Spirit Aviation Holdings, Inc.
FLYYQ · Air Transportation, Scheduled · 28.4M shares · -80%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: -$9M (gross $3M, SBC $12M)
Grade
D45Ultra-low-cost airline freshly emerged from Chapter 11, with sharply negative operating cash flow and falling revenue.
Strengths
- Emerged from bankruptcy March 2025 with a deleveraged fresh-start balance sheet and strong current ratio (92nd pct)
- All-Airbus fleet serving 89 destinations with $273M cash
Risks
- Operating margin -15.8% and OCF margin -23% (both 9th pct); revenue down 22.7%
- Now trades on OTC Pink (FLYYQ) post-reorganization with large reorganization charges
- Continued cash burn and competitive/regulatory pressure on ancillary revenue
Notable findings
- Negative equityNegative book equity (debt/equity -0.34)
- Weak liquidityCurrent ratio 0.97 (<1)
- Strong balance sheetStrong balance sheet — $273M cash & investments
- Buying back stockNet buyback — share count -80%/yr over 4y
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Return on equity
0.1%
Return on assets
-0.0%
Revenue growth (QoQ)
-2.3%
Debt / equity
-0.3×
Current ratio
1.0×
Tangible book value
-$2.2B
Cash & investments
$273M
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2025-07-22 | SIEGEL DAVID N | Grant | 30K | — |
| 2025-07-22 | Milton Robert A | Grant | 30K | — |
| 2025-07-22 | Tilton Radha | Grant | 30K | — |
| 2025-07-22 | Newman Andrea Fischer | Grant | 30K | — |
| 2025-07-22 | BERNLOHR TIMOTHY J | Grant | 30K | — |
| 2025-07-22 | DAVIS EUGENE I | Grant | 30K | — |
| 2025-07-21 | Bendoraitis John A. | Grant | 75K | — |
| 2025-07-21 | Canfield Thomas C | Grant | 75K | — |
| 2025-07-21 | CROMER FREDERICK S | Grant | 75K | — |
| 2025-07-21 | Ghosh Arijit Rana | Grant | 37K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-04 | OtherExhibits | filing ↗ |
| 2026-03-27 | Reg FDExhibits | filing ↗ |
| 2026-03-16 | Material agreementReg FDExhibits | filing ↗ |
| 2026-03-06 | Material agreementExhibits | filing ↗ |
| 2025-12-23 | Reg FDExhibits | filing ↗ |
| 2025-12-16 | Material agreementDebt obligationReg FDExhibits | filing ↗ |
| 2025-12-09 | Reg FDExhibits | filing ↗ |
| 2025-11-19 | Reg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-04 | 2026-05-02 | 0000950103-26-006723 ↗ |
| 10-K/A | 2026-04-30 | 2025-12-31 | 0001193125-26-197767 ↗ |
| 8-K | 2026-03-27 | 2026-03-26 | 0000950103-26-004780 ↗ |
| 8-K | 2026-03-16 | 2025-12-17 | 0000950103-26-003790 ↗ |
| 10-K | 2026-03-16 | 2025-12-31 | 0001628280-26-018265 ↗ |
| 8-K | 2026-03-06 | 2026-03-05 | 0000950103-26-003338 ↗ |
| 8-K | 2025-12-23 | 2025-12-22 | 0000950103-25-016460 ↗ |
| 8-K | 2025-12-16 | 2025-12-15 | 0000950103-25-016205 ↗ |
| 8-K | 2025-12-09 | 2025-12-08 | 0000950103-25-015888 ↗ |
| 8-K | 2025-11-19 | 2025-11-19 | 0000950103-25-014985 ↗ |
| 8-K | 2025-11-14 | 2025-11-12 | 0000950103-25-014783 ↗ |
| 10-Q | 2025-11-10 | 2025-09-30 | 0001628280-25-051157 ↗ |