United Airlines Holdings, Inc. Financial Ratios — UAL Stock

Profitability (USD)

	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	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	- -	- -	- -	64.84	53.7	37.66	36.61	-114.49	-120.53	77.66	102.59	58.76	39.49
Return on Assets (%)	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	4.34	4.45
Return on Capital (%)	20.24	- -	- -	- -	- -	17.07	14.87	11.47	12.37	- -	- -	5.1	10.19	10.38	10.44
Return on Invested Capital (%)	15.29	- -	- -	- -	- -	14.68	12.37	11.25	11.31	- -	- -	4.21	8.93	8.52	8.36
Gross Margin (%)	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	28.9	28.78
EBITDA Margin (%)	10.67	7.76	9.03	11.55	19.31	19.33	15.59	14.24	15.8	-42.25	-7.73	10.97	14.58	14.26	13.39
Operating Margin (%)	6.5	3.67	4.62	7.24	14.5	13.92	10.04	9	10.51	-58.45	-17.82	5.51	9.61	9.13	8.42
Incremental Operating Margin (%)	5.58	-2,504.76	36.11	168.33	-258.05	30.86	-105.63	-2.22	42.48	- -	- -	33.79	30.62	1.43	-11.76
Pretax Margin (%)	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	7.3	7.29
Profit Margin (%)	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	5.52	5.68
Net Income to Common Margin (%)	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	5.52	5.68
Effective Tax Rate (%)	0.59	- -	- -	- -	- -	40.79	29.11	19.86	23.12	- -	- -	25.56	22.7	24.45	22.13
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	64.84	53.7	37.66	36.61	-114.49	-120.53	77.66	102.59	58.76	39.49

Credit (USD)

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	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	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	12,735	13,166	12,409	11,947	11,759	11,705	14,392	19,787	20,450	32,751	39,366	36,433	36,739	33,633	31,036
ST Debt	1,311	1,934	1,485	1,423	1,359	965	1,693	2,072	2,139	2,705	3,634	3,576	4,823	3,920	5,057
LT Debt	11,424	11,232	10,924	10,524	10,400	10,740	12,699	17,715	18,311	30,046	35,732	32,857	31,916	29,713	25,979
Total Debt/EBITDA	3.22	4.57	3.59	2.66	1.61	1.66	2.44	3.36	2.99	-5.05	-20.68	7.39	4.69	4.13	3.92
Net Debt/EBITDA	1.37	2.59	2.41	2.06	1.08	1.22	2	2	1.72	-2.39	-7.92	4.87	3.27	2.44	2.41
Total Debt/EBIT	5.28	9.67	7.01	4.24	2.14	2.3	3.79	5.32	4.5	-3.65	-8.97	14.71	7.12	6.46	6.24
Net Debt/EBIT	2.25	5.49	4.7	3.29	1.44	1.69	3.11	3.16	2.59	-1.72	-3.44	9.7	4.96	3.82	3.83
EBITDA to Interest Expense	4.32	3.61	4.71	6.58	11.79	11.74	10.67	9.72	10.58	-6.54	-1.21	2.95	4.41	5.8	6.78
EBITDA-CapEx/Interest Expense	3.56	3.61	4.71	6.58	11.79	11.74	10.67	9.72	10.58	-6.54	-1.21	2.95	4.41	5.8	6.78
EBIT to Interest Expense	2.63	1.71	2.41	4.12	8.86	8.45	6.87	6.14	7.04	-9.05	-2.78	1.48	2.91	3.71	4.26
Interest Expense	917	798	734	683	620	602	552	605	646	992	1,577	1,673	1,774	1,402	1,167
Common Equity/Total Assets	-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	9.29	13.21
Long-Term Debt/Equity (%)	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	342.3	234.42	170
Long-Term Debt/Capital (%)	145.07	148.12	147.66	130.44	68.33	70.96	67.03	66.84	60.69	84.92	89.34	87.15	78.66	73.33	63.16
Long-Term Debt/Total Assets (%)	30.07	29.85	29.68	28.76	25.45	26.76	29.99	36.14	34.8	50.46	52.41	48.78	44.89	40.11	33.98
Total Debt/Equity (%)	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	394.03	265.35	203.09
Total Debt/Capital (%)	161.71	173.63	167.73	148.08	77.26	77.34	75.97	74.65	67.78	92.57	98.43	96.63	90.55	83.01	75.45
Total Debt/Total Assets (%)	33.52	34.99	33.71	32.65	28.78	29.16	33.99	40.36	38.87	55	57.74	54.09	51.67	45.4	40.6
Net Debt to Equity	301	1,555.51	278.79	386.64	88.01	99.18	134.94	117.02	102.25	259.7	299.86	348.43	274.58	156.9	124.63
Net Debt/Capital (%)	333.7	265.98	199.11	152.72	64.61	66.29	67.5	47.36	43.02	64.19	69.45	78.69	74.17	62.64	54.12
EBITDA	3,961	2,884	3,458	4,495	7,311	7,066	5,890	5,881	6,835	-6,487	-1,904	4,933	7,831	8,136	7,911
EBITDA-CapEx	3,261	2,884	3,458	4,495	7,311	7,066	5,890	5,881	6,835	-6,487	-1,904	4,933	7,831	8,136	7,911
Operating Income (Loss)	2,414	1,362	1,769	2,816	5,492	5,089	3,794	3,716	4,547	-8,975	-4,389	2,477	5,160	5,208	4,972

