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United Airlines Holdings, Inc. UAL

Nasdaq · stock · Air Transportation, Scheduled · website · IPO 2006-01-25 · LEI

United Airlines Holdings, Inc. statistics & valuation

Market cap$44.2B
P / E13.2×
P / S0.7×
P / B2.9×
Net margin5.7%
Return on equity21.9%
Net debt$11.2B
Net debt / EBITDA1.5×
Enterprise value USD$55.4B
EV / EBITDA7.2×
Earnings yield EBIT/EV8.5%
Return on capital9.4%
Graham number -17.4%$103.33

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($103.33); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
6.10% 5.70% 5.10% 7.00% -46.00% -8.00% 1.60% 4.90% 5.50% 5.70% 2016201720182019202020212022202320242025
Gross margin (%)
2016201720182019202020212022202320242025
Operating margin (%)
11.90% 9.60% 7.80% 9.90% -41.40% -4.10% 5.20% 7.80% 8.90% 8.00% 2016201720182019202020212022202320242025
Return on equity (%)
26.10% 24.40% 21.10% 26.10% -118.60% -39.10% 10.70% 28.10% 24.80% 21.90% 2016201720182019202020212022202320242025
Shares outstanding
330.3M 303.6M 276.7M 259.9M 311.8M 323.8M 330.1M 331.9M 333.2M 328.5M 2016201720182019202020212022202320242025
Net debt ($)
$7.74B $10.22B $10.52B $10.38B $13.57B $12.08B $21.12B $19.00B $12.91B $11.23B 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
5.60% 5.10% 4.30% 5.70% -11.90% -2.90% 1.10% 3.70% 4.30% 4.40% 2016201720182019202020212022202320242025
Free cash flow margin (%)
2016201720182019202020212022202320242025
Debt / equity (×)
1.16× 1.33× 1.22× 1.14× 4.17× 6.04× 4.10× 2.69× 1.71× 1.12× 2016201720182019202020212022202320242025
EPS ($)
$6.76 $7.06 $7.67 $11.58 -$25.30 -$6.10 $2.23 $7.89 $9.45 $10.20 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

United Airlines Holdings, Inc. trades at about 12.3× earnings — above its 10-year norm (10-year range 2.5×–23.7×, median 10.4×).

2.5× 23.7×

Shaded band = 10-year range (2.5×–23.7×); dot = today's 12.3×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating margin8.0%8.9%7.8%5.2%-4.1%-41.4%9.9%7.8%9.6%11.9%
Net margin5.7%5.5%4.9%1.6%-8.0%-46.0%7.0%5.1%5.7%6.1%
Return on assets4.4%4.3%3.7%1.1%-2.9%-11.9%5.7%4.3%5.1%5.6%
Return on equity21.9%24.8%28.1%10.7%-39.1%-118.6%26.1%21.1%24.4%26.1%
Debt / equity1.12×1.71×2.69×4.10×6.04×4.17×1.14×1.22×1.33×1.16×
Current ratio0.650.810.831.001.191.160.550.510.560.59

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.