Question 1

What is United Airlines Holdings's P/FCF ratio?

Accepted Answer

United Airlines Holdings (UAL) P/FCF ratio is 15.1× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for United Airlines Holdings?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For United Airlines Holdings specifically, the relevant sector benchmark is the current sector median of 24.3×.

Question 5

Is United Airlines Holdings's P/FCF ratio high or low?

Accepted Answer

United Airlines Holdings's P/FCF ratio of 15.1× is above its own 5-year average of 13.4× and below the sector median of 24.3×. That places the current reading at the 88th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is United Airlines Holdings's historical P/FCF ratio range?

Accepted Answer

In the available daily series, United Airlines Holdings (UAL) P/FCF ratio has ranged from a low of 2.3× in 2004 to a high of 120.6× in 2025. The 5-year average is 13.4× and the 5-year median is 9.8×.

Question 7

What was United Airlines Holdings's P/FCF ratio in 2025?

Accepted Answer

United Airlines Holdings (UAL) P/FCF ratio at the end of 2025 was 14.3×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does United Airlines Holdings's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$36.6B	$2.56B	14.3×	+6.0×	Dec 31, 2025
2024	$31.8B	$3.83B	8.3×	—	Dec 31, 2024
2023	$13.5B	-$260M	—	—	Dec 31, 2023
2022	$12.3B	$1.25B	9.9×	—	Dec 31, 2022
2021	$14.2B	-$40M	—	—	Dec 31, 2021
2020	$13.5B	-$5.86B	—	—	Dec 31, 2020
2019	$22.3B	$2.38B	9.4×	-1.7×	Dec 31, 2019
2018	$22.8B	$2.06B	11.1×	—	Dec 31, 2018
2017	$19.7B	-$585M	—	—	Dec 31, 2017
2016	$23B	$2.32B	9.9×	+3.5×	Dec 31, 2016
2015	$21B	$3.25B	6.5×	-33.5×	Dec 31, 2015
2014	$25.2B	$629M	40.0×	—	Dec 31, 2014
2013	$13.7B	-$720M	—	—	Dec 31, 2013
2012	$7.74B	-$1.08B	—	—	Dec 31, 2012
2011	$6.21B	$1.59B	3.9×	-1.2×	Dec 31, 2011
2010	$7.81B	$1.54B	5.1×	+1.8×	Dec 31, 2010
2009	$2.16B	$649M	3.3×	—	Dec 31, 2009
2008	$1.59B	-$1.71B	—	—	Dec 31, 2008
2007	$3.91B	$1.48B	2.6×	-1.2×	Dec 31, 2007
2006	$4.72B	$1.22B	3.9×	-2.2×	Dec 31, 2006
2005	$3.67B	$609M	6.0×	—	Dec 31, 2005
2004	$3.66B	-$168M	—	—	Dec 31, 2004
2003	$3.47B	$965M	3.6×	—	Dec 31, 2003
2002	$2.99B	-$1.17B	—	—	Dec 31, 2002


Pentair (PNR)	19.8×
Thomson Reuters (TRI)	18.8×
PACCAR (PCAR)	18.6×
United Parcel Service (UPS)	18.5×
Gorman-Rupp (GRC)	18.5×
Alamo Group (ALG)	18.0×
Allegion (ALLE)	17.8×
Snap-on (SNA)	17.6×
Honeywell International (HON)	17.4×
Equifax (EFX)	17.0×
Norfolk Southern (NSC)	16.9×
FedEx (FDX)	15.9×
AGCO (AGCO)	15.4×
General Dynamics (GD)	15.3×
Carlisle Companies (CSL)	14.7×
Amentum Holdings (AMTM)	14.7×
Stanley Black & Decker (SWK)	14.4×
A. O. Smith (AOS)	14.2×
Huntington Ingalls Industries (HII)	14.1×
McGrath RentCorp (MGRC)	13.9×
Masco (MAS)	13.0×
Pool (POOL)	12.2×
Delta Air Lines (DAL)	10.1×
ABM Industries (ABM)	7.2×
Upwork (UPWK)	6.3×

P/FCF Ratio for United Airlines Holdings (UAL) 2003-2026

P/FCF Ratio daily chart for United Airlines Holdings (UAL)

Historical P/FCF Ratio for United Airlines Holdings (UAL) from 2002 to 2025

About P/FCF Ratio at United Airlines Holdings (UAL)

United Airlines Holdings P/FCF Ratio by Year

United Airlines Holdings P/FCF Ratio 2025: 14.3×

United Airlines Holdings P/FCF Ratio 2024: 8.3×

United Airlines Holdings P/FCF Ratio 2022: 9.9×

United Airlines Holdings P/FCF Ratio 2019: 9.4×

United Airlines Holdings P/FCF Ratio 2018: 11.1×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

United Airlines Holdings (UAL) Key Financials