REPUBLIC AIRWAYS HOLDINGS INC.
RJET · Air Transportation, Scheduled · 46.8M shares · +3%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: -$914K (gross $586K, SBC $2M)
Grade
C63Capital-light CPA regional carrier with stable contracted revenue, but modest returns and negative free cash flow after the Mesa merger.
Strengths
- Fixed-fee CPA model insulates it from fuel and load risk; net income growth +18% and pre-tax income $113M
- Adequate liquidity — cash runway 15.8 quarters (77th pct); sector-leading EBITDA margin within its model
Risks
- Negative FCF margin -4.5% (22nd pct), FCF -$74.9M; ROE 5.7% and ROIC 5.6% only mid-pack
- Heavy reliance on three partner airlines, single-OEM fleet, pilot-supply constraints and merger-integration risk
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Cash burnNegative free cash flow (-74.9M)
- Weak liquidityCurrent ratio 0.94 (<1)
- Strong balance sheetStrong balance sheet — $296M cash & investments, ~16 quarters of runway
- Revenue declineRevenue -62.3% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
10.0%
Net margin
4.5%
Return on equity
5.7%
Return on assets
2.3%
ROIC
5.6%
Revenue growth (QoQ)
-62.3%
Net-income growth
18.0%
Debt / equity
0.8×
Net debt / EBITDA
2.5×
Current ratio
0.9×
Free cash flow
-$75M
EBITDA
$295M
Tangible book value
$1.2B
Cash & investments
$296M
Cash runway
16q
Stock comp / revenue
1.2%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-15 | GRIZZLE J DAVID | Tax withheld | 81K | $18.25 |
| 2026-06-15 | GRIZZLE J DAVID | Grant | 129K | — |
| 2026-06-15 | GRIZZLE J DAVID | Tax withheld | 58K | $18.25 |
| 2026-05-29 | Allman Joseph | Tax withheld | 5.5K | $20.35 |
| 2026-05-29 | Pulley Chad M. | Tax withheld | 5.9K | $20.35 |
| 2026-05-29 | Hornback Scott | Tax withheld | 2.4K | $20.35 |
| 2026-05-29 | Kinstedt Paul | Tax withheld | 5.3K | $20.35 |
| 2026-05-29 | GRIZZLE J DAVID | Tax withheld | 5.8K | $20.35 |
| 2026-05-29 | Koscal Matthew | Tax withheld | 12K | $20.35 |
| 2026-05-21 | JOHNSON GLENN S | Grant | 7.3K | — |
| 2026-05-21 | RIDINGS BARRY W | Grant | 7.3K | — |
| 2026-05-21 | SWEETNAM JAMES E | Grant | 7.3K | — |
| 2026-05-21 | Lenz Michael C. | Grant | 7.3K | — |
| 2026-05-21 | Okediji Ruth L. | Grant | 7.3K | — |
| 2026-05-21 | ARTIST ELLEN N. | Grant | 7.3K | — |
| 2026-02-03 | United Airlines Holdings, Inc. | Other | 2.7M | — |
| 2025-12-31 | Kinstedt Paul | Tax withheld | 3.5K | $18.37 |
| 2025-12-31 | Pulley Chad M. | Tax withheld | 2.7K | $18.37 |
| 2025-12-31 | Koscal Matthew | Tax withheld | 4.9K | $18.37 |
| 2025-11-25 | Pulley Chad M. | Grant | 35K | — |
| 2025-11-25 | Pulley Chad M. | Grant | 152K | — |
| 2025-11-25 | Lenz Michael C. | Grant | 8.1K | — |
| 2025-11-25 | Allman Joseph | Grant | 86K | — |
| 2025-11-25 | Allman Joseph | Grant | 147K | — |
