Spirit Aviation Holdings Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Spirit Aviation Holdings Inc (FLYY) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Spirit Aviation Holdings Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 4,913M vs 267,812M combined for tracked competitors (1.8% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+115.5% annualized vs trailing 12 months), vs accelerating (+13.4%) for its tracked peer group.
- Growth: Spirit Aviation Holdings Inc generated 126.3% revenue growth year over year in Q4 2025, vs 5.0% for its tracked competitors combined.
- Profitability: Its -54.6% net margin compares with 5.5% for the peer group.
- Peer revenue share: Spirit Aviation Holdings Inc accounted for 3.4% of combined revenue among its tracked peer group, up from 1.6% a year earlier.
- Peer differentiation: Revenue per employee of $0.66M compares with $0.48M for the peer group (1.4x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
FLYY Sales vs. its Competitors, Q4 2025
Spirit Aviation Holdings Inc reported revenue growth of 126.29 % year on year in Q4 2025, above its competitors' combined revenue growth of 5.01 %.
With a net margin of -54.63 %, Spirit Aviation Holdings Inc reported lower profitability than its competitors (5.50 %).
Spirit Aviation Holdings Inc generated 3.37 % of the combined sales of its peer group, up from 1.59 % a year earlier.
Spirit Aviation Holdings Inc vs. its Competitors, Q4 2025
Revenue growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Spirit Aviation Holdings Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Spirit Aviation Holdings Inc | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (7) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Spirit Aviation Holdings Inc's competitor groups requires a Commercial License.
For context: the Airline industry grew revenue 10.3% year over year, combined, vs 126.3% for Spirit Aviation Holdings Inc. Spirit Aviation Holdings Inc's share of combined industry revenue moved from 0.95% to 1.95%, a gain of 1.00 percentage points.
Spirit Aviation Holdings Inc's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Spirit Aviation Holdings Inc | No | No | No | No |
| Competitors combined (12) | ||||
| Similar Growth & Profitability (8) | 37.50 % (3 of 8) | 62.50 % (5 of 8) | 50.00 % (4 of 8) | 37.50 % (3 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
FLYY Stock Performance relative to its Competitors
FLYY Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Delta Air Lines Inc | 282.9% | Outperformed |
| 2 | Southwest Airlines Co | 282.9% | Outperformed |
| 3 | Allegiant Travel Co | 282.9% | Outperformed |
| 4 | Sun Country Airlines Holdings Inc | 282.9% | Outperformed |
| 5 | Frontier Group Holdings Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Spirit Aviation Holdings Inc's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Publicly Traded Peers of Spirit Aviation Holdings Inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Spirit Aviation Holdings Inc | 133.57 | 4,913.42 |
| Delta Air Lines Inc | 54,429.76 | 68,287.00 |
| United Airlines Holdings Inc | 35,996.22 | 62,901.00 |
| Latam Airlines Group S a | 30,357.90 | 14,265.06 |
| Southwest Airlines Co | 20,671.49 | 30,072.00 |
| American Airlines Group Inc | 8,847.59 | 55,994.00 |
| SUBTOTAL | 165,444.52 | 275,499.68 |
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Sources: Spirit Aviation Holdings Inc's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Spirit Aviation Holdings Inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Spirit Aviation Holdings Inc's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Frontier Group Holdings Inc | Named by the company | 85% |
| Delta Air Lines Inc | Named by the company | 85% |
| American Airlines Group Inc | Named by the company | 85% |
| Sun Country Airlines Holdings Inc | Named by the company | 85% |
| Allegiant Travel Co | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for Spirit Aviation Holdings Inc's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
Spirit Aviation Holdings Inc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Spirit Aviation Holdings Inc | 134 | 656,699 | -164,327 |
| Delta Air Lines Inc | 54,430 | 662,981 | 38,350 |
| United Airlines Holdings Inc | 35,996 | 555,663 | 30,892 |
| Latam Airlines Group S a | 30,358 | 346,871 | 35,588 |
| Southwest Airlines Co | 20,671 | 413,134 | 11,499 |
| American Airlines Group Inc | 8,848 | 402,545 | 1,452 |
| PEERS TOTAL | 165,311 | 481,875 | 15,393 |
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Spirit Aviation Holdings Inc's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent filing. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Jetblue Airways Corp | Domestic & Canada 61.51 % |
| Sun Country Airlines Holdings Inc | United States 93.73 % |
Source: revenue geography as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Spirit Aviation Holdings Inc's Business Segment Mix vs Peers
Revenue by operating segment, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Delta Air Lines Inc | Airline 89.42 % |
| Skywest Inc | Sky West Airlines 84.41 % |
| Sun Country Airlines Holdings Inc | Passenger 86.38 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Spirit Aviation Holdings Inc's Position in Industry Market Structure
Market-capitalization share and concentration across all 15 companies in Spirit Aviation Holdings Inc's industry classification, broader than the peer set above. Market cap in millions of $.Spirit Aviation Holdings Inc ranks #0 of 15 companies by market capitalization in its industry, holding 0.00 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 1,769, indicating a moderately concentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Delta Air Lines Inc | 54,430 | 29.65 % |
| 2 | United Airlines Holdings Inc | 35,996 | 19.61 % |
| 3 | Latam Airlines Group S a | 31,115 | 16.95 % |
| 4 | Southwest Airlines Co | 20,671 | 11.26 % |
| 5 | Ryanair Holdings Plc | 1,234 | 5.2% |
| 6 | American Airlines Group Inc | 1,234 | 5.2% |
| 7 | Copa Holdings S a | 1,234 | 5.2% |
| 8 | Alaska Air Group Inc | 1,234 | 5.2% |
| 9 | Skywest Inc | 1,234 | 5.2% |
| 10 | Allegiant Travel Co | 1,234 | 5.2% |
| 0 | Spirit Aviation Holdings Inc | 133 | 0.00 % |
Market cap and industry share for the rest of Spirit Aviation Holdings Inc's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2025-08-29.
