Common Stock Valuation Ratios (Price Multiples)
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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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 Valuation Ratios
United Airlines Holdings Inc., current price multiples
| United Airlines Holdings Inc. | FedEx Corp. | Uber Technologies Inc. | Union Pacific Corp. | United Parcel Service Inc. | Transportation | Industrials | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||||
| Current share price (P) | ||||||||||
| No. shares of common stock outstanding | ||||||||||
| Growth rate (g) | ||||||||||
| Earnings per share (EPS) | ||||||||||
| Next year expected EPS | ||||||||||
| Operating profit per share | ||||||||||
| Sales per share | ||||||||||
| Book value per share (BVPS) | ||||||||||
| Valuation Ratios (Price Multiples) | ||||||||||
| Price to earnings (P/E) | ||||||||||
| Price to next year expected earnings | ||||||||||
| Price-earnings-growth (PEG) | ||||||||||
| Price to operating profit (P/OP) | ||||||||||
| Price to sales (P/S) | ||||||||||
| Price to book value (P/BV) | ||||||||||
Based on: 10-K (reporting date: 2025-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
United Airlines Holdings Inc., historical price multiples
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
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).
The valuation ratios exhibit varied trends over the observed period. Generally, ratios decreased from 2022 to 2023, followed by increases in subsequent years, suggesting a recovery in market perception of value. However, the magnitude and consistency of these changes differ across ratios.
- Price to Earnings (P/E)
- The Price to Earnings ratio was not reported for 2021. In 2022, it stood at 21.74, decreasing substantially to 5.70 in 2023. A recovery is then observed, with the ratio rising to 9.58 in 2024 and further to 10.54 in 2025. This pattern indicates a significant initial undervaluation followed by a gradual re-evaluation by the market.
- Price to Operating Profit (P/OP)
- Similar to the P/E ratio, the P/OP ratio was not reported for 2021. It decreased from 6.86 in 2022 to 3.54 in 2023, representing a considerable decline. Subsequent years show an upward trend, reaching 5.92 in 2024 and 7.50 in 2025. This mirrors the P/E trend, suggesting improving operational profitability relative to market price.
- Price to Sales (P/S)
- The Price to Sales ratio began at 0.63 in 2021, declining to 0.36 in 2022 and further to 0.28 in 2023. A reversal is evident in 2024, with the ratio increasing to 0.53, and continuing to 0.60 in 2025. This suggests that the market began to assign a higher value to each dollar of revenue generated in the later years of the period.
- Price to Book Value (P/BV)
- The Price to Book Value ratio decreased from 3.06 in 2021 to 2.32 in 2022, and then to 1.60 in 2023. It then increased to 2.38 in 2024, and remained relatively stable at 2.31 in 2025. This indicates a diminishing premium investors were willing to pay for the net asset value of the company, followed by a partial recovery.
Overall, the observed ratios suggest a period of initial undervaluation in 2023, followed by a recovery and increasing market confidence in the company’s valuation across multiple metrics in 2024 and 2025.
Price to Earnings (P/E)
United Airlines Holdings Inc., historical P/E calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Net income (loss) (in millions) | ||||||
| Earnings per share (EPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/E ratio4 | ||||||
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| FedEx Corp. | ||||||
| Uber Technologies Inc. | ||||||
| Union Pacific Corp. | ||||||
| United Parcel Service Inc. | ||||||
| P/E Ratio, Sector | ||||||
| Transportation | ||||||
| P/E Ratio, Industry | ||||||
| Industrials | ||||||
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 2025 Calculation
EPS = Net income (loss) ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of United Airlines Holdings Inc. Annual Report.
4 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The price to earnings (P/E) ratio exhibited significant fluctuation over the observed period. Initially unavailable for 2021, the ratio began at 21.74 in 2022 before decreasing substantially to 5.70 in 2023. Subsequent years show an increasing trend, reaching 9.58 in 2024 and 10.54 in 2025.
