United Airlines Holdings Inc., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income (loss)	3,149)	2,618)	737)	(1,964)	(7,069)
Net noncash charges	4,395)	3,629)	3,074)	2,361)	2,709)
Changes in operating assets and liabilities	1,901)	664)	2,255)	1,670)	227)
Net cash provided by (used in) operating activities	9,445)	6,911)	6,066)	2,067)	(4,133)
Cash paid during the period for interest, net of tax¹	1,129)	1,429)	1,171)	1,094)	700)
Interest capitalized, net of tax²	171)	141)	78)	61)	57)
Capital expenditures, net of flight equipment purchase deposit returns	(5,615)	(7,171)	(4,819)	(2,107)	(1,727)
Proceeds from sale of property and equipment	109)	39)	207)	107)	6)
Property and equipment acquired through the issuance of debt, finance leases and other	(406)	(777)	(19)	(814)	(1,968)
Free cash flow to the firm (FCFF)	4,833)	571)	2,684)	408)	(7,065)

Based on: 10-K (reporting date: 2024-12-31), 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).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the United Airlines Holdings Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	United Airlines Holdings Inc. FCFF decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

United Airlines Holdings Inc., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Effective Income Tax Rate (EITR)
EITR¹	24.45%	22.70%	25.56%	23.19%	19.87%
Interest Paid, Net of Tax
Cash paid during the period for interest, before tax	1,494)	1,848)	1,573)	1,424)	874)
Less: Cash paid during the period for interest, tax²	365)	419)	402)	330)	174)
Cash paid during the period for interest, net of tax	1,129)	1,429)	1,171)	1,094)	700)
Interest Costs Capitalized, Net of Tax
Interest capitalized, before tax	227)	182)	105)	80)	71)
Less: Interest capitalized, tax³	56)	41)	27)	19)	14)
Interest capitalized, net of tax	171)	141)	78)	61)	57)

Based on: 10-K (reporting date: 2024-12-31), 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).

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² 2024 Calculation
Cash paid during the period for interest, tax = Cash paid during the period for interest × EITR
= 1,494 × 24.45% = 365

³ 2024 Calculation
Interest capitalized, tax = Interest capitalized × EITR
= 227 × 24.45% = 56

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

Selected Financial Data (US$ in millions)
Enterprise value (EV)	44,889)
Free cash flow to the firm (FCFF)	4,833)
Valuation Ratio
EV/FCFF	9.29
Benchmarks
EV/FCFF, Competitors¹
FedEx Corp.	20.55
Uber Technologies Inc.	22.28
Union Pacific Corp.	26.13
United Parcel Service Inc.	16.74
EV/FCFF, Sector
Transportation	30.83
EV/FCFF, Industry
Industrials	28.54

Based on: 10-K (reporting date: 2024-12-31).

¹ Click competitor name to see calculations.

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

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

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	44,352)	32,194)	31,890)	32,346)	33,606)
Free cash flow to the firm (FCFF)²	4,833)	571)	2,684)	408)	(7,065)
Valuation Ratio
EV/FCFF³	9.18	56.36	11.88	79.24	—
Benchmarks
EV/FCFF, Competitors⁴
FedEx Corp.	23.54	23.94	19.13	18.72	—
Uber Technologies Inc.	23.26	46.69	136.28	—	—
Union Pacific Corp.	25.72	31.90	23.83	26.42	25.20
United Parcel Service Inc.	16.29	24.78	16.63	16.95	28.23
EV/FCFF, Sector
Transportation	—	32.04	21.76	24.81	184.17
EV/FCFF, Industry
Industrials	—	26.21	24.47	28.88	142.61

Based on: 10-K (reporting date: 2024-12-31), 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).

¹ See details »

² See details »

³ 2024 Calculation
EV/FCFF = EV ÷ FCFF
= 44,352 ÷ 4,833 = 9.18

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	United Airlines Holdings Inc. EV/FCFF ratio increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

United Airlines Holdings Inc. (NASDAQ:UAL)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical