United Airlines (UAL)
Market Price (12/23/2025): $116.1 | Market Cap: $37.6 BilSector: Industrials | Industry: Passenger Airlines
United Airlines (UAL)
Market Price (12/23/2025): $116.1Market Cap: $37.6 BilSector: IndustrialsIndustry: Passenger Airlines
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.6%, FCF Yield is 9.9% | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% | Key risksUAL key risks include workforce instability driven by [1] flight attendants' rejection of a labor agreement and [2] a U.S. Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, CFO LTM is 9.4 Bil, FCF LTM is 3.7 Bil | ||
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, Energy Transition & Decarbonization, and Advanced Aviation & Space. Themes include Travel & Leisure Tech, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.6%, FCF Yield is 9.9% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, CFO LTM is 9.4 Bil, FCF LTM is 3.7 Bil |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, Energy Transition & Decarbonization, and Advanced Aviation & Space. Themes include Travel & Leisure Tech, Show more. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Key risksUAL key risks include workforce instability driven by [1] flight attendants' rejection of a labor agreement and [2] a U.S. Show more. |
Why The Stock Moved
Qualitative Assessment
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The United Airlines (UAL) stock experienced a significant movement, including hitting an all-time high in late 2025, driven by several key factors within the approximate time period from August 31, 2025, to December 23, 2025.1. Strong and Diversified Travel Demand: United Airlines benefited from robust and resilient travel demand, including a surge in business travel. The airline's diversified revenue streams, encompassing premium cabin services, basic economy, cargo, and loyalty programs, significantly contributed to its growth and revenue generation during this period.
2. Positive Financial Performance and Upgraded Guidance: The company reported solid financial results for the second quarter of 2025, exceeding expectations and subsequently raising its full-year earnings guidance. This strong performance and optimistic outlook bolstered investor confidence in UAL's financial health and future prospects.
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Stock Movement Drivers
Fundamental Drivers
The 11.4% change in UAL stock from 9/22/2025 to 12/22/2025 was primarily driven by a 11.6% change in the company's P/E Multiple.| 9222025 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 104.18 | 116.02 | 11.36% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 57986.00 | 58368.00 | 0.66% |
| Net Income Margin (%) | 5.71% | 5.64% | -1.13% |
| P/E Multiple | 10.22 | 11.40 | 11.60% |
| Shares Outstanding (Mil) | 324.60 | 323.70 | 0.28% |
| Cumulative Contribution | 11.36% |
Market Drivers
9/22/2025 to 12/22/2025| Return | Correlation | |
|---|---|---|
| UAL | 11.4% | |
| Market (SPY) | 2.7% | 51.6% |
| Sector (XLI) | 2.6% | 49.7% |
Fundamental Drivers
The 50.7% change in UAL stock from 6/23/2025 to 12/22/2025 was primarily driven by a 65.4% change in the company's P/E Multiple.| 6232025 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 76.97 | 116.02 | 50.73% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 57736.00 | 58368.00 | 1.09% |
| Net Income Margin (%) | 6.34% | 5.64% | -10.98% |
| P/E Multiple | 6.89 | 11.40 | 65.44% |
| Shares Outstanding (Mil) | 327.70 | 323.70 | 1.22% |
| Cumulative Contribution | 50.71% |
Market Drivers
6/23/2025 to 12/22/2025| Return | Correlation | |
|---|---|---|
| UAL | 50.7% | |
| Market (SPY) | 14.4% | 49.8% |
| Sector (XLI) | 9.6% | 49.1% |
Fundamental Drivers
The 19.1% change in UAL stock from 12/22/2024 to 12/22/2025 was primarily driven by a 14.3% change in the company's Net Income Margin (%).| 12222024 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 97.40 | 116.02 | 19.12% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 55994.00 | 58368.00 | 4.24% |
| Net Income Margin (%) | 4.93% | 5.64% | 14.33% |
| P/E Multiple | 11.60 | 11.40 | -1.66% |
| Shares Outstanding (Mil) | 329.00 | 323.70 | 1.61% |
| Cumulative Contribution | 19.09% |
Market Drivers
12/22/2024 to 12/22/2025| Return | Correlation | |
|---|---|---|
| UAL | 19.1% | |
| Market (SPY) | 16.9% | 68.9% |
| Sector (XLI) | 19.2% | 67.2% |
Fundamental Drivers
The 202.2% change in UAL stock from 12/23/2022 to 12/22/2025 was primarily driven by a 109.0% change in the company's P/S Multiple.| 12232022 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 38.39 | 116.02 | 202.21% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 40747.00 | 58368.00 | 43.24% |
| P/S Multiple | 0.31 | 0.64 | 108.98% |
