United Airlines Holdings, Inc. Financial Ratios — UAL Stock

Profitability	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	64.84	53.7	37.66	36.61	-114.49	-120.53	77.66	102.59
Return on Assets (%)	-3.41	0.87	2.17	-1.91	1.53	3.08	18.95	5.52	5.2	4.64	5.92	-12.61	-3.08	1.09	3.78
Return on Capital (%)	- -	17.24	20.24	- -	- -	- -	- -	17.07	14.87	11.47	12.37	- -	- -	5.1	10.5
Return on Invested Capital (%)	- -	14.56	15.29	- -	- -	- -	- -	14.68	12.37	11.25	11.31	- -	- -	4.21	9.16
Gross Margin (%)	67.34	24.96	22.78	19.9	21.82	23.99	31.46	32.28	28.53	26.81	28.83	-32.76	2.93	23.67	28.29
EBITDA Margin (%)	23.53	11.68	10.67	7.76	9.03	11.55	19.31	19.33	15.59	14.24	15.8	-19.22	8.59	10.97	14.58
Operating Margin (%)	17.92	7.05	6.5	3.67	4.62	7.24	14.5	13.92	10.04	9	10.51	-35.42	-1.49	5.51	9.61
Incremental Operating Margin (%)	-57.19	-18.34	5.58	-2,504.76	36.11	168.33	-258.05	30.86	-105.63	-2.22	42.48	- -	- -	14	30.62
Pretax Margin (%)	-4.11	1.08	2.28	-1.95	1.41	2.9	11.14	10.32	8	6.41	9.05	-57.45	-10.38	2.2	6.31
Profit Margin (%)	-3.99	1.08	2.26	-1.95	1.49	2.91	19.39	6.11	5.67	5.14	6.96	-46.04	-7.97	1.64	4.87
Net Income to Common Margin (%)	-3.99	1.08	2.26	-1.95	1.49	2.91	19.39	6.11	5.67	5.14	6.96	-46.04	-7.97	1.64	4.87
Effective Tax Rate (%)	- -	- -	0.59	- -	- -	- -	- -	40.79	29.11	19.86	23.12	- -	- -	25.56	22.7
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	64.84	53.7	37.66	36.61	-114.49	-120.53	77.66	102.59

Credit	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	8,543	15,133	12,735	13,166	12,409	11,947	11,759	11,705	14,392	19,787	20,450	32,751	39,366	36,433	34,417
ST Debt	971	2,663	1,311	1,934	1,485	1,423	1,359	965	1,693	2,072	2,139	2,705	3,634	3,576	4,766
LT Debt	7,572	12,470	11,424	11,232	10,924	10,524	10,400	10,740	12,699	17,715	18,311	30,046	35,732	32,857	29,651
Total Debt/EBITDA	2.22	5.56	3.22	4.57	3.59	2.66	1.61	1.66	2.44	3.36	2.99	-11.1	18.6	7.39	4.39
Net Debt/EBITDA	1.01	2.12	1.37	2.59	2.41	2.06	1.08	1.22	2	2	1.72	-5.25	7.12	4.87	2.94
Total Debt/EBIT	2.92	9.2	5.28	9.67	7.01	4.24	2.14	2.3	3.79	5.32	4.5	-6.02	-106.97	14.71	6.67
Net Debt/EBIT	1.33	3.51	2.25	5.49	4.7	3.29	1.44	1.69	3.11	3.16	2.59	-2.85	-40.98	9.7	4.46
EBITDA to Interest Expense	6.66	3.48	4.32	3.61	4.71	6.58	11.79	11.74	10.67	9.72	10.58	-2.97	1.34	2.95	4.41
EBITDA-CapEx/Interest Expense	6.11	3.01	3.56	3.61	4.71	6.58	11.79	11.74	10.67	9.72	10.58	-2.97	1.34	2.95	4.41
EBIT to Interest Expense	5.07	2.1	2.63	1.71	2.41	4.12	8.86	8.45	6.87	6.14	7.04	-5.48	-0.23	1.48	2.91
Interest Expense	577	783	917	798	734	683	620	602	552	605	646	992	1,577	1,673	1,774
Common Equity/Total Assets	-31.87	-14.39	-12.79	-14.84	-13.61	-10.6	8.47	8.55	10.75	13.7	18.47	4.42	0.92	1.88	5.39
Long-Term Debt/Equity (%)	- -	722.06	632.56	2,335.14	366.09	439.23	115.99	124.03	145.4	176.41	158.8	504.13	710.52	476.46	318.01
Long-Term Debt/Capital (%)	292.47	132.2	145.07	148.12	147.66	130.44	68.33	70.96	67.03	66.84	60.69	84.92	89.34	87.15	77.51
Long-Term Debt/Total Assets (%)	40.53	31.49	30.07	29.85	29.68	28.76	25.45	26.76	29.99	36.14	34.8	50.46	52.41	48.78	41.7
Total Debt/Equity (%)	-303.91	876.26	705.15	2,737.21	415.85	498.62	131.15	135.18	164.78	197.04	177.35	549.51	782.78	528.32	369.12
Total Debt/Capital (%)	329.97	160.43	161.71	173.63	167.73	148.08	77.26	77.34	75.97	74.65	67.78	92.57	98.43	96.63	89.97
Total Debt/Total Assets (%)	45.72	38.22	33.52	34.99	33.71	32.65	28.78	29.16	33.99	40.36	38.87	55	57.74	54.09	48.4
Net Debt to Equity	-138.06	334.45	301	1,555.51	278.79	386.64	88.01	99.18	134.94	117.02	102.25	259.7	299.86	348.43	246.86
Net Debt/Capital (%)	-856.73	423.46	333.7	265.98	199.11	152.72	64.61	66.29	67.5	47.36	43.02	64.19	69.45	78.69	71.49
EBITDA	3,844	2,724	3,961	2,884	3,458	4,495	7,311	7,066	5,890	5,881	6,835	-2,951	2,117	4,933	7,831
EBITDA-CapEx	3,527	2,353	3,261	2,884	3,458	4,495	7,311	7,066	5,890	5,881	6,835	-2,951	2,117	4,933	7,831
Operating Income (Loss)	2,927	1,645	2,414	1,362	1,769	2,816	5,492	5,089	3,794	3,716	4,547	-5,439	-368	2,477	5,160

