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United Airlines (UAL)

Market Price (4/5/2026): $92.45 | Market Cap: $29.9 Bil
Sector: Industrials | Industry: Passenger Airlines

United Airlines (UAL)

Market Price (4/5/2026): $92.45
Market Cap: $29.9 Bil
Sector: Industrials
Industry: Passenger Airlines

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.2%, FCF Yield is 8.6%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, CFO LTM is 8.4 Bil, FCF LTM is 2.6 Bil

Megatrend and thematic drivers
Megatrends include Experience Economy & Premiumization, Energy Transition & Decarbonization, and Advanced Aviation & Space. Themes include Travel & Leisure Tech, Show more.

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 63%

Key risks
UAL key risks include workforce instability driven by [1] flight attendants' rejection of a labor agreement and [2] a U.S. Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.2%, FCF Yield is 8.6%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, CFO LTM is 8.4 Bil, FCF LTM is 2.6 Bil
2 Megatrend and thematic drivers
Megatrends include Experience Economy & Premiumization, Energy Transition & Decarbonization, and Advanced Aviation & Space. Themes include Travel & Leisure Tech, Show more.
3 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 63%
4 Key risks
UAL key risks include workforce instability driven by [1] flight attendants' rejection of a labor agreement and [2] a U.S. Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

United Airlines (UAL) stock has lost about 20% since 12/31/2025 because of the following key factors:

1. Q4 2025 Earnings Headwinds and Cautious Outlook.

Despite United Airlines reporting strong fourth-quarter 2025 earnings per share (EPS) of $3.10, surpassing the consensus estimate of $2.97, the accompanying financial outlook highlighted significant short-term headwinds. Management acknowledged an estimated ~$250 million pretax impact from a government shutdown and a ~$0.85 EPS headwind attributed to Newark operations for the year. These persistent operational challenges and the potential for increased competitive intensity likely introduced investor caution regarding future profitability, overshadowing the positive quarterly beat.

2. Downward Revisions in Analyst Price Targets.

Throughout the period, several analyst firms adjusted their price targets for United Airlines downwards, contributing to negative market sentiment. For example, Jefferies Financial Group decreased its price objective from $148.00 to $125.00 on March 12, 2026, and Argus lowered its target from $140.00 to $135.00 on January 22, 2026. Although the stock maintained a consensus "Moderate Buy" rating with an average target of $131.14 by late March 2026, these specific downgrades from influential firms likely exerted downward pressure on the stock's valuation.

Show more

Stock Movement Drivers

Fundamental Drivers

The -17.5% change in UAL stock from 12/31/2025 to 4/4/2026 was primarily driven by a -19.0% change in the company's P/E Multiple.
(LTM values as of)123120254042026Change
Stock Price ($)111.8292.21-17.5%
Change Contribution By: 
Total Revenues ($ Mil)58,36859,0691.2%
Net Income Margin (%)5.6%5.7%0.6%
P/E Multiple11.08.9-19.0%
Shares Outstanding (Mil)3243240.0%
Cumulative Contribution-17.5%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/4/2026
ReturnCorrelation
UAL-17.5% 
Market (SPY)-5.4%62.6%
Sector (XLI)5.6%63.6%

Fundamental Drivers

The -4.4% change in UAL stock from 9/30/2025 to 4/4/2026 was primarily driven by a -6.0% change in the company's P/E Multiple.
(LTM values as of)93020254042026Change
Stock Price ($)96.5092.21-4.4%
Change Contribution By: 
Total Revenues ($ Mil)57,98659,0691.9%
Net Income Margin (%)5.7%5.7%-0.5%
P/E Multiple9.58.9-6.0%
Shares Outstanding (Mil)3253240.3%
Cumulative Contribution-4.4%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/4/2026
ReturnCorrelation
UAL-4.4% 
Market (SPY)-2.9%57.6%
Sector (XLI)6.5%58.6%

