United Airlines Holdings (UAL)
Industrials · $37.6B market cap · SEC CIK 0000100517
fundamentals score out of 100
Next reports on Oct 13, 2026, with analysts expecting $2.92 in earnings per share.
The case for UAL
- Cheap on earnings at 10.7×, well under the market's usual 20×.
- Revenue growing 8.5% year over year.
- Has compounded revenue at 30.9% a year over five years.
- Return on equity of 23%.
- Gross margin of 61% absorbs cost shocks.
- Price/sales of 0.6× is lower than 99% of Industrials companies.
The case against
- Growth is slowing: revenue up 8.5% this year against 30.9% a year over five.
- Current liabilities exceed current assets (ratio 0.78).
- Net margin of 6% is thinner than 85% of Industrials companies.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Industrials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 88 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 81 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 39 |
| Momentumhow the price has behaved lately | 52 |
| Stabilityhow violently it moves, what it owes and what it pays you | 45 |
- Each factor except momentum is half fixed thresholds, half rank among the 79 Industrials companies.
Key numbers
| Price / earnings | 10.7× |
|---|---|
| Price / book | 2.64× |
| Price / sales | 0.6× |
| Revenue growth (YoY) | +8.5% |
| EPS growth (YoY) | +7.0% |
| Gross margin | 61% |
| Operating margin | 8% |
| Net margin | 6% |
| Return on equity | 23% |
| Debt / equity | 1.58× |
| Current ratio | 0.78 |
| Dividend yield | none |
| Beta | 1.40 |
| 52-week range | $84.64 – $138.77 |
| Position in that range | 56% of the way up |
| 3-month return | -3.3% |
| 1-year return | +7.6% |
Five years of financials, as filed
Pulled from United Airlines Holdings's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $59.1B | $57.1B | $53.7B | $45.0B | $24.6B |
| Operating income | $4.7B | $5.1B | $4.2B | $2.3B | -$1.0B |
| Net income | $3.4B | $3.1B | $2.6B | $737M | -$2.0B |
| Operating cash flow | $8.4B | $9.4B | $6.9B | $6.1B | $2.1B |
| Capital expenditure | $5.9B | $5.6B | $7.2B | $4.8B | $2.1B |
| Total assets | $76.4B | $74.1B | $71.1B | $67.4B | $68.2B |
| Shareholder equity | $15.3B | $12.7B | $9.3B | $6.9B | $5.0B |
| Cash | $5.9B | $8.8B | $6.1B | $7.2B | $18.3B |
| Long-term debt | $17.2B | $21.7B | $25.1B | $28.3B | $30.4B |
| Free cash flow | $2.6B | $3.8B | -$260M | $1.2B | -$40.0M |
| Operating margin | 8.0% | 8.9% | 7.8% | 5.2% | -4.1% |
| Net margin | 5.7% | 5.5% | 4.9% | 1.6% | -8.0% |
| Diluted shares | 329M | 333M | 332M | 330M | 322M |
Share count is essentially flat over 4 years.
What United Airlines Holdings says it does
—Human Capital Management and Resources of this report for additional information on our represented employee groups and collective bargaining agreements. If we are unable to reach an agreement with any of our unionized work groups in future negotiations regarding the terms of their collective bargaining agreement, we may be subject to work interruptions or stoppages, which could adversely affect our business and operations. There is also a possibility that our unionized work groups could engage in job actions such as slowdowns, work-to-rule campaigns, sick-outs or other similar activity designed to disrupt the Company's normal operations in an attempt to pressure the Company in collective bargaining negotiations. Although the Railway Labor Act makes such actions unlawful until the parties have been lawfully released to self-help after the failure of direct negotiation, mediation and arbitration process to reach a resolution, and the…
Risk factors UAL lists in its 10-K
- Commodity Price Risk (Aircraft Fuel)
- Report of Independent Registered Public Accounting Firm
- Opinion on the Financial Statements
- Indefinite-lived Intangible Asset (China Route Authority) Impairment Analysis
- We Addressed the Matter in Our Audit
- (In millions, except per share amounts)
- Accumulated Other Comprehensive Income (Loss)
- (Receivable from) Payable to Related Parties, Net
- Cash and Cash Equivalents and Restricted Cash
- Aircraft Fuel, Spare Parts and Supplies
- Recently Issued Accounting Standards
- Expense Disaggregation Disclosures
- Estimate of tickets not expected to be used ("ticket breakage")
- Miles earned in conjunction with travel