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.

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Microsoft Excel

Historical Valuation Ratios (Summary)

United Airlines Holdings Inc., historical price multiples (quarterly data)

Microsoft Excel
Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Price to earnings (P/E) 5.96 5.70 4.15 6.96 7.67 21.74 7.24 5.82
Price to operating profit (P/OP) 3.68 3.54 2.59 4.31 4.01 6.86 23.16 93.38 2.59 4.07
Price to sales (P/S) 0.29 0.28 0.23 0.36 0.30 0.36 0.31 0.34 0.57 0.63 0.75 1.06 1.56 1.11 0.44 0.29 0.18 0.40
Price to book value (P/BV) 1.74 1.60 1.34 2.41 2.21 2.32 2.61 3.09 4.58 3.06 2.74 3.16 3.17 2.85 1.42 1.08 0.78 1.52 2.01 2.36 2.40

Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. United Airlines Holdings Inc. P/E ratio increased from Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. United Airlines Holdings Inc. P/OP ratio increased from Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. United Airlines Holdings Inc. P/S ratio increased from Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. United Airlines Holdings Inc. P/BV ratio increased from Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024.

Price to Earnings (P/E)

United Airlines Holdings Inc., historical P/E calculation (quarterly data)

Microsoft Excel
Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 328,803,431 328,025,881 328,014,680 327,979,705 327,968,872 327,092,997 326,927,831 326,744,698 326,730,982 324,626,332 323,806,517 323,612,861 323,578,254 318,476,280 290,990,973 290,983,657 290,432,163 247,951,116 253,043,650 256,921,469 263,129,397
Selected Financial Data (US$)
Net income (loss) (in millions) (124) 600 1,137 1,075 (194) 843 942 329 (1,377) (646) 473 (434) (1,357) (1,897) (1,841) (1,627) (1,704) 641 1,024 1,052 292
Earnings per share (EPS)2 8.18 7.98 8.72 8.13 5.85 2.25 -2.30 -3.74 -6.07 -6.05 -9.93 -17.09 -20.77 -22.20 -15.57 -5.73 3.49 12.14 0.00 0.00 0.00
Share price1, 3 48.74 45.49 36.24 56.57 44.89 48.99 39.10 37.44 50.85 47.43 45.95 47.95 51.03 53.31 34.25 31.67 25.26 70.57 89.70 94.78 89.24
Valuation Ratio
P/E ratio4 5.96 5.70 4.15 6.96 7.67 21.74 7.24 5.82
Benchmarks
P/E Ratio, Competitors5
FedEx Corp. 15.09 16.11 17.14 12.45 11.20 14.80 11.50 12.86 13.14 15.07 23.08 31.59 34.80 33.43 568.30 100.48 82.00
Uber Technologies Inc. 99.82 89.56 97.47
Union Pacific Corp. 23.25 23.85 20.14 21.55 17.65 17.97 16.21 19.32 22.53 23.67 24.01 24.34 27.76 25.57 23.48 21.35 17.22 21.44
United Parcel Service Inc. 21.14 18.89 13.92 15.41 14.01 13.27 12.72 15.37 14.93 14.11 28.39 27.60 36.12 104.33 30.09 28.55 19.04 20.59

Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q1 2024 Calculation
EPS = (Net income (loss)Q1 2024 + Net income (loss)Q4 2023 + Net income (loss)Q3 2023 + Net income (loss)Q2 2023) ÷ No. shares of common stock outstanding
= (-124,000,000 + 600,000,000 + 1,137,000,000 + 1,075,000,000) ÷ 328,803,431 = 8.18

3 Closing price as at the filing date of United Airlines Holdings Inc. Quarterly or Annual Report.

4 Q1 2024 Calculation
P/E ratio = Share price ÷ EPS
= 48.74 ÷ 8.18 = 5.96

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. United Airlines Holdings Inc. P/E ratio increased from Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024.

