Enterprise Value (EV)
Current Enterprise Value (EV)
United Airlines Holdings Inc., current enterprise value calculation
| Current share price (P) | $81.01 |
| No. shares of common stock outstanding | 326,600,570 |
| US$ in millions | |
| Common equity (market value)1 | 26,458) |
| Add: Preferred stock (per books) | —) |
| Total equity | 26,458) |
| Add: Current maturities of long-term debt, finance leases, and other financial liabilities (per books) | 3,453) |
| Add: Long-term debt, finance leases, and other financial liabilities, less current portion (per books) | 25,203) |
| Total equity and debt | 55,114) |
| Less: Cash and cash equivalents | 8,769) |
| Less: Short-term investments | 5,706) |
| Enterprise value (EV) | 40,639) |
Based on: 10-K (reporting date: 2024-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 81.01 × 326,600,570
Historical Enterprise Value (EV)
United Airlines Holdings Inc., EV calculation
Based on: 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), 10-K (reporting date: 2020-12-31).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of United Airlines Holdings Inc. Annual Report.
3 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 92.17 × 327,339,564
The financial data over the five-year period demonstrates several notable trends in the capital structure and market valuation of the company.
- Common Equity (Market Value) and Total Equity
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Both common equity and total equity values follow an identical pattern, indicating no preference shares or other equity types. The equity decreased from 16,978 million US dollars at the end of 2020 to 14,922 million by the end of 2023, reflecting a declining trend in shareholder equity over these years. However, there is a significant reversal in 2024, with equity soaring to 30,171 million US dollars, more than doubling the preceding year’s value. This suggests a material event or restructuring that substantially increased shareholders' equity.
- Total Equity and Debt
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Total equity and debt peaked in 2021 at 50,752 million US dollars but then declined in subsequent years, dropping to 46,582 million by the end of 2023. In 2024, there is a notable increase to 58,827 million US dollars, the highest value during the period observed. This pattern reflects fluctuations in the company’s leverage and financing structure, with potential debt reductions after 2021 followed by additional capital raise or new borrowing contributing to the sharp increase in 2024.
- Enterprise Value (EV)
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Enterprise value shows a downward trend from 33,606 million US dollars in 2020 to a low of 31,890 million in 2022, then remains relatively stable in 2023. In 2024, EV increases substantially to 44,352 million US dollars. This change reflects improved market conditions or company prospects, aligning with the surge seen in equity values. The rise in EV suggests enhanced investor confidence or operational improvements affecting the company's overall valuation.
Overall, the company's capital structure and market valuation experienced declines between 2020 and 2023, followed by a pronounced recovery and growth in 2024, characterized by significant increases in both equity and enterprise value. These shifts may indicate strategic financial maneuvers or operational turnaround influencing the firm’s financial health and market perception.