United Airlines Holdings Inc., current enterprise value calculation

Current share price (P)	$44.89
No. shares of common stock outstanding	327,968,872
US$ in millions
Common equity (market value)¹	14,723)
Add: Preferred stock (per books)	—)
Total equity	14,723)
Add: Current maturities of long-term debt (per books)	2,911)
Add: Current maturities of finance leases (per books)	104)
Add: Long-term debt, less current portion (per books)	28,283)
Add: Long-term obligations under finance leases (per books)	115)
Total equity and debt	46,136)
Less: Cash and cash equivalents	7,166)
Less: Short-term investments	9,248)
Less: Restricted cash	45)
Enterprise value (EV)	29,677)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 44.89 × 327,968,872

United Airlines Holdings Inc., EV calculation

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Share price^1, 2	$48.99	$47.43	$53.31	$70.57	$87.81
No. shares of common stock outstanding¹	327,092,997	324,626,332	318,476,280	247,951,116	266,727,577
US$ in millions
Common equity (market value)³	16,024)	15,397)	16,978)	17,498)	23,421)
Add: Preferred stock (book value)	—)	—)	—)	—)	—)
Total equity	16,024)	15,397)	16,978)	17,498)	23,421)
Add: Current maturities of long-term debt (book value)	2,911)	3,002)	1,911)	1,407)	1,230)
Add: Current maturities of finance leases (book value)	104)	76)	182)	46)	149)
Add: Long-term debt, less current portion (book value)	28,283)	30,361)	24,836)	13,145)	12,215)
Add: Long-term obligations under finance leases (book value)	115)	219)	224)	220)	1,134)
Total equity and debt	47,437)	49,055)	44,131)	32,316)	38,149)
Less: Cash and cash equivalents	7,166)	18,283)	11,269)	2,762)	1,694)
Less: Short-term investments	9,248)	123)	414)	2,182)	2,256)
Less: Restricted cash	45)	37)	255)	—)	—)
Enterprise value (EV)	30,978)	30,612)	32,193)	27,372)	34,199)

¹ Data adjusted for splits and stock dividends.

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

³ 2022 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 48.99 × 327,092,997

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	United Airlines Holdings Inc. EV decreased from 2020 to 2021 but then slightly increased from 2021 to 2022.

United Airlines Holdings Inc. (NASDAQ:UAL)

Enterprise Value (EV)