2.63
Div Yield % 0.00
Rev 1y % (Qtr) -1.45
Total Debt (Qtr) 9.42 Bn
Debt/Equity (Qtr) 4.44
Add ratio to table...

About

JetBlue Airways Corporation, commonly known as JetBlue, is a leading low-cost carrier operating in the United States, the Caribbean, Latin America, Canada, and Europe. The company was established in Delaware in 1998 and began its service in 2000, providing a unique flying experience characterized by competitive fares, award-winning service, and innovative products. JetBlue's main business activities revolve around the provision of air travel services. The company operates a vast network of 115 destinations in 32 states, the District of Columbia,...

Read more

Investment thesis

Bull case

  • Healthy cash reserves of 2.29B provide 2.71x coverage of short-term debt 848M, demonstrating strong liquidity position and minimal refinancing risk.
  • Tangible assets of 16.16B provide robust 5.57x coverage of other current liabilities 2.90B, indicating strong asset backing.
  • Cash reserves of 2.29B provide solid 1.55x coverage of other non-current liabilities 1.48B, indicating strong liquidity.
  • Cash reserves of 2.29B exceed inventory value of 193M by 11.89x, indicating strong liquidity and inventory management.
  • Cash reserves of 2.29B provide comfortable 5.13x coverage of tax obligations 447M, showing strong fiscal management.

Bear case

  • Operating cash flow of (94M) barely covers its investment activities of 658M, with a coverage ratio of -0.14, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • The company's operating cash flow of (94M) shows concerning coverage of stock compensation expenses of 40M, with a -2.35 ratio indicating potential earnings quality issues.
  • Free cash flow of (937M) provides weak coverage of capital expenditures of 843M, with a -1.11 ratio suggesting additional external financing needs for growth initiatives.
  • Operating cash flow of (94M) provides minimal 0.55x coverage of tax expenses of (172M), suggesting potential tax planning inefficiencies or unsustainable tax positions.
  • Operating earnings of (186M) show weak coverage of depreciation charges of 688M, with a -0.27 ratio indicating high capital intensity and potential reinvestment needs.

Geographical Breakdown of Revenue (2025)

Product and Service Breakdown of Revenue (2025)

Peer comparison

Companies in the Airlines
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 DAL Delta Air Lines, Inc. 45.93 Bn 9.18 0.72 20.27 Bn
2 UAL United Airlines Holdings, Inc. 37.05 Bn 11.05 0.63 31.04 Bn
3 LUV Southwest Airlines Co 29.18 Bn 66.17 1.04 5.98 Bn
4 AAL American Airlines Group Inc. 9.42 Bn 15.65 0.17 36.06 Bn
5 ALK Alaska Air Group, Inc. 6.72 Bn 67.15 0.47 6.89 Bn
6 SKYW Skywest Inc 4.33 Bn 10.12 1.07 2.47 Bn
7 AERO Grupo Aeromexico, S.A.B. de C.V. 2.64 Bn 7.49 0.49 4.06 Bn
8 JBLU Jetblue Airways Corp 2.20 Bn -3.66 0.24 9.42 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.54 0.75
EV to Cash from Ops. EV/CFO -95.48 -1.78
EV to Debt EV to Debt 0.95 1.92
EV to EBIT EV/EBIT -48.25 12.70
EV to EBITDA EV/EBITDA 28.05 -7.83
EV to Free Cash Flow [EV/FCF] EV/FCF -9.58 4.43
EV to Market Cap EV to Market Cap 4.08 2.37
EV to Revenue EV/Rev 0.99 1.05
Price to Book Value [P/B] P/B 1.04 0.89
Price to Earnings [P/E] P/E -3.66 14.33
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 22,529.03
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 7.43
Dividend per Basic Share Div per Share (Qtr) 0.00 0.11
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 -2.56
Interest Coverage Int. cover (Qtr) -0.32 1.76
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 46.95 -69.47
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 6.84 40.07
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 2.71
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 69.32 -58.97
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 1,203.45 80.32
EBIT Growth (1y) % EBIT 1y % (Qtr) 65.04 -22.88
EBT Growth (1y) % EBT 1y % (Qtr) 13.71 -112.97
EPS Growth (1y) % EPS 1y % (Qtr) 27.83 -167.26
FCF Growth (1y) % FCF 1y % (Qtr) 35.16 2,772.29
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) -1.35 7.74
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.55 0.74
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.01
Cash Ratio Cash Ratio (Qtr) 0.52 0.24
Current Ratio Curr Ratio (Qtr) 0.74 0.56
Debt to Equity Ratio Debt/Equity (Qtr) 4.44 0.61
Interest Cover Ratio Int Coverage (Qtr) -0.32 1.76
Times Interest Earned Times Interest Earned (Qtr) -0.32 1.76
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 5.50 5.51
EBIT Margin % EBIT Margin % (Qtr) -2.05 -0.22
EBT Margin % EBT Margin % (Qtr) -8.54 -3.82
Gross Margin % Gross Margin % (Qtr) 60.50 41.52
Net Profit Margin % Net Margin % (Qtr) -6.60 -4.40