Company Valuation: Southwest Airlines Co.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 25,358 19,992 17,216 20,163 21,374 23,500 - -
Change - -21.16% -13.88% 17.12% 6.01% 9.95% - -
Enterprise Value (EV) 1 20,581 15,788 13,749 18,137 23,044 27,713 28,312 31,465
Change - -23.29% -12.91% 31.92% 27.05% 20.26% 2.16% 11.14%
P/E 26.6x 38.7x 35.7x 44.2x 52.3x 14.5x 10.2x 10.1x
PBR 2.44x 1.87x 1.63x 1.93x 2.8x 2.86x 2.56x 2x
PEG - -0.8x -5.18x -7.16x 13.25x 0x 0.2x 39.98x
Capitalization / Revenue 1.61x 0.84x 0.66x 0.73x 0.76x 0.72x 0.7x 0.68x
EV / Revenue 1.3x 0.66x 0.53x 0.66x 0.82x 0.85x 0.84x 0.9x
EV / EBITDA -2,287x 6.39x 5.68x 8.58x 11x 7.61x 5.91x 6.14x
EV / EBIT -16.1x 14.1x 15.3x 39.7x 42.8x 13.7x 9.4x 9.69x
EV / FCF 11.3x -118x -38.6x -11.4x -27.7x 88.3x 28.5x 27.1x
FCF Yield 8.83% -0.85% -2.59% -8.78% -3.61% 1.13% 3.51% 3.69%
Dividend per Share 2 - - 0.72 0.72 0.72 0.7244 0.757 0.7671
Rate of return - - 2.49% 2.14% 1.74% 1.51% 1.57% 1.6%
EPS 2 1.61 0.87 0.81 0.76 0.79 3.317 4.726 4.738
Distribution rate - - 88.9% 94.7% 91.1% 21.8% 16% 16.2%
Net sales 1 15,790 23,814 26,091 27,483 28,063 32,719 33,789 34,792
EBITDA 1 -9 2,471 2,422 2,114 2,099 3,642 4,793 5,122
EBIT 1 -1,281 1,120 900 457 539 2,025 3,010 3,248
Net income 1 977 539 498 465 441 1,578 2,364 2,552
Net Debt 1 -4,777 -4,204 -3,467 -2,026 1,670 4,212 4,811 7,964
Reference price 2 42.84 33.67 28.88 33.62 41.33 48.08 48.08 48.08
Nbr of stocks (in thousands) 591,920 593,752 596,115 599,737 517,155 488,774 - -
Announcement Date 1/27/22 1/26/23 1/25/24 1/30/25 1/28/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.49x0.85x7.61x1.51% 23.5B
22.1x0.59x6.86x-.--% 9.91B
31.07x2.53x10.98x2.17% 5.14B
32.19x1.18x8.15x1.46% 3.27B
15x1.16x6.7x-.--% 2.69B
-6.01x1.28x6.87x-.--% 1.43B
17.45x1.45x4.92x2.82% 1.12B
-3.45x1.13x4.73x-.--% 879M
12.22x0.65x4.71x1.81% 426M
Average 15.00x 1.20x 6.84x 1.08% 5.37B
Weighted average by Cap. 18.15x 1.04x 7.64x 1.14%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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