In January 2019, United Airlines (UAL) had a market capitalization of $22.74 billion, debt of $13.19 billion, and cash of $3.84 billion. United Airlines had revenues of $41.06 billion. Southwest Airlines (LUV) had a market capitalization of $27.37 billion, debt of

$3.49 billion, cash of $3.85 billion, and revenues of $21.68 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.