Liquidity (USD)

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	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	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	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	0.62	0.47
Current Ratio	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	0.81	0.65
Quick Ratio	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	0.71	0.56
CFO/Avg Current Liab	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	0.42	0.34
Common Equity/Total Assets	-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	9.29	13.21
Long-Term Debt/Equity (%)	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	342.3	234.42	170
Long-Term Debt/Capital (%)	145.07	148.12	147.66	130.44	68.33	70.96	67.03	66.84	60.69	84.92	89.34	87.15	78.66	73.33	63.16
Long-Term Debt/Total Assets (%)	30.07	29.85	29.68	28.76	25.45	26.76	29.99	36.14	34.8	50.46	52.41	48.78	44.89	40.11	33.98
Total Debt/Equity (%)	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	394.03	265.35	203.09
Total Debt/Capital (%)	161.71	173.63	167.73	148.08	77.26	77.34	75.97	74.65	67.78	92.57	98.43	96.63	90.55	83.01	75.45
Total Debt/Total Assets (%)	33.52	34.99	33.71	32.65	28.78	29.16	33.99	40.36	38.87	55	57.74	54.09	51.67	45.4	40.6
CFO/Total Liabilities	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	15.38	13.78
CFO/CapEx	3.44	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	1.42	1.19	1.42	1.76	2.12	2.07	1.8	1.68	1.74	- -	0.39	1.04	1.25	1.49	1.49

Working Capital (USD)

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	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	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

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	28.1	25.94
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	12.99	14.07
Inventory Turnover	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	25.9	26.9
Days Inventory Outstanding	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	14.09	13.57
Accounts Payable Turnover	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	10.11	9.6
Accounts Payable Turnover Days	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	36.1	38.02
Cash Conversion Cycle	-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	-9.02	-10.38
Inventory to Cash Days	-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	-1.11	0.5
Inventories	615	695	667	666	738	873	924	985	1,072	932	983	1,109	1,561	1,572	1,556
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	615	695	667	666	738	873	924	985	1,072	932	983	1,109	1,561	1,572	1,556

Enterprise Value (USD)

