Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

United Airlines Holdings Inc., EBITDA calculation

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net income (loss)	737)	(1,964)	(7,069)	3,009)	2,129)
Add: Income tax expense	253)	(593)	(1,753)	905)	529)
Earnings before tax (EBT)	990)	(2,557)	(8,822)	3,914)	2,658)
Add: Interest expense, net of interest capitalized	1,673)	1,577)	992)	646)	659)
Earnings before interest and tax (EBIT)	2,663)	(980)	(7,830)	4,560)	3,317)
Add: Depreciation and amortization	2,456)	2,485)	2,488)	2,288)	2,240)
Earnings before interest, tax, depreciation and amortization (EBITDA)	5,119)	1,505)	(5,342)	6,848)	5,557)

Based on: 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).

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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	United Airlines Holdings Inc. EBITDA increased from 2020 to 2021 and from 2021 to 2022.

Enterprise Value to EBITDA Ratio, Current

United Airlines Holdings Inc., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	29,677)
Earnings before interest, tax, depreciation and amortization (EBITDA)	5,119)
Valuation Ratio
EV/EBITDA	5.80
Benchmarks
EV/EBITDA, Competitors¹
FedEx Corp.	7.84
Uber Technologies Inc.	38.63
Union Pacific Corp.	14.67
United Parcel Service Inc.	11.01
EV/EBITDA, Sector
Transportation	16.33
EV/EBITDA, Industry
Industrials	19.28

Based on: 10-K (reporting date: 2022-12-31).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Enterprise Value to EBITDA Ratio, Historical

United Airlines Holdings Inc., historical EV/EBITDA calculation, comparison to benchmarks

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	30,978)	30,612)	32,193)	27,372)	34,199)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	5,119)	1,505)	(5,342)	6,848)	5,557)
Valuation Ratio
EV/EBITDA³	6.05	20.34	—	4.00	6.15
Benchmarks
EV/EBITDA, Competitors⁴
FedEx Corp.	7.33	8.22	10.09	12.96	9.31
Uber Technologies Inc.	—	227.40	—	—	—
Union Pacific Corp.	12.56	15.46	15.65	13.73	—
United Parcel Service Inc.	8.83	9.55	30.22	12.80	—
EV/EBITDA, Sector
Transportation	14.15	12.42	30.99	22.19	—
EV/EBITDA, Industry
Industrials	16.80	15.95	26.00	17.09	—