Southwest Airlines price to free cash flow LUV

Market value divided by free cash flow over the last twelve months, since 2010.

Today, Oct 23, 2026: n/m; not a meaningful number
Last meaningful: 31.2×; Feb 2023
10-year median: 16.4×
10-year range: 5.1× to 50.6×
Peer median: 8.2×

Southwest Airlines' price to free cash flow is not a meaningful number today: free cash flow over the last twelve months was zero, negative or not reported.

It was last meaningful in Feb 2023, at 31.2×.

On the days it had one over the last ten years, its median was 16.4×, from 5.1× in Apr 2020 to 50.6× in Oct 2021.

Price to free cash flow over time

median 16.4×

The dashed line is the 10-year median and the shaded band the middle half of its days.

Open the interactive chart, with overlays and comparisons

Year by year

Year	End of year	Low	High
2023	31.2×	30.1×	31.8×
2022	28.9×	11.6×	34.1×
2021	23.9×	22.1×	50.6×
2020	17.3×	5.1×	17.3×
2019	10.1×	7.8×	12.8×
2018	10.5×	10.3×	31.1×
2017	23.6×	15.1×	23.8×
2016	18.7×	12.1×	27.5×
2015	21.2×	17.8×	53.5×
2014	23.8×	12.5×	23.8×
2013	12.7×	9.3×	153×
2012	8.7×	7.4×	21.9×
2011	7.5×	2.5×	11.6×
2010	11.4×	11.3×	37.4×

Against its peers

Companies in Airlines, Airports & Air Services nearest Southwest Airlines' size, closest first, today.

Company	Price to free cash flow
LUVSouthwest Airlines	n/m
UALUnited Airlines	12.5×
DALDelta Air Lines	n/m
SKYWSkywest	4.0×
Peer median	8.2×

What the price to free cash flow tells you

Market value divided by free cash flow: the cash left after running the business and paying for equipment. Cash is harder to manage than accounting earnings, so many investors trust this more than PE.

Lumpy: a big year of building factories drops cash flow and inflates the ratio without the business getting worse.

More on Southwest Airlines

Valuation data, not investment advice. Prices as of Oct 23, 2026. Reported figures come from the company's filings with the SEC.