Disclosure - Raw data originally from yahoo…(should be decent and this is just for my own use…accuracy not guaranteed and shouldn’t be relied on)

I avg’d TTM (trailing twelve months), plus the last 4 years for 5yr avg. Balance sheet is only a 4yr avg. This will skew analysis a bit, but the post covid recovery numbers are interesting and the comparison between companies is on par.

SWA isn’t even in the same world as the others on paper. Good equity, good ROA, more bottom line on half the assets.

Considering the pilot counts, and how thin the margins are for the legacy competition, I think SWA would actually be able to use a leading contract to bury the other guys. They should set the tone, force the others to match, then eat them up in the market with lower fares due to their operational efficiency. Get the best pilots, demand outstanding customer service and hustle, eliminate turnover expense with the top contract, and set the big 3 up for an un-winnable war. Legacies are so leveraged they can’t compete heads up, and their operations are not as efficient to begin with. These new contracts will squeeze them the most IMHO.

There is your shareholder-centric strategy - bury them by setting the bar high first.

The bean-counters won’t like the gamble, but a visionary leader can play just 2 or 3 deep chess on this one and see the outcome. It only works with a leader who can get the culture restored as part of the deal.

(Disclosure - I’m an idiot. My posts are for entertainment only and should not be relied upon for any reason)

PS - I also analyzed customer and travel-writer reviews online. I don’t have time to spread the data, but the casual review heavily favors SWA….another competitive edge that is theirs to lose. The culture is apparent at the customer level, which matches my personal experience as a business traveler.