Stock Analysis on Net

United Airlines Holdings Inc. (NASDAQ:UAL)

This company has been moved to the archive! The financial data has not been updated since April 17, 2024.

Enterprise Value to EBITDA (EV/EBITDA)

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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

United Airlines Holdings Inc., EBITDA calculation

US$ in millions

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12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net income (loss) 2,618 737 (1,964) (7,069) 3,009
Add: Income tax expense 769 253 (593) (1,753) 905
Earnings before tax (EBT) 3,387 990 (2,557) (8,822) 3,914
Add: Interest expense, net of interest capitalized 1,774 1,673 1,577 992 646
Earnings before interest and tax (EBIT) 5,161 2,663 (980) (7,830) 4,560
Add: Depreciation and amortization 2,671 2,456 2,485 2,488 2,288
Earnings before interest, tax, depreciation and amortization (EBITDA) 7,832 5,119 1,505 (5,342) 6,848

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Item Description The company
EBITDA To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital. United Airlines Holdings Inc. EBITDA increased from 2021 to 2022 and from 2022 to 2023.

Enterprise Value to EBITDA Ratio, Current

United Airlines Holdings Inc., current EV/EBITDA calculation, comparison to benchmarks

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Selected Financial Data (US$ in millions)
Enterprise value (EV) 30,945
Earnings before interest, tax, depreciation and amortization (EBITDA) 7,832
Valuation Ratio
EV/EBITDA 3.95
Benchmarks
EV/EBITDA, Competitors1
FedEx Corp. 7.90
Uber Technologies Inc. 39.52
Union Pacific Corp. 14.84
United Parcel Service Inc. 10.08
EV/EBITDA, Sector
Transportation 14.01
EV/EBITDA, Industry
Industrials 16.64

Based on: 10-K (reporting date: 2023-12-31).

1 Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.


Enterprise Value to EBITDA Ratio, Historical

United Airlines Holdings Inc., historical EV/EBITDA calculation, comparison to benchmarks

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Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)1 29,841 30,978 30,612 32,193 27,372
Earnings before interest, tax, depreciation and amortization (EBITDA)2 7,832 5,119 1,505 (5,342) 6,848
Valuation Ratio
EV/EBITDA3 3.81 6.05 20.34 4.00
Benchmarks
EV/EBITDA, Competitors4
FedEx Corp. 7.59 7.33 8.22 10.09 12.96
Uber Technologies Inc. 45.37 227.40
Union Pacific Corp. 15.44 12.56 15.46 15.65 13.73
United Parcel Service Inc. 11.23 8.83 9.55 30.22 12.80
EV/EBITDA, Sector
Transportation 14.94 14.15 12.42 30.99 22.19
EV/EBITDA, Industry
Industrials 15.63 17.07 16.21 26.87 17.56

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 See details »

2 See details »

3 2023 Calculation
EV/EBITDA = EV ÷ EBITDA
= 29,841 ÷ 7,832 = 3.81

4 Click competitor name to see calculations.

Valuation ratio Description The company
EV/EBITDA Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock. United Airlines Holdings Inc. EV/EBITDA ratio decreased from 2021 to 2022 and from 2022 to 2023.