Last 48 quarters of trend data · Industrials · Airlines & Airports
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 20.85 | 18.93 | 27.35 | 20.87 | 16.94 | 79.77 | 20.79 | — | 20.01 | 67.34 | 12.33 | — | — | 22.56 | 8.46 | — | — | 17.93 | 7.52 | — | 97.36 |
| — | -76.3% | +31.5% | — | -15.4% | +18.5% | +68.6% | — | — | +198.5% | +45.8% | — | — | +25.8% | +12.4% | — | — | +1.8% | -67.7% | — | — | |
| P/S Ratio | 0.69 | 0.61 | 0.76 | 0.65 | 0.72 | 0.60 | 0.61 | 0.76 | 0.78 | 0.65 | 0.63 | 0.69 | 0.63 | 0.66 | 0.82 | 0.85 | 0.81 | 0.79 | 0.85 | 1.44 | 1.28 |
| — | +1.1% | +25.3% | -14.5% | -7.0% | -6.8% | -3.2% | +10.8% | +23.3% | -2.4% | -23.9% | -18.7% | -22.1% | -16.2% | -3.5% | -41.4% | -36.6% | -52.5% | -58.2% | -68.1% | -62.6% | |
| P/B Ratio | 3.11 | 2.81 | 3.62 | 2.75 | 2.70 | 2.16 | 2.19 | 2.09 | 2.08 | 1.71 | 1.76 | 1.71 | 1.64 | 1.57 | 2.14 | 1.88 | 1.87 | 1.80 | 2.06 | 2.60 | 2.48 |
| — | +30.0% | +64.8% | +31.3% | +29.6% | +26.2% | +24.8% | +22.5% | +27.2% | +9.1% | -18.0% | -8.9% | -12.5% | -13.1% | +4.0% | -27.9% | -24.6% | -40.8% | -38.8% | -36.4% | -19.9% | |
| P/FCF | — | — | — | 6.00 | — | — | — | 13.66 | 336.73 | — | — | — | — | — | 11.98 | — | — | — | 6.26 | 12.17 | 100.91 |
| — | — | — | -56.1% | — | — | — | — | — | — | — | — | — | — | +91.3% | — | — | — | +46.5% | -28.0% | — | |
| EV / EBITDA | 8.43 | 7.66 | 10.45 | 7.70 | 8.10 | 11.15 | 7.77 | 28.14 | 8.07 | 9.66 | 6.04 | 303.67 | 389.19 | 8.69 | 5.01 | 62.80 | — | 6.64 | 3.66 | 37.94 | 12.37 |
| — | -31.3% | +34.5% | -72.6% | +0.4% | +15.4% | +28.7% | -90.7% | -97.9% | +11.2% | +20.4% | +383.6% | — | +31.0% | +37.1% | +65.5% | — | -9.8% | -58.2% | +104.1% | — | |
| EV / EBIT | 58.17 | 14.45 | 24.92 | 17.14 | 14.09 | 53.17 | 15.86 | — | 14.69 | 32.17 | 9.08 | — | — | 14.44 | 6.16 | — | — | 11.32 | 4.85 | — | 33.38 |
| — | -72.8% | +57.1% | — | -4.1% | +65.3% | +74.7% | — | — | +122.7% | +47.4% | — | — | +27.6% | +26.9% | — | — | +2.9% | -62.8% | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 17.4% | 4.5% | 177.3% | 10.0% | 20.3% | 16.7% | 18.7% | 13.5% | 17.7% | 16.3% | 20.3% | 9.9% | 10.7% | 16.5% | 24.9% | 11.7% | 16.3% | 19.5% | 29.0% | 12.4% | 17.4% |
| — | -73.0% | +845.9% | -25.5% | +14.6% | +2.5% | -7.5% | +36.6% | +66.3% | -1.3% | -18.5% | -15.6% | -34.7% | -15.6% | -14.1% | -5.3% | -6.2% | -34.5% | -1.6% | -61.7% | +154.1% | |
| Operating Margin | 1.5% | 4.5% | 3.4% | 4.6% | 5.3% | 0.5% | 3.1% | -3.5% | 4.0% | 0.6% | 5.4% | -6.2% | -5.9% | 1.8% | 11.3% | -5.0% | -6.2% | 6.4% | 17.2% | -3.2% | 3.9% |
| — | +793.4% | +8.8% | +231.2% | +31.0% | -8.9% | -42.6% | +44.1% | +167.7% | -69.2% | -52.1% | -24.8% | +5.1% | -71.8% | -34.4% | -54.7% | -261.6% | -59.5% | +16.1% | -133.2% | +106.7% | |
| Net Margin | 1.6% | 3.2% | 2.8% | 3.1% | 4.3% | 0.8% | 2.9% | -2.3% | 3.8% | 1.0% | 5.0% | -3.6% | -3.7% | 3.0% | 9.7% | -2.8% | -3.6% | 4.5% | 11.3% | -5.9% | 1.3% |
| — | +312.5% | -6.0% | +235.1% | +15.2% | -20.3% | -41.1% | +36.5% | +202.0% | -67.0% | -48.6% | -31.0% | -3.6% | -33.6% | -14.1% | +53.0% | -364.8% | -53.3% | +30.1% | -204.8% | +103.0% |
