UAL

United Airlines Holdings, Inc.

$95.60

-0.52% 2026-10-19

IndustrialsS&P 500

1M 3M 6M 1Y 2Y

UALSPY

-8.5%

-12.1%

-18.7%

-3.3%

YTD

-14.5%

-3.6%

Grades vs sector

Momentum

64th pct in sector

B-

12-1 return: +18.0%
Percentile within its GICS sector across the S&P 1500.

Growth

72nd pct in sector

B+

Revenue growth (YoY): +16.0%
Percentile within its GICS sector across the S&P 1500.

Value

97th pct in sector

A+

Forward E/P: 13.2% · EBITDA/EV: 14.7%
Percentile within its GICS sector across the S&P 1500.

Profitability

53rd pct in sector

C+

Profit margin: +5.6% · Return on equity: +23.3%
Percentile within its GICS sector across the S&P 1500.

Revisions

no data

–

EPS estimate change, 30 days (current FY): –
30-day change in analysts' current-year EPS estimate; graded across covered stocks.

Our models

Not held by any of our 3 live models right now.

Momentum Top 15

rank 240 of 499 · 12-1 momentum % 11.9

Quality Growth

rank 27 of 360 · Composite (0-1) 0.8

Momentum Blend

not in the current book

Key stats

Market cap$31.0B

P/E (trailing)9.0

P/E (forward)7.6

52-week range84.64 – 138.77

Revenue growth (YoY, latest qtr)+16.0%

Dividend yield0.00%

Analyst consensusStrong Buy (23)

Mean price target$152.48 (+59%)

Valuation & fundamentals

Bottom line

Looks undervalued

Model read-out from the numbers below, not advice. Score +5 (DCF counts double).

▲DCF (base case)above the price by 267%

▲Forward P/E vs sector7.6x vs median 17.1x

▲Piotroski F-score7/9

▲Net debt / EBITDA0.6x

▲Analyst target+59% (23 analysts)

Discounted cash flow

CyclicalValued on average-cycle margins

Bear

$224

+134%

growth 8% · disc. 11.8% · term. 2.0%

Base

$351

+267%

growth 13% · disc. 10.8% · term. 2.5%

Bull

$512

+436%

growth 16% · disc. 9.8% · term. 3.0%

Starting cash flow is mid-cycle: 8.7% average margin × current revenue = 5.5B (last 12 months: 8.9B at a 14% margin). On trailing cash flow the base case would be $577.

Reverse DCFfor context, not a signal

Today's price implies shrinking cash flows: about -7% a year for 10 years.

Implied

-7%/yr

FCF, last 3 yrs

+12%/yr

FCF, last 5 yrs

n/a

Revenue, last 3 yrs

+10%/yr

Revenue, last 5 yrs

+31%/yr

Same inputs as the DCF above: mid-cycle free cash flow 5.5B, 10.8% discount rate, 2.5% growth after year 10, net debt and today's share count. Actual growth rates are compound annual rates from SEC annual filings through FY2025; "n/a" means too little history or a negative starting year.

Edit assumptions · recalculates instantly

Your value per share–

Free cash flow = operating cash flow − capital spending, trailing 12 months (TTM to 2026-06-30). Growth default: average of 3-year revenue CAGR and latest revenue growth, capped at 30%. Years 6–10 fade linearly to terminal growth. Discount rate = 4.25% risk-free assumption + beta 1.30 × 5% equity premium, kept within 7–13%. Bear: lower growth, +1 pt discount, 2% terminal. Bull: higher growth, −1 pt, 3%.

Multiples vs Industrials

P/E (trailing)

sector median 26.4× · 2nd pct

9.0×
cheaper

Forward P/E

sector median 17.1× · 3rd pct

7.6×
cheaper

EV / EBITDA

sector median 14.8× · 0th pct

4.5×
cheaper

Price / sales

sector median 2.1× · 8th pct

0.5×
cheaper

Price / book

sector median 3.5× · 19th pct

1.9×
cheaper

FCF yield

sector median 4.5% · 98th pct

28.7%
cheaper

Forward EPS $12.65 vs trailing $10.68 (+18% expected growth). Forward P/E uses analysts' next-12-month estimate.