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	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	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	6,208	7,739	13,165	24,816	21,545	22,929	19,342	22,600	22,130	13,487	14,176	12,325	13,534	31,839	36,330
- Cash & Cash Equivalents	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	8,769	5,942
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	12,735	13,166	12,409	11,947	11,759	11,705	14,392	19,787	20,450	32,751	39,366	36,433	36,739	33,633	31,036
Enterprise Value	11,181	14,362	20,453	32,379	28,108	30,206	29,936	38,437	37,636	34,555	35,136	32,344	35,885	50,997	55,126
Total Capital	7,875	7,583	7,398	8,068	15,220	15,135	18,944	26,505	30,169	35,381	39,995	37,702	40,574	40,517	41,132
Total Debt/Capital (%)	161.71	173.63	167.73	148.08	77.26	77.34	75.97	74.65	67.78	92.57	98.43	96.63	90.55	83.01	75.45
Total Debt / EV	1.14	0.92	0.61	0.37	0.42	0.39	0.48	0.51	0.54	0.95	1.12	1.13	1.02	0.66	0.56
EV/Sales	0.3	0.39	0.53	0.83	0.74	0.83	0.79	0.93	0.87	2.25	1.43	0.72	0.67	0.89	0.93
EV/EBITDA	2.82	4.98	5.91	7.2	3.84	4.27	5.08	6.54	5.51	- -	16.6	6.56	4.58	6.27	6.97
EV/EBIT	4.63	10.54	11.56	11.5	5.12	5.94	7.89	10.34	8.28	- -	- -	13.06	6.95	9.79	11.09
EV/Cash Flow to Firm	3.37	8.29	9.21	9.75	3.98	5.12	7.74	5.78	5.08	- -	10.72	4.42	4.33	4.85	5.9
EV/Free Cash Flow to Firm	2.78	8.29	9.21	9.75	3.98	5.12	7.74	5.78	5.08	- -	10.72	4.42	4.33	4.85	5.9
Diluted Market Cap	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	32,354	36,733
Diluted Enterprise Value	13,716	16,135	23,943	36,032	30,355	33,576	33,373	41,261	40,583	34,969	35,259	41,712	44,375	57,218	61,827
EV per Share	33.99	43.39	58.77	87.28	74.75	96.01	104.32	142.4	149.81	110.81	108.51	98.93	109.4	155.53	169.67
TTM Sales	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	57,063	59,070
TTM EBITDA	3,961	2,884	3,458	4,495	7,311	7,066	5,890	5,881	6,835	-6,487	-1,904	4,933	7,831	8,136	7,911
TTM Operating Income	2,414	1,362	1,769	2,816	5,492	5,089	3,794	3,716	4,547	-8,975	-4,389	2,477	5,160	5,208	4,972
TTM Cash Flow to Firm	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	10,504	9,340
TTM Free Cash Flow to Firm	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	10,504	9,340

Multiples (USD)