| Shares Outstanding (Mil) | 326.80 | 323.70 | 0.95% |
| Cumulative Contribution | 202.19% |
Market Drivers
12/23/2023 to 12/22/2025| Return | Correlation | |
|---|---|---|
| UAL | 172.7% | |
| Market (SPY) | 47.7% | 59.0% |
| Sector (XLI) | 42.3% | 59.4% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| UAL Return | -51% | 1% | -14% | 9% | 135% | 17% | 29% |
| Peers Return | -27% | 0% | -28% | -1% | 41% | -5% | -29% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 17% | 113% |
Monthly Win Rates [3] | |||||||
| UAL Win Rate | 25% | 42% | 50% | 50% | 75% | 58% | |
| Peers Win Rate | 48% | 45% | 47% | 42% | 60% | 52% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| UAL Max Drawdown | -77% | -10% | -29% | -10% | -8% | -42% | |
| Peers Max Drawdown | -64% | -12% | -35% | -25% | -18% | -43% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: DAL, AAL, LUV, ALK, JBLU. See UAL Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/22/2025 (YTD)
How Low Can It Go
| Event | UAL | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -50.0% | -25.4% |
| % Gain to Breakeven | 100.2% | 34.1% |
| Time to Breakeven | 952 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -77.8% | -33.9% |
| % Gain to Breakeven | 350.5% | 51.3% |
| Time to Breakeven | 1,643 days | 148 days |
| 2018 Correction | ||
| % Loss | -30.3% | -19.8% |
| % Gain to Breakeven | 43.4% | 24.7% |
| Time to Breakeven | 266 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -93.9% | -56.8% |
| % Gain to Breakeven | 1545.0% | 131.3% |
| Time to Breakeven | 2,248 days | 1,480 days |
Compare to DAL, SRFM, CAKR, RJET, UAL
In The Past
United Airlines's stock fell -50.0% during the 2022 Inflation Shock from a high on 3/17/2021. A -50.0% loss requires a 100.2% gain to breakeven.
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United Airlines Holdings, Inc., through its subsidiaries, provides air transportation services in North America, Asia, Europe, Africa, the Pacific, the Middle East, and Latin America. The company transports people and cargo through its mainline and regional fleets. It also offers catering, ground handling, training, and maintenance services for third parties. The company was formerly known as United Continental Holdings, Inc. and changed its name to United Airlines Holdings, Inc. in June 2019. United Airlines Holdings, Inc. was incorporated in 1968 and is headquartered in Chicago, Illinois.
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Here are 1-3 brief analogies for United Airlines:
- Like Delta Air Lines or American Airlines.
- Like a Marriott or Hilton for air travel.
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- Passenger Air Transportation: Providing scheduled air travel for individuals and groups across domestic and international routes.
- Air Cargo Transportation: Transporting freight, mail, and other goods through its aircraft cargo holds for businesses and individuals worldwide.
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United Airlines (symbol: UAL) primarily sells its services to **individuals**. The company serves various categories of individual customers, which can be broadly categorized as: 1. **Leisure Travelers:** Individuals and families flying for personal reasons such as vacations, holidays, visiting friends and relatives, or personal events. This segment often prioritizes fare price and travel experience. 2. **Business Travelers:** Individuals traveling for corporate purposes, including attending meetings, conferences, client visits, project assignments, and other work-related activities. These trips are frequently funded or reimbursed by employers, and travelers often prioritize convenience, flexibility, and premium services. 3. **Government and Military Personnel:** Travelers flying for official government or military duties. United Airlines often has specific contracts and fare structures to accommodate the travel needs of these personnel.AI Analysis | Feedback
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Scott Kirby - Chief Executive Officer
Scott Kirby was appointed Chief Executive Officer of United Airlines in 2020, having previously served as the company's President from 2016 to 2020. In his role as President, he oversaw United's operations, marketing, sales, alliances, network planning, and revenue management. Before joining United, Kirby held presidential roles at other major airlines, including President of American Airlines from 2013 to 2016 and President of US Airways from 2006 to 2013. His career in the airline industry spans three decades. He began his career at the Pentagon and in the technology sector. Kirby holds bachelor's degrees in computer science and operations research from the U.S. Air Force Academy and a Master of Science in operations research from George Washington University.