Fundamental Drivers

The 33.5% change in UAL stock from 3/31/2025 to 4/4/2026 was primarily driven by a 23.6% change in the company's P/E Multiple.
(LTM values as of)33120254042026Change
Stock Price ($)69.0592.2133.5%
Change Contribution By: 
Total Revenues ($ Mil)57,06359,0693.5%
Net Income Margin (%)5.5%5.7%2.9%
P/E Multiple7.28.923.6%
Shares Outstanding (Mil)3283241.4%
Cumulative Contribution33.5%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/4/2026
ReturnCorrelation
UAL33.5% 
Market (SPY)16.3%71.0%
Sector (XLI)26.3%68.9%

Fundamental Drivers

The 108.4% change in UAL stock from 3/31/2023 to 4/4/2026 was primarily driven by a 246.7% change in the company's Net Income Margin (%).
(LTM values as of)33120234042026Change
Stock Price ($)44.2592.21108.4%
Change Contribution By: 
Total Revenues ($ Mil)44,95559,06931.4%
Net Income Margin (%)1.6%5.7%246.7%
P/E Multiple19.78.9-54.7%
Shares Outstanding (Mil)3273241.0%
Cumulative Contribution108.4%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/4/2026
ReturnCorrelation
UAL108.4% 
Market (SPY)63.3%57.6%
Sector (XLI)68.8%58.7%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
UAL Return1%-14%9%135%15%-15%120%
Peers Return0%-28%-1%41%-7%-12%-17%
S&P 500 Return27%-19%24%23%16%-4%75%

Monthly Win Rates [3]
UAL Win Rate42%50%50%75%58%50% 
Peers Win Rate45%47%42%60%50%60% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
UAL Max Drawdown-10%-29%-10%-8%-42%-24% 
Peers Max Drawdown-12%-35%-25%-18%-43%-21% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-7% 

[1] Cumulative total returns since the beginning of 2021
[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] 2026 data is for the year up to 4/2/2026 (YTD)

How Low Can It Go

Unique KeyEventUALS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-50.0%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven100.2%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven952 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-77.8%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven350.5%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven1,643 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-30.3%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven43.4%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven266 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-93.9%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven1545.0%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven2,248 days1,480 days

Compare to DAL, AAL, LUV, ALK, JBLU

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.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About United Airlines (UAL)

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.

AI Analysis | Feedback

Greyhound for the skies.

A global UPS, but for people and packages.

AI Analysis | Feedback

  • Passenger Air Transportation: The company provides scheduled flights for passengers across its extensive global network.
  • Cargo Air Transportation: United Airlines transports freight and mail internationally using its fleet.
  • Catering Services: The company offers food and beverage services, including for third-party airlines.
  • Ground Handling Services: United Airlines provides essential ground support for aircraft and passengers, available also to third parties.
  • Training Services: The company offers aviation-related training programs, often for external clients.
  • Maintenance Services: United Airlines performs aircraft maintenance and repair, including for third-party aircraft.

AI Analysis | Feedback

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United Airlines (UAL) primarily sells air transportation services to individuals, but also serves business customers for cargo and other aviation services. Its major customer categories include:

  1. Leisure Travelers: Individuals and families flying for personal reasons such as vacations, holidays, or visiting friends and relatives. This segment often seeks competitive pricing and flexible booking options.
  2. Business Travelers: Individuals traveling for corporate purposes, including meetings, conferences, client visits, or other work-related assignments. This segment typically prioritizes convenience, direct routes, and flexibility for last-minute changes.
  3. Cargo and Third-Party Service Customers: This category includes businesses utilizing United Airlines for air cargo transport (shipping goods globally) and other aviation companies that purchase services like catering, ground handling, training, and maintenance from United's subsidiaries.
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AI Analysis | Feedback

