UNITED AIRLINES HOLDINGS INC (UAL) Stock Fundamental Analysis

NASDAQ:UAL • US9100471096

106.3 USD
-10.13 (-8.7%)
At close: Feb 27, 2026
105.95 USD
-0.35 (-0.33%)
After Hours: 2/27/2026, 8:00:02 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership News
Fundamental Rating

5

UAL gets a fundamental rating of 5 out of 10. The analysis compared the fundamentals against 22 industry peers in the Passenger Airlines industry. While UAL has a great profitability rating, there are quite some concerns on its financial health. UAL is valued quite cheap, while showing a decent growth score. This is a good combination!


Dividend Valuation Growth Profitability Health

7

1. Profitability

1.1 Basic Checks

  • In the past year UAL was profitable.
  • In the past year UAL had a positive cash flow from operations.
  • UAL had positive earnings in 4 of the past 5 years.
  • Each year in the past 5 years UAL had a positive operating cash flow.
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

  • The Return On Assets of UAL (4.39%) is better than 77.27% of its industry peers.
  • Looking at the Return On Equity, with a value of 21.94%, UAL belongs to the top of the industry, outperforming 81.82% of the companies in the same industry.
  • Looking at the Return On Invested Capital, with a value of 7.58%, UAL is in the better half of the industry, outperforming 72.73% of the companies in the same industry.
  • Measured over the past 3 years, the Average Return On Invested Capital for UAL 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

  • UAL has a Profit Margin of 5.68%. This is in the better half of the industry: UAL outperforms 77.27% of its industry peers.
  • In the last couple of years the Profit Margin of UAL has grown nicely.
  • UAL has a Operating Margin of 8.42%. This is in the better half of the industry: UAL outperforms 72.73% of its industry peers.
  • In the last couple of years the Operating Margin of UAL has grown nicely.
  • Looking at the Gross Margin, with a value of 63.63%, UAL is in the better half of 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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ROAROEROICOperating and Profit MarginShow most profitable peers

3

2. Health

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
  • The number of shares outstanding for UAL has been increased compared to 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.
  • The Debt to FCF ratio of UAL (9.77) is better than 77.27% 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.
  • UAL has a Debt to Equity ratio (1.35) which is in line with its industry peers.
Industry RankSector Rank
Debt/Equity 1.35
Debt/FCF 9.77
Altman-Z N/A
ROIC/WACC0.84
WACC9.05%
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.
  • Looking at the Current ratio, with a value of 0.65, UAL is in line with its industry, outperforming 59.09% of the companies in the same industry.
  • A Quick Ratio of 0.59 indicates that UAL may have some problems paying its short term obligations.
  • UAL has a Quick ratio (0.59) which is comparable to the rest of the 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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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

6

3. Growth

3.1 Past

  • UAL shows a small growth in Earnings Per Share. In the last year, the EPS has grown by 0.76%.
  • The Earnings Per Share has been growing by 63.03% on average over the past years. This is a very strong growth
  • The Revenue has been growing slightly by 3.52% in the past year.
  • Measured over the past years, UAL shows a very strong growth in Revenue. The Revenue has been growing by 30.93% on average per year.
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

  • Based on estimates for the next years, UAL will show a quite strong growth in Earnings Per Share. The EPS will grow by 15.01% on average per year.
  • UAL is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 4.68% yearly.
EPS Next Y26.7%
EPS Next 2Y20.23%
EPS Next 3Y17.19%
EPS Next 5Y15.01%
Revenue Next Year8.17%
Revenue Next 2Y7.37%
Revenue Next 3Y6.45%
Revenue Next 5Y4.68%

3.3 Evolution

  • Although the future EPS growth is still strong, it is not able to hold up the even more excellent growth rate of the past years.
  • The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
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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Find the best growth stocksShow best growing peers

8

4. Valuation

4.1 Price/Earnings Ratio

  • Based on the Price/Earnings ratio of 9.97, the valuation of UAL can be described as reasonable.
  • Compared to the rest of the industry, the Price/Earnings ratio of UAL indicates a rather cheap valuation: UAL is cheaper than 90.91% of the companies listed in the same industry.
  • Compared to an average S&P500 Price/Earnings ratio of 27.10, UAL is valued rather cheaply.
  • Based on the Price/Forward Earnings ratio of 7.87, the valuation of UAL can be described as very cheap.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of UAL indicates a rather cheap valuation: UAL is cheaper than 90.91% of the companies listed in the same industry.
  • When comparing the Price/Forward Earnings ratio of UAL to the average of the S&P500 Index (28.06), we can say UAL is valued rather cheaply.
Industry RankSector Rank
PE 9.97
Fwd PE 7.87
UAL Price Earnings VS Forward Price EarningsUAL Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 50 100 150

4.2 Price Multiples

  • Based on the Price/Free Cash Flow ratio, UAL is valued a bit cheaper than the industry average as 72.73% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 13.46
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.
  • The decent profitability rating of UAL may justify a higher PE ratio.
  • A more expensive valuation may be justified as UAL's earnings are expected to grow with 17.19% in the coming years.
PEG (NY)0.37
PEG (5Y)N/A
EPS Next 2Y20.23%
EPS Next 3Y17.19%

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

0

5. Dividend

5.1 Amount

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

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Find the best dividend stocksShow peers with best dividend

UNITED AIRLINES HOLDINGS INC

NASDAQ:UAL (2/27/2026, 8:00:02 PM)

After market: 105.95 -0.35 (-0.33%)

106.3

-10.13 (-8.7%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupTransportation
GICS IndustryPassenger Airlines
Earnings (Last)01-20
Earnings (Next)04-13
Inst Owners91.1%
Inst Owner Change0.04%
Ins Owners0.52%
Ins Owner Change0.94%
Market Cap34.41B
Revenue(TTM)59.07B
Net Income(TTM)3.35B
Analysts82
Price Target142.2 (33.77%)
Short Float %3.47%
Short Ratio2.16
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)5.17%
PT rev (3m)13.23%
EPS NQ rev (1m)2.51%
EPS NQ rev (3m)16.03%
EPS NY rev (1m)1.6%
EPS NY rev (3m)2.82%
Revenue NQ rev (1m)0.27%
Revenue NQ rev (3m)0.15%
Revenue NY rev (1m)0.14%
Revenue NY rev (3m)0.35%
Valuation
Industry RankSector Rank
PE 9.97
Fwd PE 7.87
P/S 0.58
P/FCF 13.46
P/OCF 4.08
P/B 2.25
P/tB 4.25
EV/EBITDA N/A
EPS(TTM)10.66
EY10.03%
EPS(NY)13.51
Fwd EY12.71%
FCF(TTM)7.9
FCFY7.43%
OCF(TTM)26.04
OCFY24.5%
SpS182.46
BVpS47.2
TBVpS25.02
PEG (NY)0.37
PEG (5Y)N/A
Graham Number106.41
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
WACC9.05%
ROIC/WACC0.84
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 Y26.7%
EPS Next 2Y20.23%
EPS Next 3Y17.19%
EPS Next 5Y15.01%
Revenue 1Y (TTM)3.52%
Revenue growth 3Y9.53%
Revenue growth 5Y30.93%
Sales Q2Q%4.78%
Revenue Next Year8.17%
Revenue Next 2Y7.37%
Revenue Next 3Y6.45%
Revenue Next 5Y4.68%
EBIT growth 1Y-4.55%
EBIT growth 3Y26.14%
EBIT growth 5YN/A
EBIT Next Year85.53%
EBIT Next 3Y30.12%
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 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 26.7% in the next year.