United Airlines Holdings, Inc. (UAL) Financial Ratios
30 years of historical data (1996–2025) · Industrials · Airlines, Airports & Air Services
EV/EBITDA
↓
8.30
↓-24% vs avg
5yr avg: 10.88
30Y Low4.1·High24.0
P/FCF
↑
15.02
↑+38% vs avg
5yr avg: 10.91
30Y Low3.0·High41.5
P/B Ratio
↓
2.53
+15% vs avg
5yr avg: 2.20
30Y Low1.5·High16.1
ROE
↑
24.0%
↓+95% vs avg
5yr avg: 12.3%
30Y Low-81%·High129%
Debt/EBITDA
↓
4.06
↓-58% vs avg
5yr avg: 9.62
30Y Low1.7·High26.9
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
UAL Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
United Airlines Holdings, Inc. trades at 11.6x earnings, 7% above its 5-year average of 10.8x, sitting at the 67th percentile of its historical range. Compared to the Industrials sector median P/E of 25.6x, the stock trades at a discount of 55%. On a free-cash-flow basis, the stock trades at 15.0x P/FCF, 38% above the 5-year average of 10.9x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $38.4B | $36.6B | $32.4B | $13.7B | $12.4B | $14.1B | $12.1B | $22.9B | $23.2B | $20.5B | $24.1B |
| Enterprise Value | $63.5B | $61.7B | $57.2B | $44.4B | $41.7B | $35.2B | $33.6B | $40.6B | $41.3B | $33.4B | $33.6B |
| P/E Ratio → | 11.58 | 10.94 | 10.28 | 5.23 | 16.91 | — | — | 7.61 | 10.87 | 9.60 | 10.64 |
| P/S Ratio | 0.65 | 0.62 | 0.57 | 0.25 | 0.28 | 0.57 | 0.79 | 0.53 | 0.56 | 0.54 | 0.66 |
| P/B Ratio | 2.53 | 2.39 | 2.55 | 1.47 | 1.80 | 2.80 | 2.03 | 1.99 | 2.31 | 2.34 | 2.78 |
| P/FCF | 15.02 | 14.30 | 8.45 | — | 9.98 | — | — | 9.62 | 11.06 | — | 10.38 |
| P/OCF | 4.56 | 4.34 | 3.43 | 1.98 | 2.05 | 6.82 | — | 3.31 | 3.76 | 5.89 | 4.34 |
P/E links to full P/E history page with 30-year chart
UAL EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
United Airlines Holdings, Inc.'s enterprise value stands at 8.3x EBITDA, 24% below its 5-year average of 10.9x. The Industrials sector median is 13.8x, placing the stock at a 40% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.04 | 1.00 | 0.83 | 0.93 | 1.43 | 2.19 | 0.94 | 1.00 | 0.88 | 0.92 |
| EV / EBITDA | 8.30 | 8.06 | 7.13 | 6.45 | 8.70 | 24.04 | — | 6.16 | 7.65 | 5.79 | 5.32 |
| EV / EBIT | 13.47 | 13.41 | 10.27 | 8.60 | 15.66 | — | — | 8.90 | 12.68 | 9.34 | 7.68 |
| EV / FCF | — | 24.11 | 14.94 | — | 33.45 | — | — | 17.04 | 19.70 | — | 14.49 |
UAL Profitability
Margins and return-on-capital ratios measuring operating efficiency
United Airlines Holdings, Inc. earns an operating margin of 8.0%, above the Industrials sector average of 4.3%. ROE of 24.0% indicates solid capital efficiency, compared to the sector median of 8.2%. ROIC of 9.1% represents adequate returns on invested capital versus a sector median of 6.1%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 64.1% | 64.1% | 34.0% | 28.3% | 23.7% | 2.9% | -32.8% | 28.8% | 26.8% | 28.5% | 32.0% |
| Operating Margin | 8.0% | 8.0% | 8.9% | 7.8% | 5.2% | -4.1% | -41.4% | 9.9% | 7.8% | 9.6% | 11.9% |
| Net Profit Margin | 5.7% | 5.7% | 5.5% | 4.9% | 1.6% | -8.0% | -46.0% | 7.0% | 5.1% | 5.7% | 6.2% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 24.0% | 24.0% | 28.6% | 32.3% | 12.4% | -35.7% | -80.8% | 27.9% | 22.6% | 24.6% | 25.7% |
| ROA | 4.5% | 4.5% | 4.3% | 3.8% | 1.1% | -3.1% | -12.6% | 5.9% | 4.6% | 5.2% | 5.6% |
| ROIC | 9.1% | 9.1% | 9.9% | 8.3% | 5.6% | -2.9% | -16.8% | 11.2% | 9.7% | 13.6% | 18.1% |
| ROCE | 9.3% | 9.3% | 10.2% | 8.7% | 4.8% | -2.1% | -15.1% | 11.8% | 10.0% | 12.6% | 15.4% |
UAL Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
United Airlines Holdings, Inc. carries a Debt/EBITDA ratio of 4.1x, which is highly leveraged (25% above the sector average of 3.2x). Net debt stands at $25.1B ($31.0B total debt minus $5.9B cash). Interest coverage of 3.8x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.03 | 2.03 | 2.65 | 3.94 | 5.28 | 7.83 | 5.50 | 1.77 | 1.97 | 1.65 | 1.35 |
| Debt / EBITDA | 4.06 | 4.06 | 4.19 | 5.34 | 7.60 | 26.91 | — | 3.10 | 3.67 | 2.50 | 1.85 |
| Net Debt / Equity | — | 1.64 | 1.96 | 3.29 | 4.24 | 4.19 | 3.60 | 1.53 | 1.80 | 1.48 | 1.10 |
