Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
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: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
United Airlines Holdings Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
An analysis of the valuation ratios reveals a distinct cyclical pattern characterized by a significant contraction across all metrics peaking in the third quarter of 2023, followed by a consistent recovery and expansion phase through the second quarter of 2026.
- Price to Earnings (P/E) Ratio
- A sharp decline is observed from a high of 21.74 in December 2022 to a low of 4.15 by September 2023. Subsequently, a steady upward trajectory is evident, with the ratio climbing to 11.03 by June 2026. This suggests a period of significant earnings growth or a market revaluation of the company's earnings potential over the observed period.
- Price to Operating Profit (P/OP) Ratio
- This metric exhibits the most extreme volatility, starting at 93.38 in June 2022 before plummeting to 2.59 in September 2023. Following this trough, the ratio demonstrates a gradual recovery, ending the period at 7.91 in June 2026. The drastic reduction in the early stages indicates a substantial improvement in operating profitability relative to the share price.
- Price to Sales (P/S) Ratio
- The P/S ratio followed a U-shaped trend, decreasing from 0.57 in March 2022 to a minimum of 0.23 in September 2023. From that point, the ratio entered a period of sustained growth, reaching 0.61 by June 2026. This movement reflects a transition from lower revenue valuation multiples back to levels slightly exceeding the initial 2022 figures.
- Price to Book Value (P/BV) Ratio
- A consistent downward trend is noted from March 2022, where the ratio stood at 4.58, falling to a low of 1.34 in September 2023. The subsequent recovery saw the ratio stabilize and eventually rise to 2.31 by June 2026. This indicates a correction in the premium paid over the company's book value, followed by a moderate return of investor confidence in the asset base.
Across all four valuation metrics, September 2023 serves as a critical inflection point. The synchronized bottoming out of the P/E, P/OP, P/S, and P/BV ratios suggests a uniform shift in market sentiment or a fundamental realignment of company valuation. The subsequent trend through 2024, 2025, and into 2026 indicates a period of strengthening valuation multiples across the board.
Price to Earnings (P/E)
United Airlines Holdings Inc., historical P/E calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
EPS
= (Net income (loss)Q2 2026
+ Net income (loss)Q1 2026
+ Net income (loss)Q4 2025
+ Net income (loss)Q3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of United Airlines Holdings Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The valuation trajectory exhibits a clear transition from a period of negative earnings to sustained profitability and subsequent multiple expansion. Initially, the absence of a price-to-earnings ratio reflects negative earnings per share throughout the first three quarters of 2022. The return to profitability in December 2022 marked a pivotal shift, characterized by an initial high valuation multiple that rapidly contracted as earnings growth accelerated.
- Earnings Transition and P/E Compression
- Upon the return to positive earnings in December 2022, the price-to-earnings ratio peaked at 21.74. A significant compression occurred through September 2023, with the ratio declining to 4.15. This trend was driven by earnings per share growing more rapidly than the share price, indicating that the scale of profitability growth outpaced the market's immediate price adjustments.
- Valuation Stabilization
- Between December 2023 and June 2024, the price-to-earnings ratio remained relatively stable, fluctuating within a narrow range between 5.20 and 5.98. During this interval, earnings per share maintained a consistent level around 8.00, suggesting a period of equilibrium where share price movements were closely aligned with earnings performance.
- Multiple Expansion and Growth Phase
- A distinct upward trend in valuation is observed from September 2024 through June 2026. The price-to-earnings ratio climbed from 8.57 to 11.03. This expansion occurred alongside a substantial increase in share price, which rose from 72.02 in September 2024 to 118.81 by June 2026. The simultaneous increase in both earnings per share and the P/E multiple suggests a re-rating of the equity, reflecting increased market confidence in the earnings trajectory.
Price to Operating Profit (P/OP)
United Airlines Holdings Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Operating profit per share
= (Operating income (loss)Q2 2026
+ Operating income (loss)Q1 2026
+ Operating income (loss)Q4 2025
+ Operating income (loss)Q3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of United Airlines Holdings Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The financial data reflects a transition from operational losses to sustained profitability, accompanied by a general appreciation in share price over the analyzed period. Operating profit per share shifted from a negative value of -3.11 in early 2022 to a stable range between 13.00 and 17.00 by 2024 and 2025.
- Operating Profitability Trends
- A significant recovery is noted starting in mid-2022. Profitability grew aggressively through 2023, peaking at 17.16 per share in March 2025 before stabilizing around 15.00 per share by mid-2026.
