Intrinsic value of Alaska Air Group, Inc. - ALK

Previous Close

$55.81

  Intrinsic Value

$124.43

stock screener

  Rating & Target

str. buy

+123%

Previous close

$55.81

 
Intrinsic value

$124.43

 
Up/down potential

+123%

 
Rating

str. buy

We calculate the intrinsic value of ALK stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 6.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
Revenue, $m
  8,785
  9,327
  9,891
  10,479
  11,093
  11,733
  12,400
  13,097
  13,826
  14,587
  15,382
  16,214
  17,084
  17,995
  18,948
  19,946
  20,991
  22,086
  23,234
  24,436
  25,697
  27,018
  28,404
  29,857
  31,380
  32,979
  34,655
  36,414
  38,260
  40,196
Variable operating expenses, $m
  7,428
  7,873
  8,337
  8,821
  9,325
  9,851
  10,399
  10,972
  11,571
  12,196
  12,643
  13,327
  14,042
  14,791
  15,574
  16,395
  17,254
  18,154
  19,097
  20,086
  21,122
  22,208
  23,347
  24,541
  25,793
  27,107
  28,485
  29,931
  31,448
  33,039
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  7,428
  7,873
  8,337
  8,821
  9,325
  9,851
  10,399
  10,972
  11,571
  12,196
  12,643
  13,327
  14,042
  14,791
  15,574
  16,395
  17,254
  18,154
  19,097
  20,086
  21,122
  22,208
  23,347
  24,541
  25,793
  27,107
  28,485
  29,931
  31,448
  33,039
Operating income, $m
  1,357
  1,454
  1,554
  1,659
  1,768
  1,882
  2,001
  2,125
  2,255
  2,390
  2,739
  2,887
  3,042
  3,204
  3,374
  3,551
  3,737
  3,932
  4,137
  4,351
  4,575
  4,811
  5,057
  5,316
  5,587
  5,872
  6,170
  6,484
  6,812
  7,157
EBITDA, $m
  1,937
  2,056
  2,181
  2,310
  2,445
  2,587
  2,734
  2,887
  3,048
  3,216
  3,391
  3,574
  3,766
  3,967
  4,177
  4,397
  4,628
  4,869
  5,122
  5,387
  5,665
  5,956
  6,262
  6,582
  6,918
  7,270
  7,640
  8,028
  8,435
  8,862
Interest expense (income), $m
  24
  114
  138
  163
  190
  217
  246
  276
  307
  340
  374
  409
  447
  486
  526
  569
  614
  660
  709
  760
  814
  870
  929
  991
  1,056
  1,124
  1,195
  1,270
  1,349
  1,431
  1,517
Earnings before tax, $m
  1,244
  1,316
  1,391
  1,469
  1,551
  1,636
  1,725
  1,818
  1,915
  2,016
  2,329
  2,440
  2,556
  2,678
  2,805
  2,938
  3,077
  3,223
  3,376
  3,537
  3,705
  3,881
  4,066
  4,260
  4,463
  4,676
  4,900
  5,135
  5,381
  5,640
Tax expense, $m
  336
  355
  376
  397
  419
  442
  466
  491
  517
  544
  629
  659
  690
  723
  757
  793
  831
  870
  912
  955
  1,000
  1,048
  1,098
  1,150
  1,205
  1,263
  1,323
  1,386
  1,453
  1,523
Net income, $m
  908
  960
  1,015
  1,072
  1,132
  1,194
  1,259
  1,327
  1,398
  1,472
  1,700
  1,781
  1,866
  1,955
  2,047
  2,145
  2,246
  2,353
  2,465
  2,582
  2,705
  2,833
  2,968
  3,110
  3,258
  3,414
  3,577
  3,749
  3,928
  4,117

