United Airlines Holdings Inc. (NASDAQ:UAL)

The financial data over the examined periods reveals notable volatility and recovery patterns in share price and operating profit per share, along with fluctuating valuation multiples.

Share Price Trends

The share price exhibited substantial variability. Initially, it declined sharply from around $40 in early periods to a low near $4.26 by early 2009, indicating a severe downturn. Subsequently, a general recovery trend is observable, with the price increasing steadily to peak at $87.81 by early 2019. A marked decline occurred by early 2021, dropping to the low $50s, followed by a stabilization around the mid to high $40s. The most recent data point shows a significant surge to $92.17, suggesting strong market optimism or improved company fundamentals at that time.

Operating Profit Per Share Movements

Operating profit per share demonstrates considerable fluctuations. Negative values appeared sporadically, notably in 2006, 2009, 2010, and more severely in 2021, with the worst loss observed at -30.84 in 2009, indicating operational challenges or external shocks. Positive operating profits generally followed these downturns, reaching highs above $17 in 2020 and again summiting around $15.57 by 2025. The pattern suggests periods of recovery and growth after operational difficulties, with some volatility likely due to sector-specific or economic factors.

Price to Operating Profit (P/OP) Ratio

The P/OP ratio presents irregularity and sensitivity to both share price movements and operating profit fluctuations. Early values range from approximately 3.48 to 9.7, but an extraordinary spike to over 224 in 2013 indicates a disconnect between share price and operating profit, possibly due to an uncharacteristically low operating profit at that time. In subsequent years, the ratio mostly stabilizes within a moderate range of roughly 3.5 to 13.6, reflecting more consistent valuation relative to operating earnings. Recent ratios ranging from 3.54 to 5.92 imply a more normalized market valuation relative to operating profitability.

In summary, the data depicts a company with a history of significant operational and market valuation volatility, impacted by major downturns and recoveries. The periods of negative operating profits align with sharp declines in share price, whereas recoveries in operating profitability support subsequent appreciation in share value. The P/OP ratio spikes highlight intermittent mismatches between earnings performance and market expectations, but overall valuation metrics trend toward normalization in later years.