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What this page is: Delvantic's full research page for Southwest Airlines Co. (LUV) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.
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profile-header/price-overview— company profile, live quote, market capextended-analysis— the core: three AI lens reads with findings, scores, and the analyst memofuture-predictions— our forward price-band predictionsmarket-narrative/ai-findings/gpt-critique— narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)- Members-only sections (render as login gates for anonymous readers):
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Southwest Airlines Co.
LUV NYSE
Industrials · Airlines
Dallas, TX 75235-1611, United States
southwest.com
Price
$37.79
Market Cap
$18.8B
Employees
73,456
Beta
1.14
Avg Volume
4,989,403
Last Dividend
$0.72
CEO
Mr. Robert E. Jordan
Southwest Airlines Co. is a passenger airline company that provides scheduled air transportation across the United States and select near-international markets. Headquartered in Dallas, Texas, it operates a point-to-point network designed for frequent short- and medium-haul travel, with nonstop service connecting major cities, leisure destinations, and regional markets. The company offers a range of fare products, along with services such as checked baggage options, EarlyBird Check-In, upgraded boarding, and transportation for pets and unaccompanied minors. Southwest Airlines Co. also supports travelers through its Rapid Rewards loyalty program and vacation packages, making it part of both the airline and broader travel services markets. Its all-Boeing 737 fleet and focus on streamlined operations help define its role as a major low-cost carrier in the North American aviation industry.
Runs with full report
Price Overview
Price at report time
$37.79
as of Sep 1, 3:08pm (19d ago)
Change · Sep 1
-0.74 (-1.92%)
Day Range
$37.69 – $38.49
52-Week Range
$29.26 – $55.11
50-Day MA
$46.13
200-Day MA
$42.97
Volume
150,444.00
Right now · live
Log in to get the live feed
Members see the real-time price and the move since this report (over 19d).
Share Structure
Outstanding
515,581,396.00
Float
484,125,328.00
Free Float
93.9%
High free float
— 93.9% of shares trade freely, ~6.1% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
TD Twelve Data statement
HEX SEC filing
P/E · trailing (TTM) (Price per dollar of earnings over the past year — not a run-rate or forward P/E)
HEXStock Price / EPS (Diluted)
47.84
Stock Price: $37.79
EPS (Diluted): 0.79
EPS (Diluted): 0.79
P/B Ratio (Price vs net asset value)
HEXStock Price / Book Value Per Share
2.64
Stock Price: $37.79
Total Equity: $7.98B
Shares: 558,000,000
Total Equity: $7.98B
Shares: 558,000,000
EV/EBITDA (Total value vs operating profit)
HEXEnterprise Value / EBITDA
11.10
Market Cap: $18.85B
Total Debt: $4.90B
Cash: $3.23B
EBITDA: $1.99B
Total Debt: $4.90B
Cash: $3.23B
EBITDA: $1.99B
Enterprise Value (Takeover price (cap + debt - cash))
HEXMarket Cap + Total Debt - Cash
$22.1B
Market Cap: $18.85B
Total Debt: $4.90B
Cash: $3.23B
Total Debt: $4.90B
Cash: $3.23B
Gross Margin (Revenue left after direct costs)
HEXGross Profit / Revenue
—
Gross Profit: N/A
Revenue: $28.06B
Revenue: $28.06B
Missing from API: Gross Profit
Operating Margin (Revenue left after all operations)
HEXOperating Income / Revenue
1.5%
Operating Income: $428.00M
Revenue: $28.06B
Revenue: $28.06B
Net Margin (Revenue left as actual profit)
HEXNet Income / Revenue
1.6%
Net Income: $441.00M
Revenue: $28.06B
Revenue: $28.06B
ROE (Profit from shareholder equity)
HEXNet Income / Total Equity
5.5%
Net Income: $441.00M
Total Equity: $7.98B
Total Equity: $7.98B
ROIC (Profit from all invested capital)
HEXNOPAT / Invested Capital
3.5%
Operating Income: $428.00M
Tax Rate: 21.7%
Equity: $7.98B
Total Debt: $4.90B
Cash: $3.23B
Tax Rate: 21.7%
Equity: $7.98B
Total Debt: $4.90B
Cash: $3.23B
Current Ratio (Can it pay short-term bills)
HEXCurrent Assets / Current Liabilities
0.52
Current Assets: $5.65B
Current Liabilities: $10.92B
Current Liabilities: $10.92B
Debt/Equity (Leverage — debt vs equity)
HEXTotal Debt / Total Equity
0.61
Short-Term Debt: $324.00M
Long-Term Debt: $4.58B
Total Debt: $4.90B
Total Equity: $7.98B
Long-Term Debt: $4.58B
Total Debt: $4.90B
Total Equity: $7.98B
Rev/Share (Top-line per share)
HEXRevenue / Shares Outstanding
$50.29
Revenue: $28.06B
Shares: 558,000,000
Shares: 558,000,000
Book Value/Share (Net assets per share)
HEX(Total Assets - Total Liabilities) / Shares
$14.30
Total Equity: $7.98B
Shares: 558,000,000
Shares: 558,000,000
FCF/Share (Real cash generated per share)
HEX(Operating Cash Flow + CapEx) / Shares
$-1.49
Operating CF: $1.84B
CapEx: -$2.67B
Shares: 558,000,000
CapEx: -$2.67B
Shares: 558,000,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
