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).
Historical Valuation Ratios (Summary)
United Airlines Holdings Inc., historical price multiples (quarterly data)
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
The financial ratios indicate a dynamic progression over the observed periods, reflecting shifts in market valuation and operational performance relative to company fundamentals.
- Price to Earnings (P/E) Ratio
- The P/E ratio displays substantial fluctuations starting from the end of 2022. Initially, it drops significantly from a high of 21.74 to single-digit values by early 2023, reaching a low of 4.15 in December 2023. Subsequently, it oscillates moderately between approximately 5.2 and 9.58 throughout 2024 and early 2025. This volatility may suggest changing investor sentiment or variations in earnings performance over time.
- Price to Operating Profit (P/OP) Ratio
- From late 2022, there is a pronounced downward trend in the P/OP ratio, declining from 93.38 to much lower levels by early 2023, with the lowest at 2.59 in June 2023. This sharp decrease is followed by mild fluctuations, maintaining relatively low values through 2024 and mid-2025. The trend indicates improving operating profitability relative to the market price or a substantial increase in operating earnings, reflecting enhanced operational efficiency or market reassessment.
- Price to Sales (P/S) Ratio
- The P/S ratio starts earlier, from March 2020, exhibiting a peak at 1.56 in June 2020 amidst the initial periods, then displaying a steady decline through 2021 to lower values around 0.3 to 0.36. During 2023 and beyond, it remains relatively stable but generally low, fluctuating between 0.23 and 0.53. This indicates the market pricing the stock closer to its sales figures at lower multiples than earlier periods, potentially reflecting either sales stabilization at lower levels or a decreased market premium on sales.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio shows an increasing trend from 0.78 in March 2020 up to a peak of 4.58 in March 2022, indicating rising market valuations relative to book value during this timeframe. After this peak, the ratio declines steadily and fluctuates between 1.34 and 2.41 through 2023 and 2024, with slight increases or decreases, suggesting a normalization or recalibration of market perception towards book value. The lower P/BV ratios in 2023 and onward imply a somewhat more conservative valuation relative to the equity base of the company.
Price to Earnings (P/E)
United Airlines Holdings Inc., historical P/E calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 323,732,094 | 326,600,570 | 327,339,564 | 328,875,900 | 328,833,907 | 328,803,431 | 328,025,881 | 328,014,680 | 327,979,705 | 327,968,872 | 327,092,997 | 326,927,831 | 326,744,698 | 326,730,982 | 324,626,332 | 323,806,517 | 323,612,861 | 323,578,254 | 318,476,280 | 290,990,973 | 290,983,657 | 290,432,163 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net income (loss) (in millions) | 973) | 387) | 985) | 965) | 1,323) | (124) | 600) | 1,137) | 1,075) | (194) | 843) | 942) | 329) | (1,377) | (646) | 473) | (434) | (1,357) | (1,897) | (1,841) | (1,627) | (1,704) | |||||||
| Earnings per share (EPS)2 | 10.22 | 11.21 | 9.62 | 8.40 | 8.93 | 8.18 | 7.98 | 8.72 | 8.13 | 5.85 | 2.25 | -2.30 | -3.74 | -6.07 | -6.05 | -9.93 | -17.09 | -20.77 | -22.20 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 91.22 | 66.99 | 92.17 | 72.02 | 46.39 | 48.74 | 45.49 | 36.24 | 56.57 | 44.89 | 48.99 | 39.10 | 37.44 | 50.85 | 47.43 | 45.95 | 47.95 | 51.03 | 53.31 | 34.25 | 31.67 | 25.26 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/E ratio4 | 8.92 | 5.98 | 9.58 | 8.57 | 5.20 | 5.96 | 5.70 | 4.15 | 6.96 | 7.67 | 21.74 | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||
| FedEx Corp. | 17.09 | 18.13 | 17.21 | 14.83 | 16.32 | 15.09 | 16.11 | 17.14 | 12.45 | 11.20 | 14.80 | 11.50 | 12.86 | 13.14 | 15.07 | 23.08 | 31.59 | 34.80 | 33.43 | — | — | — | |||||||
| Uber Technologies Inc. | — | 14.24 | 16.83 | 34.47 | 67.77 | 99.82 | 89.56 | 97.47 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Union Pacific Corp. | 18.86 | 19.12 | 21.68 | 21.08 | 22.08 | 23.25 | 23.85 | 20.14 | 21.55 | 17.65 | 17.97 | 16.21 | 19.32 | 22.53 | 23.67 | 24.01 | 24.34 | 27.76 | 25.57 | — | — | — | |||||||
| United Parcel Service Inc. | — | 13.59 | 17.05 | 20.17 | 20.11 | 21.14 | 18.89 | 13.92 | 15.41 | 14.01 | 13.27 | 12.72 | 15.37 | 14.93 | 14.11 | 28.39 | 27.60 | 36.12 | 104.33 | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
EPS
= (Net income (loss)Q2 2025
+ Net income (loss)Q1 2025
+ Net income (loss)Q4 2024
+ Net income (loss)Q3 2024)
÷ No. shares of common stock outstanding
= (973,000,000 + 387,000,000 + 985,000,000 + 965,000,000)
÷ 323,732,094 = 10.22
3 Closing price as at the filing date of United Airlines Holdings Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/E ratio = Share price ÷ EPS
