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Allegiant Travel Co

ALGTBelow value

Held by 3 superinvestors.

Price$74.78
Margin of safety−4%
Holders3
Total value$181.6M

SEC 10-K · fundamentals

Business quality

as of 2025-12-31

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

Revenue growth
+4.8%
Net margin
-1.9%
ROE
-4.2%
FCF margin
3.2%
Revenue $902.2M → $2.32B · 6y
What makes a business high quality

Valuation · value band

Margin of safety

$78/ sh · zero-growth intrinsic value
margin of safety
fair value
above fair value
$75
cheaperpricier

$78 value estimate

Allegiant Travel Co (ALGT): A conservative earnings-power estimate, $78 / sh; today’s price sits below it (price $75 as of 2026-09-02).

Zero-growth downside $78

Price as of 2026-09-02 · yahoo.

Method & numbers

Price is at or below the reproducible tangible asset base ($78 / sh) — a rarer, harder floor.

Buybacks over the years shown roughly only offset stock-based-compensation dilution — read them as maintaining the share count, not a net return of capital.

A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.

· Greenwald zero-growth $77.78 · zero-growth base $77.78 · reproduction $77.78

Moat Below asset base.

Graham earnings-power value (normalized NOPAT)$26.60 – $27.85 / sh

Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.

Years: TTM 2026-06-30, 2024, 2023, 2022, 2021

v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 53% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back).

Buffett owner-earnings value

Normalized owner earnings are non-positive over the years shown; earnings power cannot be capitalized.

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: TTM 2026-06-30, 2024, 2023, 2022, 2021

v1 simplifications: Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 53% (> 50%); estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied. Net debt or owner earnings is unavailable, so no adjustment is made.

Reproduction value = tangible net assets $1.78B = $77.78 / sh. Total book value (shareholders' equity ÷ diluted shares); intangibles not separated — goodwill/intangibles unavailable this period.

Moat reading: Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. Dual reproduction test unavailable (intangibles not separated). A directional reading, not a verdict.

Growth value gated to zero — no moat or ROIIC ≤ WACC, so no growth value is credited.

Window TTM 2026-06-30, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 21% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

3 holders · $181.6M combined · this quarter +1 opened / -0 exited

This quarter1 opened1 trimmed
Holders 2 → 3 · last 8q

SEC 13F · notes

Written summary

Allegiant Travel Co (ALGT) is held by 3 of the superinvestors tracked on Compounder, with a combined $181.6M in reported 13F value. The largest position belongs to Donald Smith, where it makes up 3.1% of the portfolio.

Other notable holders by value include Steven Romick (0.0% of its book) and Ray Dalio (0.0% of its book).

Over the latest quarter, 1 of the tracked filers opened a new position in ALGT, 0 added to existing ones, 1 trimmed, and 0 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

How to read a 13F

SEC 13F · co-ownership

Also held by these investors

Investors holding Allegiant Travel Co (ALGT) also commonly hold →

ALGT's price is below its conservative value band. Browse all undervalued stocks by margin of safety

Also on

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

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