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  11,605
  12,321
  13,066
  13,843
  14,654
  15,499
  16,381
  17,302
  18,264
  19,269
  20,320
  21,419
  22,568
  23,771
  25,030
  26,349
  27,730
  29,176
  30,692
  32,281
  33,946
  35,691
  37,521
  39,441
  41,454
  43,565
  45,780
  48,104
  50,541
  53,099
Adjusted assets (=assets-cash), $m
  11,605
  12,321
  13,066
  13,843
  14,654
  15,499
  16,381
  17,302
  18,264
  19,269
  20,320
  21,419
  22,568
  23,771
  25,030
  26,349
  27,730
  29,176
  30,692
  32,281
  33,946
  35,691
  37,521
  39,441
  41,454
  43,565
  45,780
  48,104
  50,541
  53,099
Revenue / Adjusted assets
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
Average production assets, $m
  8,047
  8,543
  9,060
  9,599
  10,161
  10,747
  11,359
  11,997
  12,664
  13,361
  14,090
  14,852
  15,649
  16,483
  17,356
  18,271
  19,228
  20,231
  21,282
  22,384
  23,538
  24,749
  26,018
  27,349
  28,744
  30,209
  31,744
  33,356
  35,046
  36,820
Working capital, $m
  -2,029
  -2,154
  -2,285
  -2,421
  -2,562
  -2,710
  -2,864
  -3,026
  -3,194
  -3,369
  -3,553
  -3,745
  -3,946
  -4,157
  -4,377
  -4,608
  -4,849
  -5,102
  -5,367
  -5,645
  -5,936
  -6,241
  -6,561
  -6,897
  -7,249
  -7,618
  -8,005
  -8,412
  -8,838
  -9,285
Total debt, $m
  2,555
  3,024
  3,513
  4,023
  4,555
  5,109
  5,688
  6,292
  6,923
  7,582
  8,272
  8,993
  9,747
  10,536
  11,362
  12,227
  13,133
  14,082
  15,076
  16,118
  17,210
  18,355
  19,556
  20,815
  22,136
  23,521
  24,974
  26,498
  28,097
  29,775
Total liabilities, $m
  7,613
  8,082
  8,571
  9,081
  9,613
  10,167
  10,746
  11,350
  11,981
  12,640
  13,330
  14,051
  14,805
  15,594
  16,420
  17,285
  18,191
  19,140
  20,134
  21,176
  22,268
  23,413
  24,614
  25,873
  27,194
  28,579
  30,032
  31,556
  33,155
  34,833
Total equity, $m
  3,992
  4,238
  4,495
  4,762
  5,041
  5,332
  5,635
  5,952
  6,283
  6,628
  6,990
  7,368
  7,763
  8,177
  8,610
  9,064
  9,539
  10,037
  10,558
  11,105
  11,677
  12,278
  12,907
  13,568
  14,260
  14,986
  15,748
  16,548
  17,386
  18,266
Total liabilities and equity, $m
  11,605
  12,320
  13,066
  13,843
  14,654
  15,499
  16,381
  17,302
  18,264
  19,268
  20,320
  21,419
  22,568
  23,771
  25,030
  26,349
  27,730
  29,177
  30,692
  32,281
  33,945
  35,691
  37,521
  39,441
  41,454
  43,565
  45,780
  48,104
  50,541
  53,099
Debt-to-equity ratio
  0.640
  0.710
  0.780
  0.840
  0.900
  0.960
  1.010
  1.060
  1.100
  1.140
  1.180
  1.220
  1.260
  1.290
  1.320
  1.350
  1.380
  1.400
  1.430
  1.450
  1.470
  1.500
  1.520
  1.530
  1.550
  1.570
  1.590
  1.600
  1.620
  1.630
Adjusted equity ratio
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  908
  960
  1,015
  1,072
  1,132
  1,194
  1,259
  1,327
  1,398
  1,472
  1,700
  1,781
  1,866
  1,955
  2,047
  2,145
  2,246
  2,353
  2,465
  2,582
  2,705
  2,833
  2,968
  3,110
  3,258
  3,414
  3,577
  3,749
  3,928
  4,117
Depreciation, amort., depletion, $m
  580
  603
  626
  651
  677
  705
  733
  762
  793
  826
  652
  688
  724
  763
  804
  846
  890
  937
  985
  1,036
  1,090
  1,146
  1,205
  1,266
  1,331
  1,399
  1,470
  1,544
  1,623
  1,705
Funds from operations, $m
  1,487
  1,563
  1,642
  1,724
  1,810
  1,899
  1,992
  2,089
  2,191
  2,297
  2,353
  2,469
  2,591
  2,718
  2,851
  2,990
  3,137
  3,290
  3,450
  3,618
  3,794
  3,979
  4,173
  4,376
  4,589
  4,812
  5,047
  5,293
  5,551
  5,822
Change in working capital, $m
  -120
  -125
  -130
  -136
  -142
  -148
  -154
  -161
  -168
  -176
  -184
  -192
  -201
  -210
  -220
  -231
  -241
  -253
  -265
  -278
  -291
  -305
  -320
  -336
  -352
  -369
  -387
  -406
  -426
  -447
Cash from operations, $m
  1,608
  1,688
  1,772
  1,860
  1,951
  2,047
  2,146
  2,250
  2,359
  2,473
  2,536
  2,661
  2,792
  2,928
  3,071
  3,221
  3,378
  3,543
  3,715
  3,896
  4,085
  4,284
  4,493
  4,711
  4,941
  5,182
  5,434
  5,699
  5,977
  6,269
Maintenance CAPEX, $m
  -350
  -373
  -396
  -419
  -444
  -470
  -498
  -526
  -555
  -586
  -619
  -652
  -688
  -724
  -763
  -804
  -846
  -890
  -937
  -985
  -1,036
  -1,090
  -1,146
  -1,205
  -1,266
  -1,331
  -1,399
  -1,470
  -1,544
  -1,623
New CAPEX, $m
  -478
  -496
  -517
  -539
  -562
  -586
  -612
  -639
  -667
  -697
  -729
  -762
  -797
  -834
  -873
  -914
  -958
  -1,003
  -1,051
  -1,101
  -1,155
  -1,210
  -1,269
  -1,331
  -1,396
  -1,464
  -1,536
  -1,611
  -1,690
  -1,774
Cash from investing activities, $m
  -828
  -869
  -913
  -958
  -1,006
  -1,056
  -1,110
  -1,165
  -1,222
  -1,283
  -1,348
  -1,414
  -1,485
  -1,558
  -1,636
  -1,718
  -1,804
  -1,893
  -1,988
  -2,086
  -2,191
  -2,300
  -2,415
  -2,536
  -2,662
  -2,795
  -2,935
  -3,081
  -3,234
  -3,397
Free cash flow, $m
  779
  819
  860
  901
  945
  990
  1,037
  1,086
  1,137
  1,190
  1,189
  1,247
  1,307
  1,369
  1,435
  1,503
  1,575
  1,649
  1,727
  1,809
  1,895
  1,984
  2,078
  2,176
  2,279
  2,387
  2,500
  2,618
  2,742
  2,873
Issuance/(repayment) of debt, $m
  452
  470
  489
  510
  532
  554
  579
  604
  631
  659
  689
  721
  754
  789
  826
  865
  906
  949
  994
  1,042
  1,092
  1,145
  1,201
  1,259
  1,320
  1,385
  1,453
  1,524
  1,599
  1,678
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  452
  470
  489
  510
  532
  554
  579
  604
  631
  659
  689
  721
  754
  789
  826
  865
  906
  949
  994
  1,042
  1,092
  1,145
  1,201
  1,259
  1,320
  1,385
  1,453
  1,524
  1,599
  1,678
Total cash flow (excl. dividends), $m
  1,231
  1,289
  1,349
  1,411
  1,476
  1,545
  1,616
  1,690
  1,768
  1,849
  1,879
  1,968
  2,061
  2,159
  2,261
  2,368
  2,481
  2,598
  2,722
  2,851
  2,987
  3,129
  3,279
  3,435
  3,599
  3,772
  3,953
  4,142
  4,342
  4,551
Retained Cash Flow (-), $m
  -241
  -246
  -257
  -267
  -279
  -291
  -303
  -317
  -331
  -346
  -361
  -378
  -395
  -414
  -433
  -454
  -475
  -498
  -521
  -546
  -573
  -600
  -630
  -660
  -692
  -726
  -762
  -799
  -839
  -880
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  990
  1,043
  1,092
  1,144
  1,198
  1,254
  1,312
  1,373
  1,437
  1,504
  1,517
  1,590
  1,665
  1,745
  1,828
  1,915
  2,005
  2,101
  2,200
  2,305
  2,414
  2,529
  2,649
  2,775
  2,907
  3,046
  3,191
  3,343
  3,503
  3,671
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  949
  954
  950
  942
  928
  910
  887
  858
  826
  788
  720
  678
  633
  586
  537
  487
  436
  387
  339
  293
  250
  210
  174
  141
  113
  89
  68
  52
  38
  28
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Alaska Air Group, Inc. is the holding company of Alaska Airlines (Alaska), Virgin America Inc., Horizon Air (Horizon) and other business units. The Company operates through three segments: Mainline, Regional and Horizon. Its Mainline segment includes Alaska's and Virgin America's scheduled air transportation for passengers and cargo throughout the United States, and in parts of Canada, Mexico, Costa Rica and Cuba. Its Regional segment includes Horizon's and other third-party carriers' scheduled air transportation for passengers across a shorter distance network within the United States under capacity purchased arrangements (CPAs). Its Horizon segment includes the capacity sold to Alaska under CPA. Alaska and Virgin America operate fleets of narrowbody passenger jets. As of December 31, 2016, it maintained two frequent flyer plans: the Alaska Airlines Mileage Plan and the Virgin America Elevate.