= 91.22 ÷ 10.22 = 8.92
5 Click competitor name to see calculations.
The share price of the company exhibited notable fluctuations over the examined period. Initially, there was a steady increase from $25.26 at the end of March 2020 to a peak of $53.31 in December 2020. This was followed by some volatility, with the price dropping to $37.44 in June 2022, then recovering and reaching new highs above $90 by mid-2025, demonstrating significant growth and investor confidence in the longer term.
Earnings per share (EPS) data, which started being available from December 2020, showed a progressive improvement. The EPS was negative through the first half of 2021, indicating losses, but it improved substantially over time, turning positive in December 2022 at $2.25 and continuing upward to reach $11.21 by June 2025. This transition from losses to positive earnings highlights effective operational recovery and profitability enhancement.
The price-to-earnings (P/E) ratio, calculated only once EPS became positive, reflected a decreasing trend initially, from 21.74 in December 2022 to a low of 4.15 in March 2024, suggesting the stock became more attractively priced relative to earnings during that period. Subsequently, the P/E ratio fluctuated moderately between approximately 5.2 and 9.58 through mid-2025, indicating some variability in investor valuation relative to earnings growth.
- Share Price
- Initial steady growth to high in late 2020, followed by volatility and significant growth into mid-2025, peaking above $90.
- Earnings Per Share (EPS)
- Negative EPS persisted through mid-2021, turning positive by late 2022 and displaying consistent growth up to mid-2025, indicating improving profitability.
- Price-to-Earnings (P/E) Ratio
- High initial P/E upon profitability recognition, declining sharply by early 2024, then exhibiting moderate fluctuations, suggesting changing investor perceptions of earnings value.
Price to Operating Profit (P/OP)
United Airlines Holdings Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 323,732,094 | 326,600,570 | 327,339,564 | 328,875,900 | 328,833,907 | 328,803,431 | 328,025,881 | 328,014,680 | 327,979,705 | 327,968,872 | 327,092,997 | 326,927,831 | 326,744,698 | 326,730,982 | 324,626,332 | 323,806,517 | 323,612,861 | 323,578,254 | 318,476,280 | 290,990,973 | 290,983,657 | 290,432,163 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Operating income (loss) (in millions) | 1,325) | 607) | 1,503) | 1,565) | 1,929) | 99) | 998) | 1,739) | 1,517) | (43) | 1,377) | 1,458) | 878) | (1,376) | (408) | 1,037) | (270) | (1,381) | (2,135) | (1,615) | (1,637) | (972) | |||||||
| Operating profit per share2 | 15.44 | 17.16 | 15.57 | 13.96 | 14.49 | 13.24 | 12.84 | 13.99 | 13.14 | 11.19 | 7.14 | 1.69 | 0.40 | -3.11 | -3.15 | -8.49 | -16.69 | -20.92 | -19.97 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 91.22 | 66.99 | 92.17 | 72.02 | 46.39 | 48.74 | 45.49 | 36.24 | 56.57 | 44.89 | 48.99 | 39.10 | 37.44 | 50.85 | 47.43 | 45.95 | 47.95 | 51.03 | 53.31 | 34.25 | 31.67 | 25.26 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/OP ratio4 | 5.91 | 3.90 | 5.92 | 5.16 | 3.20 | 3.68 | 3.54 | 2.59 | 4.31 | 4.01 | 6.86 | 23.16 | 93.38 | — | — | — | — | — | — | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||||||
| FedEx Corp. | 13.48 | 14.24 | 13.40 | 11.83 | 13.19 | 12.10 | 13.03 | 9.62 | 7.38 | 6.66 | 9.07 | 9.66 | 10.90 | 11.82 | 13.46 | 15.42 | 19.66 | 20.51 | 17.79 | — | — | — | |||||||
| Uber Technologies Inc. | — | 45.38 | 59.27 | 56.59 | 67.67 | 89.86 | 152.26 | 325.09 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Union Pacific Corp. | 13.29 | 13.25 | 15.06 | 14.58 | 15.32 | 16.22 | 16.75 | 14.11 | 15.20 | 12.56 | 12.68 | 11.53 | 13.58 | 15.79 | 16.53 | 16.70 | 16.84 | 18.84 | 17.46 | — | — | — | |||||||
