UNITED AIRLINES HOLDINGS INC (UAL) Fundamental Analysis & Valuation

NASDAQ:UAL • US9100471096

Current stock price

91.595 USD
-2.36 (-2.52%)
Last:

This UAL fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

7

1. UAL Profitability Analysis

1.1 Basic Checks

  • UAL had positive earnings in the past year.
  • UAL had a positive operating cash flow in the past year.
  • Of the past 5 years UAL 4 years were profitable.
  • In the past 5 years UAL always reported a positive cash flow from operatings.
UAL Yearly Net Income VS EBIT VS OCF VS FCFUAL Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 5B -5B

1.2 Ratios

  • UAL has a Return On Assets of 4.39%. This is in the better half of the industry: UAL outperforms 72.73% of its industry peers.
  • Looking at the Return On Equity, with a value of 21.94%, UAL is in the better half of the industry, outperforming 77.27% of the companies in the same industry.
  • UAL has a better Return On Invested Capital (7.58%) than 72.73% of its industry peers.
  • UAL had an Average Return On Invested Capital over the past 3 years of 7.85%. This is significantly below the industry average of 20.69%.
Industry RankSector Rank
ROA 4.39%
ROE 21.94%
ROIC 7.58%
ROA(3y)4.11%
ROA(5y)2.11%
ROE(3y)24.95%
ROE(5y)9.3%
ROIC(3y)7.85%
ROIC(5y)N/A
UAL Yearly ROA, ROE, ROICUAL Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 -50 -100

1.3 Margins

  • The Profit Margin of UAL (5.68%) is better than 72.73% of its industry peers.
  • UAL's Profit Margin has improved in the last couple of years.
  • Looking at the Operating Margin, with a value of 8.42%, UAL is in the better half of the industry, outperforming 72.73% of the companies in the same industry.
  • In the last couple of years the Operating Margin of UAL has grown nicely.
  • With a decent Gross Margin value of 63.63%, UAL is doing good in the industry, outperforming 72.73% of the companies in the same industry.
  • UAL's Gross Margin has improved in the last couple of years.
Industry RankSector Rank
OM 8.42%
PM (TTM) 5.68%
GM 63.63%
OM growth 3Y15.17%
OM growth 5YN/A
PM growth 3Y51.28%
PM growth 5YN/A
GM growth 3Y5.21%
GM growth 5Y6.96%
UAL Yearly Profit, Operating, Gross MarginsUAL Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20 -20 40 -40 60

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3

2. UAL Health Analysis

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so UAL is destroying value.
  • Compared to 1 year ago, UAL has less shares outstanding
  • UAL has more shares outstanding than it did 5 years ago.
  • Compared to 1 year ago, UAL has an improved debt to assets ratio.
UAL Yearly Shares OutstandingUAL Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 100M 200M 300M
UAL Yearly Total Debt VS Total AssetsUAL Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20B 40B 60B

2.2 Solvency

  • The Debt to FCF ratio of UAL is 9.77, which is on the high side as it means it would take UAL, 9.77 years of fcf income to pay off all of its debts.
  • UAL has a better Debt to FCF ratio (9.77) than 68.18% of its industry peers.
  • A Debt/Equity ratio of 1.35 is on the high side and indicates that UAL has dependencies on debt financing.
  • The Debt to Equity ratio of UAL (1.35) is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 1.35
Debt/FCF 9.77
Altman-Z N/A
ROIC/WACC0.82
WACC9.2%
UAL Yearly LT Debt VS Equity VS FCFUAL Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10B 20B 30B

2.3 Liquidity

  • UAL has a Current Ratio of 0.65. This is a bad value and indicates that UAL is not financially healthy enough and could expect problems in meeting its short term obligations.
  • UAL has a Current ratio (0.65) which is in line with its industry peers.
  • UAL has a Quick Ratio of 0.65. This is a bad value and indicates that UAL is not financially healthy enough and could expect problems in meeting its short term obligations.
  • Looking at the Quick ratio, with a value of 0.59, UAL is in line with its industry, outperforming 59.09% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 0.65
Quick Ratio 0.59
UAL Yearly Current Assets VS Current LiabilitesUAL Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5B 10B 15B 20B 25B

