NEW YORK (TheStreet) -- Southwest Airlines Co. (LUV - Get Report) stock is rising 2.30% to $40.22 in mid-morning trading on Thursday after the company reported its 2015 fourth quarter financial results, which TheStreet's Jim Cramer called "terrific."

The airline carrier is an "incredibly well-run company," Cramer said on CNBC's Squawk on the Street this morning, adding that the stock "trades at a low multiple, but no one seems to care."

Cramer observed that Southwest Airlines and its competitor Spirit Airlines (SAVE) have "the cheapest stocks in the book" and that they "generate a lot of cash."

"Cheap hasn't done anything" in this economy, Cramer explained, noting that many stocks are being dragged by weak commodities and softness in global markets.

Airline stocks, such as Southwest Airlines, Spirit Airlines and Delta Air Lines (DAL), should be rising because of falling oil prices, but shares continue to be pressured by the overall economic downturn, Cramer remarked.

Separately, TheStreet Ratings has a "buy" rating and a letter grade of A on Southwest Airlines because of the company's revenue and earnings per share growth, good cash flow from operations, expanding profit margins, and largely solid financial position.

You can view the full analysis from the report here: LUV

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. 

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