RE:Shares Turnover, Financial Flexibility..Not all the SameOTB, Air Canada would definitely be at the top of the heap in terms of financial flexibility.
According to S&P Capital IQ December 31, 2019 data:
(Capital IQ’s Net Debt and EBITDA numbers are slightly different, but I’ll use their numbers for comparison purposes.)
Air Canada’s Net Debt to EBITDA is 0.96, Delta’s is 1.27 and Southwest Airlines is 0.0. (Air Canada’s calculated Net Debt to EBITDA multiple at year-end 2019 is 0.8.)
Air Canada’s cash and cash equivalents are $6,401 million including a long-term investment of $512 million, which can be converted to cash if needed (Page 42, 2019 MD&A). This has been set aside to pay in full a senior unsecured note due in the first half of 2020. Air Canada has a $979 million undrawn credit line for a total liquidity position of $7,380 million.
Delta’s cash and cash equivalents are $2,894 million. Delta also has a long-term investment of $1,099 million but this is an equity investment, so it’s not counted. Delta has a $3,109 million undrawn credit line for a total liquidity position of $6,003 million.
Southwest Airline’s cash and cash equivalents are $4,072 million. Southwest has no long-term investments. Southwest has a $1,000 million undrawn credit line for a total liquidity position of $5,072 million.
To summarize:
Southwest Airlines cash and cash equivalents are 18.2 percent of total revenue (4,072 m / 22,428 m). Total liquidity is $5,072 million.
Delta’s cash and cash equivalents are 6.2 percent of total revenue (2,894 m / 47,007 m). Total liquidity is $6,003 million.
Air Canada’s cash and cash equivalents are 33.5 percent of total revenue (6,401 m / 19,131 m). Total liquidity is $7,380 million.