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  • Boeing (NYSE: BA)
  • Airbus (Euronext Paris: AIR)
  • GE Aerospace (NYSE: GE)
  • RTX Corporation (NYSE: RTX) (parent company of Pratt & Whitney)
  • Amadeus IT Group SA (BME: AMS)
```

AI Analysis | Feedback

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AI Analysis | Feedback

The key risks to United Airlines (UAL) are:

  1. Fuel Price Volatility and Geopolitical Tensions: United Airlines faces significant financial pressure from rising and volatile jet fuel prices, which are often exacerbated by geopolitical tensions, particularly in the Middle East. Fuel can account for a substantial portion of an airline's operating expenses, and United's decision not to hedge fuel costs increases its exposure to market fluctuations.
  2. Labor Costs and Negotiations: The airline industry, including United, constantly grapples with managing operational costs, with labor being a major component. Ongoing labor negotiations, such as those with flight attendants, pose a risk of increased cost inflation and highlight inherent workforce and cost structure challenges.
  3. Economic Headwinds and Demand Slowdown: United Airlines is vulnerable to broader economic uncertainties, including potential slowdowns in demand for air travel. Recent evidence indicates a softening in demand, particularly in government and business travel segments, leading the airline to trim domestic capacity. Economic factors like rising interest rates and inflation could further dampen overall travel demand.

AI Analysis | Feedback

The clear emerging threat to United Airlines (UAL) is the accelerating development and adoption of advanced virtual presence technologies, including virtual reality (VR) and augmented reality (AR) platforms. As these technologies mature, they offer increasingly immersive and effective alternatives to physical travel for business meetings, conferences, training, and potentially even some forms of tourism. This shift could significantly reduce the demand for air travel, particularly the high-yield business class segment, by enabling individuals and companies to achieve their objectives without the need for physical presence.

AI Analysis | Feedback

United Airlines Holdings, Inc. (UAL) operates in several significant addressable markets, primarily air transportation for passengers and cargo, along with ancillary services like catering, ground handling, and maintenance.

Passenger Air Transportation

  • The global passenger air transport market was valued at approximately USD 870.78 billion in 2025, with projections indicating growth to USD 1.2 trillion by 2030. Another estimate places the market at USD 830.72 billion in 2025, growing to USD 1.86 trillion by 2032.
  • In North America, the aviation market, which includes passenger air transport, was valued at USD 79 billion based on a five-year historical analysis. Specifically, North America is forecasted to reach 2.1 billion passengers in 2025.

Air Cargo Transportation

  • The global air cargo market was valued at USD 185.3 billion in 2023 and is projected to reach USD 288.8 billion by 2032. Other estimates include USD 172.74 billion in 2024, projected to grow to USD 273.50 billion by 2032, and USD 186.24 billion in 2025, expected to reach USD 275.16 billion by 2033.