Spirit Aviation Holdings Inc's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Airline industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (17 companies).| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 60.72 % | 50.65 % (avg) | +10.1 pp |
| Operating Margin | -22.50 % | industry median | -25.2 pp |
| EBITDA Margin | -20.74 % | 6.44 % (avg) | -27.2 pp |
| Capital Intensity (Capex / Revenue) | 0.00 % | 7.67 % (avg) | -7.7 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Spirit Aviation Holdings Inc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 25.51 % | 15.27 % | -52.75 % | 78.49 % | 56.88 % | 5.80 % | -8.38 % | 0.00 % |
| Operating Margin | 10.56 % | 13.08 % | -28.05 % | -1.76 % | -11.82 % | -9.24 % | -22.50 % | -22.50 % |
| Return on Invested Capital | 6.13 % | 6.43 % | -5.42 % | -0.59 % | -7.52 % | -8.14 % | -28.84 % | -86.64 % |
| P/E | - | - | - | - | - | - | - | - |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Spirit Aviation Holdings Inc's Strategic Group Map
Every company in Spirit Aviation Holdings Inc's industry and named-competitor list, plotted by trailing 12-month revenue growth and operating margin. Spirit Aviation Holdings Inc is shown in red; its closest peers by combined growth, margin and ROIC (the Similar Growth & Profitability group above) are labeled.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Spirit Aviation Holdings Inc's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | Moderate | Industry HHI of 1,769 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 0.00 % vs industry average 7.67 % (see Profitability & Cost Structure above) |
| Supplier Power | Not covered on this page | See Spirit Aviation Holdings Inc's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Spirit Aviation Holdings Inc's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Spirit Aviation Holdings Inc's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Spirit Aviation Holdings Inc falls in the Medium attractiveness / Low strength cell: Harvest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Spirit Aviation Holdings Inc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) — not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Return on equity 658.3 points above the industry aggregate.
- Latest-quarter revenue run-rate is accelerating (+115.5% annualized vs trailing 12 months).
Weaknesses
- Operating margin 25.2 points below the industry median.
Opportunities
No rule matched.
Threats
No rule matched.
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Spirit Aviation Holdings Inc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Spirit Aviation Holdings Inc | 0.27 | 1.05 | - |
| Delta Air Lines Inc | 0.15 | 0.41 | 0.73 |
| United Airlines Holdings Inc | 0.28 | 0.70 | 1.63 |
| Latam Airlines Group S a | 0.29 | 0.60 | - |
| Southwest Airlines Co | 0.28 | 0.49 | 0.68 |
| American Airlines Group Inc | 0.06 | 0.53 | - |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Spirit Aviation Holdings Inc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Spirit Aviation Holdings Inc | Q4 2025 | +126.3 % | - |
| Delta Air Lines Inc | Q2 2026 | +18.7 % | -24.7 % |
| United Airlines Holdings Inc | Q2 2026 | +16.0 % | -17.3 % |
| Latam Airlines Group S a | Q4 2025 | +11.2 % | +49.7 % |
| Southwest Airlines Co | Q2 2026 | +16.4 % | +9.4 % |
| American Airlines Group Inc | Q1 2026 | +10.8 % | - |
| PEERS TOTAL | +16.1 % | -48.5 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Spirit Aviation Holdings Inc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Spirit Aviation Holdings Inc | Q4 2025 | +158.6 % | - |
| Delta Air Lines Inc | Q2 2026 | +57.5 % | +20.6 % |
| United Airlines Holdings Inc | Q2 2026 | +68.0 % | +4.4 % |
| Latam Airlines Group S a | Q4 2025 | +5.6 % | +34.0 % |
| Southwest Airlines Co | Q2 2026 | +402.8 % | +23.9 % |
| American Airlines Group Inc | Q1 2026 | +11.2 % | -1.6 % |
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Spirit Aviation Holdings Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Spirit Aviation Holdings Inc | - | - | - |
| Delta Air Lines Inc | 4.76% | 9.97% | 19.30% |
| United Airlines Holdings Inc | 4.39% | 8.29% | 22.50% |
| Latam Airlines Group S a | 8.30% | 14.15% | 109.45% |
| Southwest Airlines Co | 2.87% | 4.77% | 11.27% |
| American Airlines Group Inc | 0.32% | 0.57% | - |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Spirit Aviation Holdings Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Spirit Aviation Holdings Inc | - | 0.03 |
| Delta Air Lines Inc | 13.72 | 0.80 |
| United Airlines Holdings Inc | 10.32 | 0.57 |
| Latam Airlines Group S a | 20.61 | 2.13 |
| Southwest Airlines Co | 26.21 | 0.69 |
| American Airlines Group Inc | 43.40 | 0.16 |
| PEERS AVERAGE | 22.31 | 0.60 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.