RJET
REPUBLIC AIRWAYS HOLDINGS INC.
Next earnings Aug 11, 2026
Last earnings -3.7% on 2026-04-29
$21.39
▲ +15.00%$21.39▲ +62.00%
over 1Y
L $12.92H $24.77
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+15.0%
1W+18.3%
1M+15.1%
3M+19.1%
YTD+9.0%
1Y+62.0%
Buy
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 6 analysts
Sell
Cheap regional airline with CPA-shielded revenue, just absorbed Mesa to become #2 — but leverage and integration risk cap the upside.
Revenue (FY2025) $1.35B · FY2025
The read
Quality fundamentals and an attractive price line up (~164% below fair value) — the rarer case where both the business and the entry look good.
Republic is a CPA-model regional airline whose economics differ fundamentally from passenger-facing carriers: per the MD&A, compensation is 'not materially or directly affected by variations in fares or passenger load factors, nor by variations in the price of fuel,' which is paid directly by American (43% of departures), Delta (28%), and United (29%). That contractual revenue stream supports a five-year growth record — revenue from $504M (FY2021) to $1.35B (FY2025), with net income recovering from a -$183M loss in FY2022 to +$76M, operating margin of 12.5%, and operating cash flow of $322M (+42% YoY). At $17.92 the stock trades at 9.6x FY EPS and 0.6x sales with a market cap of $839M — undemanding for a business with this kind of revenue visibility.
The November 25, 2025 merger with Mesa Air Group reshapes the story: the operational fleet jumped from 208 to 275 regional jets and daily flights from ~1,000 to ~1,300, vaulting Republic to the #2 independent regional in the U.S. The MD&A footnote that FY2025 revenue including Mesa was $1,676.5M with $113.4M pre-tax income (versus the standalone XBRL figure of $1.35B) signals the run-rate is materially higher than what the trailing P/E reflects — a 2026 picture that includes a full year of Mesa should compress multiples further.
Is RJET a buy? The one-page verdict, explained →
The options angle
model · matches our verdictBull call spread~60d expiry
- Long call 21.5 @ ~3.06 est
- Short call 23.5 @ ~2.30 est
debit $76max +$124max −$76BE 22.26
BUY verdict with defined risk: the short call finances part of the long one; max loss is the net debit.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $504M | $531M | $1.11B | $1.17B | $1.35B |
| Gross profit | — | — | — | — | — |
| Operating income | $63.2M | -$185M | $135M | $137M | $168M |
| Net income | $16.6M | -$183M | $54.8M | $64.6M | $76.2M |
| Diluted EPS | $0.43 | -$5.06 | $1.38 | $1.62 | $1.87 |
| Net margin | 3.3% | -34.4% | 4.9% | 5.5% | 5.7% |
10-year statements — income, cash flow, balance sheet & CSV export →
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$1.94B
EV / EBITDA6.6
EV / Sales1.4
EV / FCF—
P / FCF—
PEG (trailing)0.64
Earnings yield7.6%
FCF yield-7.5%
Quality & risk
ROIC (est.)5.5%
Free cash flow-$74.9M
Total debt$1.08B
Net cash-$942M
Altman Z-Score1.18 distress
Piotroski F-Score4/8
Capital returns
Buyback yield0.0%
Dividend yield (est.)—
Shareholder yield0.0%
Shares Δ YoY+13.3%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Officer / director change2026-06-17
Amendment adding detail to prior officer-change filing
- 8-K/A Amended 8-K2026-06-17
Amendment adding detail to prior officer-change filing
- 8-K Shareholder vote2026-05-26
Annual meeting vote results filed; routine governance disclosure
- 10-Q Quarterly report2026-05-01
First full post-merger 10-Q; combined Republic+Mesa operations reported
- 8-K Earnings results2026-04-29
Q1 2026 earnings release; results posted post-Mesa merger integration
- 8-K Officer / director change2026-04-28
Leadership change + Reg FD disclosure with supporting exhibits
- DEF 14A Proxy statement2026-04-10
Proxy: board slate, exec comp incl. $20.8M Bedford separation package
- 10-K Annual report2026-03-19
FY25 10-K: Mesa merger closed Nov 2025; fleet grew 208→275 jets, debt +230%
- 8-K Earnings results2026-03-04
FY2025 results: revenue +15.5% to $1.35B, net income +18% to $76M
Recent filings
all on EDGAR ↗4Period ending 2026-06-152026-06-17open ↗4Period ending 2026-06-152026-06-17open ↗4Period ending 2026-06-152026-06-17open ↗8-KPeriod ending 2026-06-112026-06-17open ↗8-K/APeriod ending 2026-04-222026-06-17open ↗4Period ending 2026-05-292026-06-02open ↗4Period ending 2026-05-292026-06-02open ↗4Period ending 2026-05-292026-06-02open ↗4Period ending 2026-05-292026-06-02open ↗4Period ending 2026-05-292026-06-02open ↗4Period ending 2026-05-292026-06-02open ↗4Period ending 2026-05-212026-05-26open ↗
Frequently asked
- Is REPUBLIC AIRWAYS HOLDINGS INC. (RJET) a buy?
- RJET currently carries a Buy rating with 3/5 conviction, derived from its latest SEC filings. Cheap regional airline with CPA-shielded revenue, just absorbed Mesa to become #2 — but leverage and integration risk cap the upside.
- What is RJET's fair value?
- A Modified-Graham model based on RJET's SEC fundamentals estimates a fair value of about $56.51. It is an estimate from reported earnings, not a price target.
- Is RJET overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, RJET currently appears undervalued relative to its SEC-grounded earnings power.
- What is REPUBLIC AIRWAYS HOLDINGS INC.'s quality score?
- RJET scores 77.90506329113924/100 (grade B+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000810332, latest 10-Q filed 2026-05-01) · EODHD · Proprietary analysis · as of 6/25/2026, 2:50:28 PM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 25, 2026, 10:50 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.