AAL was followed by United Continental with a net debt-to-EBITDA ratio of 9.3x. Alaska Air Group (ALK) had a net debt-to-EBITDA ratio of 4.3x, Spirit Airlines (SAVE) had a ratio of 1.8x, and JetBlue Airways (JBLU) had a ratio of 1.4x. Southwest Airlines (LUV) was the only airline with more cash than debt on its balance sheet.