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西南航空（LUV）与Frontier Group Holdings, Inc.（ULCC）财务数据对比。点击上方公司名可切换其他公司
西南航空的季度营收约是Frontier Group Holdings, Inc.的7.3倍（$7.2B vs $997.0M），Frontier Group Holdings, Inc.净利率更高（5.3% vs 3.1%，领先2.2%），西南航空同比增速更快（12.8% vs -0.5%），过去两年Frontier Group Holdings, Inc.的营收复合增速更高（7.4% vs -0.7%）
西南航空是美国知名低成本航空公司，总部位于得克萨斯州达拉斯市洛夫菲尔德片区。截至2024年，按客运量计算其为北美第四大航空公司，旗下机队全部采用波音737机型，运营航线覆盖美国42个州、华盛顿哥伦比亚特区的100余个目的地。
前沿通信母公司（Frontier Communications Parent, Inc.）是一家美国电信企业，拥有自营光纤网络，提供云服务，目前隶属于威瑞森。公司此前曾先后以公民公用事业公司、公民通信公司、前沿通信公司为名开展运营。
LUV vs ULCC — 直观对比
营收规模更大
LUV
是对方的7.3倍
$997.0M
营收增速更快
LUV
高出13.3%
-0.5%
净利率更高
ULCC
高出2.2%
3.1%
两年增速更快
ULCC
近两年复合增速
-0.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $7.2B | $997.0M |
| 净利润 | $227.0M | $53.0M |
| 毛利率 | — | — |
| 营业利润率 | — | 4.9% |
| 净利率 | 3.1% | 5.3% |
| 营收同比 | 12.8% | -0.5% |
| 净利润同比 | 252.3% | -1.9% |
| 每股收益（稀释后） | $0.45 | $0.24 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收LUVULCC
| Q1 26 | $7.2B | — | ||
| Q4 25 | $7.4B | $997.0M | ||
| Q3 25 | $6.9B | $886.0M | ||
| Q2 25 | $7.2B | $929.0M | ||
| Q1 25 | $6.4B | $912.0M | ||
| Q4 24 | $6.9B | $1.0B | ||
| Q3 24 | $6.9B | $935.0M | ||
| Q2 24 | $7.4B | $973.0M |
净利润LUVULCC
| Q1 26 | $227.0M | — | ||
| Q4 25 | $323.0M | $53.0M | ||
| Q3 25 | $54.0M | $-77.0M | ||
| Q2 25 | $213.0M | $-70.0M | ||
| Q1 25 | $-149.0M | $-43.0M | ||
| Q4 24 | $262.0M | $54.0M | ||
| Q3 24 | $67.0M | $26.0M | ||
| Q2 24 | $367.0M | $31.0M |
营业利润率LUVULCC
| Q1 26 | — | — | ||
| Q4 25 | 5.3% | 4.9% | ||
| Q3 25 | 0.5% | -8.7% | ||
| Q2 25 | 3.1% | -8.1% | ||
| Q1 25 | -3.5% | -5.0% | ||
| Q4 24 | 4.0% | 4.5% | ||
| Q3 24 | 0.6% | 2.0% | ||
| Q2 24 | 5.4% | 2.6% |
净利率LUVULCC
| Q1 26 | 3.1% | — | ||
| Q4 25 | 4.3% | 5.3% | ||
| Q3 25 | 0.8% | -8.7% | ||
| Q2 25 | 2.9% | -7.5% | ||
| Q1 25 | -2.3% | -4.7% | ||
| Q4 24 | 3.8% | 5.4% | ||
| Q3 24 | 1.0% | 2.8% | ||
| Q2 24 | 5.0% | 3.2% |
每股收益（稀释后）LUVULCC
| Q1 26 | $0.45 | — | ||
| Q4 25 | $0.56 | $0.24 | ||
| Q3 25 | $0.10 | $-0.34 | ||
| Q2 25 | $0.39 | $-0.31 | ||
| Q1 25 | $-0.26 | $-0.19 | ||
| Q4 24 | $0.46 | $0.24 | ||
| Q3 24 | $0.11 | $0.11 | ||
| Q2 24 | $0.58 | $0.14 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $3.3B | $671.0M |
| 总债务越低越好 | $5.4B | $620.0M |
| 股东权益账面价值 | $6.9B | $491.0M |
| 总资产 | $20.4B | $7.2B |
| 负债/权益比越低杠杆越低 | 0.78× | 1.26× |
8季度趋势，按日历期对齐
现金及短期投资LUVULCC
| Q1 26 | $3.3B | — | ||
| Q4 25 | $3.2B | $671.0M | ||
| Q3 25 | $3.0B | $566.0M | ||
| Q2 25 | $3.8B | $563.0M | ||
| Q1 25 | $8.3B | $686.0M | ||
| Q4 24 | $8.7B | $740.0M | ||
| Q3 24 | $9.4B | $576.0M | ||
| Q2 24 | $10.0B | $658.0M |
总债务LUVULCC
| Q1 26 | $5.4B | — | ||
| Q4 25 | $4.6B | $620.0M | ||
| Q3 25 | $4.1B | $673.0M | ||
| Q2 25 | $4.1B | $565.0M | ||
