United Airlines Holdings, Inc. (UAL)
Industrials · Passenger Airlines · US stock · S&P 500 component
$96.10
▼ -5.21 (5.14%)
Fair valueData under review
$429
$215fair band $300–$558$644
Day's range
$96.07 – $102.75
52-week range
$84.64 – $138.77
About United Airlines Holdings, Inc.
United Airlines is a major network airline that carries passengers and cargo on routes across the United States and around the world. It operates large hubs in cities such as Chicago, Denver, Houston, Newark and San Francisco, and flies as part of the Star Alliance. Revenue comes mainly from ticket sales, with additional income from baggage and other fees, cargo shipping, and its MileagePlus loyalty program, including co-branded credit card payments.
Revenue over the last twelve months was $62.9 billion, with growth of 9.5% a year over three years. The operating margin stands at 7.7%. The return on invested capital is shown as 14%. Net debt to EBITDA is 1.2 times. The company does not pay a dividend. Its X-Ray Score is 64 out of 100. These numbers describe past results and current financial position, and they are shown for reference only.
Written with AI from public information and the filing figures on this page, then checked automatically for unsupported numbers. It can contain mistakes: read the company's own filings below before relying on it.
Price chart
52-wk range $84.64 – $138.77Volume 4,920,300Daily, split-adjusted
Vitals
Market cap$31.4B
52-week range$84.64 – $138.77
Volume (last day)4,920,300
P/E (TTM)9.0
EBIT / EV yield11.8%
Free-cash-flow yield8.1%
Dividend yieldNo dividend
Revenue (TTM)$62.9B
Net income (TTM)$3.5B
Operating margin7.7%
Return on capital14.3%
Debt incl. leases$26.5B
Cash & securities$16.6B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies like Apple). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$429model spread $373 – $477
Data under review
+0.0% to fair value
Equal blend of three models: peer multiples, a fundamentals-adjusted multiple (growth, ROIC and margin) and a 10-year DCF scaled to the market's average. Earnings-power value (no growth) is a floor and not part of the blend. Model uncertainty is Medium, so the safety margin is 30%.
Price $96
Undervalued < $300Fair $300 – $558Overvalued > $558
10-year DCF (market-scaled)
$634
Peer multiples
$295
Earnings power floor (not blended)
$-46
Fundamentals-adjusted multiple
$358
Growth the price implies
-2.8%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.09%, equity risk premium 4.23% (Damodaran). How it works.
What this means
Read the lenses below
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Industrials peers. Open a lens to see the numbers behind it.
Valuation
Strong
98/100
Cheap against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield11.8%
Free-cash-flow yield8.1%
Fair value vs price4.5×
Growth
Strong
75/100
Growing faster than most of its sector.
See the numbers →
Revenue growth (3y)9.5%
EPS growth (3y)66.0%
Growth consistency100%
Profitability
Weak
41/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital14.3%
Operating margin7.7%
Financial health
Weak
36/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score7 / 9
Net debt / EBITDA1.2×
Interest cover3.7×
Dividends
None
–/100
Pays no dividend.
See the numbers →
Quarterly results: last 6 quarters
+5.4%
Mar '25
+1.7%
Jun '25
+2.6%
Sep '25
+4.8%
Dec '25
+10.6%
Mar '26
+16.0%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $17.7B, diluted EPS $2.46.
Compare with peers
DAL Delta Air Lines, Inc.61 LUV Southwest Airlines Co40Other Passenger Airlines companies by X-Ray Score.
Fundamentals checklist
● 9 Good · ● 2 Average · ● 4 BadCash quality
Earnings backed by cashGood
Free-cash-flow yieldGood
Risk models
Altman Z''Bad
Piotroski F-ScoreGood
Growth
EPS growth (3y)Good
Free-cash-flow growth (3y)Good
Revenue growth (3y)Good
Growth consistencyGood
Balance sheet
Current ratioBad
Net debt / EBITDAAverage
Interest coverBad
Valuation
Fair value vs priceGood
EBIT / EV yieldGood
Profitability
Return on invested capitalAverage
Operating marginBad
Each check is graded against the company's sector, not a fixed number. Checklist score 64/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $24.6B | $45.0B | $53.7B | $57.1B | $59.1B |
| Operating income | −$1.0B | $2.3B | $4.2B | $5.1B | $4.7B |
| Net income | −$2.0B | $737M | $2.6B | $3.1B | $3.4B |
| Operating cash flow | $2.1B | $6.1B | $6.9B | $9.4B | $8.4B |
| Operating margin | -4.1% | 5.2% | 7.8% | 8.9% | 8.0% |
| Free cash flow | −$40M | $1.2B | −$260M | $3.8B | $2.6B |
| Diluted EPS | $-6.10 | $2.23 | $7.89 | $9.45 | $10.20 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bearish
3 bullish · 1 neutral · 12 bearish
Weekly
Strongly bearish
1 bullish · 1 neutral · 10 bearish
Monthly
Neutral
3 bullish · 1 neutral · 4 bearish
Moving averages (daily)
| SMA 10 | 105.1 | Bearish |
| EMA 10 | 103.7 | Bearish |
| SMA 20 | 108.8 | Bearish |
| EMA 20 | 106.6 | Bearish |
| SMA 50 | 111.9 | Bearish |
| EMA 50 | 110.6 | Bearish |
| SMA 100 | 116.3 | Bearish |
| EMA 100 | 111.5 | Bearish |
| SMA 200 | 108.7 | Bearish |
| EMA 200 | 108.4 | Bearish |
Oscillators (daily)
| RSI (14) | 30.40 | Neutral |
| MACD (12, 26) | -3.25 | Bearish |
| Momentum (12) | -13.38 | Bearish |
| Stochastic %K (14) | 0.16 | Bullish |
| Williams %R (14) | -99.84 | Bullish |
| CCI (20) | -169.7 | Bullish |
Pivot points (classic, last session)
S3 87.18 | S2 91.63 | S1 93.86 | Pivot 98.31 | R1 100.5 | R2 105.0 | R3 107.2 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
UAL SEC filings
16 Jul 2026
10-QSEC EDGAR
Quarterly report
15 Jul 2026
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
22 May 2026
8-KSEC EDGAR
Shareholder vote results
27 Apr 2026
8-KSEC EDGAR
Regulation FD disclosure
22 Apr 2026
10-QSEC EDGAR
Quarterly report
21 Apr 2026
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
7 Apr 2026
DEF 14ASEC EDGAR
Proxy statement
12 Feb 2026
10-KSEC EDGAR
Annual report
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.