Cash/equivalents on hand as a percentage of annual revenues is a starting metric.
UAUA - $3.55B/$20.10B = 17.66%
DAL - $2.79B/$19.15B = 14.57%
NWA - $3.03B/$12.53B = 24.18%
LUV -$2.78B/$9.86B = 28.19%
Well, UAUA paying out that CASH dividend was a GREAT call....I'd certainly feel better with another half a bill in the coffers