COMP <GO>

ULCC vs V // FORWARD P/E MULTIPLE

Frontier Group Holdings Inc. (NASDAQ) VS. Visa Inc. (NYSE) • 15-METRIC TALLY: ULCC 0 — V 9

■ METRIC PARITY

LAST: $6.48 (+5.02%) • MKT CAP: $1.49B

forward-pe

—

LAST: $410.54 (+2.48%) • MKT CAP: $733.53B

forward-pe

34.0x

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (ULCC VS. V) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	ULCC	V	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	-35.00%	32.30%	-67.30	V	/roic <GO>
EV/EBITDA & P/E Valuation	—	28.9x	—	TIE	/valuation <GO>
Free Cash Flow Yield	—	2.90%	—	TIE	/fcf-yield <GO>
Operating Margin	-4.00%	60.00%	-64.00	V	/operating-margins <GO>
Net Profit Margin	-3.70%	50.10%	-53.80	V	/net-margins <GO>
Revenue Growth (YoY)	-1.40%	11.30%	-12.70	V	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.63%	-0.63	V	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	0.40	9.09	-8.69	V	/balance-sheet <GO>
Piotroski F-Score Quality	1/9	9/9	-8.00	V	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	63.3	65.6	-2.30	V	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	1.06	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple ACTIVE	—	34.0x	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$1.49B	$733.53B	-$732.04B	V	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	ULCC REV	V REV	ULCC GROSS %	V GROSS %	ULCC FCF	V FCF
FY 2025	$3.72B	$40.00B	—	—	-$525.0M	$21.26B
FY 2024	$3.77B	$35.93B	—	—	-$82.0M	$18.33B
FY 2023	$3.59B	$32.65B	—	—	-$261.0M	$19.29B

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

ULCC // BETA —

V // BETA 1.06