  • For North America, the air cargo market was valued at USD 31.94 billion in 2022 and is projected to reach USD 43.20 billion by 2028. In 2025, North America's air cargo market share was estimated at more than 40% of the global revenue, with a market size of USD 74.49 billion.

Catering Services

  • The global airline catering market was valued at USD 18.5 billion in 2024 and is projected to grow to USD 29.3 billion by 2034. Another report estimates the market size at USD 19.61 billion in 2024, with a projection to reach approximately USD 35.12 billion by 2034.

Ground Handling Services

  • The global airport ground handling market was approximately USD 34.5 billion in 2023 and is expected to grow to USD 64.2 billion by 2030. Another source indicates a market size of USD 37.1 billion in 2025, anticipated to reach USD 90.9 billion by 2034. The combined global airport ground and cargo handling services market was valued at USD 51.23 billion in 2025 and is projected to reach USD 88.17 billion by 2034.
  • In North America, the airport ground and cargo handling services market held a 34.89% share of the global market in 2025, valued at USD 17.87 billion.

Maintenance, Repair, and Overhaul (MRO) Services

  • The global aviation MRO market was valued at USD 90.73 billion in 2024 and is predicted to grow to USD 145.28 billion by 2034. Another source valued the global commercial aircraft MRO services market at USD 110.7 billion in 2023, estimated to grow to USD 146.9 billion by 2032. The commercial aircraft MRO market is estimated at USD 100.99 billion in 2026, projected to reach USD 128.17 billion by 2031.
  • In North America, the MRO demand is projected to grow from USD 28 billion to USD 34 billion by 2035.

AI Analysis | Feedback

United Airlines Holdings, Inc. (UAL) is anticipated to drive future revenue growth over the next two to three years through several strategic initiatives and favorable market dynamics:

  1. Growth in Premium Cabin and Loyalty Program Offerings: United Airlines is strategically focusing on expanding its premium services, which has already demonstrated significant growth in premium cabin revenue. This emphasis on higher-value offerings, coupled with robust loyalty programs, is expected to attract and retain high-spending customers, thereby enhancing revenue and margin expansion.
  2. Strategic International Route Expansion and Increased Capacity: The company is actively expanding its route network, particularly in high-margin international markets, by adding new destinations and increasing flight frequencies on existing routes to meet rising demand. This expansion, supported by the "United Next" growth plan and planned fleet modernization and expansion, is set to increase available capacity and capture a larger market share.
  3. Enhancement of Customer Experience through Technology and Operational Efficiencies: United's investments in advanced technologies, such as AI for operational decision-making and the rapid deployment of Starlink for in-flight Wi-Fi, are expected to significantly improve the customer experience. These enhancements aim to differentiate United from competitors, increase customer satisfaction, and attract more passengers, ultimately contributing to revenue growth.
  4. Sustained Strong Travel Demand: The overall robust demand for air travel, especially within the premium leisure segment, is a crucial driver of revenue growth for United Airlines. The airline has reported record quarterly revenues and strong bookings, indicating a resilient market and continued demand for its services over the coming years.