| Net Debt / EBITDA | 3.28 | 3.28 | 3.10 | 4.46 | 6.11 | 14.41 | — | 2.68 | 3.35 | 2.24 | 1.51 |
| Debt / FCF | — | 9.81 | 6.49 | — | 23.47 | — | — | 7.43 | 8.64 | — | 4.11 |
| Interest Coverage | 3.77 | 3.77 | 3.97 | 2.91 | 1.59 | -0.62 | -7.89 | 7.06 | 5.38 | 6.48 | 7.27 |
UAL Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.65x is below 1.0, meaning current liabilities exceed current assets — though the company's $5.9B cash position helps mitigate short-term liquidity concerns. The current ratio has declined from 0.83x to 0.65x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.65 | 0.65 | 0.81 | 0.83 | 1.00 | 1.19 | 1.16 | 0.55 | 0.51 | 0.56 | 0.59 |
| Quick Ratio | 0.59 | 0.59 | 0.74 | 0.76 | 0.95 | 1.14 | 1.09 | 0.48 | 0.44 | 0.49 | 0.52 |
| Cash Ratio | 0.47 | 0.47 | 0.62 | 0.65 | 0.82 | 1.01 | 0.92 | 0.33 | 0.29 | 0.30 | 0.36 |
| Asset Turnover | — | 0.77 | 0.77 | 0.76 | 0.67 | 0.36 | 0.26 | 0.82 | 0.84 | 0.89 | 0.91 |
| Inventory Turnover | 13.62 | 13.62 | 23.95 | 24.68 | 30.94 | 24.33 | 21.87 | 28.72 | 30.69 | 29.23 | 28.47 |
| Days Sales Outstanding | — | 14.77 | 13.84 | 12.90 | 14.62 | 24.64 | 30.78 | 11.51 | 12.60 | 12.94 | 11.74 |
UAL Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
United Airlines Holdings, Inc. returns 1.7% to shareholders annually primarily through share buybacks. The earnings yield of 8.6% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | 2.9% | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.6% | 9.1% | 9.7% | 19.1% | 5.9% | — | — | 13.1% | 9.2% | 10.4% | 9.4% |
| FCF Yield | 6.7% | 7.0% | 11.8% | — | 10.0% | — | — | 10.4% | 9.0% | — | 9.6% |
| Buyback Yield | 1.7% | 1.7% | 0.5% | 0.0% | 0.0% | 0.0% | 2.9% | 7.2% | 5.3% | 9.0% | 10.9% |
| Total Shareholder Yield | 1.7% | 1.7% | 0.5% | 0.0% | 0.0% | 0.0% | 5.8% | 7.2% | 5.3% | 9.0% | 10.9% |
| Shares Outstanding | — | $327M | $333M | $332M | $330M | $322M | $279M | $260M | $277M | $304M | $330M |
Peer Comparison
Compare UAL with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 UALYou | $38B | 11.6 | 8.3 | 15.0 | 64.1% | 8.0% | 24.0% | 9.1% | 4.1 |
 DAL | $55B | 11.0 | 8.7 | 14.3 | 22.8% | 9.2% | 27.8% | 12.0% | 2.6 |
 AAL | $11B | 94.1 | 13.0 | — | 19.2% | 2.7% | — | 3.5% | 10.5 |
 LUV | $24B | 60.7 | 13.2 | — | 17.4% | 1.5% | 4.8% | 3.0% | 3.0 |
 ALK | $6B | 56.6 | 10.8 | — | 59.7% | 2.1% | 2.4% | 2.3% | 6.3 |
 JBLU | $2B | -3.4 | 32.3 | — | 33.9% | -4.1% | -25.3% | -2.7% | 32.0 |
 ULCC | $2B | -12.0 | — | — | 35.5% | -4.0% | -25.0% | -2.3% | — |
 SNCY | $876M | 16.8 | 6.6 | 10.4 | 66.9% | 8.9% | 8.8% | 6.9% | 3.0 |
 SKYW | $4B | 8.9 | 6.2 | 13.0 | 61.6% | 15.2% | 16.6% | 9.2% | 2.4 |
 MESA | $879M | -0.0 | — | 63.1 | 99.1% | -46.5% | -528.9% | -62.9% | — |
 BA | $176B | 89.8 | — | — | 4.8% | -6.1% | 289.7% | -9.5% | — |
| Industrials Median | — | 25.6 | 13.8 | 20.0 | 32.0% | 4.3% | 8.2% | 6.1% | 3.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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UAL — Frequently Asked Questions
Quick answers to the most common questions about buying UAL stock.
What is United Airlines Holdings, Inc.'s P/E ratio?
United Airlines Holdings, Inc.'s current P/E ratio is 11.6x. The historical average is 11.7x. This places it at the 67th percentile of its historical range.
What is United Airlines Holdings, Inc.'s EV/EBITDA?
United Airlines Holdings, Inc.'s current EV/EBITDA is 8.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.2x.
What is United Airlines Holdings, Inc.'s ROE?
United Airlines Holdings, Inc.'s return on equity (ROE) is 24.0%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 21.4%.
Is UAL stock overvalued?
Based on historical data, United Airlines Holdings, Inc. is trading at a P/E of 11.6x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are United Airlines Holdings, Inc.'s profit margins?
United Airlines Holdings, Inc. has 64.1% gross margin and 8.0% operating margin.
How much debt does United Airlines Holdings, Inc. have?
United Airlines Holdings, Inc.'s Debt/EBITDA ratio is 4.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.