Southwest Airlines Co. Financial Ratios — LUV 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 (%)	2.87	6.59	10.92	14.69	23.65	19.45	24.99	15.69	12.95	-17.86	6.04	3.19	2.71	2.7	2.56
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 (%)	2.85	5.06	8.29	11.47	18.41	15.38	- -	13.2	11.02	- -	4.56	2.74	2.41	2.44	2.18
Return on Invested Capital (%)	4.49	4.71	8.22	14.65	25.43	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 (%)	9.85	9.66	12.61	17.68	26.08	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 (%)	-4.76	-1.47	91.33	108.94	148.48	-134.97	-13.42	-24.54	-53.78	- -	82.13	-8.77	-34.83	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 (%)	2.64	6.24	9.89	12.9	21.7	17.48	22.95	13.58	10.85	-18.96	6.04	3.19	0.22	0.2	0.24

Credit (USD)

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	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	2.43	1.91	1.26	0.82	0.61	0.71	0.79	0.77	0.96	-4.76	4.1	3.98	5.27	4.07	3.01
Net Debt/EBITDA	1.89	1.24	0.66	0.43	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	4.54	3.91	2.07	1.15	0.76	0.96	1.08	1.05	1.35	-3.2	7.14	9.27	41.07	25.1	13.97
Net Debt/EBIT	3.53	2.53	1.07	0.6	0.38	0.48	0.64	0.48	-0.17	0.33	-1.29	-1.53	-5.72	-2.52	3.9
EBITDA to Interest Expense	8.47	13.1	20.85	30.74	57.44	63.24	71.15	47.39	50.93	-8.16	6.94	7.87	7.4	9.24	17.59
EBITDA-CapEx/Interest Expense	3.15	13.1	20.72	29.99	56.31	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	34.33	35.36	37.42	41.7	47.94	52.5	58.3	63.92	72.42	45.29	45.88	48.49	47.1	51.02	59.45
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 (%)	31.21	29.63	21.78	22.3	18.97	18.07	18.13	13.75	12.41	41.89	40.04	34.48	33.97	24.13	22.98
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 (%)	37.68	32.42	28.03	24.66	23.73	21.69	20.03	16.76	17.57	43.78	42.43	35.48	34.87	31.88	25.72
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 (%)	32.02	23.69	16.83	14.64	13.5	12.25	12.92	8.32	-2.52	-7.58	-13.44	-9.08	-7.49	-4.56	8.34
EBITDA	1,542	1,650	2,231	3,289	5,170	4,743	4,625	4,407	4,176	-2,561	2,993	2,368	1,746	1,978	1,988
EBITDA-CapEx	574	1,650	2,217	3,209	5,068	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)

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	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	34.33	35.36	37.42	41.7	47.94	52.5	58.3	63.92	72.42	45.29	45.88	48.49	47.1	51.02	59.45
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 (%)	31.21	29.63	21.78	22.3	18.97	18.07	18.13	13.75	12.41	41.89	40.04	34.48	33.97	24.13	22.98
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 (%)	37.68	32.42	28.03	24.66	23.73	21.69	20.03	16.76	17.57	43.78	42.43	35.48	34.87	31.88	25.72
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	1.87	1.96	2.3	3.22	3.37	3.32	3.6	3.04	3.27	1.41	2.13	2.11	1.86	2.06	2.29

Working Capital (USD)

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	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)

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	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	6,625	7,680	13,376	29,074	28,463	31,250	39,335	26,633	29,041	26,335	25,361	19,966	17,184	20,105	22,318
- 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	7,232	7,864	13,044	28,778	28,590	31,332	39,730	26,321	28,965	25,200	22,138	17,105	14,910	19,438	25,068
Total Capital	9,954	9,730	10,059	10,916	13,395	15,613	18,308	20,152	22,749	27,864	28,943	26,580	26,385	25,278	23,257
Total Debt/Capital (%)	37.68	32.42	28.03	24.66	23.73	21.69	20.03	16.76	17.57	43.78	42.43	35.48	34.87	31.88	25.72
Total Debt / EV	0.52	0.4	0.22	0.09	0.11	0.11	0.09	0.13	0.14	0.48	0.55	0.55	0.62	0.41	0.24
EV/Sales	0.46	0.46	0.74	1.55	1.44	1.54	1.88	1.2	1.29	2.79	1.4	0.72	0.57	0.71	0.89
EV/EBITDA	4.69	4.77	5.85	8.75	5.53	6.61	8.59	5.97	6.94	- -	7.4	7.22	8.54	9.83	12.61
EV/EBIT	8.75	9.76	9.56	12.24	6.88	8.9	11.66	8.21	9.8	- -	12.86	16.82	66.56	60.55	58.57
EV/Cash Flow to Firm	4.97	3.67	5.13	9.69	8.68	7.22	9.94	5.3	7.15	- -	8.39	4.26	4.47	30.93	12.99
EV/Free Cash Flow to Firm	2.98	3.67	5.1	9.44	8.42	7.04	9.64	5.24	7.15	- -	8.37	4.24	4.42	29.7	12.99
Diluted Market Cap	6,634	7,752	13,527	29,455	28,807	31,549	39,466	26,680	29,095	26,335	26,090	21,616	18,483	21,618	23,062
Diluted Enterprise Value	9,556	9,793	14,992	30,865	30,402	33,256	41,639	28,203	30,543	27,471	25,891	21,555	18,395	22,167	25,812
EV per Share	9.34	10.49	18.37	41.89	43.25	49.97	66.11	45.94	53.84	44.6	37.4	28.85	25.06	32.5	46.42
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	1,542	1,650	2,231	3,289	5,170	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	3,996	4,965	4,051	-900	2,640	4,013	3,337	628	1,931
TTM Free Cash Flow to Firm	2,424	2,141	2,558	3,049	3,396	4,449	4,122	5,019	4,051	-900	2,646	4,035	3,370	654	1,931