Michael Leskinen - Executive Vice President and Chief Financial Officer
Michael Leskinen assumed the role of Executive Vice President and Chief Financial Officer at United Airlines in September 2023. He joined United in 2018 as managing director of Investor Relations and was promoted to vice president of Corporate Development and Investor Relations in 2019. In 2021, Leskinen also took on the position of President of United Airlines Ventures (UAV), a corporate venture capital fund focused on sustainable aviation. Prior to his tenure at United, he worked as an executive director at J.P. Morgan Asset Management from 2013 to 2017 and at Oppenheimer Funds from 2009 to 2013, with both roles concentrating on the aerospace sector. Notably, he led the team that successfully secured $6.8 billion in financing for United in 2020, utilizing the MileagePlus loyalty program as collateral, which provided critical financial flexibility during the pandemic. Leskinen holds a Bachelor's degree in finance from Arizona State University and an MBA from the University of Pennsylvania's Wharton School.
Brett J. Hart - President
Brett J. Hart was appointed President of United Airlines in May 2020. In this capacity, he is responsible for United's global operations, including flight, technical, and network operations, as well as inflight services and safety. He also oversees the company's external functions, such as government affairs, corporate communications, legal, and environmental sustainability, and manages human resources and labor relations. Hart served as interim CEO for six months in late 2015 and 2016. Before joining United in 2010, his career included roles as Executive Vice President, General Counsel, and Corporate Secretary at Sara Lee Corporation, a partner at Sonnenschein Nath & Rosenthal, and Special Assistant to the General Counsel at the U.S. Department of Treasury. He earned his Bachelor of Arts from the University of Michigan and a Juris Doctor from the University of Chicago Law School.
Andrew Nocella - Executive Vice President and Chief Commercial Officer
Andrew Nocella serves as United's Executive Vice President and Chief Commercial Officer, a position he has held since 2017. In this role, he oversees all aspects of United's commercial strategies and product design, encompassing cargo, United Express, pricing and revenue management, network and commercial strategy, sales, alliances, marketing functions, and MileagePlus. Before joining United, Nocella accumulated over 20 years of industry experience, holding various leadership positions at American Airlines and US Airways. This included serving as senior vice president of network planning, alliance and sales at American Airlines and senior vice president of marketing and planning at US Airways. He also spent time in route planning for Continental Airlines. Nocella earned a Bachelor of Science in decision sciences from George Mason University.
Toby Enqvist - Global Chief Operations Officer
Toby Enqvist is the Global Chief Operations Officer for United Airlines. He is responsible for corporate safety, airport operations, flight operations, inflight operations, network operations center, operations performance, corporate real estate, and customer solutions. Enqvist has over 25 years of experience in the airline industry, having joined Continental Airlines in 1996. Throughout his career at Continental and United, he has held numerous leadership positions within operations and finance. Prior to his current role, he served as Executive Vice President and Chief Customer Officer. Enqvist, a native of Sweden, received his bachelor's degree in business administration from Ouachita Baptist University and an MBA from Southern Methodist University.