Price to Operating Profit (P/OP)

United Airlines Holdings Inc., historical P/OP calculation (quarterly data)

Microsoft Excel
Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 328,803,431 328,025,881 328,014,680 327,979,705 327,968,872 327,092,997 326,927,831 326,744,698 326,730,982 324,626,332 323,806,517 323,612,861 323,578,254 318,476,280 290,990,973 290,983,657 290,432,163 247,951,116 253,043,650 256,921,469 263,129,397
Selected Financial Data (US$)
Operating income (loss) (in millions) 99 998 1,739 1,517 (43) 1,377 1,458 878 (1,376) (408) 1,037 (270) (1,381) (2,135) (1,615) (1,637) (972) 861 1,473 1,472 495
Operating profit per share2 13.24 12.84 13.99 13.14 11.19 7.14 1.69 0.40 -3.11 -3.15 -8.49 -16.69 -20.92 -19.97 -11.56 -0.95 9.76 17.35 0.00 0.00 0.00
Share price1, 3 48.74 45.49 36.24 56.57 44.89 48.99 39.10 37.44 50.85 47.43 45.95 47.95 51.03 53.31 34.25 31.67 25.26 70.57 89.70 94.78 89.24
Valuation Ratio
P/OP ratio4 3.68 3.54 2.59 4.31 4.01 6.86 23.16 93.38 2.59 4.07
Benchmarks
P/OP Ratio, Competitors5
FedEx Corp. 12.10 13.03 9.62 7.38 6.66 9.07 9.66 10.90 11.82 13.46 15.42 19.66 20.51 17.79 7.61 11.34 10.34 9.92
Uber Technologies Inc. 89.86 152.26 325.09
Union Pacific Corp. 16.22 16.75 14.11 15.20 12.56 12.68 11.53 13.58 15.79 16.53 16.70 16.84 18.84 17.46 15.91 14.61 11.83 14.83
United Parcel Service Inc. 15.25 13.86 12.08 13.27 12.19 11.70 10.32 12.38 12.08 14.20 16.72 16.10 19.92 18.23 17.73 16.56 10.94 11.72

Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q1 2024 Calculation
Operating profit per share = (Operating income (loss)Q1 2024 + Operating income (loss)Q4 2023 + Operating income (loss)Q3 2023 + Operating income (loss)Q2 2023) ÷ No. shares of common stock outstanding
= (99,000,000 + 998,000,000 + 1,739,000,000 + 1,517,000,000) ÷ 328,803,431 = 13.24

3 Closing price as at the filing date of United Airlines Holdings Inc. Quarterly or Annual Report.

4 Q1 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 48.74 ÷ 13.24 = 3.68

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. United Airlines Holdings Inc. P/OP ratio increased from Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024.

Price to Sales (P/S)

United Airlines Holdings Inc., historical P/S calculation (quarterly data)

Microsoft Excel
Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 328,803,431 328,025,881 328,014,680 327,979,705 327,968,872 327,092,997 326,927,831 326,744,698 326,730,982 324,626,332 323,806,517 323,612,861 323,578,254 318,476,280 290,990,973 290,983,657 290,432,163 247,951,116 253,043,650 256,921,469 263,129,397
Selected Financial Data (US$)
Operating revenue (in millions) 12,539 13,626 14,484 14,178 11,429 12,400 12,877 12,112 7,566 8,192 7,750 5,471 3,221 3,412 2,489 1,475 7,979 10,888 11,380 11,402 9,589
Sales per share2 166.75 163.76 160.03 155.14 148.85 137.44 124.64 109.01 88.69 75.88 61.31 45.09 32.75 48.21 78.46 109.02 143.40 174.47 0.00 0.00 0.00
Share price1, 3 48.74 45.49 36.24 56.57 44.89 48.99 39.10 37.44 50.85 47.43 45.95 47.95 51.03 53.31 34.25 31.67 25.26 70.57 89.70 94.78 89.24
Valuation Ratio
P/S ratio4 0.29 0.28 0.23 0.36 0.30 0.36 0.31 0.34 0.57 0.63 0.75 1.06 1.56 1.11 0.44 0.29 0.18 0.40
Benchmarks
P/S Ratio, Competitors5
FedEx Corp. 0.71 0.71 0.55 0.44 0.42 0.61 0.64 0.71 0.77 0.94 0.89 1.04 0.87 0.62 0.36 0.62 0.65 0.64
Uber Technologies Inc. 3.60 4.53 2.86 2.74 2.26 2.16 1.98 2.47 2.46 3.90 5.95 6.34 8.09 9.07 6.57 4.42 3.98 4.00
Union Pacific Corp. 6.17 6.31 5.31 5.86 4.93 5.05 4.69 5.65 6.77 7.08 7.01 6.96 7.50 7.00 6.43 5.88 4.79 5.85
United Parcel Service Inc. 1.40 1.39 1.28 1.60 1.53 1.53 1.41 1.68 1.63 1.87 1.94 1.81 2.09 1.66 1.72 1.61 1.09 1.23

Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q1 2024 Calculation
Sales per share = (Operating revenueQ1 2024 + Operating revenueQ4 2023 + Operating revenueQ3 2023 + Operating revenueQ2 2023) ÷ No. shares of common stock outstanding
= (12,539,000,000 + 13,626,000,000 + 14,484,000,000 + 14,178,000,000) ÷ 328,803,431 = 166.75

3 Closing price as at the filing date of United Airlines Holdings Inc. Quarterly or Annual Report.

4 Q1 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= 48.74 ÷ 166.75 = 0.29

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. United Airlines Holdings Inc. P/S ratio increased from Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024.

Price to Book Value (P/BV)

United Airlines Holdings Inc., historical P/BV calculation (quarterly data)

Microsoft Excel
Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 328,803,431 328,025,881 328,014,680 327,979,705 327,968,872 327,092,997 326,927,831 326,744,698 326,730,982 324,626,332 323,806,517 323,612,861 323,578,254 318,476,280 290,990,973 290,983,657 290,432,163 247,951,116 253,043,650 256,921,469 263,129,397
Selected Financial Data (US$)
Stockholders’ equity (in millions) 9,188 9,324 8,853 7,705 6,668 6,896 4,898 3,964 3,624 5,029 5,431 4,904 5,206 5,960 7,003 8,517 9,418 11,531 11,301 10,320 9,802
Book value per share (BVPS)2 27.94 28.42 26.99 23.49 20.33 21.08 14.98 12.13 11.09 15.49 16.77 15.15 16.09 18.71 24.07 29.27 32.43 46.51 44.66 40.17 37.25
Share price1, 3 48.74 45.49 36.24 56.57 44.89 48.99 39.10 37.44 50.85 47.43 45.95 47.95 51.03 53.31 34.25 31.67 25.26 70.57 89.70 94.78 89.24
Valuation Ratio
P/BV ratio4 1.74 1.60 1.34 2.41 2.21 2.32 2.61 3.09 4.58 3.06 2.74 3.16 3.17 2.85 1.42 1.08 0.78 1.52 2.01 2.36 2.40
Benchmarks
P/BV Ratio, Competitors5
FedEx Corp. 2.37 2.45 2.07 1.72 1.60 2.27 2.41 2.53 2.75 3.26 3.18 3.68 3.19 2.35 1.32 2.28 2.49 2.49 2.38 2.50 3.51
Uber Technologies Inc. 12.55 15.02 10.98 11.08 10.20 9.36 9.20 9.47 5.91 4.71 6.34 5.73 6.42 8.24 8.85 6.04 5.01 3.99 3.17 4.28
Union Pacific Corp. 9.49 10.29 9.16 10.99 9.92 10.34 9.76 10.41 12.90 10.90 10.68 10.01 8.91 8.07 7.33 7.22 6.46 7.00 6.31 6.76 7.05
United Parcel Service Inc. 7.41 7.32 6.21 7.71 7.54 7.75 8.39 10.31 10.42 12.76 15.21 15.53 26.13 213.26 24.66 28.64 24.78 27.98 18.04 23.36 26.37

Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q1 2024 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 9,188,000,000 ÷ 328,803,431 = 27.94

3 Closing price as at the filing date of United Airlines Holdings Inc. Quarterly or Annual Report.

4 Q1 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= 48.74 ÷ 27.94 = 1.74

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. United Airlines Holdings Inc. P/BV ratio increased from Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024.