AI Analysis | Feedback

Share Repurchases

  • United Airlines authorized a $1.5 billion share repurchase program in October 2024, to be executed starting in Q4 2024 and continuing through 2025.
  • The company repurchased $640 million of shares in the full year 2025.
  • Actual share buybacks for 2024 amounted to $162 million and for 2025 to $637 million.

Share Issuance

  • In January 2021, United received approximately $2.6 billion in funding through a Payroll Support Program Extension Agreement with the U.S. Treasury Department, which involved the issuance and sale of UAL common stock.
  • United Airlines' shares outstanding declined by 1.41% in 2025 to 0.329 billion.

Outbound Investments

  • United Airlines planned a $100 million investment in Azul S.A. through a subscription of Azul shares and ADSs, approved in February 2026.
  • The company made a new investment in the carbon capture startup Heirloom as of April 2025.

Capital Expenditures

  • United Airlines' capital expenditures averaged $5.117 billion annually from 2021 to 2025.
  • For 2025, net capital expenditures totaled $5.9 billion, primarily focused on fleet expansion.
  • Expected capital expenditures for 2026 are projected to be under $8 billion, with over $12 billion specifically earmarked for the delivery of 124 new aircraft, aligning with the "United Next" strategy for fleet modernization and customer experience enhancements like Starlink Wi-Fi and cabin upgrades.

Interactive Breakdown

United Airlines Interactive Breakdown Analysis

Better Bets vs. United Airlines (UAL)

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1United Airlines Stock 5-Day Losing Spree: Stock Falls 9.3%03/31/2026
2Is 22.1% Fall In United Airlines (UAL) Stock A Buying Opportunity?03/11/2026
3UAL Stock Falls -13% In 6-Day Rout On Oil Spike And Analyst Downgrades03/09/2026
4UAL Stock Falls -21% With A 6-day Losing Spree On Fuel Cost Surge03/07/2026
5UAL Stock Falls -18% With A 5-day Losing Spree On Soaring Oil Prices03/06/2026
6With United Airlines Stock Sliding, Have You Assessed The Risk?02/20/2026
7Why United Airlines Stock Jumped 60%?01/21/2026
8UAL Stock Surges 5.5% With A 5-day Winning Spree On Analyst Upgrades01/07/2026
9United Airlines Earnings Notes12/23/2025
10ARTICLES 
11United Airlines Stock 5-Day Losing Spree: Stock Falls -9.3%03/31/2026
12Should You Buy United Airlines Stock After 22% Drop?03/11/2026
13S&P 500 Movers | Winners: DELL, PSKY, XYZ | Losers: UAL, APO, AXP02/28/2026
14United Airlines Stock Drop Looks Sharp, But How Deep Can It Go?02/20/2026
15How United Airlines Stock Gained 60%01/21/2026
Title
0DASHBOARDS
1United Airlines Stock 5-Day Losing Spree: Stock Falls 9.3%
2Is 22.1% Fall In United Airlines (UAL) Stock A Buying Opportunity?
3UAL Stock Falls -13% In 6-Day Rout On Oil Spike And Analyst Downgrades
4UAL Stock Falls -21% With A 6-day Losing Spree On Fuel Cost Surge
5UAL Stock Falls -18% With A 5-day Losing Spree On Soaring Oil Prices
6With United Airlines Stock Sliding, Have You Assessed The Risk?
7Why United Airlines Stock Jumped 60%?
8UAL Stock Surges 5.5% With A 5-day Winning Spree On Analyst Upgrades
9United Airlines Earnings Notes
10ARTICLES
11United Airlines Stock 5-Day Losing Spree: Stock Falls -9.3%
12Should You Buy United Airlines Stock After 22% Drop?
13S&P 500 Movers | Winners: DELL, PSKY, XYZ | Losers: UAL, APO, AXP
14United Airlines Stock Drop Looks Sharp, But How Deep Can It Go?