| United Parcel Service Inc. | — | 9.34 | 11.64 | 14.25 | 14.32 | 15.25 | 13.86 | 12.08 | 13.27 | 12.19 | 11.70 | 10.32 | 12.38 | 12.08 | 14.20 | 16.72 | 16.10 | 19.92 | 18.23 | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Operating profit per share
= (Operating income (loss)Q2 2025
+ Operating income (loss)Q1 2025
+ Operating income (loss)Q4 2024
+ Operating income (loss)Q3 2024)
÷ No. shares of common stock outstanding
= (1,325,000,000 + 607,000,000 + 1,503,000,000 + 1,565,000,000)
÷ 323,732,094 = 15.44
3 Closing price as at the filing date of United Airlines Holdings Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 91.22 ÷ 15.44 = 5.91
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited significant fluctuations from March 2020 through June 2025. Initially, the price rose from $25.26 in March 2020 to a peak of $53.31 in December 2020. Following this peak, the price experienced a general decline with intermittent rebounds, reaching as low as $36.24 in September 2023. Subsequently, a recovery phase occurred with the price climbing notably to $91.22 by June 2025. This pattern indicates periods of volatility, with a strong price recovery in the later stages of the timeline.
- Operating Profit Per Share (OP per share)
- The operating profit per share started with negative values in the early periods of 2020 and 2021, reflecting operational losses. The lowest point was -20.92 US$ in June 2020, followed by a gradual improvement. From the first positive value of 0.4 US$ in September 2021, the metric showed a consistent upward trend, peaking at 17.16 US$ in June 2025 before slightly decreasing to 15.44 US$ in the following quarter. This clear progression indicates a strong operational recovery and enhanced profitability over time.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio data starts from September 2021, initially presenting a very high value of 93.38, signaling a relatively overvalued share price compared to operating profit at that time. Subsequently, the ratio dropped sharply to 23.16 in the following quarter and reached a low of around 2.59 in June 2023, suggesting improved alignment between share price and operating profitability. After stabilizing in the range of approximately 3 to 6 over the next periods, the ratio recorded another increase to 5.91 by June 2025. This volatility implies that while operational performance improved drastically, the market valuation responded with some delay and fluctuated relative to profitability changes.
- Overall Insights
- The analyzed period reflects a company recovering from significant early losses, likely influenced by external factors affecting the industry in 2020. Gradual and sustained improvement in operating profit per share indicates successful operational adjustments. The share price, while volatile, eventually mirrors this profitability trend, notably in the last two years where substantial price appreciation is observed. The P/OP ratio's fluctuations highlight shifting market perceptions regarding valuation relative to the improving operational results. The data suggest a trajectory of recovery and growth after an initial phase of distress.
Price to Sales (P/S)
United Airlines Holdings Inc., historical P/S calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 323,732,094 | 326,600,570 | 327,339,564 | 328,875,900 | 328,833,907 | 328,803,431 | 328,025,881 | 328,014,680 | 327,979,705 | 327,968,872 | 327,092,997 | 326,927,831 | 326,744,698 | 326,730,982 | 324,626,332 | 323,806,517 | 323,612,861 | 323,578,254 | 318,476,280 | 290,990,973 | 290,983,657 | 290,432,163 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Operating revenue (in millions) | 15,236) | 13,213) | 14,695) | 14,843) | 14,986) | 12,539) | 13,626) | 14,484) | 14,178) | 11,429) | 12,400) | 12,877) | 12,112) | 7,566) | 8,192) | 7,750) | 5,471) | 3,221) | 3,412) | 2,489) | 1,475) | 7,979) | |||||||