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United Airlines (UAL) faces several key risks to its business operations: * Fuel Price Volatility: Fluctuations in jet fuel prices represent a significant and often unpredictable operating expense for United Airlines. Despite the company's use of strategic fuel hedging mechanisms to mitigate sudden price spikes, the highly volatile nature of global crude oil prices and the balance between supply and demand continue to pose a material adverse impact on the airline's profitability and financial condition. * Labor Relations and Disputes: As a heavily unionized company, United Airlines is susceptible to labor disputes, employee strikes, or slowdowns, which can negatively affect its business, operations, and financial results. Recent instances, such as the rejection of a tentative labor agreement by flight attendants due to dissatisfaction over wages and working conditions, and an ongoing investigation by the U.S. Department of Labor into the airline's leave policies, underscore the challenges in maintaining workforce stability and avoiding operational disruptions. * Intense Competition and Market Volatility: The global airline industry is characterized by intense competition from both traditional carriers and low-cost airlines, which can lead to price discounting and pressure on market share and profitability for United. Additionally, the company is exposed to broader market volatility stemming from macroeconomic headwinds, geopolitical uncertainties, and shifts in global travel demand, all of which can impact revenue and operational costs.AI Analysis | Feedback
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United Airlines (UAL) operates primarily in two main addressable markets: passenger air transport and air cargo.Passenger Air Transport
The global passenger air transport market was valued at approximately USD 820.18 billion in 2024 and is projected to reach USD 1.12 trillion by 2029, growing at a compound annual growth rate (CAGR) of 6.6%.The U.S. passenger air transport market, a significant component of the global market, is projected to grow from USD 84.98 billion in 2024 to USD 122.82 billion by 2035, at a CAGR of 3.75% from 2025 to 2035. In 2023, U.S. airports served over 855 million passengers.
Air Cargo Services
The global air cargo market was estimated at USD 257.44 billion in 2023 and is projected to reach USD 501.32 billion by 2030, with a CAGR of 10.3% from 2024 to 2030. Another source indicates the global air cargo market was valued at USD 141.3 billion in 2024 and is projected to reach USD 239.8 billion by 2035, growing at a CAGR of 5.1% from 2025 to 2035.For the United States, the air freight transport market size is estimated at USD 49.85 billion in 2025 and is expected to reach USD 61.63 billion by 2030, at a CAGR of 4.33% during the forecast period. Another estimate places the U.S. air freight market size at USD 64.06 billion in 2025, with a projection to reach USD 91.81 billion by 2034.
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United Airlines (UAL) is anticipated to drive future revenue growth over the next two to three years through several key strategies and market trends:
- Expansion of Premium Products and Services: United Airlines is actively focusing on increasing its premium offerings, including Polaris, Premium Plus, and domestic first-class cabins. The company plans to grow its premium capacity more than its total capacity, with significant year-over-year revenue increases expected in these segments. Investments in enhanced customer experience, such as seatback screens, improved food options, and reliable in-flight connectivity, are also crucial in winning and retaining brand-loyal customers and differentiating United from competitors.
- Growth of the MileagePlus Loyalty Program: The MileagePlus loyalty program is a significant driver of income through customer retention and partnerships with credit card companies, contributing a steady cash flow. United aims to double the loyalty program's EBITDA by the end of the decade.
- Strategic Capacity Management and International Network Focus: United is implementing strategic capacity adjustments, including rationalizing domestic capacity and optimizing international routes, to improve profitability. The airline's hub-and-spoke system is particularly focused on international and long-haul travel, especially across the Pacific, positioning it to benefit from global travel recovery trends.
- Continued Strong Demand in High-Margin Segments: Robust travel demand, particularly in business-class and international travel, is expected to continue fueling revenue growth. United's focus on these high-margin segments positions it well to capitalize on the ongoing recovery in global travel demand and a projected increase in corporate traffic volumes.
- Enhancements in Customer Experience and Operational Efficiency: Investments in operational efficiencies and technology, such as improved stability at key hubs like Newark and the installation of Starlink Wi-Fi, are expected to enhance the overall customer experience. These improvements, alongside a focus on maintaining a low cancel rate, contribute to customer satisfaction and loyalty, indirectly supporting revenue growth and delivering more sustainable profits under the "United Next" plan.
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Capital Allocation Decisions (Last 3-5 Years)
Share Repurchases
- United Airlines announced a $1.5 billion share buyback program in October 2024, marking its first such program since it was put on hold in 2020 due to the COVID-19 pandemic.
- This program is expected to continue through the end of 2025 and is planned to be funded by free cash flow.
- As of the second quarter of 2025, United had repurchased approximately $0.6 billion of shares year-to-date.
Share Issuance
- In April 2020, United Airlines announced an underwritten public offering of 39,250,000 shares of its common stock, aiming to raise $1 billion to mitigate the financial impact of the coronavirus pandemic.
Outbound Investments
- United Airlines Ventures (UAV), established in 2021, actively invests in early-stage startups that focus on innovative technologies poised to shape the future of aviation and travel.
- Notable investments made by UAV include companies in sectors such as Aerospace Tech, Air Pollution Management Tech, and Electric Vehicles, with specific mentions of Eve, Heart Aerospace, and NEXT Renewable Fuels.
- The company made a strategic investment in Twelve, a low-carbon fuels company producing sustainable aviation fuel (SAF), in May 2025. Additionally, in August 2025, UAV invested in Astro Mechanica, an aerospace startup developing advanced supersonic aircraft technology.
Capital Expenditures
- United Airlines' capital expenditures averaged $4.288 billion annually for fiscal years 2020 to 2024, peaking at $7.171 billion in December 2023.
- For fiscal year 2025, the company projects its adjusted total capital expenditure to be below $6.5 billion.
- The primary focus of capital expenditures is fleet modernization and expansion under the "United Next" strategy, which includes orders for over 500 narrow-body and 150 wide-body Boeing 787 Dreamliner jets since 2021, and the retrofitting of 100% of its mainline, narrow-body fleet with new interiors, seatback entertainment, and faster Wi-Fi, expected to be completed by 2025.
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| United Airlines (UAL) Operating Cash Flow Comparison | Financials | |
| United Airlines Market Price | Market Price |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to UAL. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | CNM | Core & Main | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 18.9% | 18.9% | -1.6% |
| 11212025 | VRRM | Verra Mobility | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 5.5% | 5.5% | -1.2% |
| 11212025 | LII | Lennox International | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 6.5% | 6.5% | 0.0% |
| 11212025 | ADP | Automatic Data Processing | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 3.3% | 3.3% | -1.2% |
| 11212025 | CW | Curtiss-Wright | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 6.0% | 6.0% | -0.4% |
| 12312018 | UAL | United Airlines | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 5.6% | 5.2% | -7.5% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for United Airlines
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 47.86 |
| Mkt Cap | 16.4 |
| Rev LTM | 40,922 |
| Op Inc LTM | 1,431 |
| FCF LTM | 414 |
| FCF 3Y Avg | 335 |
| CFO LTM | 2,898 |
| CFO 3Y Avg | 2,792 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.8% |
| Rev Chg 3Y Avg | 8.8% |
| Rev Chg Q | 1.9% |
| QoQ Delta Rev Chg LTM | 0.5% |
| Op Mgn LTM | 4.2% |
| Op Mgn 3Y Avg | 6.5% |
| QoQ Delta Op Mgn LTM | -0.7% |
| CFO/Rev LTM | 8.4% |
| CFO/Rev 3Y Avg | 8.8% |
| FCF/Rev LTM | 0.6% |
| FCF/Rev 3Y Avg | -0.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 16.4 |
| P/S | 0.5 |
| P/EBIT | 7.0 |
| P/E | 14.6 |
| P/CFO | 4.3 |
| Total Yield | 4.6% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -0.1% |
| D/E | 0.9 |
| Net D/E | 0.6 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 26.1% |
| 3M Rtn | 17.1% |
| 6M Rtn | 41.2% |
| 12M Rtn | 7.7% |
| 3Y Rtn | 26.6% |
| 1M Excs Rtn | 25.6% |
| 3M Excs Rtn | 13.9% |
| 6M Excs Rtn | 25.3% |
| 12M Excs Rtn | -5.8% |
| 3Y Excs Rtn | -52.5% |
Comparison Analyses
Price Behavior
Price Behavior
| Market Price | $116.02 | |
| Market Cap ($ Bil) | 37.6 | |
| First Trading Date | 02/06/2006 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $100.34 | $88.51 |
| DMA Trend | indeterminate | indeterminate |
| Distance from DMA | 15.6% | 31.1% |
| 3M | 1YR | |
| Volatility | 43.1% | 57.1% |
| Downside Capture | 172.33 | 190.07 |
