Question 1

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

Accepted Answer

United Airlines Holdings (UAL) P/B ratio is 2.2× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. 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/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

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

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For United Airlines Holdings specifically, the relevant sector benchmark is the current sector median of 5.0×.

Question 5

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

Accepted Answer

United Airlines Holdings's P/B ratio of 2.2× is below its own 5-year average of 2.3× and below the sector median of 5.0×. That places the current reading at the 39th 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/B ratio range?

Accepted Answer

In the available daily series, United Airlines Holdings (UAL) P/B ratio has ranged from a low of 0.6× in 2001 to a high of 109.4× in 2013. The 5-year average is 2.3× and the 5-year median is 2.2×.

Question 7

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

Accepted Answer

United Airlines Holdings (UAL) P/B ratio at the end of 2025 was 2.4×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). 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	$36.57B	$15.28B	2.4×	-0.1×	Dec 31, 2025
2024	$31.84B	$12.68B	2.5×	+1.1×	Dec 31, 2024
2023	$13.53B	$9.32B	1.5×	-0.3×	Dec 31, 2023
2022	$12.33B	$6.90B	1.8×	-1.0×	Dec 31, 2022
2021	$14.18B	$5.03B	2.8×	+0.6×	Dec 31, 2021
2020	$13.49B	$5.96B	2.3×	+0.3×	Dec 31, 2020
2019	$22.32B	$11.53B	1.9×	-0.3×	Dec 31, 2019
2018	$22.83B	$10.04B	2.3×	+0.0×	Dec 31, 2018
2017	$19.67B	$8.81B	2.2×	-0.4×	Dec 31, 2017
2016	$23.03B	$8.66B	2.7×	+0.3×	Dec 31, 2016
2015	$21.03B	$8.97B	2.3×	-8.2×	Dec 31, 2015
2014	$25.15B	$2.40B	10.5×	+5.9×	Dec 31, 2014
2013	$13.66B	$2.98B	4.6×	-11.5×	Dec 31, 2013
2012	$7.74B	$481.00M	16.1×	+12.7×	Dec 31, 2012
2011	$6.21B	$1.81B	3.4×	-1.1×	Dec 31, 2011
2010	$7.81B	$1.73B	4.5×	+2.8×	Dec 31, 2010
2009	$2.16B	$1.23B	1.8×	—	Dec 31, 2009
2008	$1.59B	−$2.32B	—	—	Dec 31, 2008
2007	$3.91B	$2.42B	1.6×	-0.6×	Dec 31, 2007
2006	$4.72B	$2.15B	2.2×	—	Dec 31, 2006
2005	$3.67B	−$25.56B	—	—	Dec 31, 2005
2004	$3.66B	−$7.68B	—	—	Dec 31, 2004
2003	$3.47B	−$5.92B	—	—	Dec 31, 2003
2002	$2.99B	−$2.48B	—	—	Dec 31, 2002
2001	$1.68B	$3.03B	0.6×	—	Dec 31, 2001


Ingersoll Rand (IR)	3.1×
PACCAR (PCAR)	3.1×
Franklin Electric Co. (FELE)	3.0×
Huntington Ingalls Industries (HII)	2.9×
Brady (BRC)	2.9×
Fortive (FTV)	2.9×
Southwest Airlines (LUV)	2.7×
Xylem (XYL)	2.6×
FedEx (FDX)	2.5×
Axon Enterprise (TASR)	2.4×
Builders FirstSource (BLDR)	2.3×
McGrath RentCorp (MGRC)	2.2×
Tennant (TNC)	2.2×
Delta Air Lines (DAL)	2.1×
AGCO (AGCO)	2.0×
Textron (TXT)	1.9×
Archer Aviation (ACHR)	1.9×
Alamo Group (ALG)	1.7×
Matthews International (MATW)	1.6×
MDU Resources Group (MDU)	1.5×
Amentum Holdings (AMTM)	1.4×
ABM Industries (ABM)	1.4×
Stanley Black & Decker (SWK)	1.2×
Alaska Air Group (ALK)	1.1×
Versant Media Group, Inc. Class A (VSNT)	0.7×

P/B Ratio for United Airlines Holdings (UAL)

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

Historical P/B Ratio for United Airlines Holdings (UAL) from 2001 to 2025

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

United Airlines Holdings P/B Ratio by Year

United Airlines Holdings P/B Ratio 2025: 2.4×

United Airlines Holdings P/B Ratio 2024: 2.5×

United Airlines Holdings P/B Ratio 2023: 1.5×

United Airlines Holdings P/B Ratio 2022: 1.8×

United Airlines Holdings P/B Ratio 2021: 2.8×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

United Airlines Holdings (UAL) Key Financials

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

Historical P/B Ratio for United Airlines Holdings (UAL) from 2001 to 2025

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

United Airlines Holdings P/B Ratio by Year

United Airlines Holdings P/B Ratio 2025: 2.4×

United Airlines Holdings P/B Ratio 2024: 2.5×

United Airlines Holdings P/B Ratio 2023: 1.5×

United Airlines Holdings P/B Ratio 2022: 1.8×

United Airlines Holdings P/B Ratio 2021: 2.8×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

+What is United Airlines Holdings's P/B ratio?

+How is the P/B ratio calculated?

+What is the P/B ratio?

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

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

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

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

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

United Airlines Holdings (UAL) Key Financials