9201 Japan Airlines
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings not read
Retained capital not read
Balance sheet Modest net debt, ¥28.2B
Airlines
18 members, 9201 to VTOL, A to Z by ticker.
- Gross profitability
- median 7% — gross profit as a share of total assets, each member's median across its readable years; read on 4 of 18 members
- Capital intensity
- median 8.3% — capital expenditure as a share of revenue, each member's median across its readable years; read on 17 of 18 members
- Net cash
- 3 of the 17 members with a readable debt line hold more cash and short-term investments than total debt
Figures describe the list as a group, from each member's own filed record; they name no member and form no rank. A member missing an input is absent from that median, never counted against the others.
From the latest filings · data as of July 9, 2026.
9202 ANA Holdings
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings 2017–2026 ¥96.7B¥165.6B¥136.6B(¥45.6B)(¥404.6B)(¥197.0B)¥356.4B¥278.3B¥224.4B¥274.4B
Retained capital Retained ¥122.7B of earnings over 2017–2026; annual owner earnings grew ¥126.1B, ¥1.03 per ¥1 retained.
Balance sheet Net cash, +¥418.8B · dividend paid 6 of 10 yrs, cut at least once
AAL American Airlines Group
American Airlines is one of the large U.S. network carriers. It sells seats to fly people, and space to carry freight, on its own fleet of aircraft and on smaller regional jets flown under its name; the routes fan out through connecting hubs across the country and abroad. Fares are the bulk of the money, and a loyalty program tied to a co-branded credit card adds a second stream the airline gets paid for whether or not the miles are ever flown.
Owner earnings 2016–2025 $4.6B$2.5B$1.1B$1.2B($8.5B)$496M($373M)$1.2B$1.3B$899M
Retained capital Paid out $11.1B more than it earned over 2016–2025; annual owner earnings fell $1.6B.
Balance sheet Heavy net debt, $22.8B · buybacks at an average near $38.99 · dividend paid 5 of 10 yrs, cut at least once
ALGT Allegiant Travel Company
We are a leisure travel company focused on providing travel and leisure services and products to residents of under-served cities in the United States.
Owner earnings 2016–2025 $243M$269M$227M$286M$58M$357M$106M$200M$38M$141M
Retained capital Retained $64M of earnings over 2016–2025; annual owner earnings fell $120M, $-1.88 per $1 retained.
Balance sheet Heavy net debt, $1.0B · buybacks at an average near $133 · dividend paid 7 of 10 yrs, cut at least once
ALK Alaska Air
Alaska is the fourth largest global carrier in the United States, and the fifth largest provider of air transportation, offering unparalleled guest service, connectivity, and schedules from hubs in Seattle, Honolulu, Portland, Anchorage, Los Angeles, San Diego, and San Francisco.
Owner earnings 2016–2025 $1.0B$1.2B$797M$1.3B($456M)$738M$1.0B$599M$1.2B$940M
Retained capital Retained $802M of earnings over 2016–2025; annual owner earnings fell $109M, $-0.14 per $1 retained.
Balance sheet Heavy net debt, $3.4B · buybacks at an average near $57.60 · dividend paid 5 of 10 yrs, cut at least once
AZUL Azul S.A.
An airline, a high-fixed-cost business selling a perishable seat.
Owner earnings 2016–2025 (R$247M)R$319MR$678MR$1.2BR$633M(R$935M)R$1.8BR$3.0BR$2.1B(R$1.4B)
Retained capital Paid out R$30.0B more than it earned over 2016–2025; annual owner earnings grew R$967M.
Balance sheet net position not read (debt under-captured)
CPA Copa Holdings S.A.
We are a leading Latin American provider of airline passenger and cargo service through our two principal operating subsidiaries, Compa a Paname a de Aviaci n, S.A.
Owner earnings 2016–2025 $506M$726M$424M$722M($39M)$300M$504M$739M$666M$785M
Retained capital Retained $1.4B of earnings over 2016–2025; annual owner earnings grew $178M, $0.12 per $1 retained.
Balance sheet Modest net debt, $592M · dividend paid 8 of 10 yrs, cut at least once
DAL Delta Air Lines Inc.
Delta is a legacy network airline. It flies passengers and cargo through a system of connecting hubs, sells loyalty miles in bulk to a partner bank behind a co-branded credit card, leans on a heavier mix of premium seats up front, and runs its own engine-and-airframe maintenance shop that also services other operators.
Owner earnings 2016–2025 $5.3B$2.8B$4.7B$5.8B($5.7B)$1.3B$4.3B$4.1B$5.5B$5.9B
Retained capital Retained $5.9B of earnings over 2016–2025; annual owner earnings grew $906M, $0.15 per $1 retained.
Balance sheet Modest net debt, $11.1B · dividend paid 8 of 10 yrs, cut at least once
JBLU JetBlue Airways Corporation
JetBlue is the carrier of choice for the majority of travelers who have been underserved by other airlines.