15How United Airlines Stock Gained 60%

Trade Ideas

Select ideas related to UAL.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
NSP_3312026_Insider_Buying_45D_2Buy_200K03312026NSPInsperityInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days		0.0%0.0%0.0%
TNC_3312026_Insider_Buying_45D_2Buy_200K03312026TNCTennantInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days		0.0%0.0%0.0%
ADP_3272026_Dip_Buyer_FCFYield03272026ADPAutomatic Data ProcessingDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		1.0%1.0%0.0%
HURN_3272026_Dip_Buyer_FCFYield03272026HURNHuron ConsultingDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		4.0%4.0%0.0%
TRU_3272026_Dip_Buyer_FCFYield03272026TRUTransUnionDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		5.2%5.2%0.0%
UAL_3312023_Insider_Buying_GTE_1Mil_EBITp+DE_V203312023UALUnited AirlinesInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap		-4.4%8.2%-23.4%

Recent Active Movers

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Peer Comparisons

Peers to compare with:

Financials

UALDALAALLUVALKJBLUMedian
NameUnited A.Delta Ai.American.Southwes.Alaska A.JetBlue . 
Mkt Price92.2166.7610.8437.6037.334.5237.47
Mkt Cap29.843.37.222.94.31.715.0
Rev LTM59,06963,36454,63328,06314,2399,06241,348
Op Inc LTM4,9715,8221,626428553-3381,090
FCF LTM2,5573,843-1,786-830-339-1,216-584
FCF 3Y Avg2,0422,62354-926-200-1,166-73
CFO LTM8,4318,3421,9301,8431,249-941,886
CFO 3Y Avg8,2627,6103,0151,8231,2541502,419

Growth & Margins

UALDALAALLUVALKJBLUMedian
NameUnited A.Delta Ai.American.Southwes.Alaska A.JetBlue . 
Rev Chg LTM3.5%2.8%0.8%2.1%21.3%-2.3%2.5%
Rev Chg 3Y Avg9.7%7.9%3.8%5.7%14.0%-0.3%6.8%
Rev Chg Q4.8%2.9%2.5%7.4%2.8%-1.4%2.8%
QoQ Delta Rev Chg LTM1.2%0.7%0.6%1.9%0.7%-0.4%0.7%
Op Mgn LTM8.4%9.2%3.0%1.5%3.9%-3.7%3.4%
Op Mgn 3Y Avg9.0%9.5%5.5%1.2%6.6%-1.7%6.0%
QoQ Delta Op Mgn LTM-0.4%-0.5%-1.2%0.4%-0.4%-1.3%-0.4%
CFO/Rev LTM14.3%13.2%3.5%6.6%8.8%-1.0%7.7%
CFO/Rev 3Y Avg14.6%12.4%5.6%6.8%10.4%1.6%8.6%
FCF/Rev LTM4.3%6.1%-3.3%-3.0%-2.4%-13.4%-2.7%
FCF/Rev 3Y Avg3.5%4.2%0.1%-3.4%-1.7%-12.6%-0.8%

Valuation

UALDALAALLUVALKJBLUMedian
NameUnited A.Delta Ai.American.Southwes.Alaska A.JetBlue . 
Mkt Cap29.843.37.222.94.31.715.0
P/S0.50.70.10.80.30.20.4
P/EBIT5.56.33.833.711.3-8.65.9
P/E8.98.664.551.843.1-2.826.0
P/CFO3.55.23.712.43.5-17.83.6
Total Yield11.2%11.9%1.6%3.7%2.3%-36.1%3.0%
Dividend Yield0.0%0.3%0.0%1.7%0.0%0.0%0.0%
FCF Yield 3Y Avg5.7%6.8%0.7%-4.4%-4.2%-56.2%-1.7%
D/E1.00.55.20.31.65.61.3
Net D/E0.60.44.30.11.14.30.9

Returns

UALDALAALLUVALKJBLUMedian
NameUnited A.Delta Ai.American.Southwes.Alaska A.JetBlue . 
1M Rtn-3.4%8.9%-8.1%-14.0%-14.8%-0.9%-5.7%
3M Rtn-18.4%-3.1%-30.0%-8.6%-27.5%-1.5%-13.5%
6M Rtn-3.3%17.3%-6.4%16.6%-24.1%-6.4%-4.8%
12M Rtn59.9%81.4%14.6%48.3%-16.0%14.7%31.5%
3Y Rtn119.4%105.6%-22.0%27.2%-11.0%-34.5%8.1%
1M Excs Rtn-4.1%8.8%-8.8%-15.7%-18.6%-6.3%-7.6%
3M Excs Rtn-13.7%0.3%-25.4%-4.8%-21.9%3.2%-9.2%
6M Excs Rtn0.9%21.6%-1.9%19.4%-21.1%-1.5%-0.3%
12M Excs Rtn18.3%42.5%-11.6%4.6%-40.7%-22.3%-3.5%
3Y Excs Rtn51.7%46.2%-88.2%-34.6%-72.0%-100.4%-53.3%

Financials

Segment Financials

Revenue by Segment
$ Mil2025202420232022
Single Segment53,71744,95524,63415,355
Total53,71744,95524,63415,355


Price Behavior

Price Behavior
Market Price$92.21 
Market Cap ($ Bil)29.8 
First Trading Date02/06/2006 
Distance from 52W High-21.5% 
   50 Days200 Days
DMA Price$101.89$99.45
DMA Trendupdown
Distance from DMA-9.5%-7.3%
 3M1YR
Volatility55.5%55.4%
