United Airlines Holdings
Financial ratios & Valuation

Forward Multiples (2025 – 2027)

202520262027
Price/Earnings ratio
8.738.396.75
Price/Sales ratio
0.540.520.49
Earnings per Share (EPS)
$11.69$12.16$15.11

Historical Multiples (2014 – 2023)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
21.922.9310.139.0710.617.57-1.70-7.1716.695.2219.4710.61
Price/Sales ratio
0.630.560.620.510.540.520.780.570.270.250.310.52
Price/Book Value ratio
10.352.402.642.192.261.972.022.801.781.462.081.97
Price/Cash Flow ratio
9.423.594.135.563.663.29-2.926.812.021.982.363.29
Price/Free Cash Flow ratio
39.456.639.88-48.8410.799.57-2.06-352.319.86-52.6511.5010.79
Price/Earnings Growth ratio
0.250.00-0.162.711.710.150.000.09-0.120.020.140.15
Dividend Yield
N/AN/AN/A9.53%5.46%N/A2.92%N/AN/AN/AN/AN/A
Profitability Indicator Ratios
Gross Profit Margin
23.98%31.46%32.00%28.30%26.96%28.83%-32.75%2.92%23.66%28.29%39.97%26.96%
Operating Profit Margin
6.10%13.64%11.86%9.26%7.97%5.46%-41.41%-1.49%0.72%7.83%2.13%5.46%
Pretax Profit Margin
2.89%11.14%10.44%7.94%6.43%9.04%-57.45%-10.38%2.20%6.30%2.20%9.04%
Net Profit Margin
2.91%19.38%6.19%5.64%5.15%6.95%-46.03%-7.97%1.63%4.87%1.63%6.95%
Effective Tax Rate
-0.35%-73.97%40.74%28.94%19.90%23.12%19.87%23.19%25.55%22.70%25.55%19.90%
Return on Assets
3.03%17.96%5.63%5.03%4.75%5.71%-11.87%-2.88%1.09%3.68%1.09%5.71%
Return On Equity
47.24%81.86%26.13%24.19%21.30%26.09%-118.60%-39.05%10.68%28.07%15.21%26.09%
Return on Capital Employed
9.55%18.16%15.57%11.79%10.42%6.27%-13.58%-0.73%0.69%8.61%2.02%6.27%
Liquidity Ratios
Current Ratio
0.650.630.590.560.540.541.16N/AN/AN/A1.000.54
Quick Ratio
0.590.570.520.480.470.471.081.130.940.760.910.47
Cash ratio
0.160.240.170.110.120.180.880.990.350.270.350.12
Days of Sales Outstanding
10.7510.8711.7412.9612.6011.5030.7824.6414.6212.8914.6212.60
Days of Inventory outstanding
8.2210.3712.8112.4611.9112.7016.6815.0011.7914.79N/A12.70
Operating Cycle
18.9721.2524.5625.4224.5224.2147.4739.6426.4127.683.6024.21
Days of Payables Outstanding
23.2326.2831.4129.6228.5932.0428.5539.1036.1136.3445.9228.59
Cash Conversion Cycle
-4.25-5.03-6.84-4.19-4.07-7.8218.910.53-9.69-8.65-31.29-7.82
Debt Ratios
Debt Ratio
0.300.260.260.310.300.380.460.510.470.400.890.30
Debt Equity Ratio
4.771.211.241.521.341.774.626.974.643.118.761.34
Long-term Debt to Capitalization
0.800.510.530.570.540.610.800.860.800.720.820.54
Total Debt to Capitalization
0.820.540.550.600.570.630.820.870.820.750.840.57
Interest Coverage Ratio
4.128.859.186.575.737.03-5.48N/AN/AN/A0.547.03
Cash Flow to Debt Ratio
0.230.540.510.250.450.33-0.150.050.180.230.160.33
Company Equity Multiplier
15.584.554.634.804.474.569.9913.559.767.629.764.47
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.060.150.150.090.140.15-0.260.080.130.120.130.15
Free Cash Flow / Operating Cash Flow Ratio
0.230.540.41-0.110.330.341.41-0.010.20-0.030.200.34
Cash Flow Coverage Ratio
0.230.540.510.250.450.33-0.150.050.180.230.160.33
Short Term Coverage Ratio
2.004.896.522.055.013.23-1.520.532.061.721.743.23
Dividend Payout Ratio
N/AN/AN/A86.53%58.00%N/A-4.99%N/AN/AN/AN/AN/A