United Airlines Holdings Inc., current enterprise value calculation

Current share price (P)	$54.97
No. shares of common stock outstanding	328,803,431
US$ in millions
Common equity (market value)¹	18,074)
Add: Preferred stock (per books)	—)
Total equity	18,074)
Add: Current maturities of long-term debt (per books)	4,018)
Add: Current maturities of finance leases (per books)	172)
Add: Long-term debt, less current portion (per books)	25,057)
Add: Long-term obligations under finance leases (per books)	91)
Total equity and debt	47,412)
Less: Cash and cash equivalents	6,058)
Less: Short-term investments	8,330)
Less: Restricted cash	31)
Enterprise value (EV)	32,993)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 54.97 × 328,803,431

United Airlines Holdings Inc., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$45.49	$48.99	$47.43	$53.31	$70.57
No. shares of common stock outstanding¹	328,025,881	327,092,997	324,626,332	318,476,280	247,951,116
US$ in millions
Common equity (market value)³	14,922)	16,024)	15,397)	16,978)	17,498)
Add: Preferred stock (book value)	—)	—)	—)	—)	—)
Total equity	14,922)	16,024)	15,397)	16,978)	17,498)
Add: Current maturities of long-term debt (book value)	4,018)	2,911)	3,002)	1,911)	1,407)
Add: Current maturities of finance leases (book value)	172)	104)	76)	182)	46)
Add: Long-term debt, less current portion (book value)	25,057)	28,283)	30,361)	24,836)	13,145)
Add: Long-term obligations under finance leases (book value)	91)	115)	219)	224)	220)
Total equity and debt	44,260)	47,437)	49,055)	44,131)	32,316)
Less: Cash and cash equivalents	6,058)	7,166)	18,283)	11,269)	2,762)
Less: Short-term investments	8,330)	9,248)	123)	414)	2,182)
Less: Restricted cash	31)	45)	37)	255)	—)
Enterprise value (EV)	29,841)	30,978)	30,612)	32,193)	27,372)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of United Airlines Holdings Inc. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 45.49 × 328,025,881

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	United Airlines Holdings Inc. EV increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

United Airlines Holdings Inc. (NASDAQ:UAL)

Enterprise Value (EV)