Southwest Airlines Company Financial Ratios — SWN Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	2.71	6.07	10.52	16.1	30.86	27.63	37.13	25.29	23.37	-32.86	10.13	5.11	4.39	4.46	4.81
Return on Assets (%)	1.06	2.3	3.97	5.82	10.63	9.79	13.87	9.6	8.82	-10.16	2.76	1.5	1.29	1.32	1.4
Return on Capital (%)	2.75	4.8	8.09	12.26	22.37	19.95	- -	19.12	17.47	- -	5.92	3.56	3.21	3.31	3.27
Return on Invested Capital (%)	3.76	3.64	7.7	13.86	25.19	19.5	- -	18.44	16.64	- -	5.74	3.47	0.81	1.28	2.02
Gross Margin (%)	17.28	16.65	19.72	24.49	32.28	30.68	29.58	27.58	26.68	-20.89	26.06	19.95	16.19	16.22	17.44
EBITDA Margin (%)	8.99	8.58	12.12	17	25.89	23.38	21.87	20.06	18.62	-28.3	18.96	9.94	6.69	7.2	7.08
Operating Margin (%)	5.28	4.72	7.71	12.64	20.96	17.36	16.11	14.6	13.18	-42.18	10.9	4.27	0.86	1.17	1.53
Incremental Operating Margin (%)	- -	- -	91.33	108.94	148.48	- -	- -	- -	- -	50.62	82.13	- -	- -	6.97	18.45
Pretax Margin (%)	2.06	4.01	6.83	9.76	17.55	17	15.44	14.4	13.18	-47.04	8.39	3.06	2.43	2.18	2.01
Profit Margin (%)	1.14	2.46	4.26	6.11	11	10.76	15.88	11.22	10.26	-33.97	6.19	2.26	1.78	1.69	1.57
Net Income to Common Margin (%)	1.14	2.46	4.26	6.11	11	10.76	15.88	11.22	10.26	-33.97	6.19	2.26	1.78	1.69	1.57
Effective Tax Rate (%)	44.89	38.54	37.63	37.44	37.31	36.72	- -	22.09	22.22	- -	26.26	25.96	26.54	22.24	21.67
Dvd Payout Ratio (%)	7.87	5.23	9.42	12.24	8.25	10.17	8.16	13.47	16.17	-6.12	- -	- -	92.04	92.47	90.48
Sustainable Growth Rate (%)	2.5	5.75	9.53	14.13	28.32	24.82	34.1	21.88	19.59	-34.87	10.13	5.11	0.35	0.34	0.46

Credit (USD)

Credit Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	3,751	3,154	2,820	2,692	3,178	3,387	3,668	3,377	3,996	12,199	12,281	9,431	9,200	8,058	5,981
ST Debt	644	271	629	258	637	566	348	606	1,172	526	692	267	237	1,958	636
LT Debt	3,107	2,883	2,191	2,434	2,541	2,821	3,320	2,771	2,824	11,673	11,589	9,164	8,963	6,100	5,345
Total Debt/EBITDA	2.66	2.15	1.31	0.85	0.62	0.71	0.79	0.77	0.96	-4.76	4.1	3.98	5.27	4.07	3.01
Net Debt/EBITDA	2.08	1.39	0.68	0.45	0.31	0.36	0.47	0.35	-0.12	0.5	-0.74	-0.65	-0.73	-0.41	0.84
Total Debt/EBIT	5.41	5.06	2.21	1.21	0.77	0.96	1.08	1.05	1.35	-3.2	7.14	9.27	41.07	25.1	13.97
Net Debt/EBIT	4.22	3.28	1.15	0.63	0.39	0.48	0.64	0.48	-0.17	0.33	-1.29	-1.53	-5.72	-2.52	3.9
EBITDA to Interest Expense	7.74	11.64	20.05	29.56	57.01	63.24	71.15	47.39	50.93	-8.16	6.94	7.87	7.4	9.24	17.59
EBITDA-CapEx/Interest Expense	2.42	11.64	19.92	28.81	55.88	61.79	69.22	46.81	50.93	-8.16	6.93	7.79	7.26	9.12	17.59
EBIT to Interest Expense	4.54	6.4	12.75	21.97	46.17	46.96	52.42	34.47	36.06	-12.15	3.99	3.38	0.95	1.5	3.79
Interest Expense	182	126	107	107	90	75	65	93	82	314	431	301	236	214	113
Common Equity/Total Assets	38.06	37.6	37.92	34.35	34.53	36.25	38.4	37.55	37.97	25.66	28.67	30.22	28.82	30.67	27.46
Long-Term Debt/Equity (%)	45.18	41.23	29.87	35.93	34.53	33.42	34.44	28.12	28.72	131.51	111.28	85.75	85.24	58.94	66.97
Long-Term Debt/Capital (%)	29.23	28.42	21.57	25.71	24.12	23.85	24.95	20.94	20.42	55.39	51.06	45.55	45.46	33.14	38.28
Long-Term Debt/Total Assets (%)	17.2	15.5	11.33	12.34	11.92	12.11	13.22	10.56	10.91	33.75	31.91	25.91	24.56	18.07	18.39
Total Debt/Equity (%)	54.54	45.11	38.44	39.73	43.19	40.13	38.05	34.27	40.64	137.44	117.93	88.25	87.49	77.86	74.94
Total Debt/Capital (%)	35.29	31.09	27.77	28.44	30.16	28.64	27.56	25.53	28.9	57.88	54.11	46.88	46.66	43.77	42.84
Total Debt/Total Assets (%)	20.76	16.96	14.58	13.65	14.91	14.55	14.61	12.87	15.43	35.27	33.81	26.66	25.21	23.88	20.58
Net Debt to Equity	42.49	29.19	19.97	20.81	21.68	20.22	22.54	15.46	-5.19	-14.35	-21.24	-14.51	-12.18	-7.83	20.92
Net Debt/Capital (%)	29.82	22.59	16.65	17.23	17.82	16.82	18.39	13.39	-4.52	-12.72	-21.65	-14.6	-12.29	-7.43	15.56
EBITDA	1,408	1,467	2,145	3,163	5,131	4,743	4,625	4,407	4,176	-2,561	2,993	2,368	1,746	1,978	1,988
EBITDA-CapEx	440	1,467	2,131	3,083	5,029	4,634	4,499	4,353	4,176	-2,561	2,987	2,346	1,713	1,952	1,988
Operating Income (Loss)	827	806	1,364	2,351	4,155	3,522	3,407	3,206	2,957	-3,816	1,721	1,017	224	321	428