Owner earnings 2016–2025 $1.2B$955M$731M$924M($1.2B)$1.1B($206M)($221M)($511M)($782M)
Retained capital Paid out $2.5B more than it earned over 2016–2025; annual owner earnings fell $1.5B.
Balance sheet Net debt against an operating loss, $6.4B · buybacks at an average near $18.54
LTM LATAM Airlines Group S.A.
An airline, a high-fixed-cost business selling a perishable seat.
Owner earnings 2016–2025 $287M$1.8B$1.4B$1.6B($819M)($771M)($684M)$1.5B$1.8B$2.0B
Retained capital Paid out $5.8B more than it earned over 2016–2025; annual owner earnings grew $576M.
Balance sheet Meaningful net debt, $5.2B · dividend paid 7 of 10 yrs, never cut
LUV Southwest Airlines Co.
Southwest is the original low-cost domestic airline. It flies point to point rather than through hubs, runs a single family of Boeing narrow-body jets to keep training, parts, and scheduling simple and cheap, and sells a plain coach product with no traditional first-class cabin. It earns its keep moving large numbers of travelers at low cost.
Owner earnings 2016–2025 $3.1B$2.7B$3.7B$3.0B($1.6B)$1.8B$2.4B$1.6B($1.6B)$282M
Retained capital Paid out $3.1B more than it earned over 2016–2025; annual owner earnings fell $3.0B.
Balance sheet Heavy net debt, $7.2B · dividend paid 8 of 10 yrs, cut at least once
RJET Republic Airways Holdings Inc.
Republic is the second largest independent regional airline in the United States based on total fleet and daily departures.
Owner earnings 2016–2025 $58M$14M$54M$74M$148M$116M($27M)$170M$109M$196M
Retained capital Retained $174M of earnings over 2016–2025; annual owner earnings grew $116M, $0.67 per $1 retained.
Balance sheet Heavy net debt, $798M
RYAAY Ryanair Holdings plc
Ryanair Holdings has provided an aggregate of approximately 1.56bn in letters of guarantee to secure obligations of certain of its subsidiaries in respect of loans, capital market transactions and bank advances, including those relating to aircraft financing and related hedging transactions.
Owner earnings 2018–2025 €1.7B€1.1B€748M(€2.7B)€1.2B€3.0B€2.1B€2.2B
Retained capital Retained €2.5B of earnings over 2018–2025; annual owner earnings grew €1.2B, €0.49 per €1 retained.
Balance sheet Net cash, +€2.2B · dividend paid 5 of 8 yrs, cut at least once
SKYW SkyWest Inc.
Through SkyWest Airlines, our primary operating entity, we offer scheduled passenger service to destinations in the United States, Canada and Mexico.
Owner earnings 2016–2025 $492M$657M$768M$640M$621M$814M$467M$723M$648M$908M
Retained capital Retained $1.6B of earnings over 2016–2025; annual owner earnings grew $121M, $0.08 per $1 retained.
Balance sheet Meaningful net debt, $1.8B · buybacks at an average near $48.04 · dividend paid 5 of 10 yrs, cut at least once
UAL United Airlines Holdings
United is a legacy network airline built around hubs at big coastal gateways. It carries passengers and freight, sells miles to a card-issuing bank, and fills premium cabins, but its mark is reach: a network tilted toward long-haul international flying, fed through coastal gateway hubs into a broad map of overseas routes.
Owner earnings 2016–2025 $3.6B$1.4B$4.0B$4.6B($5.9B)($40M)$3.6B$4.2B$6.5B$5.5B
Retained capital Retained $1.8B of earnings over 2016–2025; annual owner earnings grew $2.4B, $1.32 per $1 retained.
Balance sheet Modest net debt, $9.0B · buybacks at an average near $65.68
ULCC Frontier Group Holdings Inc.
Frontier Group Holdings, Inc. is the parent company of Frontier Airlines, Inc.
Owner earnings 2019–2025 $126M($573M)$189M($119M)($312M)($158M)($600M)
Retained capital not read
Balance sheet Net cash, +$57M
UP Wheels Up Experience Inc.
Wheels Up is a leading global provider of on-demand private aviation with a large, diverse aircraft fleet and a network of safety-vetted charter operators, all committed to safety and service.
Owner earnings 2019–2025 ($29M)$203M$111M($274M)($685M)($134M)($227M)
Retained capital not read
Balance sheet Net debt against an operating loss, $201M
VTOL Bristow Group Inc.
Bristow Group Inc. is the leading global provider of innovative and sustainable vertical flight solutions.
Owner earnings 2015–2025 ($3M)$19M$3M$45M($116M)$82M($39M)($49M)$109M$128M
Retained capital Paid out $256M more than it earned over 2015–2025; annual owner earnings grew $56M.
Balance sheet Meaningful net debt, $385M · buybacks at an average near $26.78
The same four lines for every member, in strict ticker order; a figure that could not be read renders as "not read," never as a mark against the record beside it. The header describes the list and names no member; the entries carry no ranking and form no score. What a chapter cannot carry — understanding of the business, and a price — is yours.