Analysis suggests JetBlue's JetForward strategy achieved $180M in EBIT gains, yet valuation metrics present a contradiction: low P/B (0.63) suggests undervaluation, while a forward P/E of 56.18 indicates inflated expectations. Financial risks remain high, evidenced by a 3.85 debt-to-equity ratio and a 0.63 Altman Z-Score in the 'distress zone,' framing the stock as a potential value trap unless 2027 EBIT targets are met.