Southwest Airlines (LUV) valuation
Southwest Airlines P/E ratio history
Southwest Airlines trades at 20.9 times its earnings over the last twelve months and 11.2 times the earnings analysts expect over the next twelve. At its last 9 fiscal year ends its P/E ranged from 10.8 (year to Dec 2018) to 52.3 (year to Dec 2025), with a median of 26.6.
| Fiscal year ended | Price | EPS | P/E | Forward P/E |
|---|---|---|---|---|
| Dec 31, 2025 | $41.33 | $0.79 | 52.3 | — |
| Dec 31, 2024 | $33.62 | $0.76 | 44.2 | — |
| Dec 31, 2023 | $28.88 | $0.76 | 38.0 | 18.8 |
| Dec 31, 2022 | $33.67 | $0.87 | 38.7 | 11.2 |
| Dec 31, 2021 | $42.84 | $1.61 | 26.6 | 46.3 |
| Dec 31, 2020 | $46.61 | -$5.31 | n/m | — |
| Dec 31, 2019 | $53.98 | $4.28 | 12.6 | — |
| Dec 31, 2018 | $46.48 | $4.31 | 10.8 | — |
| Dec 31, 2017 | $65.45 | $5.60 | 11.7 | — |
| Dec 31, 2016 | $49.84 | $3.53 | 14.1 | — |
n/m: not meaningful (a loss, or earnings close to zero). The daily P/E line is a chart indicator in the app.
Southwest Airlines valuation against its peers
| Company | Market value | P/E | Forward P/E | Price / sales |
|---|---|---|---|---|
| Southwest AirlinesLUV | $20.8B | 20.9 | 11.2 | 0.7 |
| J.B. HuntJBHT | $20.8B | 31.1 | 24.0 | 1.6 |
| FedEx FreightFDXF | $18.8B | 28.8 | — | — |
| Expeditors InternationalEXPD | $26.0B | 28.9 | 24.9 | 2.2 |
| C.H. RobinsonCHRW | $14.7B | 22.4 | 17.3 | 0.9 |
| United Airlines HoldingsUAL | $33.8B | 9.6 | 9.7 | 0.5 |
| Old DominionODFL | $35.9B | 33.2 | 26.4 | 6.4 |
| Delta Air LinesDAL | $52.7B | 16.0 | 11.7 | 0.7 |
| FedExFDX | $74.8B | 21.0 | 15.5 | 0.8 |
| Peer median | 25.6 | 17.3 | 0.9 |
Reading these multiples
The P/E divides the share price by earnings per share over the last twelve months; the forward P/E divides it by the earnings analysts expect over the next twelve. Price to sales compares the company's market value with its revenue over the last twelve months. A multiple reads differently from one industry to the next, so the peer group above is the fairer comparison.
See also: LUV financials · LUV returns
No forecast, no recommendation. This page describes Southwest Airlines from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.