Republic Airways Holdings In
RJETWithin bandExpectations · modestHeld by 1 superinvestor.
SEC 10-K · fundamentals
Business quality
As of 2025-12-31Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.
- Revenue growth
- +15.5%
- Net margin
- 5.7%
- ROE
- 5.7%
- FCF margin
- -5.6%
Valuation · value band
In fair-value range
Zero-growth floor
$28
Central IV
$14
Optimistic top
$28
Republic Airways Holdings In (RJET): A conservative value band $28 / sh (zero-growth floor to growth-capped optimistic top); central read about $14. Today’s price sits inside that band (price $16 as of 2026-10-16).
The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.
Revenue growth 5% (lower of historical trend and fundamental cap, capped by moat) · moat 0 yr · discount 14.8% · Zero-growth downside $28
Price as of 2026-10-16 · yahoo · DGS10 5.1% @ 2026-10-15.
Method & numbers
Price is at or below the reproducible tangible asset base ($28 / sh) — a rarer, harder floor.
Model cautions
- Owner-earnings yield diverges sharply from the 10-year Treasury (over 300 bps).
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.
Owner-earnings DCF $10.35 – $15.22 · Greenwald zero-growth $27.64 · zero-growth base $27.64 · reproduction $27.64
Moat Below asset base · terminal value 33% of present value · owner-earnings yield 9% vs 10Y 5.1%.
Graham earnings-power value (normalized NOPAT)$16.29 – $23.57 / 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
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 57% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back).
Buffett owner-earnings value$9.83 – $11.35 / sh
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 13.0–15.0% band (9–11% base + 4.0pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: TTM 2026-06-30, 2024, 2023
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 57% (> 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% base band plus a 4.0pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 11.2 years of owner earnings, adding 4.0pp of cost-of-equity risk premium.
Reproduction value = tangible net assets $1.28B = $27.64 / sh. Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).
Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. 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 · discount band 9%–11% · normalized tax 21% (Average effective tax rate over 3 year(s), capped at the statutory 21%.) · diluted shares.
Baseline 9%–11%, net debt ≈ 11.2 years of owner earnings → +4.0pp cost-of-equity premium → effective 13.0%–15.0%.
Owner-earnings DCF: growth g₁ 5% · OE FY TTM 2026-06-30, 2024, 2023 · Discount band: 13.60%–16.00% (DGS10 +4.5% to a 12% strict end, each +4.00pp for leverage premium, as of 2026-10-15). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.
What the price is betting
Today's price pencils in about 8.2% a year in owner-earnings for the next few years. Revenue actually grew 10.1% a year.
Below what it has already done.
Roughly, the price needs its historical revenue growth to run about 7 more years to hold up.
SEC 13F · holders
Superinvestors Holding This Security
1 holder · $5.7M combined · this quarter +0 opened / -0 exited
- Value$5.7MWeight (prev→now)0.0% → 0.1% ▲
SEC 13F · notes
Written summary
Written summary
Republic Airways Holdings In (RJET) is held by 1 of the superinvestors tracked on Compounder, with a combined $5.7M in reported 13F value. The largest position belongs to Donald Smith, where it makes up 0.1% of the portfolio.
In the quarter ended 2026-06-30, 0 of the tracked filers opened a new position in RJET, 1 added to existing ones, 0 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.
SEC 13F · co-ownership
Also held by these investors
Investors holding Republic Airways Holdings In (RJET) also commonly hold →
- Aercap Holdings NvAER1 holder
- Eldorado Gold CorpEGO1 holder
- Centerra Gold IncCGAU1 holder
- Harley-Davidson IncHOG1 holder
- M/I Homes IncMHO1 holder
- Genworth Financial IncGNW1 holder
RJET's price is not below its conservative value band. See current strike-zone stocks
Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-11
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
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