- Share Price
- The share price demonstrated a modest increase from US$47.43 in 2021 to US$48.99 in 2022. A decline followed in 2023, with the price falling to US$45.49. However, the share price experienced substantial growth in 2024 and 2025, reaching US$92.17 and US$109.30 respectively.
- Earnings Per Share (EPS)
- Earnings per share were negative in 2021, registering at -US$6.05. EPS turned positive in 2022 at US$2.25 and continued to increase significantly, reaching US$7.98 in 2023, US$9.62 in 2024, and US$10.37 in 2025. This consistent positive trend in EPS likely contributed to the observed changes in the P/E ratio.
The substantial decrease in the P/E ratio from 2022 to 2023 coincided with a significant increase in earnings per share, while the share price experienced a slight decrease. This suggests that the market may have reassessed its valuation of the company’s earnings potential. The subsequent increase in the P/E ratio from 2023 to 2025 occurred alongside continued growth in both share price and earnings per share, indicating increasing investor confidence or potentially a shift in market sentiment.
- P/E Ratio Trend
- The P/E ratio’s movement suggests a dynamic valuation. The initial high value in 2022 may reflect investor expectations, while the subsequent low in 2023 could indicate a correction based on realized earnings. The increasing P/E ratio in the later years suggests a growing willingness to pay a premium for each dollar of earnings.
Price to Operating Profit (P/OP)
United Airlines Holdings Inc., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Operating income (loss) (in millions) | ||||||
| Operating profit per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/OP ratio4 | ||||||
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| FedEx Corp. | ||||||
| Uber Technologies Inc. | ||||||
| Union Pacific Corp. | ||||||
| United Parcel Service Inc. | ||||||
| P/OP Ratio, Sector | ||||||
| Transportation | ||||||
| P/OP Ratio, Industry | ||||||
| Industrials | ||||||
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 2025 Calculation
Operating profit per share = Operating income (loss) ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of United Airlines Holdings Inc. Annual Report.
4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The price to operating profit (P/OP) ratio exhibited significant fluctuations over the observed period. Initially unavailable for 2021, the ratio began at 6.86 in 2022 and decreased substantially to 3.54 in 2023. Subsequent years saw increases, reaching 5.92 in 2024 and further rising to 7.50 in 2025. This movement correlates with changes in both share price and operating profit per share.
- P/OP Ratio Trend
- A notable decline in the P/OP ratio occurred between 2022 and 2023. This coincided with a decrease in share price and an increase in operating profit per share. The subsequent increases in 2024 and 2025 were driven by a more substantial rise in share price, despite a slight decrease in operating profit per share from 2023 to 2025.
- Share Price Influence
- The share price demonstrated an overall upward trend, particularly pronounced between 2023 and 2025, increasing from US$45.49 to US$109.30. This increase significantly impacted the P/OP ratio, contributing to the observed increases in 2024 and 2025.
- Operating Profit Per Share Influence
- Operating profit per share moved from a negative value in 2021 to positive values in subsequent years, peaking at US$12.84 in 2023 before decreasing slightly to US$14.57 in 2025. While contributing to the lower P/OP ratio in 2023, its subsequent moderate decline had a less pronounced effect on the ratio compared to the share price increases.
The P/OP ratio’s trajectory suggests a growing investor confidence reflected in the increasing share price, even as operating profit per share experienced a minor reduction in the latter years of the period. The ratio’s movement indicates a shifting valuation dynamic, with share price becoming a more dominant factor in the overall P/OP calculation.
Price to Sales (P/S)
United Airlines Holdings Inc., historical P/S calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Operating revenue (in millions) | ||||||
| Sales per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/S ratio4 | ||||||
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| FedEx Corp. | ||||||
| Uber Technologies Inc. | ||||||
| Union Pacific Corp. | ||||||
| United Parcel Service Inc. | ||||||
| P/S Ratio, Sector | ||||||
| Transportation | ||||||
| P/S Ratio, Industry | ||||||
| Industrials | ||||||
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 2025 Calculation
Sales per share = Operating revenue ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of United Airlines Holdings Inc. Annual Report.