Liquidity (USD)

Liquidity Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.69	0.64	0.56	0.5	0.41	0.48	0.48	0.47	0.45	1.78	1.69	1.18	0.94	0.71	0.3
Current Ratio	0.96	0.91	0.79	0.66	0.54	0.66	0.7	0.64	0.67	2.02	1.97	1.43	1.14	0.92	0.52
Quick Ratio	0.76	0.71	0.63	0.57	0.48	0.56	0.57	0.54	0.58	1.93	1.84	1.28	1.03	0.8	0.4
CFO/Avg Current Liab	0.35	0.45	0.48	0.5	0.49	0.6	0.57	0.66	0.47	-0.14	0.28	0.39	0.28	0.04	0.16
Common Equity/Total Assets	38.06	37.6	37.92	34.35	34.53	36.25	38.4	37.55	37.97	25.66	28.67	30.22	28.82	30.67	27.46
Long-Term Debt/Equity (%)	45.18	41.23	29.87	35.93	34.53	33.42	34.44	28.12	28.72	131.51	111.28	85.75	85.24	58.94	66.97
Long-Term Debt/Capital (%)	29.23	28.42	21.57	25.71	24.12	23.85	24.95	20.94	20.42	55.39	51.06	45.55	45.46	33.14	38.28
Long-Term Debt/Total Assets (%)	17.2	15.5	11.33	12.34	11.92	12.11	13.22	10.56	10.91	33.75	31.91	25.91	24.56	18.07	18.39
Total Debt/Equity (%)	54.54	45.11	38.44	39.73	43.19	40.13	38.05	34.27	40.64	137.44	117.93	88.25	87.49	77.86	74.94
Total Debt/Capital (%)	35.29	31.09	27.77	28.44	30.16	28.64	27.56	25.53	28.9	57.88	54.11	46.88	46.66	43.77	42.84
Total Debt/Total Assets (%)	20.76	16.96	14.58	13.65	14.91	14.55	14.61	12.87	15.43	35.27	33.81	26.66	25.21	23.88	20.58
CFO/Total Liabilities	12.12	17.79	20.63	22.41	23.2	28.92	25.4	29.85	24.82	-4.38	8.96	15.36	12.18	1.97	8.74
CFO/CapEx	1.4	- -	176.93	36.28	31.75	39.39	31.18	90.61	- -	- -	387	172.27	95.88	17.77	- -
Altman's Z-Score	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Working Capital (USD)

Working Capital Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	63.39	54.16	47.13	47.46	47.25	39.78	35.01	61.1	407.78	182.79	303.65	272.16	236.12	364.01	387.08
Days Sales Outstanding	5.76	6.74	7.74	7.69	7.73	9.17	10.43	5.97	0.9	2	1.2	1.34	1.55	1	0.94
Inventory Turnover	40.22	32.74	30.36	34.73	41.11	43.41	39.34	36.11	33.22	23.2	24.55	28.73	27.39	28.65	29.42
Days Inventory Outstanding	9.07	11.15	12.02	10.51	8.88	8.41	9.28	10.11	10.99	15.73	14.87	12.7	13.33	12.74	12.41
Accounts Payable Turnover	14.6	23.25	78.28	89.26	88.98	89.18	92.44	71.04	58.25	52.16	88.37	89.21	80.76	76.22	63.58
Accounts Payable Turnover Days	25	15.7	4.66	4.09	4.1	4.09	3.95	5.14	6.27	7	4.13	4.09	4.52	4.79	5.74
Cash Conversion Cycle	-10.17	2.19	15.1	14.11	12.5	13.49	15.75	10.94	5.62	10.73	11.94	9.95	10.35	8.95	7.61
Inventory to Cash Days	-3.32	-4.41	-4.28	-2.82	-1.15	0.77	1.15	-4.13	-10.09	-13.74	-13.66	-11.36	-11.78	-11.74	-11.46
Inventories	401	469	467	342	311	337	420	461	529	414	537	790	807	800	775
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	401	469	467	342	311	337	420	461	529	414	537	790	807	800	775

