United Airlines Holdings Inc., current enterprise value calculation

Current share price (P)	$93.81
No. shares of common stock outstanding	327,339,564
US$ in millions
Common equity (market value)¹	30,708)
Add: Preferred stock (per books)	—)
Total equity	30,708)
Add: Current maturities of long-term debt, finance leases, and other financial liabilities (per books)	3,453)
Add: Long-term debt, finance leases, and other financial liabilities, less current portion (per books)	25,203)
Total equity and debt	59,364)
Less: Cash and cash equivalents	8,769)
Less: Short-term investments	5,706)
Enterprise value (EV)	44,889)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 93.81 × 327,339,564

United Airlines Holdings Inc., EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 2	$92.17	$45.49	$48.99	$47.43	$53.31
No. shares of common stock outstanding¹	327,339,564	328,025,881	327,092,997	324,626,332	318,476,280
US$ in millions
Common equity (market value)³	30,171)	14,922)	16,024)	15,397)	16,978)
Add: Preferred stock (book value)	—)	—)	—)	—)	—)
Total equity	30,171)	14,922)	16,024)	15,397)	16,978)
Add: Current maturities of long-term debt, finance leases, and other financial liabilities (book value)	3,453)	4,247)	3,038)	3,912)	2,111)
Add: Long-term debt, finance leases, and other financial liabilities, less current portion (book value)	25,203)	27,413)	29,242)	31,443)	26,200)
Total equity and debt	58,827)	46,582)	48,304)	50,752)	45,289)
Less: Cash and cash equivalents	8,769)	6,058)	7,166)	18,283)	11,269)
Less: Short-term investments	5,706)	8,330)	9,248)	123)	414)
Enterprise value (EV)	44,352)	32,194)	31,890)	32,346)	33,606)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of United Airlines Holdings Inc. Annual Report.

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 92.17 × 327,339,564

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	United Airlines Holdings Inc. EV increased from 2022 to 2023 and from 2023 to 2024.

United Airlines Holdings Inc. (NASDAQ:UAL)

Enterprise Value (EV)