| Upside Capture | 203.31 | 179.19 |
| Correlation (SPY) | 50.3% | 68.9% |
UAL Betas & Captures as of 11/30/2025
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.88 | 1.81 | 1.66 | 2.29 | 2.00 | 1.66 |
| Up Beta | -0.60 | 0.43 | 0.73 | 2.11 | 2.24 | 1.96 |
| Down Beta | 0.56 | 1.96 | 1.84 | 2.20 | 1.88 | 1.74 |
| Up Capture | 376% | 237% | 154% | 295% | 270% | 351% |
| Bmk +ve Days | 12 | 25 | 38 | 73 | 141 | 426 |
| Stock +ve Days | 10 | 22 | 30 | 65 | 126 | 380 |
| Down Capture | 217% | 196% | 197% | 210% | 140% | 107% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 9 | 19 | 32 | 59 | 121 | 366 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of UAL With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| UAL | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 22.1% | 17.0% | 14.7% | 67.3% | 6.8% | -0.5% | -16.6% |
| Annualized Volatility | 57.0% | 19.0% | 19.7% | 19.3% | 15.2% | 17.6% | 35.4% |
| Sharpe Ratio | 0.55 | 0.69 | 0.57 | 2.54 | 0.23 | -0.18 | -0.25 |
| Correlation With Other Assets | 67.0% | 68.8% | 3.6% | 17.5% | 46.5% | 39.3% | |
ETFs used for asset classes: Sector ETF = XLI, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data
| Comparison of UAL With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| UAL | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 20.0% | 14.1% | 15.0% | 18.9% | 11.8% | 5.1% | 35.8% |
| Annualized Volatility | 48.0% | 17.2% | 17.1% | 15.5% | 18.7% | 18.9% | 48.9% |
| Sharpe Ratio | 0.55 | 0.66 | 0.71 | 0.98 | 0.51 | 0.18 | 0.63 |
| Correlation With Other Assets | 59.1% | 55.3% | -0.2% | 6.8% | 39.8% | 26.7% | |
ETFs used for asset classes: Sector ETF = XLI, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Comparison of UAL With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| UAL | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 7.3% | 13.5% | 14.9% | 14.9% | 6.7% | 5.5% | 69.9% |
| Annualized Volatility | 51.1% | 19.9% | 18.0% | 14.8% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.34 | 0.60 | 0.71 | 0.84 | 0.30 | 0.23 | 0.90 |
| Correlation With Other Assets | 61.2% | 53.5% | -3.5% | 17.4% | 45.6% | 15.9% | |
ETFs used for asset classes: Sector ETF = XLI, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/15/2025 | -5.6% | -7.5% | -6.6% |
| 7/16/2025 | 3.1% | 2.2% | 12.1% |
| 4/15/2025 | -0.0% | 1.5% | 14.2% |
| 1/21/2025 | 2.9% | -0.6% | -0.8% |
| 10/15/2024 | 12.4% | 16.3% | 40.2% |
| 7/17/2024 | -1.2% | -2.0% | -9.1% |
| 4/16/2024 | 17.4% | 30.2% | 32.4% |
| 1/22/2024 | 5.3% | 9.5% | 14.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 13 |
| # Negative | 13 | 13 | 11 |
| Median Positive | 5.0% | 5.0% | 10.9% |
| Median Negative | -4.6% | -3.7% | -5.0% |
| Max Positive | 17.4% | 30.2% | 40.2% |
| Max Negative | -10.2% | -23.1% | -9.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 10162025 | 10-Q 9/30/2025 |
| 6302025 | 7172025 | 10-Q 6/30/2025 |
| 3312025 | 4162025 | 10-Q 3/31/2025 |
| 12312024 | 2272025 | 10-K 12/31/2024 |
| 9302024 | 10162024 | 10-Q 9/30/2024 |
| 6302024 | 7182024 | 10-Q 6/30/2024 |
| 3312024 | 4172024 | 10-Q 3/31/2024 |
| 12312023 | 2292024 | 10-K 12/31/2023 |
| 9302023 | 10182023 | 10-Q 9/30/2023 |
| 6302023 | 7202023 | 10-Q 6/30/2023 |
| 3312023 | 4202023 | 10-Q 3/31/2023 |
| 12312022 | 2162023 | 10-K 12/31/2022 |
| 9302022 | 10192022 | 10-Q 9/30/2022 |
| 6302022 | 7212022 | 10-Q 6/30/2022 |
| 3312022 | 4212022 | 10-Q 3/31/2022 |
| 12312021 | 2182022 | 10-K 12/31/2021 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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