SKYWEST INC
SKYW · Industrials · $4.2B mkt cap · FY2025 filings · Shallow moat ·
On the watchlist
The five investor questions
2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $2.7B to $4.1B, increasing; diluted EPS 2.20 to 10.35, increasing.
Median gross margin 12.4% over 5y, variable.
Median ROIC 5.8%, above the 12% hurdle in 0% of years.
Net debt/EBITDA 2.3x, interest coverage 6x.
Owner earnings changed +24.1%/yr over up to the ten most recent annual observations.
Price vs. value if growth stopped today
A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.
- $534M
- $146.84
- $146.84
- $103.65
- 29% below value if growth stopped today
A discount this large is often a warning rather than a bargain — the market may expect earnings to keep falling. See the revenue trend above.
How to read this
What today’s price assumes: owner earnings shrinking ~7%/yr over 5 years. The estimate assumes owner earnings stay flat (0% growth).
We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.
This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.
Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
18 years of fundamentals
The business, in plain English
Across the filed record, revenue grew from $2.6B (FY2009) to $4.1B (FY2025) — about 2.8% a year compounded over 16 years.
It earned 9.3% on invested capital in the latest filed year, FY2025. Across the full 17-year measurable filed record, median ROIC was 4.0%. Over the v3 recent window (10 measurable filed years), median ROIC was 5.8%. The Returns on Capital filter above scores it 3/100.
The balance sheet carried $2.4B of total debt in FY2025 against $761M of owner earnings — roughly 3.1 years of owner earnings to retire it all. Balance-Sheet Safety scores it 33/100.
Put together: Capital Allocation is the strongest of the five filters (100/100) and Pricing Power the weakest (0/100), which is how SKYW lands at 45/100 — a Shallow moat.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
Gaps in a line mean that item isn’t in SKYW’s filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Visual explainers
The filing-backed explainer service is temporarily unavailable, so no partial or guessed chart is shown.
Moat Score history
Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.
Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars
- Normalizer upgraded unstamped (version unknown)tomoat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
- Methodology upgraded moat-index@2.0.0tomoat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
- Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026
Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.
Insider activity
Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”
These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.
The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for SKYW.
Industrials context
#199 of 428 scored Industrials companies, ranked by Moat Score.
Nearest peers by Moat Score
- #197CENT Central Garden & Pet Company45.6 out of 100, Shallow moatShallow moat
- #198NPK NATIONAL PRESTO INDUSTRIES INC45.4 out of 100, Shallow moatShallow moat
- #200RCL ROYAL CARIBBEAN CRUISES LTD45.2 out of 100, Shallow moatShallow moat
- #201PANL PANGAEA LOGISTICS SOLUTIONS LTD.45.0 out of 100, Shallow moatShallow moat
Compare SKYW with its nearest peers →All Industrials companies on the Index →
Common questions about SKYW
- Does SKYWEST INC have an economic moat?
- Based on its FY2025 SEC filings, the Moat Index scores SKYWEST INC (SKYW) 45.3 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 90, pricing power 0, returns on capital 3, balance-sheet safety 33, capital allocation 100.
- Is SKYW trading below the conservative owner-earnings estimate?
- The value if growth stopped today — a zero-growth baseline — is $146.84 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $103.65, that is 29% below value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
- How has SKYW's Moat Score changed over time?
- The record logs 16 readings since Jul 17, 2026; the latest reads 45.3 out of 100 (shallow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.