ALK
Alaska Air Group, Inc.
ALK offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
BA
The Boeing Company
BA has the edge over ALK overall, supported by stronger fundamentals and lower modeled downside.
ALK Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Under pressure | |
| Under pressure | |
| Weak |
ALK's revenue is currently healthy, but its profitability, cash flow and balance sheet are under pressure.
BA Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Stable | |
| Under pressure |
BA's profitability is currently healthy, and its revenue and cash flow are stable, but its balance sheet is under pressure.
ALK PE Valuation
ALK has no meaningful PE right now: it lost money over the past year.
BA PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 18x | $172 | — |
| Cheap | 51x | $496 | +189% |
| Fair | 82x | $790 | +360% |
| Expensive | 91x | $876 | +411% |
Historical ranges are pointers, not guarantees.
BA's PE is 18x, but its earnings don't support one, so it isn't a reliable read right now.
ALK Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Growth | |
| Stable | |
| Limited | |
| Low |
Analysts expect ALK's losses to shrink, with revenue growing. However, they disagree widely on these estimates.
BA Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Growth | |
| Improving | |
| Limited | |
| Low |
BA has the edge over ALK on the outlook, with more favorable profitability expectations.
ALK Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$3.55 | -380% |
| Q2 2026 | -$1.61 | -165% |
| Q1 2026 | $0.49 | -82% |
| Q4 2025 | $0.83 | -73% |
| Q3 2025 | $1.27 | -49% |
| Q2 2025 | $2.49 | +43% |
| Q1 2025 | $2.78 | +47% |
| Q4 2024 | $3.08 | +68% |
ALK has swung to a loss: it lost $3.55 per share over the past year, after a profit the year before.
BA Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $9.66 | +$23.38 |
| Q2 2026 | $2.78 | +$19.33 |
| Q1 2026 | $2.53 | +$20.49 |
| Q4 2025 | $2.48 | +$20.84 |
| Q3 2025 | -$13.72 | -$0.83 |
| Q2 2025 | -$16.55 | -$10.93 |
| Q1 2025 | -$17.96 | -$14.42 |
| Q4 2024 | -$18.36 | -$14.69 |
BA has the edge over ALK on earnings quality, reporting a profit while its opponent remains loss making.
ALK Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $4.3B | +14% |
| Q2 2026 | $4.1B | +9.7% |
| Q1 2026 | $3.3B | +5.2% |
| Q4 2025 | $3.6B | +2.8% |
| Q3 2025 | $3.8B | +23% |
| Q2 2025 | $3.7B | +28% |
| Q1 2025 | $3.1B | +41% |
| Q4 2024 | $3.5B | +38% |
ALK has the edge over BA on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 1.9% | -2 points |
| Q2 2026 | -4.1% | -12 points |
| Q1 2026 | -8.4% | -2.2 points |
| Q4 2025 | 2.1% | 0 points |
| Q3 2025 | 3.9% | -7.2 points |
| Q2 2025 | 7.5% | -3.6 points |
| Q1 2025 | -6.3% | +1.2 points |
| Q4 2024 | 2.1% | +0.8 points |
ALK has the edge over BA on profitability, with a higher operating margin.
BA Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $24.2B | +3.9% |
| Q2 2026 | $24.6B | +8% |
| Q1 2026 | $22.2B | +14% |
| Q4 2025 | $23.9B | +57% |
| Q3 2025 | $23.3B | +30% |
| Q2 2025 | $22.7B | +35% |
| Q1 2025 | $19.5B | +18% |
| Q4 2024 | $15.2B | -31% |
BA's revenue has grown year over year for seven quarters in a row: $24.2B last quarter, up 3.9% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 1.5% | +22 points |
| Q2 2026 | 0.6% | +1.4 points |
| Q1 2026 | 2% | -0.3 points |
| Q4 2025 | 37% | +61 points |
| Q3 2025 | -21% | +12 points |
| Q2 2025 | -0.8% | +5.7 points |
| Q1 2025 | 2.4% | +2.9 points |
| Q4 2024 | -25% | -26 points |
BA's operating margin was 1.5% last quarter, up 22 points from the same quarter a year ago.
ALK Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $82M | -41% |
| Q2 2026 | $107M | -63% |
| Q1 2026 | $391M | -6.2% |
| Q4 2025 | $95M | -48% |
| Q3 2025 | $138M | -47% |
| Q2 2025 | $290M | -40% |
| Q1 2025 | $417M | +77% |
| Q4 2024 | $183M | +$739M |
ALK still generates free cash flow, though less than at its 2021 peak: $675M over the past year.