| Q1 25 | $4.1B | $512.0M | ||
| Q4 24 | $5.1B | $507.0M | ||
| Q3 24 | $5.1B | $474.0M | ||
| Q2 24 | $5.1B | $455.0M |
股东权益LUVULCC
| Q1 26 | $6.9B | — | ||
| Q4 25 | $8.0B | $491.0M | ||
| Q3 25 | $7.8B | $434.0M | ||
| Q2 25 | $8.0B | $506.0M | ||
| Q1 25 | $9.4B | $570.0M | ||
| Q4 24 | $10.3B | $604.0M | ||
| Q3 24 | $10.4B | $549.0M | ||
| Q2 24 | $10.5B | $520.0M |
总资产LUVULCC
| Q1 26 | $20.4B | — | ||
| Q4 25 | $29.1B | $7.2B | ||
| Q3 25 | $28.3B | $6.7B | ||
| Q2 25 | $28.7B | $6.5B | ||
| Q1 25 | $33.2B | $6.5B | ||
| Q4 24 | $33.8B | $6.2B | ||
| Q3 24 | $34.8B | $5.8B | ||
| Q2 24 | $35.6B | $5.7B |
负债/权益比LUVULCC
| Q1 26 | 0.78× | — | ||
| Q4 25 | 0.57× | 1.26× | ||
| Q3 25 | 0.52× | 1.55× | ||
| Q2 25 | 0.51× | 1.12× | ||
| Q1 25 | 0.44× | 0.90× | ||
| Q4 24 | 0.49× | 0.84× | ||
| Q3 24 | 0.49× | 0.86× | ||
| Q2 24 | 0.48× | 0.88× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $1.4B | $-91.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-113.0M |
| 自由现金流率自由现金流/营收 | — | -11.3% |
| 资本支出强度资本支出/营收 | 8.7% | 2.2% |
| 现金转化率经营现金流/净利润 | 6.25× | -1.72× |
| 过去12个月自由现金流最近4个季度 | — | $-600.0M |
8季度趋势，按日历期对齐
经营现金流LUVULCC
| Q1 26 | $1.4B | — | ||
| Q4 25 | $294.0M | $-91.0M | ||
| Q3 25 | $287.0M | $-215.0M | ||
| Q2 25 | $401.0M | $-133.0M | ||
| Q1 25 | $860.0M | $-86.0M | ||
| Q4 24 | $476.0M | $87.0M | ||
| Q3 24 | $113.0M | $-156.0M | ||
| Q2 24 | $-23.0M | $9.0M |
自由现金流LUVULCC
| Q1 26 | — | — | ||
| Q4 25 | $-565.0M | $-113.0M | ||
| Q3 25 | $-391.0M | $-217.0M | ||
| Q2 25 | $-234.0M | $-166.0M | ||
| Q1 25 | $359.0M | $-104.0M | ||
| Q4 24 | $16.0M | $73.0M | ||
| Q3 24 | $-404.0M | $-170.0M | ||
| Q2 24 | $-517.0M | $-22.0M |
自由现金流率LUVULCC
| Q1 26 | — | — | ||
| Q4 25 | -7.6% | -11.3% | ||
| Q3 25 | -5.6% | -24.5% | ||
| Q2 25 | -3.2% | -17.9% | ||
| Q1 25 | 5.6% | -11.4% | ||
| Q4 24 | 0.2% | 7.3% | ||
| Q3 24 | -5.9% | -18.2% | ||
| Q2 24 | -7.0% | -2.3% |
资本支出强度LUVULCC
| Q1 26 | 8.7% | — | ||
| Q4 25 | 11.5% | 2.2% | ||
| Q3 25 | 9.8% | 0.2% | ||
| Q2 25 | 8.8% | 3.6% | ||
| Q1 25 | 7.8% | 2.0% | ||
| Q4 24 | 6.6% | 1.4% | ||
| Q3 24 | 7.5% | 1.5% | ||
| Q2 24 | 6.7% | 3.2% |
现金转化率LUVULCC
| Q1 26 | 6.25× | — | ||
| Q4 25 | 0.91× | -1.72× | ||
| Q3 25 | 5.31× | — | ||
| Q2 25 | 1.88× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.82× | 1.61× | ||
| Q3 24 | 1.69× | -6.00× | ||
| Q2 24 | -0.06× | 0.29× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
LUV
| Passenger | $6.6B | 91% |
| Other | $614.0M | 8% |
| Freight | $44.0M | 1% |
ULCC
| Aircraft Fare | $453.0M | 45% |
| Passenger Service Fees | $227.0M | 23% |
| Passenger Baggage | $177.0M | 18% |
| Passenger Seat Selection | $69.0M | 7% |
| Other Passenger Revenue | $36.0M | 4% |
| Other | $35.0M | 4% |
