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ZYBERNO

Stock Report

Updated Aug 31, 2026

JETBLUE AIRWAYS CORP (JBLU)

NASDAQ

$4.80

JetBlue Airways Corporation is an American low-cost carrier headquartered in Long Island City, New York. The airline operates approximately 300 routes across the United States, Caribbean, and Latin America, differentiated by its customer-friendly policies including seat-back entertainment, free Wi-Fi, and extra legroom, and is executing a strategic plan to return to profitability following the blocked merger with Spirit Airlines.

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

8.0/100

POOR BUSINESS

JETBLUE AIRWAYS CORP (JBLU) scores 8/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full JBLU quality analysis & detailed breakdown

VALUATION SIGNAL

N/A (Requires more data)

Requires fair value calculation and current price data

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full JBLU valuation analysis · → View full JBLU Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-45.5%)

Debt-to-Equity (Solvency Risk):CRITICAL (6.12x)

Operating Margin (Operational Efficiency):CRITICAL (-5.9%)

Return on Capital (Capital Efficiency):CRITICAL (-4.8%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

JETBLUE AIRWAYS CORP (JBLU) stock report — Zyberno Score 8/100 (POOR BUSINESS). Full financial analysis on Zyberno.

Over the trailing twelve months, JBLU generated -$734.00M in Owner Earnings. Capital was deployed as follows: $1.03B invested in capital expenditures. Reinvestment rate: -92.0%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:4.80

Market Cap:$1.80B

Valuation Multiples (3)

P/B Ratio:1.14x

P/S Ratio:0.19x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$9.10B

Ev Ebitda Ratio:62.36x

Price Action & Momentum (3)

12-1 Momentum:

+21.4% (74th pctile)

📈 Click to view full JBLU Momentum analysis →

Momentum Percentile:74 / 100

% of 52-Week High:72.5%

B. Profitability Assessment

Return Metrics (5)

ROE:

-45.5%

📊 Click to view full JBLU ROE analysis →

ROA:-5.4%

Roic:

-4.8%

📊 Click to view full JBLU ROIC analysis →

Reinvestment Rate:-92.0%

Fundamental Growth Rate (g):4.4%

Margin Analysis (3)

Operating Margin Ttm:-5.9%

Net Margin Ttm:-9.3%

Ebitda Margin:1.5%

TTM Performance (2)

Operating Margin Ttm:-5.9%

Net Margin Ttm:-9.3%

Yield Metrics (2)

Earnings Yield:-$49.58

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

-0.69

📊 Click to view full JBLU Earnings Surprise analysis →

EPS Surprise vs Expected:-613.5%

Latest Earnings Filed:2026-07-28

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):2.1%

Cash Flow Growth (Linear) (1)

Operating Cash Flow Growth Rate (Linear):-24.5%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):-50.0%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:0.70x

Quick Ratio:0.63x

Cash Ratio:0.37x

Leverage Analysis (3)

Debt To Equity Ttm:6.12x

Debt-to-Equity Ratio:6.12x

Debt To Ebitda:61.34x

Coverage Ratios (2)

Interest Coverage Ratio:-0.63x

Times Interest Earned:-0.63

Capital Structure (4)

Working Capital:-1,377,000,000.00

Cash And Cash Equivalents:1,656,000,000.00

Long Term Debt:$8.48B

Net Debt:$7.30B

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $9.50B

Linear Growth: 2.1%

📊 Click to view full JBLU Revenue analysis & methodology →

Cost Of Revenue Ttm:$0.00

Profitability Breakdown (2)

$0.00

Operating income TTM: -$565.00M

Linear Growth: -50.0%

📊 Click to view full JBLU Operating Income analysis & methodology →

Bottom Line Performance (3)

-$886.00M

Income Before Tax:-$1.02B

Ebitda Ttm:146,000,000.00

Operating Expenses (5)

Operating Expenses:10,068,000,000.00

R And D Expense:0.00

Sga Expense:319,000,000.00

Income Tax Expense:-$130.00M

Interest Expense:584,000,000.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:11.8%

Ebitda Margin:1.5%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$16.37B

Current Assets:$3.16B

Ppe Net:10,970,000,000.00

Goodwill:0.00

Intangible Assets:$333.00M

Liability Structure (4)

Total Liabilities:14,784,000,000.00

Current Liabilities:4,534,000,000.00

Long Term Debt:$8.48B

Short Term Debt:$478.00M

Equity & Capital (3)

Equity:$1.59B

Retained Earnings:$151.00M

Common Stock:900,000,000.00

Working Capital Items (3)

Accounts Receivable:434,000,000.00

Inventory:304,000,000.00

Accounts Payable:674,000,000.00

Special Items (2)

Contract Liabilities:3,045,000,000.00

Stock Based Compensation:13,000,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: -$88.00M

Linear Growth: -24.5%

-$1.12B

Investment Activities (2)

Investing Cash Flow:-$92.00M

Capital Expenditures Ttm:1,028,000,000.00

Financing Activities (3)

Financing Cash Flow:-$117.00M

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:48,000,000.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:711,000,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-2.38

-$2.38

Earnings Per Share Ttm:-$2.36

Revenue & Cash Per Share (2)

Sales Per Share Ttm:25.28

Operating Cash Flow Per Share:-$0.25

Book Value & Capital (2)

Book Value Per Share:$4.22

Cash Per Share:4.41

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.57x

Working Capital Turnover Ttm:-999.00x

Receivables Management (2)

Receivables Turnover Ttm:21.90x

Days Sales Outstanding Ttm:16.67

Inventory Management (2)

Inventory Turnover Ttm:31.26x

Days Inventory Outstanding Ttm:11.68

Payables & Cash Cycle (2)

Days Payable Outstanding:25.89

Cash Conversion Cycle:2.46

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:0.00

Quality Score:15.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (1)

-$734.00M

Damodaran Growth Analysis (2)

Reinvestment Rate:-92.0%

Fundamental Growth Rate (g):4.4%

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (2)

Revenue Growth Rate (Linear):2.1%

Operating Income Growth Rate (Linear):-50.0%

Cash Flow Growth Rates (1)

Operating Cash Flow Growth Rate (Linear):-24.5%

Other Growth Rates (1)

Book Value Growth Rate (Linear):-16.0%

C. Company Profile & Context

Corporate Information (6)

Symbol:JBLU

Company Name:JETBLUE AIRWAYS CORP

Sector:Unknown

Industry:Airlines

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:low

Volume Category:N/A

Share Structure (3)

Shares Outstanding:375.90M

Shares Outstanding Basic:375.90M

Shares Outstanding Diluted:375.90M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-31 09:50:34 UTC

Data Timestamp:2026-08-31T09:50:34.745698