Price to FCFE (P/FCFE)
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- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
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Free Cash Flow to Equity (FCFE)
United Airlines Holdings Inc., FCFE calculation
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 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).
Net cash provided by operating activities demonstrates a substantial increase over the observed period. Beginning at US$2,067 million in 2021, it rose significantly to US$6,066 million in 2022 and continued to climb, peaking at US$9,445 million in 2024 before experiencing a slight decrease to US$8,431 million in 2025. This indicates improving operational performance and cash generation capabilities.
- Free Cash Flow to Equity (FCFE)
- The trend in Free Cash Flow to Equity (FCFE) contrasts sharply with that of operating cash flow. A positive value of US$5,958 million was recorded in 2021. However, FCFE became negative in 2022, reaching US$-1,821 million, and remained negative through 2023 (US$-2,081 million) and 2024 (US$-60 million). While the negative value lessened in 2024, it remained negative, concluding the period at US$-1,538 million in 2025. This suggests that, despite strong operating cash flows, factors such as debt repayment, dividend payments, or share repurchases are consistently exceeding cash inflows available to equity holders.
The divergence between operating cash flow and FCFE suggests a strategic allocation of generated cash away from equity holders. While the company is successfully generating cash from its core operations, a significant portion is being utilized for purposes other than direct returns to equity investors. Further investigation into the specific uses of cash would be necessary to fully understand this dynamic.
Price to FCFE Ratio, Current
United Airlines Holdings Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| FedEx Corp. | |
| Uber Technologies Inc. | |
| Union Pacific Corp. | |
| United Parcel Service Inc. | |
| P/FCFE, Sector | |
| Transportation | |
| P/FCFE, Industry | |
| Industrials | |
Based on: 10-K (reporting date: 2025-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
United Airlines Holdings Inc., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| FedEx Corp. | ||||||
| Uber Technologies Inc. | ||||||
| Union Pacific Corp. | ||||||
| United Parcel Service Inc. | ||||||
| P/FCFE, Sector | ||||||
| Transportation | ||||||
| P/FCFE, Industry | ||||||
| Industrials | ||||||
Based on: 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
3 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of United Airlines Holdings Inc. Annual Report.
5 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The Price to Free Cash Flow to Equity (P/FCFE) ratio exhibits significant fluctuations over the observed period. The share price demonstrates an initial increase followed by a substantial rise in later years, while the Free Cash Flow to Equity (FCFE) per share experiences a marked decline and remains negative for the majority of the period.
- Share Price
- The share price increased modestly from $47.43 in 2021 to $48.99 in 2022. A decrease to $45.49 was noted in 2023, before a considerable increase to $92.17 in 2024 and further to $109.30 in 2025. This indicates a strong upward trend in the share price during the latter part of the period.
- FCFE per Share
- FCFE per share was positive in 2021 at $18.35, but turned negative in 2022 at -$5.57. This negative trend continued, with values of -$6.34 in 2023, -$0.18 in 2024, and -$4.76 in 2025. The consistently negative FCFE per share suggests the company is not generating sufficient cash flow to cover equity holders’ claims.
- P/FCFE Ratio
- In 2021, the P/FCFE ratio was 2.58. Values for 2022, 2023, 2024, and 2025 are not available. The initial value suggests investors were willing to pay 2.58 dollars for each dollar of FCFE. The absence of subsequent P/FCFE values, coinciding with negative FCFE per share, limits the ability to assess the relationship between price and cash flow generation over time. The ratio becomes difficult to interpret when FCFE is negative.
The divergence between the increasing share price and the declining, negative FCFE per share warrants further investigation. The rising share price, despite negative FCFE, could be driven by factors such as anticipated future growth, market sentiment, or changes in investor expectations. However, the sustained negative FCFE per share is a potential concern and requires deeper analysis to understand the underlying causes and potential implications for the company’s financial health.