BA Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $464M | +95% |
| Q2 2026 | $631M | +$831M |
| Q1 2026 | -$1.5B | +$836M |
| Q4 2025 | $375M | +$4.5B |
| Q3 2025 | $238M | +$2.2B |
| Q2 2025 | -$200M | +$4.1B |
| Q1 2025 | -$2.3B | +$1.6B |
| Q4 2024 | -$4.1B | -239% |
BA has the edge over ALK on cash flow, with more consistent year-over-year improvement.
ALK Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.4% | +484K shares |
| 1 year | -5% | -5.9M shares |
| 3 years | -14% | -17.6M shares |
| 5 years | -12% | -15.6M shares |
| Available history | -10% | -12.7M shares |
ALK has the edge over BA on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $57M |
| Q1 2026 | $193M |
| Q4 2025 | $30M |
| Q3 2025 | $5M |
| Q2 2025 | $430M |
| Q1 2025 | $105M |
| Q4 2024 | $249M |
ALK spent $280M buying back its own shares over the past year, down 65% from the year before.
BA Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.3% | +2.1M shares |
| 1 year | +4.3% | +32.8M shares |
| 3 years | +31% | +186M shares |
| 5 years | +35% | +204M shares |
| Available history | +40% | +227M shares |
BA has 793M diluted shares, up 4.3% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2019 | — |
ALK Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 9.6x | High |
| Q2 2026 | 8.5x | High |
| Q1 2026 | 4.5x | High |
| Q4 2025 | 4.3x | High |
| Q3 2025 | 3.9x | Elevated |
| Q2 2025 | 3.5x | Elevated |
| Q1 2025 | 3.2x | Elevated |
| Q4 2024 | 3.2x | Elevated |
ALK's net debt is about 9.6 years of its operating earnings (EBITDA), up from 3.9 years a year ago.
BA Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.0x | Elevated |
| Q2 2026 | 5.7x | High |
| Q1 2026 | 6.0x | High |
| Q4 2025 | 6.9x | High |
| Q2 2024 | 361.8x | High |
| Q1 2024 | 36.1x | High |
| Q4 2023 | 36.4x | High |
| Q3 2023 | 96.1x | High |
BA has the edge over ALK on leverage, with a lower net debt burden relative to earnings.
ALK Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.0 | Neutral |
| Stochastic | 28.9 | Neutral |
ALK's weekly RSI is 45 (neutral) and its Stochastic is 29 (neutral).
BA Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 31.1 | Neutral |
| Stochastic | 9.6 | Oversold |
BA's weekly RSI is 31 (neutral) and its Stochastic is 10 (oversold).
ALK PE vs Industrials Sector
| Metric | ALK | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 24x | — |
ALK has no meaningful PE right now: it lost money over the past year.
BA PE vs Industrials Sector
| Metric | BA | Sector median | Relative |
|---|---|---|---|
| PE | 18x | 24x | 26% below |
| PE % | 0 | 58 | 58 pts below |
BA is trading at 18x earnings, a 26% discount to the Industrials sector's median of 24x, though its earnings don't support one.
ALK Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $37.9 | 3.1% above |
| 20 week MA | $42.3 | 7.6% below |
| 50 week MA | $44.7 | 13% below |
| 100 week MA | $49.7 | 21% below |
| 200 week MA | $46.1 | 15% below |
ALK has the edge over BA on trend strength, trading above more of its moving averages.
BA Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $184.6 | 7.1% below |
| 20 week MA | $203.8 | 16% below |
| 50 week MA | $215.5 | 20% below |
| 100 week MA | $205.9 | 17% below |
| 200 week MA | $200.6 | 14% below |
BA is in a downtrend: it's below all five of its weekly moving averages, and 14% below its 200-week average.
ALK Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $68.3 | $52.3 | -23% |
| 2021 | $52.3 | $53.0 | +1.5% |
| 2022 | $53.0 | $43.3 | -18% |
| 2023 | $43.3 | $39.1 | -9.8% |
| 2024 | $39.1 | $65.8 | +68% |
| 2025 | $65.8 | $51.5 | -22% |
| 2026 YTD | $51.5 | $39.1 | -24% |
ALK has finished lower in four of the last six years. It's down 24% so far in 2026.
BA Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $330.1 | $217.2 | -34% |
| 2021 | $217.2 | $204.2 | -6% |
| 2022 | $204.2 | $189.1 | -7.4% |
| 2023 | $189.1 | $260.7 | +38% |
| 2024 | $260.7 | $180.7 | -31% |
| 2025 | $180.7 | $216.4 | +20% |
| 2026 YTD | $216.4 | $171.6 | -21% |
BA has the edge over ALK on returns for 2026, with the stronger performance.