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In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
Frontier Group Holdings's Net-Net Working Capital for the quarter that ended in Jun. 2026 was $-26.05.
The industry rank for Frontier Group Holdings's Net-Net Working Capital or its related term are showing as below:
ULCC's Price-to-Net-Net-Working-Capital is not ranked *
in the Transportation industry.
Industry Median: 6.45 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Frontier Group Holdings (NAS:ULCC) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
Frontier Group Holdings Net-Net Working Capital Related Terms
Frontier Group Holdings Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Frontier Group Holdings's Net-Net Working Capital can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Frontier Group Holdings Net-Net Working Capital Chart
ULCC vs RJET, JBLU, HRBR: Net-Net Working Capital Comparison
For the Airlines subindustry, Frontier Group Holdings's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Frontier Group Holdings Price-to-Net-Net-Working-Capital vs Transportation Industry
For the Transportation industry and Industrials sector, Frontier Group Holdings's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Frontier Group Holdings's Price-to-Net-Net-Working-Capital falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of $-26.05 mean?
Frontier Group Holdings (ULCC) has a Net-Net Working Capital of $-26.05 as of Jun. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Frontier Group Holdings According to the industry distribution chart, Frontier Group Holdings ranks #999999 out of 219 companies in the Transportation industry.
Is Frontier Group Holdings' Net-Net Working Capital too high?
Frontier Group Holdings' current Net-Net Working Capital is $-26.05. Based on the distribution chart, Frontier Group Holdings ranks #999999 out of 219 companies in the Transportation industry, which is in the bottom quartile relative to peers. Overall, Frontier Group Holdings has a GF Score™ of 76/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Frontier Group Holdings' Net-Net Working Capital compare to RJET and JBLU?
According to the Transportation industry distribution chart, Frontier Group Holdings ranks #999999 out of 219 companies for Net-Net Working Capital. This places Frontier Group Holdings in the lower half of its industry. The industry median Net-Net Working Capital is 6.45. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Transportation company?
The median Net-Net Working Capital among Transportation companies is 6.45, based on 219 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Frontier Group Holdings For the Transportation industry, the median Net-Net Working Capital is 6.45 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Frontier Group Holdings's current Net-Net Working Capital is $-26.05. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Frontier Group Holdings stock overvalued right now?
Based on GuruFocus' analysis, Frontier Group Holdings (ULCC) is currently considered Significantly Overvalued. The stock's GF Value™ is $5.78, compared to a current price of $7.99 — trading 38.2% above its estimated fair value. The current Net-Net Working Capital is $-26.05. Frontier Group Holdings' overall GF Score™ is 76/100 with 9 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For Frontier Group Holdings (ULCC), the current Net-Net Working Capital is $-26.05 as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Frontier Group Holdings (ULCC) Overvalued in 2026?
Based on GuruFocus' analysis, Frontier Group Holdings stock appears to be overvalued.
The current stock price of $7.99 is trading 38.2% above its estimated GF Value™ of $5.78.
GuruFocus considers Frontier Group Holdings to be Significantly Overvalued.
Key valuation signals for ULCC:
Net-Net Working Capital: $-26.05
GF Value™: $5.78 vs. price of $7.99 (38.2% above fair value)
No single metric tells the full story. See the ULCC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Frontier Group Holdings Inc is an ultra-low-cost carrier whose business is focused on Low Fares Done Right. The company owns a fleet of 120 Airbus single-aisle aircraft, consisting of 13 A320ceos, 82 A320neos, 21 A321ceos, and 4 A321neos. The use of these aircraft, their seating configuration, weight-saving tactics, and baggage process have all contributed to the ability to continue to be the fuel-efficient of all the U.S. The Company is managed as a single business unit that provides air transportation for passengers. The majority of revenue is from Domestic flight follow by International.
76GF Score
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