| Sales per share2 | 179.12 | 176.78 | 174.32 | 170.26 | 169.19 | 166.75 | 163.76 | 160.03 | 155.14 | 148.85 | 137.44 | 124.64 | 109.01 | 88.69 | 75.88 | 61.31 | 45.09 | 32.75 | 48.21 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 91.22 | 66.99 | 92.17 | 72.02 | 46.39 | 48.74 | 45.49 | 36.24 | 56.57 | 44.89 | 48.99 | 39.10 | 37.44 | 50.85 | 47.43 | 45.95 | 47.95 | 51.03 | 53.31 | 34.25 | 31.67 | 25.26 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/S ratio4 | 0.51 | 0.38 | 0.53 | 0.42 | 0.27 | 0.29 | 0.28 | 0.23 | 0.36 | 0.30 | 0.36 | 0.31 | 0.34 | 0.57 | 0.63 | 0.75 | 1.06 | 1.56 | 1.11 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||
| FedEx Corp. | 0.76 | 0.84 | 0.85 | 0.74 | 0.80 | 0.71 | 0.71 | 0.55 | 0.44 | 0.42 | 0.61 | 0.64 | 0.71 | 0.77 | 0.94 | 0.89 | 1.04 | 0.87 | 0.62 | — | — | — | |||||||
| Uber Technologies Inc. | — | 3.85 | 3.77 | 3.62 | 3.40 | 3.60 | 4.53 | 2.86 | 2.74 | 2.26 | 2.16 | 1.98 | 2.47 | 2.46 | 3.90 | 5.95 | 6.34 | 8.09 | 9.07 | — | — | — | |||||||
| Union Pacific Corp. | 5.36 | 5.31 | 6.03 | 5.76 | 5.94 | 6.17 | 6.31 | 5.31 | 5.86 | 4.93 | 5.05 | 4.69 | 5.65 | 6.77 | 7.08 | 7.01 | 6.96 | 7.50 | 7.00 | — | — | — | |||||||
| United Parcel Service Inc. | — | 0.88 | 1.08 | 1.26 | 1.18 | 1.40 | 1.39 | 1.28 | 1.60 | 1.53 | 1.53 | 1.41 | 1.68 | 1.63 | 1.87 | 1.94 | 1.81 | 2.09 | 1.66 | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Sales per share
= (Operating revenueQ2 2025
+ Operating revenueQ1 2025
+ Operating revenueQ4 2024
+ Operating revenueQ3 2024)
÷ No. shares of common stock outstanding
= (15,236,000,000 + 13,213,000,000 + 14,695,000,000 + 14,843,000,000)
÷ 323,732,094 = 179.12
3 Closing price as at the filing date of United Airlines Holdings Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 91.22 ÷ 179.12 = 0.51
5 Click competitor name to see calculations.
The share price experienced notable fluctuations over the observed periods. It started at $25.26 at the end of March 2020 and showed a significant upward trend reaching a peak of $53.31 in December 2020. Following this, the price exhibited volatility with decreases and subsequent recoveries, marked by a low of $36.24 in September 2023 and a high of $92.17 in June 2025. The general trend indicates considerable growth in share price by the end of the period, despite periodic declines.
Sales per share data commenced in March 2021 and displayed a consistent upward trajectory throughout the reported intervals. Beginning at $48.21, sales per share rose progressively each quarter, reaching $179.12 by June 2025. This steady increase suggests continual growth in revenue generation on a per-share basis, reflecting positively on the company's operational performance.
The price-to-sales (P/S) ratio showed considerable variability over time. Initial values from March 2021 indicated a relatively high P/S ratio of 1.11, which briefly increased to 1.56 in June 2021, implying the market valued the company above its sales at that point. However, the ratio then declined significantly, hitting lows as low as 0.23 in March 2024 before moderately recovering to around 0.51 by June 2025. This pattern suggests shifts in market perceptions of the company's valuation relative to its sales, possibly influenced by share price volatility and sales growth rates.
- Summary of trends:
-
- Share price exhibited strong growth starting mid-2020, with notable volatility including sharp increases and decreases, culminating in a substantial rise by mid-2025.
- Sales per share steadily and consistently increased from early 2021 through mid-2025, indicating improved revenue performance per share.
- The P/S ratio started relatively high but decreased significantly as sales per share growth outpaced share price increases during certain intervals, suggesting the market's valuation became more conservative relative to sales before partially recovering.