Multiples (USD)

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	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

Price/Free Cash Flow	2.85	3.76	5.43	9.88	8.62	7.17	9.73	5.39	7.3	-23.37	11.21	5.67	5.78	44.3	12.52
EV/EBIT	8.75	9.76	9.56	12.24	6.88	8.9	11.66	8.21	9.8	- -	12.86	16.82	66.56	60.55	58.57
Enterprise Value	7,232	7,864	13,044	28,778	28,590	31,332	39,730	26,321	28,965	25,200	22,138	17,105	14,910	19,438	25,068
Low Price	7.15	7.76	10.36	18.78	31.36	33.96	48.71	44.28	44.61	22.47	38.66	30.2	21.91	23.58	23.82
EV/Sales	0.46	0.46	0.74	1.55	1.44	1.54	1.88	1.2	1.29	2.79	1.4	0.72	0.57	0.71	0.89
EV/EBITDA	4.69	4.77	5.85	8.75	5.53	6.61	8.59	5.97	6.94	- -	7.4	7.22	8.54	9.83	12.61
Price/Earnings	37.22	18.24	17.74	25.59	13.05	14.32	11.72	10.8	12.63	- -	25.96	37.04	36.95	43.24	50.61
Price/Earnings Average	45.07	15.99	13.31	17.44	12.42	11.94	10.16	13.03	12.42	-7.35	31.88	44.09	39.65	38.07	39.65
Price/Earnings High	59.09	18.9	17.89	26.12	15.56	14.74	11.99	15.46	13.75	-10.81	39.23	55.12	50.58	46.45	53.31
Price/Earnings Low	31.09	13.82	9.76	11.36	9.5	9.75	8.72	10.29	10.43	-4.13	23.43	33.23	28.04	30.32	29.17
Price/Book Value	1.07	1.17	1.85	3.54	2.79	2.56	2.69	1.59	1.55	1.68	1.52	1.16	1	1.17	1.29
Price/Book Value Average	1.29	1.02	1.39	2.41	2.65	2.13	2.33	1.91	1.52	1.44	1.87	1.39	1.07	1.03	1.01
Price/Book Value High	1.7	1.21	1.86	3.61	3.32	2.63	2.75	2.27	1.69	2.12	2.3	1.73	1.37	1.25	1.36
Price/Book Value Low	0.89	0.89	1.02	1.57	2.03	1.74	2	1.51	1.28	0.81	1.37	1.04	0.76	0.82	0.74
Price/Tangible Book Value	1.15	1.31	2.16	5.34	4.8	4.44	4.76	3.14	3.39	3.46	2.77	2.12	1.86	2.21	3.32
Price/Tangible Book Value Average	1.39	1.14	1.62	3.64	4.57	3.7	4.13	3.78	3.33	2.97	3.4	2.52	1.99	1.95	2.6
Price/Tangible Book Value High	1.83	1.35	2.18	5.45	5.73	4.57	4.88	4.49	3.69	4.37	4.19	3.15	2.54	2.38	3.5
Price/Tangible Book Value Low	0.96	0.99	1.19	2.37	3.5	3.02	3.55	2.99	2.8	1.67	2.5	1.9	1.41	1.55	1.92
Price/Sales	0.42	0.45	0.76	1.56	1.44	1.54	1.86	1.21	1.29	2.91	1.61	0.84	0.66	0.73	0.8
Price/Sales Average	0.51	0.39	0.57	1.06	1.37	1.29	1.61	1.46	1.27	2.5	1.97	1	0.71	0.64	0.62
Price/Sales High	0.67	0.47	0.76	1.59	1.71	1.59	1.9	1.74	1.41	3.67	2.43	1.25	0.9	0.79	0.84
Price/Sales Low	0.35	0.34	0.42	0.69	1.05	1.05	1.38	1.16	1.07	1.4	1.45	0.75	0.5	0.51	0.46
Price/Cash Flow	4.89	3.72	5.4	10.02	8.79	7.28	10.01	5.44	7.28	-23.37	10.92	5.27	5.43	43.52	12.12
Price/Cash Flow Average	5.92	3.26	4.05	6.83	8.36	6.07	8.68	6.56	7.16	-20.06	13.41	6.27	5.83	38.32	9.49
