A Business at a Glance
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United Airlines Holdings, Inc.
UAL
$38.9B
Mkt Cap
$118.27
+2.53%
United Airlines Holdings, Inc. (UAL) has a current P/E ratio of 11.6, compared to its historical median P/E of 10.6. The stock is currently considered Fair based on its historical valuation range.
United Airlines Holdings, Inc. (UAL) has a 5-year average return on invested capital (ROIC) of 9.7%. This is below average and may indicate limited pricing power.
United Airlines Holdings, Inc. (UAL) has a market capitalization of $38.4B. It is classified as a large-cap stock.
United Airlines Holdings, Inc. (UAL) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.82%.
Based on historical P/E analysis, United Airlines Holdings, Inc. (UAL) appears fair. The current P/E of 11.6 is 9% above its historical median of 10.6. The estimated fair value CAGR (P/E method) is 2.7%.
United Airlines Holdings, Inc. (UAL) operates in the Air Transportation, Scheduled industry, within the Industrials sector.
United Airlines Holdings is a holding company whose subsidiary United Airlines operates a comprehensive North American airline network with hubs in Chicago, Denver, Houston, Los Angeles, Newark, San Francisco, and Washington D.C., supplemented by regional service through capacity purchase agreements with carriers operating under the United Express brand. The company generates revenue through passenger transportation across six continents, cargo services, and ancillary offerings including its MileagePlus loyalty program, which earned miles for approximately 10.9 million flight awards in 2025 and generated significant co-brand credit card revenue through a partnership with JPMorgan Chase. United's business model emphasizes premium product differentiation—including its Polaris suite with lie-flat beds, signature interior upgrades, and Starlink Wi-Fi—combined with a hub-and-spoke network that enables frequent service to numerous destinations and efficient addition of new routes. The company distributes tickets through direct channels (website and mobile app), online travel agencies, and traditional travel agents, with ongoing investment in New Distribution Capability to reduce distribution costs and enhance product differentiation. United's competitive moat derives from its seven business-centric hubs, Star Alliance membership providing access to 1,150+ airports globally, and strategic joint business arrangements with carriers including Lufthansa, Air Canada, and ANA that enable revenue synergies on transatlantic and transpacific routes. The company is executing its United Next plan to take delivery of over 630 new aircraft by 2034, increase employee headcount by more than 38,000 since 2020, and expand to new destinations including Bangkok, Ho Chi Minh City, and Adelaide, while modernizing its fleet with improved fuel efficiency and premium cabin configurations.
【Fuel cost recovery and margin expansion】 Management is focused on achieving 100% pass-through of elevated jet fuel costs by year-end 2026, with expectations to recover 40–50% in Q2, 70–80% in Q3, and 85–100% by Q4, supported by strong demand bookings and yield improvements across regions. The company targets double-digit pre-tax margins in 2027 and is managing capacity strategically—reducing marginal flights on off-peak days and red-eye routes—while continuing to invest in premium product enhancements, employee headcount, and technology upgrades that management believes will drive brand loyalty and revenue resilience. United expects to maintain margin expansion of approximately one percentage point annually through 2026 and beyond, driven by gauge growth from new aircraft deliveries (over 100 narrowbody and approximately 20 widebody aircraft expected in 2026), operational efficiency gains, and the shift toward premium capacity which is expected to account for more than half of growth in 2026. The company is pursuing investment-grade balance sheet metrics with a target of net leverage below two times by year-end 2026, while maintaining free cash flow generation around 50% conversion in the near term, expected to expand toward 75% as the decade concludes.
| Metric | Target | Period |
|---|---|---|
| Full-year 2026 EPS | $12–$14 | FY2026 |
| Pre-tax margin | at least 10% | FY2027 |
| Aircraft deliveries | over 100 narrowbody and approximately 20 widebody aircraft | FY2026 |
| Capital expenditures | less than $8 billion | FY2026 |
| Free cash flow | similar level to 2025 (approximately $2.7 billion) | FY2026 |
| Net leverage target | below two times | FY2026 |
| Full-year 2026 EPS (updated guidance) | $7–$11 | FY2026 |
Full-year 2026 EPS (FY2026): “Building off a strong quarter for the full year 2026, we expect earnings per share to be between $12 and $14.”
Pre-tax margin (FY2027): “our view for 2027 is that we're targeting a pre-tax margin of at least 10%.”
Aircraft deliveries (FY2026): “Turning to the fleet, this year we expect to take delivery of over 100 aircraft, 100 narrowbody aircraft, and approximately 20 widebody aircraft.”