Downside Capture1.701.38
Upside Capture270.56219.44
Correlation (SPY)57.9%67.4%
UAL Betas & Captures as of 3/31/2026

 1M2M3M6M1Y3Y
Beta1.962.712.492.132.131.82
Up Beta5.124.224.272.262.312.14
Down Beta1.160.871.261.691.791.81
Up Capture197%411%314%298%422%497%
Bmk +ve Days7162765139424
Stock +ve Days7182863130378
Down Capture198%237%231%184%151%110%
Bmk -ve Days12233358110323
Stock -ve Days15243563121370

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with UAL
UAL35.2%57.7%0.73-
Sector ETF (XLI)25.7%19.5%1.0569.0%
Equity (SPY)16.1%19.0%0.6771.1%
Gold (GLD)50.5%28.0%1.465.7%
Commodities (DBC)16.2%17.7%0.7712.0%
Real Estate (VNQ)3.6%16.5%0.0449.5%
Bitcoin (BTCUSD)-21.5%44.0%-0.4237.4%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with UAL
UAL10.1%48.0%0.37-
Sector ETF (XLI)12.4%17.2%0.5659.2%
Equity (SPY)11.6%17.0%0.5356.8%
Gold (GLD)21.7%17.8%1.000.3%
Commodities (DBC)11.6%18.8%0.514.7%
Real Estate (VNQ)3.3%18.8%0.0839.9%
Bitcoin (BTCUSD)3.9%56.5%0.2925.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with UAL
UAL4.8%51.5%0.30-
Sector ETF (XLI)13.4%19.9%0.6061.2%
Equity (SPY)14.0%17.9%0.6753.4%
Gold (GLD)14.0%15.9%0.73-2.6%
Commodities (DBC)8.4%17.6%0.4016.2%
Real Estate (VNQ)5.2%20.7%0.2245.2%
Bitcoin (BTCUSD)66.2%66.8%1.0615.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date3132026
Short Interest: Shares Quantity12.9 Mil
Short Interest: % Change Since 22820260.4%
Average Daily Volume10.5 Mil
Days-to-Cover Short Interest1.2 days
Basic Shares Quantity323.7 Mil
Short % of Basic Shares4.0%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
1/20/20262.2%-4.2%1.4%
10/15/2025-5.6%-7.5%-6.6%
7/16/20253.1%2.2%12.1%
4/15/2025-0.0%1.5%14.2%
1/21/2025-2.3%-3.8%-7.3%
10/15/202412.4%16.3%40.2%
7/17/2024-1.2%-2.0%-9.1%
4/16/202417.4%30.2%32.4%
...
SUMMARY STATS   
# Positive101014
# Negative141410
Median Positive5.1%6.6%9.9%
Median Negative-4.4%-4.0%-5.6%
Max Positive17.4%30.2%40.2%
Max Negative-10.2%-23.1%-9.6%

SEC Filings

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Report DateFiling DateFiling
12/31/202502/12/202610-K
09/30/202510/16/202510-Q
06/30/202507/17/202510-Q
03/31/202504/16/202510-Q
12/31/202402/27/202510-K
09/30/202410/16/202410-Q
06/30/202407/18/202410-Q
03/31/202404/17/202410-Q
12/31/202302/29/202410-K
09/30/202310/18/202310-Q
06/30/202307/20/202310-Q
03/31/202304/20/202310-Q
12/31/202202/16/202310-K
09/30/202210/19/202210-Q
06/30/202207/21/202210-Q
03/31/202204/21/202210-Q

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 1/20/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Free Cash Flow 2.70 Bil 0 AffirmedActual: 2.70 Bil for 2025
2026 Customer Experience Investment 1.00 Bil   Higher NewActual: 0 for 2025

Prior: Q3 2025 Earnings Reported 10/15/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q4 2025 Adjusted Diluted EPS33.253.5   
2026 Customer Experience Investment 1.00 Bil    

Insider Activity

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#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Kirby, J ScottChief Executive OfficerDirectSell12032025107.86120,00012,943,80071,895,798Form
2Gebo, KateEVP HR and Labor RelationsDirectSell814202597.5929,9532,923,2034,440,091Form
3Gebo, KateEVP HR and Labor RelationsSee FootnoteSell814202597.816,343620,4156,759,327Form
4Harford, Barney DirectSell812202590.0315,8231,424,5988,012,973Form
5Harford, Barney DirectSell812202597.769,000879,8627,821,000Form

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