In January 2016, United Airlines (UAL) had a market capitalization of $20.57 billion, debt of $11.95 billion, and cash of $5.24 billion. United Airlines had revenues of $39.15 billion. Southwest Airlines (LUV) had a market capitalization of $27.67billion, debt of $3.38 billion, cash of $3.02 billion, and revenues of $19.78 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.