Price/Cash Flow High	7.76	3.86	5.45	10.22	10.48	7.49	10.25	7.79	7.93	-29.49	16.51	7.84	7.43	46.75	12.76
Price/Cash Flow Low	4.08	2.82	2.97	4.45	6.4	4.96	7.45	5.19	6.02	-11.26	9.86	4.73	4.12	30.52	6.98
Price/Free Cash Flow Average	3.46	3.29	4.07	6.73	8.21	5.98	8.44	6.5	7.18	-20.06	13.76	6.75	6.2	39	9.81
Price/Free Cash Flow High	4.53	3.89	5.48	10.08	10.28	7.38	9.96	7.72	7.95	-29.49	16.94	8.44	7.91	47.59	13.19
Price/Free Cash Flow Low	2.38	2.85	2.99	4.38	6.28	4.88	7.24	5.14	6.03	-11.26	10.11	5.09	4.39	31.07	7.22
EV/Sales Average	0.7	0.51	0.65	1.14	1.45	1.37	1.72	1.53	1.34	2.62	1.96	1	0.7	0.66	0.72
EV/Sales High	0.86	0.59	0.84	1.67	1.79	1.67	2.01	1.8	1.47	3.8	2.42	1.24	0.9	0.81	0.94
EV/Sales Low	0.54	0.46	0.5	0.77	1.13	1.13	1.49	1.22	1.13	1.53	1.44	0.75	0.5	0.53	0.56
EV/EBITDA Average	7.1	5.32	5.16	6.45	5.55	5.86	7.84	7.63	7.19	-9.27	10.34	10.01	10.51	9.23	10.18
EV/EBITDA High	8.72	6.06	6.7	9.45	6.87	7.14	9.17	8.99	7.92	-13.42	12.74	12.52	13.42	11.2	13.21
EV/EBITDA Low	5.48	4.76	3.95	4.35	4.32	4.85	6.8	6.1	6.09	-5.4	7.58	7.54	7.42	7.41	7.85
EV/EBIT Average	13.23	10.88	8.43	9.03	6.9	7.89	10.65	10.49	10.15	-6.22	17.98	23.31	81.92	56.86	47.28
EV/EBIT High	16.25	12.41	10.96	13.22	8.55	9.62	12.45	12.36	11.18	-9.01	22.16	29.15	104.61	69	61.36
EV/EBIT Low	10.23	9.75	6.47	6.09	5.37	6.53	9.23	8.39	8.61	-3.62	13.18	17.55	57.81	45.64	36.48
Last Price	8.56	10.24	18.84	42.32	43.06	49.84	65.45	46.48	53.98	46.61	42.84	33.67	28.88	33.62	41.33
High Price	13.59	10.61	19	43.19	51.34	51.31	66.99	66.52	58.77	58.83	64.75	50.1	39.53	36.12	43.54
Enterprise Value Average	10,944	8,771	11,502	21,219	28,678	27,780	36,271	33,630	30,012	23,740	30,948	23,705	18,350	18,251	20,237
Enterprise Value High	13,441	9,998	14,955	31,082	35,531	33,878	42,434	39,639	33,066	34,375	38,133	29,648	23,432	22,149	26,262
Enterprise Value Low	8,456	7,861	8,821	14,312	22,324	23,000	31,448	26,895	25,448	13,832	22,688	17,848	12,948	14,650	15,613

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	1.99	2.2	3.14	4.79	7.82	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	4.06	3.96	4.44	4.35	4.62	5.27	5.45	6.44	7.57	23.6	26.19	20.73	19.28	14.59	5.98
Book Value per Share	8.01	8.77	10.2	11.97	15.46	19.5	24.36	29.28	34.86	27.73	28.15	28.92	28.88	28.8	31.99
Tangible Book Value per Share	7.43	7.85	8.73	7.92	8.96	11.24	13.74	14.81	15.92	13.47	15.45	15.89	15.54	15.18	12.44

Southwest Airlines Co.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)