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Southwest Airlines Valuation Multiples

Discover revenue and EBITDA valuation multiples for Southwest Airlines and similar public comparables like Aegean Airlines, flyExclusive, and Bangkok Airways.

Southwest Airlines Overview

About Southwest Airlines

Southwest Airlines is the largest domestic air carrier in the United States by passengers boarded. Southwest operates nearly 800 aircraft in an all-Boeing 737 fleet. Despite offering some longer routes and a few perks for business travelers, the airline predominantly specializes in short-haul, leisure flights operated in a single, open-seating cabin configuration in a point-to-point network. In late 2025, Southwest will modify its cabins to offer some seats with extra legroom and will update its ticketing process to offer assigned seats.


Founded

1967

HQ

United States of America
Employees

72.5K+

Website

southwest.com

Sectors

Airlines

Financials

LTM Revenue $27.8B

LTM EBITDA $2.2B

EV

$18.1B

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Southwest Airlines Financials

Southwest Airlines has a last 12-month revenue of $27.8B and a last 12-month EBITDA of $2.2B.

In the most recent fiscal year, Southwest Airlines achieved revenue of $27.5B and an EBITDA of $2.5B.

Southwest Airlines expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Southwest Airlines P&L

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $26.1B $27.5B XXX XXX XXX
Gross Profit $4.8B $4.2B XXX XXX XXX
Gross Margin 18% 15% XXX XXX XXX
EBITDA $2.4B $2.5B XXX XXX XXX
EBITDA Margin 9% 9% XXX XXX XXX
Net Profit $539M $465M XXX XXX XXX
Net Margin 2% 2% XXX XXX XXX
Net Debt n/a n/a XXX XXX XXX

Financial data powered by Morningstar, Inc.

Southwest Airlines Stock Performance

As of March 17, 2025, Southwest Airlines's stock price is $32.

Southwest Airlines has current market cap of $18.8B, and EV of $18.1B.

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Southwest Airlines Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$18.1B $18.8B XXX XXX XXX XXX $1.11

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Southwest Airlines Valuation Multiples

As of March 17, 2025, Southwest Airlines has market cap of $18.8B and EV of $18.1B.

Southwest Airlines's trades at 0.7x LTM EV/Revenue multiple, and 8.2x LTM EBITDA.

Analysts estimate Southwest Airlines's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Southwest Airlines Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $18.1B XXX XXX XXX
EV/Revenue 0.7x XXX XXX XXX
EV/EBITDA 7.3x XXX XXX XXX
P/E 40.4x XXX XXX XXX
P/E/Growth 0.5x XXX XXX XXX
EV/FCF -11.2x XXX XXX XXX

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Southwest Airlines Valuation Multiples

Southwest Airlines's NTM/LTM revenue growth is 6%

Southwest Airlines's revenue per employee for the last fiscal year averaged $0.4M, while opex per employee averaged $0.1M for the same period.

Over next 12 months, Southwest Airlines's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate Southwest Airlines's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Southwest Airlines Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth 5% XXX XXX XXX XXX
EBITDA Margin 9% XXX XXX XXX XXX
EBITDA Growth 3% XXX XXX XXX XXX
Rule of 40 (SaaS-only) 15% XXX XXX XXX XXX
Revenue per Employee $0.4M XXX XXX XXX XXX
Opex per Employee $0.1M XXX XXX XXX XXX
S&M Expenses to Revenue n/a XXX XXX XXX XXX
G&A Expenses to Revenue n/a XXX XXX XXX XXX
R&D Expenses to Revenue n/a XXX XXX XXX XXX
Opex to Revenue 15% XXX XXX XXX XXX

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Southwest Airlines Public Comps

See public comps and valuation multiples for Airlines comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
flyExclusive XXX XXX XXX XXX XXX XXX
Qantas Airways XXX XXX XXX XXX XXX XXX
Aegean Airlines XXX XXX XXX XXX XXX XXX
Asia Aviation XXX XXX XXX XXX XXX XXX
Bangkok Airways XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Southwest Airlines M&A and Investment Activity

Southwest Airlines acquired  XXX companies to date.

Last acquisition by Southwest Airlines was  XXXXXXXX, XXXXX XXXXX XXXXXX . Southwest Airlines acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Southwest Airlines

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Southwest Airlines

When was Southwest Airlines founded? Southwest Airlines was founded in 1967.
Where is Southwest Airlines headquartered? Southwest Airlines is headquartered in United States of America.
How many employees does Southwest Airlines have? As of today, Southwest Airlines has 72.5K+ employees.
Who is the CEO of Southwest Airlines? Southwest Airlines's CEO is Mr. Robert E. Jordan.
Is Southwest Airlines publicy listed? Yes, Southwest Airlines is a public company listed on NYS.
What is the stock symbol of Southwest Airlines? Southwest Airlines trades under LUV ticker.
When did Southwest Airlines go public? Southwest Airlines went public in 1977.
Who are competitors of Southwest Airlines? Similar companies to Southwest Airlines include e.g. flyExclusive, Qantas Airways, Aegean Airlines, Asia Aviation.
What is the current market cap of Southwest Airlines? Southwest Airlines's current market cap is $18.8B
What is the current revenue of Southwest Airlines? Southwest Airlines's last 12-month revenue is $27.8B.
What is the current EBITDA of Southwest Airlines? Southwest Airlines's last 12-month EBITDA is $2.2B.
What is the current EV/Revenue multiple of Southwest Airlines? Current revenue multiple of Southwest Airlines is 0.7x.
What is the current EV/EBITDA multiple of Southwest Airlines? Current EBITDA multiple of Southwest Airlines is 8.2x.
What is the current revenue growth of Southwest Airlines? Southwest Airlines revenue growth between 2023 and 2024 was 5%.
Is Southwest Airlines profitable? Yes, Southwest Airlines is EBITDA-positive (as of the last 12 months).

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