Liquidity	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	0.47	0.69	0.68	0.51	0.42	0.35	0.42	0.36	0.3	0.29	0.33	0.92	1.01	0.82	0.65
Current Ratio	0.79	0.95	0.97	0.78	0.72	0.6	0.63	0.59	0.56	0.51	0.55	1.16	1.19	1	0.83
Quick Ratio	0.58	0.81	0.8	0.61	0.55	0.44	0.51	0.46	0.4	0.39	0.42	1.02	1.1	0.91	0.73
CFO/Avg Current Liab	0.14	0.2	0.2	0.08	0.12	0.21	0.48	0.45	0.28	0.46	0.48	-0.3	0.13	0.32	0.33
Common Equity/Total Assets	-31.87	-14.39	-12.79	-14.84	-13.61	-10.6	8.47	8.55	10.75	13.7	18.47	4.42	0.92	1.88	5.39
Long-Term Debt/Equity (%)	- -	722.06	632.56	2,335.14	366.09	439.23	115.99	124.03	145.4	176.41	158.8	504.13	710.52	476.46	318.01
Long-Term Debt/Capital (%)	292.47	132.2	145.07	148.12	147.66	130.44	68.33	70.96	67.03	66.84	60.69	84.92	89.34	87.15	77.51
Long-Term Debt/Total Assets (%)	40.53	31.49	30.07	29.85	29.68	28.76	25.45	26.76	29.99	36.14	34.8	50.46	52.41	48.78	41.7
Total Debt/Equity (%)	-303.91	876.26	705.15	2,737.21	415.85	498.62	131.15	135.18	164.78	197.04	177.35	549.51	782.78	528.32	369.12
Total Debt/Capital (%)	329.97	160.43	161.71	173.63	167.73	148.08	77.26	77.34	75.97	74.65	67.78	92.57	98.43	96.63	89.97
Total Debt/Total Assets (%)	45.72	38.22	33.52	34.99	33.71	32.65	28.78	29.16	33.99	40.36	38.87	55	57.74	54.09	48.4
CFO/Total Liabilities	4.49	5.04	6.66	2.52	4.27	7.7	18.79	17.6	10.34	15.81	16.82	-7.71	3.27	10.03	11.19
CFO/CapEx	3.05	5.14	3.44	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	1.04	0.74	1.42	1.19	1.42	1.76	2.12	2.07	1.8	1.68	1.74	0.22	0.6	1.04	1.25