| 2025-11-25 | SWEETNAM JAMES E | Grant | 27K | — |
| 2025-11-25 | Kinstedt Paul | Grant | 87K | — |
| 2025-11-25 | Kinstedt Paul | Grant | 147K | — |
| 2025-11-25 | RIDINGS BARRY W | Grant | 27K | — |
| 2025-11-25 | JOHNSON GLENN S | Grant | 21K | — |
| 2025-11-25 | Koscal Matthew | Grant | 87K | — |
| 2025-11-25 | Koscal Matthew | Grant | 303K | — |
| 2025-11-25 | Hornback Scott | Grant | 35K | — |
| 2025-11-25 | Hornback Scott | Grant | 55K | — |
| 2025-11-25 | GRIZZLE J DAVID | Grant | 27K | — |
| 2025-11-25 | GRIZZLE J DAVID | Grant | 208K | — |
| 2025-11-25 | Okediji Ruth L. | Grant | 27K | — |
| 2025-11-25 | ARTIST ELLEN N. | Grant | 1.5K | — |
| 2025-11-25 | ORNSTEIN JONATHAN G | Grant | 26K | — |
| 2025-11-25 | LOTZ MICHAEL | Grant | 20K | — |
| 2025-11-25 | LOCKHART DANA J | Grant | 1.5K | — |
| 2025-11-25 | GORDON MITCHELL I | Grant | 1.5K | — |
| 2025-11-25 | GILLMAN BRIAN S | Grant | 6.9K | — |
| 2025-11-25 | GILLMAN BRIAN S | Tax withheld | 593 | $1.40 |
| 2025-11-25 | Schiller Harvey W | Grant | 1.5K | — |
| 2025-11-25 | SKIADOS SPYRIDON | Grant | 1.5K | — |
| 2025-06-18 | GORDON MITCHELL I | Option exercise | 31K | — |
| 2025-06-18 | ARTIST ELLEN N. | Option exercise | 31K | — |
| 2025-06-18 | SKIADOS SPYRIDON | Option exercise | 31K | — |
| 2025-06-18 | Schiller Harvey W | Option exercise | 31K | — |
| 2025-06-18 | LOCKHART DANA J | Option exercise | 31K | — |
| 2025-06-18 | ORNSTEIN JONATHAN G | Option exercise | 88K | — |
| 2025-06-18 | LOTZ MICHAEL | Option exercise | 69K | — |
| 2025-06-18 | GILLMAN BRIAN S | Option exercise | 24K | — |
| 2025-06-01 | ORNSTEIN JONATHAN G | Option exercise | 67K | — |
| 2025-06-01 | ORNSTEIN JONATHAN G | Option exercise | 24K | — |
| 2025-06-01 | LOTZ MICHAEL | Option exercise | 53K | — |
| 2025-06-01 | LOTZ MICHAEL | Option exercise | 19K | — |
| 2025-06-01 | GILLMAN BRIAN S | Option exercise | 17K | — |
| 2025-06-01 | GILLMAN BRIAN S | Option exercise | 6.0K | — |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (3)
Suppliers (2)
- Embraer
- GE Aviation
Named in the 10-K; linked when we track them.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K/A | 2026-06-17 | 2026-04-22 | 0001193125-26-274351 ↗ |
| 8-K | 2026-06-17 | 2026-06-11 | 0001193125-26-274382 ↗ |
| 8-K | 2026-05-26 | 2026-05-21 | 0001193125-26-239613 ↗ |
| 10-Q | 2026-05-01 | 2026-03-31 | 0001628280-26-029330 ↗ |
| 8-K | 2026-04-29 | 2026-04-29 | 0001628280-26-028431 ↗ |
| 8-K | 2026-04-28 | 2026-04-22 | 0001193125-26-187618 ↗ |
| 10-K | 2026-03-19 | 2025-12-31 | 0001628280-26-019614 ↗ |
| 8-K | 2026-03-04 | 2026-03-04 | 0001628280-26-014403 ↗ |
| 8-K | 2026-02-10 | 2026-02-05 | 0001193125-26-043297 ↗ |
| 8-K/A | 2025-12-18 | 2025-11-24 | 0001193125-25-323395 ↗ |
| 8-K | 2025-12-15 | 2025-12-15 | 0001193125-25-319406 ↗ |
| 8-K | 2025-12-01 | 2025-11-24 | 0001193125-25-303961 ↗ |