Question 1

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

Accepted Answer

United Airlines Holdings (UAL) P/E ratio is 11.0× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month earnings (net income), using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/E ratio calculated?

Accepted Answer

P/E = Share Price ÷ Trailing Twelve-Month (TTM) Diluted EPS, or equivalently Market Capitalisation ÷ TTM Net Income. 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/E ratio?

Accepted Answer

The price-to-earnings (P/E) ratio, also called the earnings multiple, measures how much investors pay per dollar of a company's trailing twelve-month (TTM) earnings. It is calculated as share price ÷ TTM diluted EPS (equivalent to market capitalisation ÷ TTM net income). A higher P/E implies the market is pricing in stronger future earnings growth or lower risk; a lower P/E can signal slower expected growth, higher risk, or potential undervaluation.

Question 4

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

Accepted Answer

There is no universal "good" P/E. As a rule of thumb, the S&P 500 has historically averaged a P/E in the mid-to-high teens; mature, slow-growth businesses commonly trade in the 10–18× range, while high-growth or asset-light companies often trade at 25–50×+. What matters is the comparison to sector peers and to the company's own historical range. For United Airlines Holdings specifically, the relevant sector benchmark is the current sector median of 27.8×.

Question 5

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

Accepted Answer

United Airlines Holdings's P/E ratio of 11.0× is above its own 5-year average of 8.3× and below the sector median of 27.8×. That places the current reading at the 81th 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/E ratio range?

Accepted Answer

In the available daily series, United Airlines Holdings (UAL) P/E ratio has ranged from a low of 0.1× in 2006 to a high of 434.5× in 2008. The 5-year average is 8.3× and the 5-year median is 7.5×.

Question 7

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

Accepted Answer

United Airlines Holdings (UAL) P/E ratio at the end of 2025 was 10.9×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month earnings figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (earnings). 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	$3.35B	10.9×	+0.8×	Dec 31, 2025
2024	$31.8B	$3.15B	10.1×	+4.9×	Dec 31, 2024
2023	$13.5B	$2.62B	5.2×	-11.6×	Dec 31, 2023
2022	$12.3B	$737M	16.7×	—	Dec 31, 2022
2021	$14.2B	-$1.96B	—	—	Dec 31, 2021
2020	$13.5B	-$7.07B	—	—	Dec 31, 2020
2019	$22.3B	$3.01B	7.4×	-3.3×	Dec 31, 2019
2018	$22.8B	$2.12B	10.8×	+1.6×	Dec 31, 2018
2017	$19.7B	$2.15B	9.2×	-1.0×	Dec 31, 2017
2016	$23B	$2.26B	10.2×	+7.3×	Dec 31, 2016
2015	$21B	$7.34B	2.9×	-19.4×	Dec 31, 2015
2014	$25.2B	$1.13B	22.2×	-1.7×	Dec 31, 2014
2013	$13.7B	$571M	23.9×	—	Dec 31, 2013
2012	$7.74B	-$723M	—	—	Dec 31, 2012
2011	$6.21B	$840M	7.4×	-23.5×	Dec 31, 2011
2010	$7.81B	$253M	30.9×	—	Dec 31, 2010
2009	$2.16B	-$651M	—	—	Dec 31, 2009
2008	$1.59B	-$5.38B	—	—	Dec 31, 2008
2007	$3.91B	$403M	9.7×	+9.6×	Dec 31, 2007
2006	$4.72B	$45.7B	0.1×	—	Dec 31, 2006
2005	$3.67B	-$21.2B	—	—	Dec 31, 2005
2004	$3.66B	-$1.72B	—	—	Dec 31, 2004
2003	$3.47B	-$2.81B	—	—	Dec 31, 2003
2002	$2.99B	-$3.21B	—	—	Dec 31, 2002


General Dynamics (GD)	21.9×
Pentair (PNR)	21.1×
Lennox International (LII)	20.6×
Copart (CPRT)	20.4×
Union Pacific (UNP)	19.9×
Allegion (ALLE)	19.7×
Alamo Group (ALG)	19.6×
Andersons (ANDE)	19.0×
Carlisle Companies (CSL)	18.8×
Snap-on (SNA)	18.5×
Brady (BRC)	18.5×
Canadian National Railway (CNI)	18.4×
FedEx (FDX)	18.4×
Pool (POOL)	18.1×
McGrath RentCorp (MGRC)	17.5×
Honeywell International (HON)	17.5×
A. O. Smith (AOS)	17.4×
Textron (TXT)	16.6×
Northrop Grumman (NOC)	16.1×
United Parcel Service (UPS)	15.9×
Delta Air Lines (DAL)	15.5×
ABM Industries (ABM)	15.2×
Masco (MAS)	14.6×
Upwork (UPWK)	12.9×
AGCO (AGCO)	10.9×

P/E Ratio for United Airlines Holdings (UAL) 2006-2026

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

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

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

United Airlines Holdings P/E Ratio by Year

United Airlines Holdings P/E Ratio 2025: 10.9×

United Airlines Holdings P/E Ratio 2024: 10.1×

United Airlines Holdings P/E Ratio 2023: 5.2×

United Airlines Holdings P/E Ratio 2022: 16.7×

United Airlines Holdings P/E Ratio 2019: 7.4×

Sector peers by P/E Ratio — chart

Sector peers by P/E Ratio — table

Frequently asked questions

United Airlines Holdings (UAL) Key Financials