- Price to Operating Profit (P/OP) Volatility
- The P/OP ratio experienced extreme volatility during the initial recovery phase. In June 2022, the ratio reached 93.38, which was a function of a very low profit base. This figure compressed rapidly as operating profits normalized, reaching a trough of 2.59 in September 2023.
- Valuation Multiples Expansion
- Following the stabilization of operating profits, a gradual expansion in the valuation multiple is observable. From December 2023 through June 2026, the P/OP ratio generally trended upward from 3.54 to 7.91. This indicates that share price growth began to outpace the growth of operating profits during the latter half of the period.
- Correlation Between Price and Profitability
- While the share price fluctuated significantly between 2022 and 2023, a more consistent positive correlation emerged from 2024 onward. The increase in share price from 48.74 in March 2024 to 118.81 in June 2026 occurred alongside a sustained level of operating profit per share, resulting in the aforementioned increase in the P/OP ratio.
Price to Sales (P/S)
United Airlines Holdings Inc., historical P/S calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Sales per share
= (Operating revenueQ2 2026
+ Operating revenueQ1 2026
+ Operating revenueQ4 2025
+ Operating revenueQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of United Airlines Holdings Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The valuation metrics for the period between March 31, 2022, and June 30, 2026, reveal a divergence between steady operational growth and volatile market pricing. While revenue generation per share followed a consistent upward trajectory, the price-to-sales (P/S) ratio experienced a significant U-shaped trend, reflecting shifting market sentiment and valuation premiums over the analyzed timeframe.
- Share Price Trends
- The share price exhibited substantial volatility during the first two years, fluctuating between a low of 36.24 in September 2023 and a peak of 56.57 in June 2023. A decisive bullish trend emerged in the second half of 2024, with the price ascending from 72.02 in September 2024 to a period high of 118.81 by June 30, 2026. This represents a significant increase in market valuation toward the end of the period.
- Sales per Share Performance
- A consistent and linear increase in sales per share is observed throughout the entire duration. Starting at 88.69 in March 2022, the figure grew steadily every quarter, reaching 193.79 by June 30, 2026. This indicates a sustained improvement in top-line revenue efficiency and organic growth, independent of stock price fluctuations.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio began at 0.57 and entered a period of compression, reaching a nadir of 0.23 in September 2023. This decline occurred despite rising sales per share, suggesting that the market was discounting the stock relative to its revenue generation. Following this trough, the ratio expanded steadily, climbing to 0.61 by June 30, 2026. This expansion indicates that the share price grew at a faster rate than sales per share during the latter half of the period, resulting in a higher valuation multiple.
Overall, the data indicates that while the company maintained a disciplined increase in revenue per share, the market valuation transitioned from a period of undervaluation or skepticism (2022-2023) to a period of increased optimism and higher valuation multiples (2024-2026).
Price to Book Value (P/BV)
United Airlines Holdings Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of United Airlines Holdings Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The valuation metrics from March 31, 2022, through June 30, 2026, indicate a period of significant fundamental growth in book value accompanied by fluctuating market sentiment as reflected in the share price and the resulting Price to Book Value (P/BV) ratio.
- Book Value per Share (BVPS) Growth
- A consistent and strong upward trajectory is observed in the Book Value per Share. Starting at 11.09 USD in March 2022, the BVPS increased steadily to reach 51.44 USD by June 2026. This sustained growth suggests a consistent accumulation of net assets or a reduction in outstanding shares, strengthening the company's equity base over the analyzed period.
- Share Price Volatility and Expansion
- The share price exhibited significant volatility between 2022 and 2023, reaching a low of 36.24 USD in September 2023. However, a strong recovery phase began in late 2024, with the price climbing from 72.02 USD in September 2024 to a peak of 118.81 USD by June 2026. This represents a substantial increase in market valuation over the latter half of the period.
- Price to Book Value (P/BV) Ratio Dynamics
- The P/BV ratio experienced a sharp contraction in the initial phase, dropping from a high of 4.58 in March 2022 to a low of 1.34 in September 2023. This decline was driven by the BVPS growing at a faster rate than the share price during that interval. Following this trough, the ratio stabilized, fluctuating primarily between 1.45 and 2.38. By June 2026, the ratio settled at 2.31, indicating that the market valuation has returned to a more balanced alignment with the underlying book value.
Overall, the data demonstrates a transition from a high-premium valuation in early 2022 to a more grounded valuation based on tangible asset growth. The simultaneous rise in both BVPS and share price from 2024 onwards suggests a period of synchronized fundamental and market growth.