Stock Analysis on Net
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.

Price to FCFE (P/FCFE)

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Free Cash Flow to Equity (FCFE)

United Airlines Holdings Inc., FCFE 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
Net noncash charges 3,629 3,074 2,361 2,709 3,377
Changes in operating assets and liabilities 664 2,255 1,670 227 523
Net cash provided by (used in) operating activities 6,911 6,066 2,067 (4,133) 6,909
Capital expenditures, net of flight equipment purchase deposit returns (7,171) (4,819) (2,107) (1,727) (4,528)
Proceeds from sale of property and equipment 39 207 107 6 49
Proceeds from issuance of debt and other financial liabilities, net of discounts and fees 2,388 736 11,096 15,676 1,786
Payments of long-term debt, finance leases and other financing liabilities (4,248) (4,011) (5,205) (4,449) (1,391)
Free cash flow to equity (FCFE) (2,081) (1,821) 5,958 5,373 2,825

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
FCFE Free cash flow to equity is the cash flow available to United Airlines Holdings Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. United Airlines Holdings Inc. FCFE decreased from 2021 to 2022 and from 2022 to 2023.

Price to FCFE Ratio, Current

United Airlines Holdings Inc., current P/FCFE calculation, comparison to benchmarks

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No. shares of common stock outstanding 328,803,431
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) (2,081)
FCFE per share -6.33
Current share price (P) 48.74
Valuation Ratio
P/FCFE —
Benchmarks
P/FCFE, Competitors1
FedEx Corp. 22.89
Uber Technologies Inc. 46.88
Union Pacific Corp. 36.02
United Parcel Service Inc. 15.54
P/FCFE, Sector
Transportation 28.16
P/FCFE, Industry
Industrials 24.91

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

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

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
No. shares of common stock outstanding1 328,025,881 327,092,997 324,626,332 318,476,280 247,951,116
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 (2,081) (1,821) 5,958 5,373 2,825
FCFE per share3 -6.34 -5.57 18.35 16.87 11.39
Share price1, 4 45.49 48.99 47.43 53.31 70.57
Valuation Ratio
P/FCFE5 — — 2.58 3.16 6.19
Benchmarks
P/FCFE, Competitors6
FedEx Corp. 25.37 19.48 36.75 13.28 38.51
Uber Technologies Inc. 50.60 333.68 139.66 — —
Union Pacific Corp. 36.37 13.19 17.16 18.08 15.24
United Parcel Service Inc. 17.24 21.80 22.62 33.39 19.54
P/FCFE, Sector
Transportation 29.42 20.55 24.57 31.15 31.09
P/FCFE, Industry
Industrials 22.81 23.85 — 49.40 28.48

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 Data adjusted for splits and stock dividends.

2 See details »

3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= -2,081,000,000 ÷ 328,025,881 = -6.34

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

5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 45.49 ÷ -6.34 = —

6 Click competitor name to see calculations.