ALK: Not rated
Published 15 Sep 2026, 18:13 BST. This is the frozen version, not the current recommendation.
Why this assessment was issued
Stored financial statements changed; the revised figures need checking. A new earnings release is available. The model version changed. Current data checks do not support an active rating. The reasons for withholding a target have changed. The published model version has been replaced. Record the new calculation basis even if the rating is unchanged.
A target is not published until the required checks pass. At least three consecutive annual USD results with sales, operating profit and capital spending are required.
Supporting evidence
Quarterly sales are growing
Revenue changed +9.7% from the same quarter last year, through 2026-06-30. The previous quarter’s year-on-year change was +5.2%.
The share count fell
Weighted diluted shares changed -6.6%. Compare this with buyback spending; splits and acquisitions can also change the count.
Opposing evidence
The latest quarter was loss-making
Net income was -76.0m, compared with 172.0m in the same quarter last year. Amounts are in USD.
The profit margin narrowed
The latest quarterly operating margin was -4.1%, -11.6 percentage points from a year earlier. Compare the sales and margin contributions below.
Original assumptions and checks
Recent price · Passed. Weekly close dated 2026-09-11.
Current financials · Passed. Statements through 2026-06-30; factor prices dated 2026-09-11.
Price risk · Passed. Risk uses the latest 52 weekly price changes.
Operating history · Review needed. At least three consecutive annual USD results with sales, operating profit and capital spending are required.
Quarterly operating results · Passed. Four quarters through 2026-06-30.
Cash-flow and ownership inputs · Review needed. Recorded cash-flow, investment, debt, cash, preferred stock, minority interests and share-count inputs are required; missing amounts are not assumed to be zero. Missing: fcf (trailing twelve months).
Depreciation basis · Passed. Four matching quarters of operating income and reported depreciation are required. An unrelated EBITDA-minus-EBIT difference is not treated as depreciation.
Matching currency · Passed. USD statements and share price.
Ownership source reconciliation · Review needed. Conflicting dated amounts need reconciliation before a target can be published: net ppe.
Policy sm-review-2-research · Model sm-assessment-12-rating-balance · Data 8b8c3e768175.