EV/EBITDA for United Airlines Holdings (UAL)

United Airlines Holdings (UAL) EV/EBITDA ratio is 6.1× as of June 5, 2026. The 5-year average is 8.1×. The sector median currently stands at 16.2×. The current ratio is at the 49th percentile of its own 10-year history.

United Airlines Holdings (UAL) historical EV/EBITDA ratio has ranged from a low of 2.1× (2004) to a high of 178.2× (2004) in the available daily series.

The EV/EBITDA ratio (the enterprise multiple) compares enterprise value (EV) to trailing twelve-month (TTM) EBITDA. EV is calculated as market capitalisation + total debt − cash & short-term investments. Because EV/EBITDA is capital-structure-neutral and ignores non-cash depreciation and amortisation, it is the standard multiple used in M&A and for cross-company or cross-border comparisons. Note: this calculation uses a simplified EV (minority interest and preferred equity excluded due to data availability), consistent with most public financial-data providers.