TDLast Annual Dividend / Stock Price
1.9%
Last Dividend: $0.72
Stock Price: $37.79
Stock Price: $37.79
Payout Ratio (Earnings paid out as dividends)
HEXDividends Paid / Net Income
90.5%
Dividends Paid: -$399.00M
Net Income: $441.00M
Net Income: $441.00M
Industry Benchmarks
Compares LUV against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Income Statement (Annual)
Last updated: Sep 1, 2026 3:11pm (19d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $15.8B | $23.8B | $26.1B | $27.5B | $28.1B |
| Cost of Revenue | — | — | — | — | — |
| Gross Profit | — | — | — | — | — |
| Operating Expenses | — | — | — | — | — |
| Operating Income | $1.7B | $1.0B | $224.0M | $321.0M | $428.0M |
| Net Income | $977.0M | $539.0M | $465.0M | $465.0M | $441.0M |
| EBITDA | $3.0B | $2.4B | $1.7B | $2.0B | $2.0B |
| EPS | $1.65 | $0.91 | $0.78 | $0.78 | $0.82 |
| EPS (Diluted) | $1.61 | $0.87 | $0.76 | $0.76 | $0.79 |
Balance Sheet (Annual)
Last updated: Sep 1, 2026 3:08pm (19d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $12.5B | $9.5B | $9.3B | $7.5B | $3.2B |
| Total Current Assets | $18.0B | $14.8B | $14.0B | $11.3B | $5.6B |
| Total Assets | $36.3B | $35.4B | $36.5B | $33.8B | $29.1B |
| Current Liabilities | $9.2B | $10.4B | $12.3B | $12.3B | $10.9B |
| Long-Term Debt | $10.3B | $8.0B | $8.0B | $5.1B | $4.6B |
| Total Liabilities | $25.9B | $24.7B | $26.0B | $23.4B | $21.1B |
| Total Equity | $10.4B | $10.7B | $10.5B | $10.4B | $8.0B |
| Retained Earnings | $15.8B | $16.3B | $16.3B | $16.3B | $16.4B |
Cash Flow (Annual)
Last updated: Sep 1, 2026 3:16pm (19d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $2.3B | $3.8B | $3.2B | $462.0M | $1.8B |
| Capital Expenditure | -$505.0M | -$3.9B | -$3.5B | -$2.1B | -$2.7B |
| Free Cash Flow | $1.8B | -$134.0M | -$356.0M | -$1.6B | -$831.0M |
| Acquisitions (net) | — | — | — | — | — |
| Net Debt Issued / (Repaid) | $0 | $0 | $0 | $0 | $1.5B |
| Dividends Paid | $0 | $0 | -$428.0M | -$430.0M | -$399.0M |
| Stock Buybacks | $0 | $0 | $0 | -$250.0M | -$2.6B |
| Net Change in Cash | $1.4B | -$3.0B | -$204.0M | -$1.8B | -$4.3B |
Growth Trends (YoY %)
Last updated: Sep 1, 2026 3:11pm (19d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +50.8% | +9.6% | +5.3% | +2.1% |
| Gross Profit Growth | — | — | — | — |
| Operating Income Growth | -40.9% | -78.0% | +43.3% | +33.3% |
| Net Income Growth | -44.8% | -13.7% | +0.0% | -5.2% |
| EBITDA Growth | -20.9% | -26.3% | +13.3% | +0.5% |
Dividend History (Last 20)
Last updated: Sep 1, 2026 3:08pm (19d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-06-11 | $0.18 | — | — | — |
| 2026-03-12 | $0.18 | — | — | — |
| 2025-12-26 | $0.18 | — | — | — |
| 2025-09-03 | $0.18 | — | — | — |
| 2025-06-18 | $0.18 | — | — | — |
| 2025-03-12 | $0.18 | — | — | — |
| 2024-12-26 | $0.18 | — | — | — |
| 2024-09-04 | $0.18 | — | — | — |
| 2024-06-18 | $0.18 | — | — | — |
| 2024-03-05 | $0.18 | — | — | — |
| 2023-12-20 | $0.18 | — | — | — |
| 2023-09-05 | $0.18 | — | — | — |
| 2023-06-20 | $0.18 | — | — | — |
| 2023-03-07 | $0.18 | — | — | — |
| 2023-01-09 | $0.18 | — | — | — |
| 2020-03-03 | $0.18 | — | — | — |
| 2019-12-10 | $0.18 | — | — | — |
| 2019-08-20 | $0.18 | — | — | — |
| 2019-06-04 | $0.18 | — | — | — |
| 2019-03-05 | $0.16 | — | — | — |
Deep Analysis
0Company Classification
1Industry Landscape
2Company Momentum
3Forward Projection
4aDCF Valuation
4bEarnings Power Value
4cAnchored PE
4dReverse DCF
4eRevenue-Based DCF
4fAnchored P/S
4gScenario Analysis
4hDividend Discount Model
4iBook Value Analysis
4jInsider Activity
4fCash Flow Quality
4gDebt Maturity Risk
4hMacro Environment
4iSector Intelligence
4jRevenue Confidence
4kSensitivity Analysis
4lSector Demand Cycle
5AI Investigation
5bThesis Evaluation
6Valuation Synthesis
computed
not applicable
not yet run 0 computed · 6 not applicable · 18 not yet run
Risk : Reward — upside vs downside from this company's own quarters
Not computed yet
Why there is no ratio: Risk:reward has not been computed for this name yet — its report predates the mechanical valuation chain. It is added, at $0, the next time a report or the nightly touches this ticker.
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for LUV — it's generated by the pipeline (
market-narrative step).
Claude Reading
No AI findings yet for LUV — they're generated by the
pipeline (
ai-findings step) when a report is run on this ticker.
GPT Reading
Skipped in the Qwen lane lane by design —
the GPT seat runs only in the full report.
Grok Reading
Skipped in the Qwen lane lane by design —
the Grok seat runs only in the full report.
Advanced Analysis Forensic deep-dive · separate lenses
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My Notes
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v1.1.625 · b443738e · 2026-09-18 15:48:11