Latest Ratios: P/E Ratio 12.6x · EV/EBITDA 8.7x · ROE 24.0%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $41.6B | $36.6B | $32.4B | $13.7B | $12.4B | $14.1B | $12.1B | $22.9B | $23.2B | $20.5B | $24.1B |
| Enterprise Value | $66.7B | $61.7B | $57.2B | $44.4B | $41.7B | $35.2B | $33.6B | $40.6B | $41.3B | $33.4B | $33.6B |
| P/E Ratio → | 12.55 | 10.94 | 10.28 | 5.23 | 16.91 | — | — | 7.61 | 10.87 | 9.60 | 10.64 |
| P/S Ratio | 0.70 | 0.62 | 0.57 | 0.25 | 0.28 | 0.57 | 0.79 | 0.53 | 0.56 | 0.54 | 0.66 |
| P/B Ratio | 2.75 | 2.39 | 2.55 | 1.47 | 1.80 | 2.80 | 2.03 | 1.99 | 2.31 | 2.34 | 2.78 |
| P/FCF | 16.29 | 14.30 | 8.45 | — | 9.98 | — | — | 9.62 | 11.06 | — | 10.38 |
| P/OCF | 4.94 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 8.72 | 8.06 | 7.13 | 6.45 | 8.70 | 24.04 | — | 6.16 | 7.65 | 5.79 | 5.32 |
| EV / EBIT | 14.16 | 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 |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 |
Short-term solvency ratios and asset-utilisation metrics
| 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 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.0% | 9.1% | 9.7% | 19.1% | 5.9% | — | — | 13.1% | 9.2% | 10.4% | 9.4% |
| FCF Yield | 6.1% | 7.0% | 11.8% | — | 10.0% | — | — | 10.4% | 9.0% | — | 9.6% |
| Buyback Yield | 1.5% | 1.7% | 0.5% | 0.0% | 0.0% | 0.0% | 2.9% | 7.2% | 5.3% | 9.0% | 10.9% |
| Total Shareholder Yield | 1.5% | 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 |
High Capital Expenditure Intensity
According to recent market data, UAL trades at a forward P/E of 14.34, which suggests that investors are pricing in a premium for the company's fleet modernization strategy relative to the more conservative valuation multiples observed in the broader legacy airline peer group.
The current EV/EBITDA multiple of 9.06 appears to reflect a market expectation that the 'United Next' initiative will successfully drive margin expansion through unit cost reduction. However, investors should monitor whether this valuation is sustainable if the anticipated yield improvements from premium cabin segmentation fail to offset the ongoing pressure from rising labor costs.
Based on reported financial statements, UAL's ROIC has struggled to gain momentum, peaking at only 4.2% in 2024Q2 and declining to 1.9% by 2026Q1, indicating that the company's massive capital deployment into new aircraft has yet to generate returns exceeding its cost of capital.
The persistent gap between invested capital and returns suggests that the company is currently in a value-dilutive phase of its business cycle. Analysts should interpret this low ROIC as a direct consequence of the long lead times required for fleet upgauging to translate into tangible improvements in operating margins.
As reported in recent filings, the company's cash conversion cycle has remained negative, fluctuating between -41 and -8 days over the last ten quarters, which highlights a structural reliance on customer prepayments and loyalty program cash flows to fund daily operations.
While a negative CCC is typically a sign of operational efficiency, in the airline context, it underscores the company's dependence on advance bookings. Investors should be wary that any sudden shift in consumer travel sentiment could rapidly reverse this liquidity advantage, forcing a reliance on external financing.
Data from recent quarterly reports indicates that UAL's debt-to-EBITDA ratio remains elevated, reaching 17.67 in 2026Q1, which suggests that the company's ability to service its debt is highly sensitive to even minor fluctuations in operating income and fuel price volatility.
The high leverage profile warrants further investigation into the company's ability to refinance upcoming obligations in a higher interest rate environment. The current interest coverage ratio of 3.61 provides a narrow margin of safety, suggesting that the balance sheet remains vulnerable to cyclical downturns.
Based on an analysis of industry accounting, the debt-to-equity ratio is frequently misapplied to UAL because it fails to capture the significant off-balance-sheet liabilities associated with aircraft operating leases, which are central to the company's fleet strategy.
Analysts should instead focus on adjusted net debt to EBITDAR, which provides a more accurate representation of the company's true leverage by accounting for the fixed costs of leased assets. Relying on the headline D/E ratio significantly obscures the true financial risk inherent in the company's capital-intensive business model.
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Quick answers to the most common questions about buying UAL stock.
United Airlines Holdings, Inc.'s current P/E ratio is 12.6x. The historical average is 11.7x. This places it at the 73th percentile of its historical range.
United Airlines Holdings, Inc.'s current EV/EBITDA is 8.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.2x.
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%.
Based on historical data, United Airlines Holdings, Inc. is trading at a P/E of 12.6x. This is at the 73th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
United Airlines Holdings, Inc. has 64.1% gross margin and 8.0% operating margin.
United Airlines Holdings, Inc.'s Debt/EBITDA ratio is 4.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.