Using the information provided in the most recent SEC 10-K submission for Southwest and Delta Airlines, please respond to the following requirements: Provide a comparative analysis for Southwest Airlines and Delta Airlines

Use appropriate ratios to analyze:

a. Short Term Liquidity

b. Capital Structure and Solvency

c. Asset Utilization

d. Profitability

Prepare at least two equity valuation calculations and discuss your results relative to the current market price for your company. Using the information contained in the 10-K, (Financial Statements, Disclosures and other information),

prepare a one page memo evaluating Southwest Airlines

DELTA AIR LINES INC (DAL) BALANCE SHEET

Fiscal year ends in December. USD in millions except per share data.

2015-12 2014-12

Assets

Current assets

Cash

Cash and cash equivalents 1972 2088

Short-term investments 1465 1217

Total cash 3437 3305

Restricted cash 375 305

Receivables 2139 3222

Inventories 697 852

Deferred income taxes 1736 463

Prepaid expenses 796 701

Other current assets 1987 1078

Total current assets 9056 9158

Non-current assets

"Property, plant and equipment"

"Gross property, plant and equipment" 33910 31269

Accumulated Depreciation -10871 -9340

"Net property, plant and equipment" 23039 21929

Goodwill 9794 9794

Intangible assets 4861 4603

Deferred income taxes 4956 7595

Other long-term assets 1428 926

Total non-current assets 44078 44847

Total assets 53134 54005

Liabilities and stockholders' equity

Liabilities

Current liabilities

Capital leases 1563 1184

Accounts payable 2743 2622

Taxes payable 585 594

Accrued liabilities 4501 4393

Deferred revenues 1635 1580

Other current liabilities 7084 7068 Total current liabilities 17526 16847

Non-current liabilities

Deferred taxes liabilities

Deferred revenues 2246 2602

Pensions and other benefits 13855 15138

Other long-term liabilities 8657 10605

Total non-current liabilities 24758 28345

Total liabilities 42284 45192

Stockholders' equity

Additional paid-in capital 10875 12981

Retained earnings 7623 3456

Treasury stock -373 -313

Accumulated other comprehensive income -7275 -7311

Total stockholders' equity 10850 8813

Total liabilities and stockholders' equity 53134 54005