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.8% | 3.7% | 3.3% | 3.1% | 4.1% | 0.7% | 2.5% | -1.5% | 2.5% | 0.6% | 3.6% | -2.2% | -2.3% | 1.8% | 6.5% | -1.5% | -2.0% | 2.5% | 7.1% | -2.7% | 0.7% |
| — | +447.3% | +36.1% | +302.2% | +63.1% | +6.7% | -30.9% | +32.2% | +207.6% | -63.7% | -45.1% | -47.2% | -14.8% | -29.7% | -8.2% | +43.2% | -409.4% | -43.8% | +90.4% | -306.7% | +106.8% | |
| ROA | 1.4% | 0.9% | 0.8% | 0.8% | 1.1% | 0.2% | 0.7% | -0.4% | 0.8% | 0.2% | 1.0% | -0.6% | -0.7% | 0.5% | 1.9% | -0.4% | -0.6% | 0.7% | 2.0% | -0.8% | 0.2% |
| — | +370.0% | +13.9% | +274.7% | +48.0% | -0.5% | -32.9% | +30.2% | +210.9% | -63.8% | -45.9% | -42.1% | -11.2% | -29.6% | -5.8% | +40.7% | -433.2% | -37.0% | +113.0% | -328.3% | +107.2% | |
| ROIC | 2.9% | 2.7% | 2.1% | 2.3% | 2.8% | 0.3% | 1.8% | -1.7% | 1.9% | 0.3% | 2.7% | -2.8% | -2.9% | 0.8% | 5.4% | -1.9% | -2.7% | 2.9% | 8.9% | -1.1% | 1.4% |
| — | +943.4% | +17.5% | +238.4% | +44.9% | +3.3% | -33.6% | +39.6% | +166.8% | -68.5% | -50.3% | -42.1% | -5.0% | -72.2% | -40.1% | -69.2% | -288.5% | -50.1% | +88.2% | -176.4% | +116.7% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.75 | 0.94 | 0.97 | 0.93 | 0.75 | 0.68 | 0.67 | 0.85 | 0.78 | 0.87 | 0.87 | 0.90 | 0.87 | 0.84 | 0.86 | 0.91 | 0.89 | 0.93 | 1.08 | 1.18 | 1.18 |
| — | +38.6% | +45.7% | +9.0% | -3.7% | -22.6% | -23.3% | -5.0% | -11.0% | +4.1% | +0.7% | -1.3% | -1.3% | -9.4% | -19.9% | -22.5% | -24.8% | -26.0% | -21.4% | -16.4% | -14.2% | |
| Debt / EBITDA | 3.01 | 8.84 | 10.03 | 8.79 | 7.85 | 12.26 | 8.55 | 46.21 | 11.76 | 19.11 | 11.36 | 610.73 | 836.36 | 18.85 | 8.03 | 115.75 | — | 13.85 | 8.09 | 70.76 | 23.71 |
| — | -27.9% | +17.3% | -81.0% | -33.3% | -35.9% | -24.8% | -92.4% | -98.6% | +1.4% | +41.5% | +427.6% | — | +36.1% | -0.8% | +63.6% | — | +14.0% | -44.7% | +182.8% | — | |
| Current Ratio | 0.52 | 0.47 | 0.49 | 0.48 | 0.52 | 0.49 | 0.56 | 0.77 | 0.92 | 0.88 | 0.90 | 1.09 | 1.14 | 1.21 | 1.25 | 1.26 | 1.43 | 1.58 | 1.66 | 1.87 | 1.97 |
| — | -3.5% | -12.7% | -38.1% | -43.7% | -44.5% | -38.1% | -28.9% | -19.3% | -26.8% | -27.7% | -13.8% | -20.2% | -23.4% | -24.5% | -32.6% | -27.5% | -22.4% | +7.7% | -5.0% | -2.6% | |
| Quick Ratio | 0.45 | 0.40 | 0.42 | 0.41 | 0.45 | 0.42 | 0.49 | 0.72 | 0.85 | 0.83 | 0.85 | 1.02 | 1.07 | 1.14 | 1.19 | 1.19 | 1.35 | 1.50 | 1.59 | 1.81 | 1.91 |
| — | -4.2% | -14.1% | -42.5% | -47.7% | -49.4% | -42.4% | -29.8% | -20.5% | -27.6% | -28.7% | -14.6% | -20.6% | -24.0% | -25.3% | -33.9% | -29.3% | -24.0% | +6.1% | -5.5% | -2.9% | |
| Interest Coverage | 5.98 | 7.23 | 3.79 | 7.79 | 14.13 | 4.09 | 11.77 | -4.49 | 8.00 | 2.65 | 9.69 | -4.14 | -3.93 | 5.02 | 15.77 | -2.42 | -3.75 | 5.71 | 13.63 | -3.48 | 1.67 |
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Includes 30+ ratios · 48 years · Updated daily
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Quick answers to the most common questions about buying LUV stock.
Southwest Airlines Co.'s current P/E is 20.9x. The average P/E over the last 4 quarters is 21.0x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Southwest Airlines Co.'s current operating margin is 1.5%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Southwest Airlines Co.'s business trajectory between earnings reports.