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6

3. UAL Growth Analysis

3.1 Past

  • UAL shows a small growth in Earnings Per Share. In the last year, the EPS has grown by 0.76%.
  • Measured over the past years, UAL shows a very strong growth in Earnings Per Share. The EPS has been growing by 63.03% on average per year.
  • Looking at the last year, UAL shows a small growth in Revenue. The Revenue has grown by 3.52% in the last year.
  • UAL shows a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 30.93% yearly.
EPS 1Y (TTM)0.76%
EPS 3Y63.03%
EPS 5YN/A
EPS Q2Q%-4.91%
Revenue 1Y (TTM)3.52%
Revenue growth 3Y9.53%
Revenue growth 5Y30.93%
Sales Q2Q%4.78%

3.2 Future

  • The Earnings Per Share is expected to grow by 15.01% on average over the next years. This is quite good.
  • The Revenue is expected to grow by 4.68% on average over the next years.
EPS Next Y26.67%
EPS Next 2Y20.21%
EPS Next 3Y17.13%
EPS Next 5Y15.01%
Revenue Next Year8.91%
Revenue Next 2Y7.5%
Revenue Next 3Y6.53%
Revenue Next 5Y4.68%

3.3 Evolution

  • The estimated forward EPS growth is still strong, although it is decreasing when compared to the stronger growth in the past years.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
UAL Yearly Revenue VS EstimatesUAL Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 20B 40B 60B
UAL Yearly EPS VS EstimatesUAL Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 0 10 -10 20 -20

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8

4. UAL Valuation Analysis

4.1 Price/Earnings Ratio

  • With a Price/Earnings ratio of 8.59, the valuation of UAL can be described as very reasonable.
  • UAL's Price/Earnings ratio is rather cheap when compared to the industry. UAL is cheaper than 86.36% of the companies in the same industry.
  • When comparing the Price/Earnings ratio of UAL to the average of the S&P500 Index (25.54), we can say UAL is valued rather cheaply.
  • UAL is valuated cheaply with a Price/Forward Earnings ratio of 6.78.
  • Based on the Price/Forward Earnings ratio, UAL is valued cheaper than 90.91% of the companies in the same industry.
  • UAL's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 22.70.
Industry RankSector Rank
PE 8.59
Fwd PE 6.78
UAL Price Earnings VS Forward Price EarningsUAL Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • UAL's Price/Free Cash Flow ratio is a bit cheaper when compared to the industry. UAL is cheaper than 77.27% of the companies in the same industry.
Industry RankSector Rank
P/FCF 11.59
EV/EBITDA N/A
UAL Per share dataUAL EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 50 100 150

4.3 Compensation for Growth

  • UAL's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
  • UAL has a very decent profitability rating, which may justify a higher PE ratio.
  • A more expensive valuation may be justified as UAL's earnings are expected to grow with 17.13% in the coming years.
PEG (NY)0.32
PEG (5Y)N/A
EPS Next 2Y20.21%
EPS Next 3Y17.13%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

0

5. UAL Dividend Analysis

5.1 Amount

  • UAL does not give a dividend.
Industry RankSector Rank
Dividend Yield 0%

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UAL Fundamentals: All Metrics, Ratios and Statistics

UNITED AIRLINES HOLDINGS INC

NASDAQ:UAL (3/24/2026, 9:54:03 AM)

