United Airlines Holdings Inc., FCFE 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)
Net noncash charges	3,074)	2,361)	2,709)	3,377)	3,341)
Changes in operating assets and liabilities	2,255)	1,670)	227)	523)	711)
Net cash provided by (used in) operating activities	6,066)	2,067)	(4,133)	6,909)	6,181)
Capital expenditures, net of flight equipment purchase deposit returns	(4,819)	(2,107)	(1,727)	(4,528)	(4,177)
Proceeds from sale of property and equipment	207)	107)	6)	49)	—)
Proceeds from issuance of debt, net of discounts and fees	736)	11,096)	15,676)	1,786)	1,703)
Payments of long-term debt, finance leases and other financing liabilities	(4,011)	(5,205)	(4,449)	(1,391)	(1,861)
Free cash flow to equity (FCFE)	(1,821)	5,958)	5,373)	2,825)	1,846)

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
FCFE	Free cash flow to equity is the cash flow available to United Airlines Holdings Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	United Airlines Holdings Inc. FCFE increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.

United Airlines Holdings Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	327,968,872
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	(1,821)
FCFE per share	-5.55
Current share price (P)	44.89
Valuation Ratio
P/FCFE	—
Benchmarks
P/FCFE, Competitors¹
FedEx Corp.	26.36
Uber Technologies Inc.	42.89
Union Pacific Corp.	34.19
United Parcel Service Inc.	16.86
P/FCFE, Sector
Transportation	24.22
P/FCFE, Industry
Industrials	26.74

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

¹ Click competitor name to see calculations.

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

United Airlines Holdings Inc., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
No. shares of common stock outstanding¹	327,092,997	324,626,332	318,476,280	247,951,116	266,727,577
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	(1,821)	5,958)	5,373)	2,825)	1,846)
FCFE per share³	-5.57	18.35	16.87	11.39	6.92
Share price^1, 4	48.99	47.43	53.31	70.57	87.81
Valuation Ratio
P/FCFE⁵	—	2.58	3.16	6.19	12.69
Benchmarks
P/FCFE, Competitors⁶
FedEx Corp.	19.48	36.75	13.28	38.51	135.12
Uber Technologies Inc.	333.68	139.66	—	—	—
Union Pacific Corp.	13.19	17.16	18.08	15.24	—
United Parcel Service Inc.	21.80	22.62	33.39	19.54	—
P/FCFE, Sector
Transportation	20.55	24.57	31.15	31.09	—
P/FCFE, Industry
Industrials	22.81	—	43.78	27.50	—

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).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2022 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= -1,821,000,000 ÷ 327,092,997 = -5.57

⁴ Closing price as at the filing date of United Airlines Holdings Inc. Annual Report.

⁵ 2022 Calculation
P/FCFE = Share price ÷ FCFE per share
= 48.99 ÷ -5.57 = —

⁶ Click competitor name to see calculations.

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United Airlines Holdings Inc. (NASDAQ:UAL)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical