Enterprise Value (EV)
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United Airlines Holdings Inc. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Analysis of Revenues
- Aggregate Accruals
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Current Enterprise Value (EV)
United Airlines Holdings Inc., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in millions | |
| Common equity (market value)1 | |
| Add: Preferred stock (per books) | |
| Total equity | |
| Add: Current maturities of long-term debt, finance leases, and other financial liabilities (per books) | |
| Add: Long-term debt, finance leases, and other financial liabilities, less current portion (per books) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Less: Short-term investments | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2025-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
United Airlines Holdings Inc., EV calculation
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
= ×
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.