Enterprise Value (USD)

Enterprise Value API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	829	1,113	1,355	1,282	1,583	1,680	1,495	1,854	2,548	11,063	12,480	9,492	9,288	7,509	3,231
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	3,751	3,154	2,820	2,692	3,178	3,387	3,668	3,377	3,996	12,199	12,281	9,431	9,200	8,058	5,981
Enterprise Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Capital	10,628	10,146	10,156	9,467	10,536	11,828	13,309	13,230	13,828	21,075	22,695	20,118	19,715	18,408	13,962
Total Debt/Capital (%)	35.29	31.09	27.77	28.44	30.16	28.64	27.56	25.53	28.9	57.88	54.11	46.88	46.66	43.77	42.84
Total Debt / EV	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	15,658	17,088	17,699	18,605	19,820	20,289	21,146	21,965	22,428	9,048	15,790	23,814	26,091	27,483	28,063
TTM EBITDA	1,408	1,467	2,145	3,163	5,131	4,743	4,625	4,407	4,176	-2,561	2,993	2,368	1,746	1,978	1,988
TTM Operating Income	827	806	1,364	2,351	4,155	3,522	3,407	3,206	2,957	-3,816	1,721	1,017	224	321	428
TTM Cash Flow to Firm	1,456	2,141	2,544	2,969	3,294	4,340	- -	4,965	4,051	- -	2,640	4,013	3,337	628	1,931
TTM Free Cash Flow to Firm	488	2,141	2,530	2,889	3,192	4,231	- -	4,911	4,051	- -	2,634	3,991	3,304	602	1,931

Multiples (USD)

Valuation Multiples API ChatGPT

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Per Share Data Items (USD)

Per-Share Data API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Shares Outstanding	773	730	700	676	648	615	589	553	519	590	592	594	597	593	516
Diluted Weighted Avg Shares	775	757	718	696	669	633	603	574	539	565	609	642	640	643	558
Basic Weighted Avg Shares	774	750	710	687	661	627	601	573	538	565	592	593	595	598	540
Revenue per Share	20.23	22.78	24.93	27.08	29.98	32.36	35.18	38.33	41.69	16.01	26.67	40.16	43.85	45.96	51.97
EBITDA per Share	1.82	1.96	3.02	4.6	7.76	7.56	7.7	7.69	7.76	-4.53	5.06	3.99	2.93	3.31	3.68
Operating Income per Share	1.07	1.07	1.92	3.42	6.29	5.62	5.67	5.6	5.5	-6.75	2.91	1.72	0.38	0.54	0.79
Basic EPS, GAAP	0.23	0.56	1.06	1.65	3.3	3.48	5.59	4.3	4.28	-5.44	1.65	0.91	0.78	0.78	0.82
Basic EPS from Cont Ops	0.23	0.56	1.06	1.65	3.3	3.48	5.59	4.3	4.28	-5.44	1.65	0.91	0.78	0.78	0.82
Diluted EPS, GAAP	0.23	0.56	1.05	1.63	3.26	3.45	5.57	4.29	4.27	-5.44	1.6	0.84	0.73	0.72	0.79
Diluted EPS from Cont Ops	0.23	0.56	1.05	1.63	3.26	3.45	5.57	4.29	4.27	-5.44	1.6	0.84	0.73	0.72	0.79
Dividend per Share	0.02	0.03	0.1	0.2	0.27	0.35	0.46	0.58	0.69	0.33	- -	- -	0.72	0.72	0.74
Cash Flow per Share	1.75	2.75	3.49	4.22	4.9	6.85	6.54	8.54	7.41	-1.99	3.92	6.39	5.32	0.77	3.41
Free Cash Flow per Basic Share	0.5	2.75	3.47	4.11	4.74	6.67	6.33	8.45	7.41	-1.99	3.91	6.35	5.26	0.73	3.41
Cash & Equivalents per Share	4.07	4.07	4.5	4.42	4.71	5.37	5.56	6.68	7.84	22.58	26.18	20.69	19.24	14.71	6.27
Book Value per Share	8.9	9.57	10.47	10.03	11.36	13.72	16.38	17.83	18.94	15.03	17.59	17.99	17.63	17.44	15.48
Tangible Book Value per Share	7.45	8.06	8.85	8.06	9.15	11.45	14.03	15.35	16.5	12.89	15.45	15.86	15.51	15.3	13.02