4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The price-to-sales ratio exhibited considerable fluctuation over the observed period. Initially, the ratio decreased significantly before stabilizing and then increasing. This movement correlates with changes in both share price and sales per share.
- Price-to-Sales Ratio (P/S)
- In 2021, the P/S ratio stood at 0.63. A substantial decline was then recorded in 2022, falling to 0.36. This downward trend continued into 2023, with the ratio reaching a low of 0.28. A reversal occurred in 2024, as the P/S ratio increased to 0.53, and this upward momentum persisted into 2025, reaching 0.60.
The decrease in the P/S ratio from 2021 to 2023 suggests that the market valuation of sales diminished during those years. This could be attributed to various factors, including concerns about future revenue growth or broader economic conditions. The subsequent increase in the ratio from 2024 onwards indicates a renewed investor confidence in the company’s ability to generate sales relative to its market capitalization.
- Share Price
- The share price demonstrated a modest increase from US$47.43 in 2021 to US$48.99 in 2022. A subsequent decrease to US$45.49 was observed in 2023. However, a significant increase occurred in 2024, with the share price reaching US$92.17, and continued to rise to US$109.30 in 2025.
- Sales per Share
- Sales per share increased consistently throughout the period. From US$75.88 in 2021, it rose to US$137.44 in 2022, then to US$163.76 in 2023. This growth continued, reaching US$174.32 in 2024 and US$182.64 in 2025.
The contrasting movements of the share price and sales per share contribute to the observed P/S ratio trend. The initial decline in the P/S ratio from 2021 to 2023 was likely influenced by a combination of a slight decrease in share price in 2023 and a slower rate of increase in sales per share compared to the subsequent period. The increase in the P/S ratio from 2024 onwards is attributable to the substantial increase in share price coupled with continued growth in sales per share.
Price to Book Value (P/BV)
United Airlines Holdings Inc., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Stockholders’ equity (in millions) | ||||||
| Book value per share (BVPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/BV ratio4 | ||||||
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| FedEx Corp. | ||||||
| Uber Technologies Inc. | ||||||
| Union Pacific Corp. | ||||||
| United Parcel Service Inc. | ||||||
| P/BV Ratio, Sector | ||||||
| Transportation | ||||||
| P/BV Ratio, Industry | ||||||
| Industrials | ||||||
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 2025 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of United Airlines Holdings Inc. Annual Report.
4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The price to book value ratio exhibited considerable fluctuation over the five-year period. Initially, the ratio decreased before increasing substantially, then stabilizing. This movement correlates with changes in both share price and book value per share.
- Price to Book Value (P/BV) Trend
- The P/BV ratio began at 3.06 in 2021, indicating that the market valued the company at approximately three times its net asset value. A decline was observed in 2022, with the ratio falling to 2.32. This decrease suggests a diminishing market premium relative to book value. Further contraction occurred in 2023, reaching a low of 1.60, potentially signaling increased investor skepticism or a reassessment of the company’s asset valuation. A significant increase occurred in 2024, with the P/BV ratio rising to 2.38, coinciding with a substantial increase in share price. The ratio then stabilized in 2025 at 2.31, indicating a consistent market valuation relative to book value.
- Share Price and Book Value Per Share Relationship
- The share price demonstrated an initial increase from US$47.43 in 2021 to US$48.99 in 2022, followed by a decrease to US$45.49 in 2023. A dramatic increase to US$92.17 occurred in 2024, continuing to US$109.30 in 2025. This trajectory aligns with the P/BV ratio’s increase in 2024. Simultaneously, book value per share consistently increased throughout the period, moving from US$15.49 in 2021 to US$47.25 in 2025. The increasing book value per share likely contributed to the higher P/BV ratios observed in later years, although the primary driver of the 2024 increase appears to be the share price appreciation.
The observed patterns suggest a dynamic relationship between market perception and the company’s underlying asset value. The substantial increase in both share price and P/BV in 2024 warrants further investigation to determine the underlying factors driving this change.