Quality & financial health

Gross margin

–

Operating margin

7.7%

FCF margin

14.2%

Net margin

5.6%

Return on equity

20.9%

Return on invested capital

17.9%

Net debt / EBITDA

0.6×

Current ratio

0.8×

Interest cover

3.7×

Cash conversion (OCF/NI)

2.5×

Piotroski F-score 7/9 · last two fiscal years

✓ Positive net income✓ Positive operating cash flow✓ Return on assets improved✓ Cash flow above net income✓ Long-term debt / assets fell✗ Current ratio improved✓ No share dilution✗ Gross margin improved✓ Asset turnover improved

Analysts

Mean target

$152

+59%

Analysts

Strong Buy

Range

$102–$203

low – high

● price · ◆ mean target

Annual history

FY	Revenue	Net income	Free cash flow
2025	$59.1B	$3.4B	$8.4B
2024	$57.1B	$3.1B	$9.4B
2023	$53.7B	$2.6B	$6.9B
2022	$45.0B	$737.0M	$6.1B
2021	$24.6B	$-2.0B	$2.1B
2020	$15.4B	$-7.1B	$-4.1B

From the company's 10-K filings via SEC XBRL. 3-year revenue CAGR +9.5%.

Earnings

Next report: 2026-10-20 · after close · EPS est 2.59

EstimateActual (beat)Actual (miss)

Report	EPS est	Actual	Surprise
2026-07-15	1.85	1.99	+7.6%
2026-04-21	1.08	1.19	+10.0%
2026-01-20	2.94	3.10	+5.4%
2025-10-15	2.68	2.78	+3.8%
2025-07-16	3.81	3.87	+1.5%
2025-04-15	0.74	0.91	+23.8%
2025-01-21	3.03	3.26	+7.6%
2024-10-15	3.17	3.33	+5.0%

Quarterly revenue

Quarter	Revenue	YoY
2026-06-30	$17.7B	+16.0%
2026-03-31	$14.6B	–
2025-12-31	$15.4B	–
2025-09-30	$15.2B	–
2025-06-30	$15.2B	–

Analyst actions

UBS

2026-10-16 · main

Buy → Buy
PT $139

Susquehanna

2026-10-07 · main

Positive → Positive
PT $150

Wells Fargo

2026-10-06 · main

Overweight → Overweight
PT $160

TD Cowen

2026-10-02 · main

Buy → Buy
PT $167

BMO Capital

2026-09-28 · main

Outperform → Outperform
PT $140

UBS

2026-09-24 · main

Buy → Buy
PT $146

Recent dividends

2008-01-07: $2.150

Insider trades

Nocella Andrew P

EVP & Chief Commercial Officer · 2026-08-25

SELL
$585.0K

Nocella Andrew P

EVP & Chief Commercial Officer · 2026-08-04

SELL
$396.9K

Leskinen Michael D.

EVP & Chief Financial Officer · 2026-08-03

SELL
$1.3M

Nocella Andrew P

EVP & Chief Commercial Officer · 2026-07-28

SELL
$506.0K

Hart Brett J

President · 2026-07-28

SELL
$3.6M

Enqvist Torbjorn J

EVP & Chief Operations Officer · 2026-07-24

SELL
$2.4M

Kirby J Scott

Director, Chief Executive Officer · 2026-07-21

SELL
$18.8M

None

None · None

SELL
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SELL
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SELL
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SELL
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SELL
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News

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24/7 Wall St. · 5h ago

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Yahoo Finance · 10h ago

United Expands Meal Preorder to Shorter Flights, Giving Up to 65,000 More Customers Per Day Access to Time-Saving Benefit

PR Newswire · 12h ago

United Airlines (UAL) Q3 Earnings: What To Expect

StockStory · 20h ago

United Airlines adds Starlink Wi-Fi — and a potential loyalty perk to poach Delta, American flyers

Yahoo Personal Finance · Oct 16

Canada Reviews Proposed Expansion of Air Canada-United Airlines Joint Venture

MT Newswires · Oct 16

United Airlines Q3 earnings on deck: What to expect

GuruFocus.com · Oct 16

UBS Adjusts United Airlines Price Target to $139 From $146, Maintains Buy Rating

MT Newswires · Oct 16

Is American Airlines Stock's Drop A Chance To Buy?

Trefis · Oct 15

Stats refreshed 2026-10-19 19:02:20 ET from Yahoo Finance (yfinance). "–" means the data isn't available. Refresh now

coteau

Hypothetical research for education, not investment advice. Data: Yahoo Finance (via yfinance, delayed), SEC EDGAR.

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