Summary
- The majority of Spirit Airlines is owned by investment company The Vanguard Group, accounting for nearly 10% of ownership.
- Spirit currently faces a financial crisis, with a net operating loss of $554 million in 2022 and a significant drop in market value.
- A blocked merger with JetBlue, worth $3.8 billion, could result in bankruptcy for Spirit Airlines, which owes $1.1 billion in debt.
Spirit Airlines, Inc. became publicly traded in 2011, was registered in the NASDAQ as SAVE, and has since grown into a company worth 703.94 million (as of February 26th, 2024). Being a publicly traded company means many entities and parties own the airline. So, let’s dive into who owns the airline.
Share breakdown
According to Simply Wallstreet, institutions own most of the airline with 60.1% (65,755,769 shares), while the general public owns 39.2% (42,952,682 shares). Individual investors own 0.678% (742,184 shares), and private companies own just 0.025% (27,364 shares).
The top ten shareholders of the airline are as follows:
| Ownership % | Name | Shares |
| 9.52 | The Vanguard Group, Inc. | 10,418,903 |
| 7.69 | BlackRock, Inc. | 8,421,544 |
| 3.09 | Nomura Holdings Inc, Securities & Investment Arm | 3,386,693 |
| 2.87 | Dimensional Fund Advisors LP | 3,143,384 |
| 2.38 | State Street Global Advisors, Inc. | 2,600,650 |
| 2.28 | Diameter Capital Partners LP | 2,500,000 |
| 2.14 | Geode Capital Management, LLC | 2,338,194 |
| 1.67 | Ancient Art, L.P. | 1,825,295 |
| 1.56 | Millennium Management LLC | 1,704,838 |
| 1.43 | Susquehanna International Group, LLP, Asset Management Arm | 1,561,165 |
| 1.20 | Calamos Asset Management, Inc. | 1,310,734 |
According to the data, the investment firm The Vanguard Group, Inc. is the majority shareholder and owns nearly 10% of Spirit Airlines. It is followed closely by BlackRock, Inc., another investment firm that owns almost 8%.
About Spirit Airlines
Spirit Airlines has operated since 1983, albeit under its founding name, Charter One Airlines. In the forty since then, the airline has grown to become the 6th largest airline in the United States by number of passengers carried, totaling 44.1 million passengers.
However, it is facing a crisis and having trouble staying afloat as an independent airline. In 2022, it listed a net operating loss of $554 million. Over the last year alone, the airline’s market capitalization dropped from $1.78 billion to 703.94 million, a change of -60.66%. In comparison, Delta Air Lines, which ranks first by revenue, total assets, market capitalization, and brand value, is worth $26.83 billion or 37 times more than Spirit Airlines.
A merger between JetBlue and Spirit Airlines, worth $3.8 billion, is meant to bring the airline back to profitability. US Department of Justice (DOJ) sued against the merger, citing unfair competition and the negative impact the merger would have on consumers.
Earlier this year, a District Court Judge at the District Court for the District of Massachusetts blocked the merger, saying it violated US anti-trust law. Shortly after, as explained by CNBC, the two airlines appealed the decision.
According to Fortune, the airline currently owes a debt of $ 1.1 billion, and the merger with JetBlue was a lifeline for the ailing airline. Since it was blocked, many pundits fear the airline will soon face bankruptcy.