Capital expenditures (FY2026): “Accordingly, we expect our capital expenditures for the year to be less than $8 billion, consistent with the $7-$9 billion multi-year CapEx guidance we provided back in 2024.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 60.5B | 59.1B | 57.1B | 53.7B | 45.0B | 24.6B |
| Net Income | 3.7B | 3.4B | 3.1B | 2.6B | 737M | -2.0B |
| EPS | $11.32 | $10.20 | $9.45 | $7.89 | $2.23 | $-6.10 |
| Free Cash Flow | 3.2B | 2.6B | 3.8B | -260M | 1.2B | -40M |
| ROIC | 15.4% | 15.6% | 16.4% | 14.2% | 8.4% | -5.9% |
| Gross Margin | - | 18.9% | 79.4% | 76.4% | 70.8% | 76.6% |
| Debt/Equity | 1.52 | 1.39 | 1.95 | 3.12 | 4.52 | 6.63 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 5.1B | 4.7B | 5.1B | 4.2B | 2.3B | -1.0B |
| Operating Margin | 8.4% | 8.0% | 8.9% | 7.8% | 5.2% | -4.1% |
| ROE | 23.1% | 24.0% | 28.6% | 32.3% | 12.4% | -35.7% |
| Shares Outstanding | 325M | 329M | 333M | 332M | 330M | 322M |
United Airlines Holdings, Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
United Airlines Holdings, Inc. trades at 11.6x trailing earnings, compared to its 15-year median P/E of 10.6x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 15.2x vs a median of 10.2x. The company's 5-year average ROIC is 9.7% with a gross margin of 64.4%. Total shareholder yield (buybacks) is 0.8%. At current prices, the estimated annualized return to fair value is -7.2%.
United Airlines Holdings, Inc. (UAL) reported annual revenue of $59.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
United Airlines Holdings, Inc. (UAL) has a net profit margin of 5.7%. This is a modest margin.
United Airlines Holdings, Inc. (UAL) generated $2.6 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
United Airlines Holdings, Inc. (UAL) has a debt-to-equity ratio of 1.39. This indicates moderate leverage.
United Airlines Holdings, Inc. (UAL) reported earnings per share (EPS) of $10.20 in its most recent fiscal year.
United Airlines Holdings, Inc. (UAL) has a return on equity (ROE) of 24.0%. This indicates the company generates strong returns for shareholders.
United Airlines Holdings, Inc. (UAL) has a 5-year average gross margin of 64.4%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 18 years of financial data for United Airlines Holdings, Inc. (UAL), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
United Airlines Holdings, Inc. (UAL) has a book value per share of $46.49, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is focused on achieving 100% pass-through of elevated jet fuel costs by year-end 2026, with expectations to recover 40–50% in Q2, 70–80% in Q3, and 85–100% by Q4, supported by strong demand bookings and yield improvements across regions. The company targets double-digit pre-tax margins in 2027 and is managing capacity strategically—reducing marginal flights on off-peak days and red-eye routes—while continuing to invest in premium product enhancements, employee headcount, and technology upgrades that management believes will drive brand loyalty and revenue resilience. United expects to maintain margin expansion of approximately one percentage point annually through 2026 and beyond, driven by gauge growth from new aircraft deliveries (over 100 narrowbody and approximately 20 widebody aircraft expected in 2026), operational efficiency gains, and the shift toward premium capacity which is expected to account for more than half of growth in 2026. The company is pursuing investment-grade balance sheet metrics with a target of net leverage below two times by year-end 2026, while maintaining free cash flow generation around 50% conversion in the near term, expected to expand toward 75% as the decade concludes.
Based on recent SEC filings and earnings calls, United Airlines Holdings, Inc. (UAL) has provided the following forward guidance: Full-year 2026 EPS: $12–$14 (FY2026); Pre-tax margin: at least 10% (FY2027); Aircraft deliveries: over 100 narrowbody and approximately 20 widebody aircraft (FY2026); Capital expenditures: less than $8 billion (FY2026); Free cash flow: similar level to 2025 (approximately $2.7 billion) (FY2026), plus 2 additional metrics.
Free cash flow (FY2026): “In 2025, we generated $2.7 billion in free cash flow, and in 2026, we expect to deliver a similar level of free cash flow given higher aircraft deliveries.”
Net leverage target (FY2026): “In 2026, we plan to deliver further and target net leverage below two times with the intention of achieving investment-grade metrics by year-end.”
Full-year 2026 EPS (updated guidance) (FY2026): “We expect to deliver full-year 2026 EPS in the $7-$11 range.”