Price to Book Value (P/BV)
since 2005
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United Airlines Holdings Inc. pages available for free this week:
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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Calculation
United Airlines Holdings Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity (deficit)1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 27, 2025 | = | ÷ | = | ÷ | |||||||
| Feb 29, 2024 | = | ÷ | = | ÷ | |||||||
| Feb 16, 2023 | = | ÷ | = | ÷ | |||||||
| Feb 18, 2022 | = | ÷ | = | ÷ | |||||||
| Mar 1, 2021 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2020 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2019 | = | ÷ | = | ÷ | |||||||
| Feb 22, 2018 | = | ÷ | = | ÷ | |||||||
| Feb 23, 2017 | = | ÷ | = | ÷ | |||||||
| Feb 18, 2016 | = | ÷ | = | ÷ | |||||||
| Feb 20, 2015 | = | ÷ | = | ÷ | |||||||
| Feb 20, 2014 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2013 | = | ÷ | = | ÷ | |||||||
| Feb 22, 2012 | = | ÷ | = | ÷ | |||||||
| Feb 22, 2011 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2010 | = | ÷ | = | ÷ | |||||||
| Mar 2, 2009 | = | ÷ | = | ÷ | |||||||
| Feb 29, 2008 | = | ÷ | = | ÷ | |||||||
| Mar 16, 2007 | = | ÷ | = | ÷ | |||||||
| Mar 31, 2006 | = | ÷ | = | ÷ |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of United Airlines Holdings Inc. Annual Report.
- Share Price
- The share price exhibited significant volatility over the analyzed period. Starting at $39.93 in 2006, it experienced a substantial decline, reaching a low point of $4.26 in early 2009. This sharp drop may reflect broader economic conditions or company-specific challenges during that time. Subsequently, the share price recovered steadily, peaking at $68.01 in early 2015, followed by fluctuations around the $45 to $75 range through 2018. After a dip to $53.31 in 2021, the price stabilized around the mid-$40s for two years before a notable surge to $92.17 by early 2025. This final increase suggests improved market sentiment or operational performance.
- Book Value per Share (BVPS)
- The book value per share demonstrated considerable instability initially, recording a highly negative value of -$262.41 in 2006, then rebounding to positive values by 2007 and 2008. However, it again turned negative in 2009 and 2010, aligning with the share price downturn seen in 2009. From 2011 onward, BVPS showed a generally positive and upward trajectory, with occasional fluctuations. Notably, from 2014 to 2020, it increased from $8.03 to $46.51, indicating a strengthening equity position. A decline to $18.71 in 2021 was followed by recovery to $38.72 by 2025, pointing to some volatility but overall improvement in the company's net asset value per share across the long term.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio data is incomplete, yet the available values reveal notable variations. Early ratios such as 2.02 and 1.49 in the mid-2000s suggest moderate market valuation relative to book value. In 2012 and 2013, the ratio spiked dramatically to 18.18, indicating that the market price was much higher than the underlying book value at that time, potentially reflecting market optimism or an undervaluation of assets in prior periods. Subsequent years mostly show ratios within a range of approximately 1.5 to 3.0, consistent with typical valuation multiples. The fluctuations in P/BV mirror the changes in share price and book value, emphasizing periods of both market exuberance and caution.
- General Observations
- The overall pattern reflects an initial phase of significant financial distress or accounting adjustments reflected by negative book values and depressed share prices around 2009 and 2010. Post-2010, the company shows a recovery trend with improving shareholder equity and market valuations. The substantial increase in share price toward the end of the period, despite moderate changes in book value, suggests heightened investor confidence or strategic developments not directly captured in book value metrics. Volatility in the P/BV ratio also indicates changing perceptions about the company's asset values relative to its market capitalization over time.
Comparison to Competitors
United Airlines Holdings Inc., P/BV, long-term trends, comparison to competitors
| United Airlines Holdings Inc. | FedEx Corp. | Uber Technologies Inc. | Union Pacific Corp. | United Parcel Service Inc. | |
|---|---|---|---|---|---|
| Feb 27, 2025 | |||||
| Feb 29, 2024 | |||||
| Feb 16, 2023 | |||||
| Feb 18, 2022 | |||||
| Mar 1, 2021 | |||||
| Feb 25, 2020 | |||||
| Feb 28, 2019 | |||||
| Feb 22, 2018 | |||||
| Feb 23, 2017 | |||||
| Feb 18, 2016 | |||||
| Feb 20, 2015 | |||||
| Feb 20, 2014 | |||||
| Feb 25, 2013 | |||||
| Feb 22, 2012 | |||||
| Feb 22, 2011 | |||||
| Feb 26, 2010 | |||||
| Mar 2, 2009 | |||||
| Feb 29, 2008 | |||||
| Mar 16, 2007 | |||||
| Mar 31, 2006 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Transportation)
United Airlines Holdings Inc., P/BV, long-term trends, comparison to sector (transportation)
| United Airlines Holdings Inc. | Transportation | |
|---|---|---|
| Feb 27, 2025 | ||
| Feb 29, 2024 | ||
| Feb 16, 2023 | ||
| Feb 18, 2022 | ||
| Mar 1, 2021 | ||
| Feb 25, 2020 | ||
| Feb 28, 2019 | ||
| Feb 22, 2018 | ||
| Feb 23, 2017 | ||
| Feb 18, 2016 | ||
| Feb 20, 2015 | ||
| Feb 20, 2014 | ||
| Feb 25, 2013 | ||
| Feb 22, 2012 | ||
| Feb 22, 2011 | ||
| Feb 26, 2010 | ||
| Mar 2, 2009 | ||
| Feb 29, 2008 | ||
| Mar 16, 2007 | ||
| Mar 31, 2006 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Industrials)
United Airlines Holdings Inc., P/BV, long-term trends, comparison to industry (industrials)
| United Airlines Holdings Inc. | Industrials | |
|---|---|---|
| Feb 27, 2025 | ||
| Feb 29, 2024 | ||
| Feb 16, 2023 | ||
| Feb 18, 2022 | ||
| Mar 1, 2021 | ||
| Feb 25, 2020 | ||
| Feb 28, 2019 | ||
| Feb 22, 2018 | ||
| Feb 23, 2017 | ||
| Feb 18, 2016 | ||
| Feb 20, 2015 | ||
| Feb 20, 2014 | ||
| Feb 25, 2013 | ||
| Feb 22, 2012 | ||
| Feb 22, 2011 | ||
| Feb 26, 2010 | ||
| Mar 2, 2009 | ||
| Feb 29, 2008 | ||
| Mar 16, 2007 | ||
| Mar 31, 2006 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).