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	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	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	2.33	8.28	10.22	9.9	3.61	4.34	5.89	3.76	3.31	-3.26	6.86	2.05	1.98	3.43	4.36
EV/EBIT	4.63	10.54	11.56	11.5	5.12	5.94	7.89	10.34	8.28	- -	- -	13.06	6.95	9.79	11.09
Enterprise Value	11,181	14,362	20,453	32,379	28,108	30,206	29,936	38,437	37,636	34,555	35,136	32,344	35,885	50,997	55,126
Low Price	15.51	17.25	23.62	36.65	49.2	37.41	56.51	60.44	77.02	17.8	38.88	30.54	33.68	37.02	52
EV/Sales	0.3	0.39	0.53	0.83	0.74	0.83	0.79	0.93	0.87	2.25	1.43	0.72	0.67	0.89	0.93
EV/EBITDA	2.82	4.98	5.91	7.2	3.84	4.27	5.08	6.54	5.51	- -	16.6	6.56	4.58	6.27	6.97
Price/Earnings	7.39	- -	23.06	21.92	2.94	10.26	9.03	10.65	7.35	- -	- -	16.72	5.17	10.11	10.84
Price/Earnings Average	8.46	-9.71	19.29	15.57	3.07	7.47	9.26	9.83	7.25	-1.88	-8.15	18.29	5.79	5.85	8.86
Price/Earnings High	10.86	-11.83	24.49	22.21	3.82	10.82	11.12	12.45	8.02	-4	-10.5	23.56	7.3	10.94	11.27
Price/Earnings Low	6.07	-7.9	14.4	12.01	2.52	5.27	7.57	7.69	6.43	-0.79	-6.41	13.55	4.22	3.85	5.04
Price/Book Value	-1.28	-1.39	-2.63	-6.4	6.23	6.68	4.25	3.36	2.28	5.13	22.54	9.71	3.53	4.63	3.6
Price/Book Value Average	-1.46	-1.26	-2.2	-4.54	6.5	4.86	4.36	3.1	2.24	5.06	25.45	10.62	3.96	2.68	2.94
Price/Book Value High	-1.88	-1.53	-2.79	-6.48	8.1	7.04	5.24	3.93	2.48	10.74	32.79	13.68	4.98	5.01	3.74
Price/Book Value Low	-1.05	-1.02	-1.64	-3.51	5.35	3.43	3.56	2.43	1.99	2.11	20.02	7.87	2.88	1.76	1.67
Price/Tangible Book Value	-0.83	-0.9	-2.2	-3.87	70.18	45.49	28.78	9.58	5.53	-9.6	-6.16	-31.36	6.53	5.82	4.49
Price/Tangible Book Value Average	-0.95	-0.81	-1.84	-2.75	73.32	33.1	29.54	8.84	5.45	-9.47	-6.96	-34.29	7.32	3.37	3.67
Price/Tangible Book Value High	-1.22	-0.99	-2.34	-3.92	91.27	47.94	35.46	11.19	6.03	-20.1	-8.96	-44.19	9.22	6.3	4.67
Price/Tangible Book Value Low	-0.68	-0.66	-1.38	-2.12	60.26	23.35	24.13	6.91	4.84	-3.95	-5.47	-25.41	5.33	2.22	2.09
Price/Sales	0.17	0.21	0.34	0.64	0.57	0.63	0.51	0.55	0.51	0.88	0.58	0.27	0.25	0.56	0.62
Price/Sales Average	0.19	0.19	0.29	0.45	0.59	0.46	0.53	0.5	0.5	0.87	0.65	0.3	0.28	0.32	0.5
Price/Sales High	0.25	0.23	0.37	0.65	0.74	0.66	0.63	0.64	0.56	1.84	0.84	0.39	0.36	0.6	0.64
Price/Sales Low	0.14	0.15	0.21	0.35	0.49	0.32	0.43	0.39	0.45	0.36	0.51	0.22	0.21	0.21	0.29
Price/Cash Flow	2.58	8.28	9.12	9.42	3.6	4.14	5.57	3.67	3.2	-3.26	6.86	2.03	1.96	3.37	4.31
Price/Cash Flow Average	2.95	7.51	7.63	6.69	3.76	3.01	5.71	3.38	3.16	-3.22	7.74	2.22	2.19	1.95	3.52
Price/Cash Flow High	3.79	9.15	9.69	9.55	4.68	4.36	6.86	4.28	3.49	-6.83	9.98	2.86	2.76	3.65	4.48
Price/Cash Flow Low	2.12	6.11	5.69	5.16	3.09	2.12	4.67	2.65	2.8	-1.34	6.09	1.65	1.6	1.29	2
Price/Free Cash Flow Average	2.66	7.51	8.55	7.04	3.77	3.16	6.04	3.47	3.27	-3.22	7.74	2.24	2.22	1.98	3.56
Price/Free Cash Flow High	3.42	9.15	10.85	10.03	4.69	4.57	7.26	4.39	3.61	-6.83	9.98	2.89	2.8	3.71	4.53
Price/Free Cash Flow Low	1.91	6.11	6.38	5.43	3.1	2.23	4.94	2.71	2.9	-1.34	6.09	1.66	1.62	1.31	2.03
EV/Sales Average	0.37	0.41	0.53	0.71	0.83	0.72	0.87	0.94	0.91	2.27	1.51	0.95	0.85	0.76	0.93
EV/Sales High	0.42	0.46	0.61	0.9	0.97	0.92	0.97	1.08	0.97	3.24	1.69	1.04	0.93	1.04	1.06
EV/Sales Low	0.31	0.38	0.45	0.61	0.72	0.58	0.77	0.83	0.86	1.76	1.37	0.87	0.78	0.65	0.71
EV/EBITDA Average	3.43	5.35	5.84	6.13	4.28	3.71	5.56	6.62	5.78	-5.36	-19.48	8.66	5.85	5.32	6.93
EV/EBITDA High	3.94	5.88	6.7	7.81	5.03	4.77	6.24	7.57	6.12	-7.67	-21.91	9.45	6.36	7.29	7.95
EV/EBITDA Low	2.93	4.89	5.03	5.24	3.73	3.01	4.95	5.85	5.42	-4.17	-17.69	7.96	5.33	4.55	5.31
EV/EBIT Average	5.63	11.32	11.42	9.79	5.69	5.15	8.63	10.48	8.69	-3.88	-8.45	17.26	8.89	8.31	11.02
EV/EBIT High	6.47	12.44	13.1	12.46	6.7	6.62	9.68	11.98	9.2	-5.54	-9.5	18.83	9.65	11.39	12.65
EV/EBIT Low	4.8	10.36	9.84	8.36	4.96	4.18	7.68	9.26	8.15	-3.01	-7.67	15.85	8.09	7.11	8.45
Last Price	18.87	23.38	37.83	66.89	57.3	72.88	67.4	83.73	88.09	43.25	43.78	37.7	41.26	97.1	111.82
High Price	27.72	25.84	40.19	67.77	74.52	76.8	83.04	97.85	96.03	90.57	63.7	53.12	58.23	105.09	116.32
Enterprise Value Average	13,594	15,416	20,204	27,573	31,262	26,207	32,760	38,946	39,500	34,784	37,090	42,744	45,849	43,287	54,798
Enterprise Value High	15,609	16,949	23,175	35,088	36,773	33,688	36,740	44,504	41,812	49,726	41,710	46,632	49,782	59,323	62,886
Enterprise Value Low	11,592	14,106	17,409	23,542	27,252	21,296	29,127	34,407	37,037	27,033	33,673	39,251	41,729	37,003	41,989