FINANCIAL RATIOS  of  Alaska Air Group, Inc. (ALK)

Valuation Ratios
P/E Ratio 8.5
Price to Sales 1.2
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 5
Price to Free Cash Flow 9.7
Growth Rates
Sales Growth Rate 5.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -18.4%
Cap. Spend. - 3 Yr. Gr. Rate 3.6%
Financial Strength
Quick Ratio 5
Current Ratio 0
LT Debt to Equity 90.2%
Total Debt to Equity 101.1%
Interest Coverage 57
Management Effectiveness
Return On Assets 10%
Ret/ On Assets - 3 Yr. Avg. 11.3%
Return On Total Capital 18.1%
Ret/ On T. Cap. - 3 Yr. Avg. 22.3%
Return On Equity 30.5%
Return On Equity - 3 Yr. Avg. 32.3%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 37%
Gross Margin - 3 Yr. Avg. 34.7%
EBITDA Margin 29.2%
EBITDA Margin - 3 Yr. Avg. 27.6%
Operating Margin 22.7%
Oper. Margin - 3 Yr. Avg. 21.3%
Pre-Tax Margin 22.7%
Pre-Tax Margin - 3 Yr. Avg. 21.4%
Net Profit Margin 13.7%
Net Profit Margin - 3 Yr. Avg. 13.4%
Effective Tax Rate 39.5%
Eff/ Tax Rate - 3 Yr. Avg. 37.6%
Payout Ratio 16.7%

ALK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ALK stock intrinsic value calculation we used $8264 million for the last fiscal year's total revenue generated by Alaska Air Group, Inc.. The default revenue input number comes from 0001 income statement of Alaska Air Group, Inc.. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ALK stock valuation model: a) initial revenue growth rate of 6.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for ALK is calculated based on our internal credit rating of Alaska Air Group, Inc., is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Alaska Air Group, Inc..
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ALK stock the variable cost ratio is equal to 84.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ALK stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Alaska Air Group, Inc..

Corporate tax rate of 27% is the nominal tax rate for Alaska Air Group, Inc.. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ALK stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ALK are equal to 91.6%.

Life of production assets of 21.6 years is the average useful life of capital assets used in Alaska Air Group, Inc. operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ALK is equal to -23.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $3751 million for Alaska Air Group, Inc. - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 123.027 million for Alaska Air Group, Inc. is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Alaska Air Group, Inc. at the current share price and the inputted number of shares is $6.9 billion.

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