Southwest Airlines LUV Ratios & Valuation
| TTM Q1 '26 | TTM Q4 '25 | TTM Q3 '25 | TTM Q2 '25 | TTM Q1 '25 | ||
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Operating margin | 7.2%+1.6pp | 5.6%+0.4pp | 5.2%— | —— | —— | |
| Net margin | 7.2%+0.8pp | 6.4%-0.1pp | 6.5%— | —— | —— | |
| EBITDA margin | 30%+1.1pp | 28.9%-0.1pp | 29%— | —— | —— | |
| Free cash flow margin | -6.6%+0.7pp | -7.4%+2.8pp | -10.2%+5.8pp | -16%+5.2pp | -21.2%+0.5pp | |
| Returns | ||||||
| Return on equity | 23.3%+4.5pp | 18.8%+0.4pp | 18.4%— | —— | —— | |
| Return on assets | 6.4%+1.0pp | 5.4%+0.1pp | 5.3%— | —— | —— | |
| Return on invested capital | 15.5%+4.3pp | 11.2%+0.7pp | 10.6%— | —— | —— | |
| Efficiency | ||||||
| Asset turnover | 3.5×+0.1× | 3.4×+0.1× | 3.3×+0.1× | 3.2×+0.1× | 3.1×+0.1× | |
| Liquidity | ||||||
| Current ratio | 2×-0.3× | 2.3×-0.4× | 2.7×-0.4× | 3.1×-0.3× | 3.5×-0.3× | |
| Quick ratio | 2×-0.3× | 2.3×-0.4× | 2.7×-0.4× | 3.1×-0.3× | 3.5×-0.3× | |
| Cash ratio | 1.1×-0.3× | 1.5×-0.3× | 1.8×-0.4× | 2.1×-0.3× | 2.4×-0.1× | |
| Leverage | ||||||
| Debt-to-equity | 3.1×+0.1× | 3×-0.1× | 3.1×-0.2× | 3.3×-0.2× | 3.5×0.0× | |
| Debt-to-assets | 0.8×0.0× | 0.8×-0.1× | 0.9×-0.1× | 1×-0.1× | 1×0.0× | |
| Net debt / EBITDA | 5×+1.3× | 3.7×+0.4× | 3.3×— | —— | —— | |
| Interest coverage | 11.5×+3.5× | 8×+1.3× | 6.7×— | —— | —— | |
| Valuation | ||||||
| Market capitalization | $74.74B-1.9% | $76.19B+1.6% | $74.98B-1.3% | $75.97B+1.4% | $74.95B+3.4% | |
| Enterprise value | $85.2B+2.1% | $83.44B+2.6% | $81.34B+1.0% | $80.56B+2.4% | $78.65B+2.0% | |
| Price / earnings | 161.6×-13.9× | 175.5×+5.0× | 170.4×— | —— | —— | |
| Price / sales | 2.7×-0.1× | 2.8×0.0× | 2.7×0.0× | 2.8×0.0× | 2.7×+0.1× | |
| Price / book | 9.8×+0.6× | 9.2×+0.7× | 8.5×+0.5× | 8×+0.6× | 7.4×+0.4× | |
| EV / EBITDA | 41×-0.8× | 41.8×+1.0× | 40.8×— | —— | —— | |
| EV / sales | 3×0.0× | 3×+0.1× | 3×0.0× | 2.9×+0.1× | 2.9×0.0× | |
| Free cash flow yield | -9.6%+0.8pp | -10.4%+4.0pp | -14.4%+8.9pp | -23.3%+8.3pp | -31.6%+1.1pp | |
| Earnings yield | 10.9%+1.7pp | 9.2%-0.2pp | 9.5%— | —— | —— | |
| Dividend yield | 8.7%+0.5pp | 8.2%-0.3pp | 8.5%0.0pp | 8.5%-0.2pp | 8.7%-0.8pp |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- Where do Southwest Airlines's ratios come from?
- Every ratio is computed from Southwest Airlines's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.