Shares Outstanding	331	332	362	375	365	315	287	270	251	312	324	327	328	328	323
Diluted Weighted Avg Shares	383	331	390	390	377	330	304	277	260	312	324	330	332	333	328
Basic Weighted Avg Shares	329	331	348	371	376	315	287	270	251	312	324	327	328	328	325
Revenue per Share	112.8	112.24	110	104.85	100.7	116.2	131.66	153.02	172.2	49.24	76.08	137.51	163.76	174.03	181.81
EBITDA per Share	12.04	8.71	9.94	12.12	19.44	22.46	20.52	21.79	27.21	-20.8	-5.88	15.09	23.87	24.81	24.35
Operating Income per Share	7.34	4.11	5.08	7.59	14.61	16.18	13.22	13.77	18.1	-28.78	-13.55	7.58	15.73	15.88	15.3
Basic EPS, GAAP	2.55	-2.18	1.64	3.05	19.52	7.1	7.47	7.86	11.98	-22.67	-6.07	2.25	7.98	9.6	10.32
Basic EPS from Cont Ops	2.55	-2.18	1.64	3.05	19.52	7.1	7.47	7.86	11.98	-22.67	-6.07	2.25	7.98	9.6	10.32
Diluted EPS, GAAP	2.19	-2.18	1.46	2.9	19.47	6.77	7.06	7.67	11.58	-22.67	-6.07	2.23	7.89	9.45	10.21
Diluted EPS from Cont Ops	2.19	-2.18	1.46	2.9	19.47	6.77	7.06	7.67	11.58	-22.67	-6.07	2.23	7.89	9.45	10.21
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	7.32	2.82	4.15	7.1	15.94	17.62	12.11	22.84	27.5	-13.25	6.38	18.55	21.07	28.8	25.95
Free Cash Flow per Basic Share	5.19	2.82	4.15	7.1	15.94	17.62	12.11	22.84	27.5	-13.25	6.38	18.55	21.07	28.8	25.95
Cash & Equivalents per Share	23.59	19.77	14.72	11.82	13.82	14.07	13.23	14.63	19.68	37.46	56.84	50.21	43.86	44.14	37.67
Book Value per Share	-14.77	-16.87	-14.4	-10.46	9.2	10.9	15.86	24.89	38.69	8.43	1.94	3.88	11.69	20.99	31.07
Tangible Book Value per Share	-22.7	-26.1	-17.17	-17.28	0.82	1.6	2.34	8.74	15.92	-4.51	-7.11	-1.2	6.32	16.67	24.93

United Airlines Holdings, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)