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SOUTHWEST AIRLINES CO LUV

NYSE · stock · Air Transportation, Scheduled · website · IPO 1977-06-27 · LEI

SOUTHWEST AIRLINES CO statistics & valuation

Market cap$25.4B
P / E57.5×
P / S0.9×
P / B3.2×
Dividend yield1.57%
Net margin1.6%
Return on equity5.5%
Net debt$1.7B
Net debt / EBITDA0.9×
Enterprise value USD$27.1B
EV / EBITDA13.6×
Earnings yield EBIT/EV1.6%
Return on capital2.4%
Graham number -64.6%$15.94

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($15.94); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
10.70% 15.90% 11.20% 10.30% -34.00% 6.20% 2.30% 1.80% 1.70% 1.60% 2016201720182019202020212022202320242025
Gross margin (%)
2016201720182019202020212022202320242025
Operating margin (%)
17.20% 16.10% 14.60% 13.20% -42.20% 10.90% 4.30% 0.90% 1.20% 1.50% 2016201720182019202020212022202320242025
Return on equity (%)
28.00% 34.80% 25.00% 23.40% -34.60% 9.40% 5.00% 4.40% 4.50% 5.50% 2016201720182019202020212022202320242025
Shares outstanding
633.0M 603.0M 574.0M 539.0M 565.0M 609.0M 642.0M 640.0M 643.0M 558.0M 2016201720182019202020212022202320242025
Net debt ($)
-$1.40B -$1.28B -$812.0M $1.70B 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
9.40% 13.40% 9.40% 8.90% -8.90% 2.70% 1.50% 1.30% 1.40% 1.50% 2016201720182019202020212022202320242025
Free cash flow margin (%)
2016201720182019202020212022202320242025
Debt / equity (×)
0.76× 0.76× 0.65× 0.62× 2016201720182019202020212022202320242025
EPS ($)
$3.45 $5.57 $4.29 $4.27 -$5.44 $1.61 $0.87 $0.76 $0.76 $0.79 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

SOUTHWEST AIRLINES CO trades at about 56.9× earnings — above its 10-year norm (10-year range 10.9×–60.2×, median 27.8×).

10.9× 60.2×

Shaded band = 10-year range (10.9×–60.2×); dot = today's 56.9×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating margin1.5%1.2%0.9%4.3%10.9%-42.2%13.2%14.6%16.1%17.2%
Net margin1.6%1.7%1.8%2.3%6.2%-34.0%10.3%11.2%15.9%10.7%
Return on assets1.5%1.4%1.3%1.5%2.7%-8.9%8.9%9.4%13.4%9.4%
Return on equity5.5%4.5%4.4%5.0%9.4%-34.6%23.4%25.0%34.8%28.0%
Debt / equity0.62×0.65×0.76×0.76×——————
Current ratio0.520.921.141.431.972.020.670.640.700.66

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.