SOUTHWEST AIRLINES CO. vs United Airlines Holdings, Inc., two Airlines stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
United earns 23.1% on equity, Southwest 11.9%, and the gap is the industry's decade in one line: the international network model compounding while the domestic point-to-point pioneer rebuilds itself around assigned seating and premium products it resisted for fifty years. United converts at 7.2% free-cash yield; Southwest runs negative 1.5% mid-transformation. The multiples price the transformation at nearly triple the network, 34.6 times against 12.2, Southwest's depressed earnings inflating its ratio while United's record ones compress its own. Southwest pays 1.4%, carries less debt, 0.66 against 1.38 turns. The pair prices yesterday's winner learning today's model against today's winner extending it; the market charges more to watch the lesson.
Comparison updated 2026-07-10.
| Metric | LUV | UAL |
|---|---|---|
| Price | $51.88 | $136.03 |
| Market cap | $26.1B | $44.5B |
| Sector | Airlines | Airlines |
| Stage | Mature | Mature |
| Implied growth (priced in) | -0.7% | -0.3% |
| P/E | 34.6 | 12.2 |
| P/B | 3.80 | 2.80 |
| P/S | 0.90 | 0.74 |
| EV/EBITDA | 10.7 | 7.3 |
| Revenue growth | +5.0% | +4.9% |
| Operating margin | 4.5% | 6.8% |
| Net margin | 2.8% | 6.1% |
| Return on equity | 11.9% | 23.1% |
| Return on assets | 2.8% | 4.5% |
| Return on invested capital | 6.8% | 10.8% |
| FCF yield | -1.5% | 7.2% |
| Dividend yield | 1.4% | — |
| Debt / equity | 0.66 | 1.38 |
| Current ratio | 0.48 | 0.70 |
| Altman Z (solvency) | 7.54 | 6.85 |
| Piotroski F (quality) | 7 / 9 | 6 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.