Price to Book Value (P/BV)
United Airlines Holdings Inc., historical P/BV calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 323,732,094 | 326,600,570 | 327,339,564 | 328,875,900 | 328,833,907 | 328,803,431 | 328,025,881 | 328,014,680 | 327,979,705 | 327,968,872 | 327,092,997 | 326,927,831 | 326,744,698 | 326,730,982 | 324,626,332 | 323,806,517 | 323,612,861 | 323,578,254 | 318,476,280 | 290,990,973 | 290,983,657 | 290,432,163 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Stockholders’ equity (in millions) | 13,373) | 12,616) | 12,675) | 11,437) | 10,526) | 9,188) | 9,324) | 8,853) | 7,705) | 6,668) | 6,896) | 4,898) | 3,964) | 3,624) | 5,029) | 5,431) | 4,904) | 5,206) | 5,960) | 7,003) | 8,517) | 9,418) | |||||||
| Book value per share (BVPS)2 | 41.31 | 38.63 | 38.72 | 34.78 | 32.01 | 27.94 | 28.42 | 26.99 | 23.49 | 20.33 | 21.08 | 14.98 | 12.13 | 11.09 | 15.49 | 16.77 | 15.15 | 16.09 | 18.71 | 24.07 | 29.27 | 32.43 | |||||||
| Share price1, 3 | 91.22 | 66.99 | 92.17 | 72.02 | 46.39 | 48.74 | 45.49 | 36.24 | 56.57 | 44.89 | 48.99 | 39.10 | 37.44 | 50.85 | 47.43 | 45.95 | 47.95 | 51.03 | 53.31 | 34.25 | 31.67 | 25.26 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/BV ratio4 | 2.21 | 1.73 | 2.38 | 2.07 | 1.45 | 1.74 | 1.60 | 1.34 | 2.41 | 2.21 | 2.32 | 2.61 | 3.09 | 4.58 | 3.06 | 2.74 | 3.16 | 3.17 | 2.85 | 1.42 | 1.08 | 0.78 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||
| FedEx Corp. | 2.51 | 2.70 | 2.70 | 2.47 | 2.61 | 2.37 | 2.45 | 2.07 | 1.72 | 1.60 | 2.27 | 2.41 | 2.53 | 2.75 | 3.26 | 3.18 | 3.68 | 3.19 | 2.35 | 1.32 | 2.28 | 2.49 | |||||||
| Uber Technologies Inc. | — | 7.96 | 7.70 | 10.26 | 11.04 | 12.55 | 15.02 | 10.98 | 11.08 | 10.20 | 9.36 | 9.20 | 9.47 | 5.91 | 4.71 | 6.34 | 5.73 | 6.42 | 8.24 | 8.85 | 6.04 | 5.01 | |||||||
| Union Pacific Corp. | 8.04 | 8.03 | 8.66 | 8.44 | 8.70 | 9.49 | 10.29 | 9.16 | 10.99 | 9.92 | 10.34 | 9.76 | 10.41 | 12.90 | 10.90 | 10.68 | 10.01 | 8.91 | 8.07 | 7.33 | 7.22 | 6.46 | |||||||
| United Parcel Service Inc. | — | 5.08 | 5.90 | 6.78 | 6.20 | 7.41 | 7.32 | 6.21 | 7.71 | 7.54 | 7.75 | 8.39 | 10.31 | 10.42 | 12.76 | 15.21 | 15.53 | 26.13 | 213.26 | 24.66 | 28.64 | 24.78 | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 13,373,000,000 ÷ 323,732,094 = 41.31
3 Closing price as at the filing date of United Airlines Holdings Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 91.22 ÷ 41.31 = 2.21
5 Click competitor name to see calculations.
The share price demonstrates notable fluctuations over the observed periods. It began at $25.26 in March 2020, rising steadily to a peak of $53.31 by December 2020. Following a period of relative volatility and some declines through mid-2022, the share price markedly increased again, reaching a high of $92.17 by June 2025. This pattern indicates a general upward trend with intermittent periods of retracement, suggesting varied market sentiment or external factors impacting valuation.
The book value per share (BVPS) exhibited a contrasting trend with the share price in the early periods, starting at $32.43 in March 2020 and declining consistently until reaching a low of $11.09 by March 2022. Following this trough, BVPS showed a recovery and gradual growth, climbing to $41.31 by June 2025. This recovery implies an improvement in the company’s net asset position or accumulated earnings after the initial steep decline.
The price-to-book value ratio (P/BV) reflects the relationship between market valuation and accounting value. It started below 1 at 0.78 in March 2020, indicating the share price was below book value. The ratio then surged to a peak of 4.58 by March 2022, corresponding to the period where share price increased despite a low BVPS, suggesting heightened market expectations or speculative pricing. After this peak, the ratio declined and fluctuated between approximately 1.3 and 2.4 through to mid-2025, which shows a realignment of market price more in line with fundamental book values but maintaining a premium indicative of growth expectations or perceived intangible assets.
Overall, the data reveals an initial phase marked by declining fundamental book value and rising market prices, possibly reflecting market optimism or external events affecting valuation. This phase was followed by a recovery in book value and stabilization in valuation multiples, coinciding with a strong share price appreciation in later periods, signifying improving financial health and investor confidence.