32. In January 2013, United Airlines (UAL) had a market capitalization of $8.0 billion, debt of $13.2 billion, and cash of $4.8 billion. United Airlines had revenues of $37.2 billion. Southwest Airlines (LUV) had a market capitalization of $7.6 billion, debt of $3.2 billion, cash of $3.0 billion, and revenues of $17.1 billion.

a. Compare the market capitalization-to-revenue ratio (also called the price-to-sales ratio) for United Airlines and Southwest Airlines.

b. Compare the enterprise value-to-revenue ratio for United Airlines and Southwest Airlines.

c. Which of these comparisons is more meaningful? Explain.