United Airlines Holdings Inc., current enterprise value calculation

Current share price (P)	$118.68
No. shares of common stock outstanding	324,569,728
US$ in millions
Common equity (market value)¹	38,520)
Add: Preferred stock (per books)	—)
Total equity	38,520)
Add: Current maturities of long-term debt, finance leases, and other financial liabilities (per books)	4,426)
Add: Long-term debt, finance leases, and other financial liabilities, less current portion (per books)	20,562)
Total equity and debt	63,508)
Less: Cash and cash equivalents	5,942)
Less: Short-term investments	6,298)
Enterprise value (EV)	51,268)

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

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 118.68 × 324,569,728

United Airlines Holdings Inc., EV calculation

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Share price^1, 2	$109.30	$92.17	$45.49	$48.99	$47.43
No. shares of common stock outstanding¹	323,430,419	327,339,564	328,025,881	327,092,997	324,626,332
US$ in millions
Common equity (market value)³	35,351)	30,171)	14,922)	16,024)	15,397)
Add: Preferred stock (book value)	—)	—)	—)	—)	—)
Total equity	35,351)	30,171)	14,922)	16,024)	15,397)
Add: Current maturities of long-term debt, finance leases, and other financial liabilities (book value)	4,426)	3,453)	4,247)	3,038)	3,912)
Add: Long-term debt, finance leases, and other financial liabilities, less current portion (book value)	20,562)	25,203)	27,413)	29,242)	31,443)
Total equity and debt	60,339)	58,827)	46,582)	48,304)	50,752)
Less: Cash and cash equivalents	5,942)	8,769)	6,058)	7,166)	18,283)
Less: Short-term investments	6,298)	5,706)	8,330)	9,248)	123)
Enterprise value (EV)	48,099)	44,352)	32,194)	31,890)	32,346)

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).

¹ Data adjusted for splits and stock dividends.

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

³ 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 109.30 × 323,430,419

The information presents a five-year trend of several financial metrics, including common equity market value, total equity, total equity and debt, and enterprise value. Overall, a general upward trend is observed in most metrics, particularly towards the later years of the period.

Common Equity (Market Value) & Total Equity: Common equity and total equity exhibit identical values across all reported years. Both metrics increased from US$15,397 million in 2021 to US$16,024 million in 2022, then decreased to US$14,922 million in 2023. A significant increase is then noted, rising to US$30,171 million in 2024 and further to US$35,351 million in 2025. This suggests a substantial revaluation or equity issuance in the later periods.
Total Equity and Debt: Total equity and debt initially decreased from US$50,752 million in 2021 to US$48,304 million in 2022, and continued to decline to US$46,582 million in 2023. A reversal of this trend is apparent in 2024, with an increase to US$58,827 million, followed by a more moderate increase to US$60,339 million in 2025. The fluctuations suggest changes in the company’s capital structure, potentially involving debt reduction followed by subsequent increases.
Enterprise Value (EV): Enterprise value remained relatively stable between 2021 and 2023, fluctuating around US$32 billion. A notable increase is observed in 2024, rising to US$44,352 million, and continuing to US$48,099 million in 2025. This increase in EV parallels the increase in common equity and total equity and debt, indicating a growing overall company valuation. The EV trend suggests increasing investor confidence or improved financial performance contributing to a higher valuation.

The relationship between total equity and debt and enterprise value suggests that changes in debt levels have a moderate impact on the overall enterprise value. The substantial increases in equity-related metrics in 2024 and 2025 are the primary drivers of the observed increase in enterprise value during those periods.

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United Airlines Holdings Inc. (NASDAQ:UAL)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)