Working Capital	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	- -	- -	54.65	27.56	26.95	29.37	33.3	31.73	30.03	29.86	31.01	11.55	16.66	25.96	29.04
Days Sales Outstanding	- -	- -	6.68	13.24	13.54	12.43	10.96	11.5	12.15	12.22	11.77	31.6	21.91	14.06	12.57
Inventory Turnover	15.05	37.32	53.02	45.43	43.94	44.36	36.97	30.73	30.06	31.67	29.93	20.34	24.97	32.81	28.85
Days Inventory Outstanding	24.25	9.78	6.88	8.03	8.31	8.23	9.87	11.88	12.14	11.53	12.19	17.94	14.61	11.13	12.65
Accounts Payable Turnover	6.83	13.42	15.15	13.85	13.59	14.9	13.88	12.42	12.48	13.29	12.19	9.42	11.53	11.56	10.78
Accounts Payable Turnover Days	53.47	27.2	24.09	26.36	26.85	24.5	26.3	29.39	29.24	27.47	29.95	38.74	31.66	31.57	33.86
Cash Conversion Cycle	-29.22	-17.42	-10.53	-5.08	-5	-3.84	-5.47	-6.01	-4.94	-3.72	-5.98	10.8	4.87	-6.38	-8.64
Inventory to Cash Days	-24.25	-9.78	-0.21	5.21	5.24	4.2	1.09	-0.37	0.01	0.7	-0.42	13.66	7.3	2.94	-0.08
Inventories	472	466	615	695	667	666	738	873	924	985	1,072	932	983	1,109	1,561
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	472	466	615	695	667	666	738	873	924	985	1,072	932	983	1,109	1,561

Enterprise Value	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	1,946	4,931	6,208	7,739	13,165	24,816	21,545	22,929	19,342	22,600	22,130	13,487	14,176	12,325	13,525
- Cash & Cash Equivalents	3,042	8,069	6,246	4,770	3,220	2,002	3,006	2,179	1,482	1,694	2,762	11,269	18,283	7,166	6,058
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	8,543	15,133	12,735	13,166	12,409	11,947	11,759	11,705	14,392	19,787	20,450	32,751	39,366	36,433	34,417
Enterprise Value	7,447	11,384	11,181	14,362	20,453	32,379	28,108	30,206	29,936	38,437	37,636	34,555	35,136	32,344	33,554
Total Capital	2,589	9,433	7,875	7,583	7,398	8,068	15,220	15,135	18,944	26,505	30,169	35,381	39,995	37,702	38,252
Total Debt/Capital (%)	329.97	160.43	161.71	173.63	167.73	148.08	77.26	77.34	75.97	74.65	67.78	92.57	98.43	96.63	89.97
Total Debt / EV	1.15	1.33	1.14	0.92	0.61	0.37	0.42	0.39	0.48	0.51	0.54	0.95	1.12	1.13	1.03
EV/Sales	0.46	0.49	0.3	0.39	0.53	0.83	0.74	0.83	0.79	0.93	0.87	2.25	1.43	0.72	0.62
EV/EBITDA	1.94	4.18	2.82	4.98	5.91	7.2	3.84	4.27	5.08	6.54	5.51	- -	16.6	6.56	4.28
EV/EBIT	2.54	6.92	4.63	10.54	11.56	11.5	5.12	5.94	7.89	10.34	8.28	- -	- -	13.06	6.5
EV/Cash Flow to Firm	4.87	4.23	3.37	8.29	9.21	9.75	3.98	5.12	7.74	5.78	5.08	- -	10.72	4.42	4.05
EV/Free Cash Flow to Firm	4.04	3.72	2.78	8.29	9.21	9.75	3.98	5.12	7.74	5.78	5.08	- -	10.72	4.42	4.05
Diluted Market Cap	1,946	6,026	7,227	7,739	14,754	26,087	21,602	24,050	20,463	23,168	22,895	13,487	14,176	12,445	13,694
Diluted Enterprise Value	7,447	13,090	13,716	16,135	23,943	36,032	30,355	33,576	33,373	41,261	40,583	34,969	35,259	41,712	42,053
EV per Share	49.41	54.99	33.99	43.39	58.77	87.28	74.75	96.01	104.32	142.4	149.81	110.81	108.51	98.93	102.36
TTM Sales	16,335	23,325	37,110	37,152	38,279	38,901	37,864	36,558	37,784	41,303	43,259	15,355	24,634	44,955	53,717
TTM EBITDA	3,844	2,724	3,961	2,884	3,458	4,495	7,311	7,066	5,890	5,881	6,835	-2,951	2,117	4,933	7,831
TTM Operating Income	2,927	1,645	2,414	1,362	1,769	2,816	5,492	5,089	3,794	3,716	4,547	-5,439	-368	2,477	5,160
TTM Cash Flow to Firm	1,528	2,690	3,320	1,732	2,222	3,319	7,071	5,898	3,865	6,649	7,406	-3,338	3,278	7,311	8,282
TTM Free Cash Flow to Firm	1,845	3,061	4,020	1,732	2,222	3,319	7,071	5,898	3,865	6,649	7,406	-3,338	3,278	7,311	8,282

Multiples		2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings		- -	19.49	7.39	- -	23.06	21.92	2.94	10.26	9.03	10.65	7.35	- -	- -	16.72	5.17
Price/Earnings Average

United Airlines Holdings, Inc.

Profitability

Credit

Liquidity

Working Capital

Enterprise Value

Multiples