Stock Analysis on Net

United Airlines Holdings Inc. (NASDAQ:UAL)

$24.99

Price to Earnings (P/E)
since 2005

Microsoft Excel

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Calculation

United Airlines Holdings Inc., P/E, long-term trends, calculation

Microsoft Excel

Based on: 10-K (reporting date: 2025-12-31), 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.


The price-to-earnings (P/E) ratio exhibits considerable fluctuation over the observed period. Initial values are unavailable until 2007, after which a period of volatility is apparent, significantly influenced by earnings performance. The period between 2007 and 2015 demonstrates substantial swings, reflecting the impact of economic conditions and company-specific events on both share price and earnings per share.

Early Volatility (2007-2010)
In 2007, the P/E ratio was very low at 0.19, driven by strong earnings. A substantial increase to 8.95 is observed in 2008, coinciding with a decrease in earnings. The subsequent year, 2009, lacks a P/E ratio due to negative earnings per share. The P/E ratio remains undefined in 2010, again due to negative earnings.
Moderate Fluctuations (2011-2015)
From 2011 through 2015, the P/E ratio fluctuates between approximately 5.70 and 31.74. A peak of 31.74 is recorded in 2011, followed by a decline to 8.28 in 2012. The ratio then experiences further variation, reaching 29.73 in 2014 before decreasing to 23.08 in 2015. These changes correlate with variations in earnings per share, though other market factors likely contribute.
Recent Trends (2016-2026)
The period from 2016 to 2026 shows a more contained range of P/E ratios, generally between 5.70 and 11.00, with a peak at 10.54 in 2026. A low of 2.54 is observed in 2016, reflecting exceptionally high earnings per share. The ratio generally trends upward from 2016 to 2026, with some intermediate fluctuations. The P/E ratio in 2024 is 9.58, and increases to 10.54 in 2026.

The absence of P/E ratios in 2009 and 2021 indicates periods of net loss, rendering the ratio meaningless. Overall, the P/E ratio demonstrates sensitivity to earnings fluctuations, with significant variations observed during periods of economic instability or company-specific challenges. The more recent period suggests a degree of stabilization, though continued monitoring is warranted.


Comparison to Competitors

United Airlines Holdings Inc., P/E, long-term trends, comparison to competitors

Microsoft Excel

Based on: 10-K (reporting date: 2025-12-31), 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)


Comparison to Industry (Industrials)