Industrials · Passenger Airlines · US stock · price as of 16 Oct 2026
Key indicators
Price
$96.10
52-week range
$84.64 – $138.77
Market cap
$31.4B
P/E (trailing)
9.0×
EV / EBITDA
5.2×
Free-cash-flow yield
8.1%
Dividend yield
–
Revenue (last 12 months)
$62.9B
Revenue growth (3y a year)
9.5%
Operating margin
7.7%
Return on invested capital
14.3%
Net debt / EBITDA
1.2×
Fair value
Blended fair value$429.11 range $373 – $477
Versus priceData under review+0% to fair value
Peer multiples
$294.98
Fundamentals-adjusted multiple
$358.30
10-year DCF (market-scaled)
$634.05
Earnings power value (floor, not blended)
n/m
Model uncertainty
Medium
X-Ray Score
64/ 100 · High confidence · ahead of 86% of sector peers
Valuation98
Growth75
Profitability41
Financial health36
Dividends–
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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. These numbers describe past results and current financial position, and they are shown for reference only.
StocksXray gives United Airlines Holdings, Inc. an X-Ray Score of 64 out of 100 (high confidence), ahead of 86% of the S&P 500 stocks in its sector. Its strongest lens is valuation (98) and its weakest is financial health (36).
Our fair value blend is $429.11 (range $372.74 to $476.91). At $96.10 the stock trades 78% below that blend, so the label is "Data under review" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
United Airlines Holdings, Inc. (UAL)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$43.78
$37.70
$41.26
$97.10
$111.82
$96.10
Market cap
$14.1B
$12.4B
$13.7B
$32.4B
$36.7B
$31.4B
P/E
–
16.9×
5.2×
10.3×
11.0×
9.0×
EV / revenue
1.2×
0.6×
0.5×
0.7×
0.8×
0.7×
EV / EBITDA
19.9×
5.7×
4.1×
5.3×
6.0×
5.2×
Price / free cash flow
–
10.0×
–
8.4×
14.4×
12.3×
Free-cash-flow yield
−0.3%
10.0%
−1.9%
11.8%
7.0%
8.1%
Price / book
2.8×
1.8×
1.5×
2.6×
2.4×
1.9×
Dividend yield
–
–
–
–
–
–
Fundamentals checklist ● 9 Good · ● 2 Average · ● 4 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−6.4%Good
Free-cash-flow yield8.1%Good
Risk models
Altman Z score0.6×Bad
Piotroski F-Score7 of 9Good
Growth
EPS growth (3y)66.0%Good
Free-cash-flow growth (3y)27.0%Good
Revenue growth (3y)9.5%Good
Growth consistency100%Good
Balance sheet
Current ratio0.8×Bad
Net debt / EBITDA1.2×Average
Interest cover3.7×Bad
Valuation
Fair value vs price4.5×Good
EBIT / EV yield11.8%Good
Profitability
Return on invested capital14.3%Average
Operating margin7.7%Bad
XStocksXray
United Airlines Holdings, Inc. (UAL)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
24,634
44,955
53,717
57,063
59,070
62,902
Gross profit
–
–
–
–
–
–
Operating income
-1,022
2,337
4,211
5,096
4,713
4,873
Net income
-1,964
737
2,618
3,149
3,353
3,497
Diluted EPS ($)
-6.10
2.23
7.89
9.45
10.20
10.69
Free cash flow
-40
1,247
-260
3,830
2,557
2,544
Gross margin
–
–
–
–
–
–
Operating margin
−4.1%
5.2%
7.8%
8.9%
8.0%
7.7%
Net margin
−8.0%
1.6%
4.9%
5.5%
5.7%
5.6%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
68,175
67,358
71,104
74,083
76,448
84,569
Cash
18,283
7,166
6,058
8,769
5,942
10,166
Total debt
33,363
31,194
29,075
24,653
21,266
26,464
Equity
5,029
6,896
9,324
12,675
15,282
16,697
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.