91.595

-2.36 (-2.52%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupTransportation
GICS IndustryPassenger Airlines
Earnings (Last)01-20
Earnings (Next)04-13
Inst Owners90.7%
Inst Owner Change-0.04%
Ins Owners0.6%
Ins Owner Change1.91%
Market Cap29.62B
Revenue(TTM)59.07B
Net Income(TTM)3.35B
Analysts82
Price Target142.01 (55.04%)
Short Float %4.01%
Short Ratio1.99
Dividend
Industry RankSector Rank
Dividend Yield 0%
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)4.56%
Min EPS beat(2)4.52%
Max EPS beat(2)4.61%
EPS beat(4)4
Avg EPS beat(4)7.16%
Min EPS beat(4)0.48%
Max EPS beat(4)19.01%
EPS beat(8)8
Avg EPS beat(8)14.83%
EPS beat(12)12
Avg EPS beat(12)15.2%
EPS beat(16)15
Avg EPS beat(16)12.1%
Revenue beat(2)0
Avg Revenue beat(2)-1.33%
Min Revenue beat(2)-1.67%
Max Revenue beat(2)-0.98%
Revenue beat(4)0
Avg Revenue beat(4)-1.43%
Min Revenue beat(4)-1.76%
Max Revenue beat(4)-0.98%
Revenue beat(8)1
Avg Revenue beat(8)-0.94%
Revenue beat(12)2
Avg Revenue beat(12)-0.72%
Revenue beat(16)4
Avg Revenue beat(16)-0.76%
PT rev (1m)-0.13%
PT rev (3m)13.6%
EPS NQ rev (1m)-14.17%
EPS NQ rev (3m)6.23%
EPS NY rev (1m)-0.02%
EPS NY rev (3m)3.06%
Revenue NQ rev (1m)0.11%
Revenue NQ rev (3m)0.44%
Revenue NY rev (1m)0.68%
Revenue NY rev (3m)1%
Valuation
Industry RankSector Rank
PE 8.59
Fwd PE 6.78
P/S 0.5
P/FCF 11.59
P/OCF 3.51
P/B 1.94
P/tB 3.66
EV/EBITDA N/A
EPS(TTM)10.66
EY11.64%
EPS(NY)13.5
Fwd EY14.74%
FCF(TTM)7.91
FCFY8.63%
OCF(TTM)26.07
OCFY28.46%
SpS182.64
BVpS47.25
TBVpS25.04
PEG (NY)0.32
PEG (5Y)N/A
Graham Number106.46
Profitability
Industry RankSector Rank
ROA 4.39%
ROE 21.94%
ROCE 9.88%
ROIC 7.58%
ROICexc 10.02%
ROICexgc 12.34%
OM 8.42%
PM (TTM) 5.68%
GM 63.63%
FCFM 4.33%
ROA(3y)4.11%
ROA(5y)2.11%
ROE(3y)24.95%
ROE(5y)9.3%
ROIC(3y)7.85%
ROIC(5y)N/A
ROICexc(3y)10.83%
ROICexc(5y)N/A
ROICexgc(3y)13.53%
ROICexgc(5y)N/A
ROCE(3y)10.23%
ROCE(5y)N/A
ROICexgc growth 3Y15.42%
ROICexgc growth 5YN/A
ROICexc growth 3Y17.73%
ROICexc growth 5YN/A
OM growth 3Y15.17%
OM growth 5YN/A
PM growth 3Y51.28%
PM growth 5YN/A
GM growth 3Y5.21%
GM growth 5Y6.96%
F-Score8
Asset Turnover0.77
Health
Industry RankSector Rank
Debt/Equity 1.35
Debt/FCF 9.77
Debt/EBITDA N/A
Cap/Depr N/A
Cap/Sales 9.94%
Interest Coverage 250
Cash Conversion N/A
Profit Quality 76.26%
Current Ratio 0.65
Quick Ratio 0.59
Altman-Z N/A
F-Score8
WACC9.2%
ROIC/WACC0.82
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)11.04%
Cap/Sales(5y)10.48%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)0.76%
EPS 3Y63.03%
EPS 5YN/A
EPS Q2Q%-4.91%
EPS Next Y26.67%
EPS Next 2Y20.21%
EPS Next 3Y17.13%
EPS Next 5Y15.01%
Revenue 1Y (TTM)3.52%
Revenue growth 3Y9.53%
Revenue growth 5Y30.93%
Sales Q2Q%4.78%
Revenue Next Year8.91%
Revenue Next 2Y7.5%
Revenue Next 3Y6.53%
Revenue Next 5Y4.68%
EBIT growth 1Y-4.55%
EBIT growth 3Y26.14%
EBIT growth 5YN/A
EBIT Next Year85.21%
EBIT Next 3Y30.62%
EBIT Next 5Y19.67%
FCF growth 1Y-33.24%
FCF growth 3Y27.04%
FCF growth 5YN/A
OCF growth 1Y-10.74%
OCF growth 3Y11.6%
OCF growth 5YN/A

UNITED AIRLINES HOLDINGS INC / UAL Fundamental Analysis FAQ

Can you provide the ChartMill fundamental rating for UNITED AIRLINES HOLDINGS INC?

ChartMill assigns a fundamental rating of 5 / 10 to UAL.


What is the valuation status of UNITED AIRLINES HOLDINGS INC (UAL) stock?

ChartMill assigns a valuation rating of 8 / 10 to UNITED AIRLINES HOLDINGS INC (UAL). This can be considered as Undervalued.


Can you provide the profitability details for UNITED AIRLINES HOLDINGS INC?

UNITED AIRLINES HOLDINGS INC (UAL) has a profitability rating of 7 / 10.


Can you provide the financial health for UAL stock?

The financial health rating of UNITED AIRLINES HOLDINGS INC (UAL) is 3 / 10.


What is the earnings growth outlook for UNITED AIRLINES HOLDINGS INC?

The Earnings per Share (EPS) of UNITED AIRLINES HOLDINGS INC (UAL) is expected to grow by 26.67% in the next year.