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Investment Highlights Market Valuation Price Chart Business Description Interactive Breakdown Latest Trefis Analyses Better Bets vs. UAL Recent Active Movers More From Trefis Peer Financials Peer Growth & Margins Peer Valuation Peer Returns Peer Analyses FDIC Bank Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Industry Resource Links External Quote Links

United Airlines (UAL)

Market Price (9/17/2025): $104.3 | Market Cap: $33.9 Bil
Sector: Industrials | Industry: Passenger Airlines

United Airlines (UAL)

Market Price (9/17/2025): $104.3
Market Cap: $33.9 Bil
Sector: Industrials
Industry: Passenger Airlines

Investment Highlights

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.3%, FCF Yield is 12%		  Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 51%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, CFO LTM is 9.6 Bil, FCF LTM is 4.0 Bil		  Stock price has recently run up significantly
12M Rtn12 month market price return is 103%
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.3%, FCF Yield is 12%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, CFO LTM is 9.6 Bil, FCF LTM is 4.0 Bil
2 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 51%
3 Stock price has recently run up significantly
12M Rtn12 month market price return is 103%

Market Valuation

 9/17/252024202320222021
Share Price CYE$104.30$97.10$41.26$37.70$43.78
Market Cap CYE ($ Bil)33.931.913.512.314.2
Total Debt ($ Bil)32.833.636.736.439.4
Total Cash ($ Bil)15.614.514.416.418.4
Enterprise Value ($ Bil)51.065.550.248.753.6
Valuation Ratios     
P/S TTM0.60.60.20.30.6
P/EBIT TTM6.15.72.64.6-14.4
P/E TTM10.210.15.216.7-7.2
Sector Ratios     
P/S TTM (Sector)1.61.41.41.11.6
P/EBIT TTM (Sector)11.410.210.08.312.1
P/E TTM (Sector)16.613.713.911.215.6
 9/17/2520242023
Share Price CYE$104.30$97.10$41.26
Market Cap CYE ($ Bil)33.931.913.5
Total Debt ($ Bil)32.833.636.7
Total Cash ($ Bil)15.614.514.4
Enterprise Value ($ Bil)51.065.550.2
Valuation Ratios   
P/S TTM0.60.60.2
P/EBIT TTM6.15.72.6
P/E TTM10.210.15.2
Sector Ratios   
P/S TTM (Sector)1.61.41.4
P/EBIT TTM (Sector)11.410.210.0
P/E TTM (Sector)16.613.713.9

Market Cap Chart

Business Description

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. Show more

Price Returns Compared

Expand for Detailed View

 202020212022202320242025Total [1]
Returns
UAL Return-51%1%-14%9%135%7%21%
Peers Return-33%1%-20%4%60%-8%-16%
S&P 500 Return16%27%-19%24%23%12%104%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: DAL, UAL, LUV, AAL, ALK. See UAL Returns vs. Peers.
[3] 2025 data is for the year up to 9/16/2025 (YTD)

Interactive Breakdown

United Airlines Interactive Breakdown Analysis

Better Bets than United Airlines (UAL)

 UALBetter Performance than UAL
MetricValueIndustry (Passenger Airlines)
Rev Chg LTM4.2%AL (6.2%), ALK (27.8%), SKYW (20.5%), ULCC (4.6%), FLYX (17.1%)
Rev Chg 3Y Avg18.8%
Op Mgn LTM9.3%DAL (9.3%), AL (21.2%), CPA (22.1%), SKYW (15.2%), SNCY (10.3%)
CFO/Rev LTM16.6%AL (61.0%), CPA (29.1%), SKYW (20.8%)
FCF/Rev LTM7.0%CPA (29.1%), SNCY (12.0%), RJET (10.2%)
Total Yield9.8%DAL (12.5%), AL (15.1%), CPA (13.3%)
 UALBetter Performance than UAL
MetricValueAll Other Sectors
Rev Chg LTM4.2%NVDA (71.6%), MSFT (14.9%), AAPL (6.0%), GOOGL (13.1%), AMZN (10.9%)
Rev Chg 3Y Avg18.8%NVDA (92.0%), AVGO (24.0%), LLY (23.4%), PLTR (25.7%), APP (23.7%)
Op Mgn LTM9.3%NVDA (58.1%), MSFT (45.6%), AAPL (31.9%), GOOGL (32.7%), AMZN (11.4%)
CFO/Rev LTM16.6%NVDA (46.6%), MSFT (48.3%), AAPL (26.6%), GOOGL (36.0%), AMZN (18.1%)
FCF/Rev LTM7.0%NVDA (43.6%), MSFT (25.4%), AAPL (23.5%), GOOGL (18.0%), META (30.7%)
Total Yield9.8%BABA (38.9%), WFC (9.8%), TM (2104.3%), MRK (12.0%), VZ (16.0%)

Latest Trefis Analyses

TitleTopicDate
0DASHBOARDS  
1United Airlines Earnings Notes  
2UAL Jumps 13% in a Week, But Does WLFC Offer Better Fundamentals?Counter-Intuitive Comparisons 
3How Does UAL Stack Up Against Its Peers?Peer Comparison 
4Better Bet Than UAL Stock: Pay Less Than United Airlines To Get More From CALM   
5UAL Dip Buy Analysis  
6UAL YTD Stock Return Of -1.2% Outperforms SRFM by 27% and Underperforms DAL by -0.4%Return 
7United Airlines (UAL) Operating Cash Flow ComparisonFinancials 
8United Airlines Market PriceMarket Price 
9United Airlines (UAL) Net Income ComparisonFinancials 
10United Airlines (UAL) Operating Income ComparisonFinancials 
11ARTICLES  
12Better Bet Than Delta Air Lines Stock: Pay Less To Get More From UAL August 30th, 2025
13United Airlines Stock Soars As Spirit Faces Financial Collapse August 13th, 2025
14UAL vs the Competition: Which Stock Comes Out on Top? August 13th, 2025
15S&P 500 Movers | Winners: UAL, DAL, APTV | Losers: CAH, AXON, CSGP August 13th, 2025
16How To Trade United Airlines Stock Ahead of Its Upcoming Earnings? July 15th, 2025
Title
0DASHBOARDS
1Better Bet Than Delta Air Lines Stock: Pay Less To Get More From UAL
2United Airlines Stock Soars As Spirit Faces Financial Collapse
3UAL vs the Competition: Which Stock Comes Out on Top?
4S&P 500 Movers | Winners: UAL, DAL, APTV | Losers: CAH, AXON, CSGP
5How To Trade United Airlines Stock Ahead of Its Upcoming Earnings?
6ARTICLES
7United Airlines Earnings Notes
8UAL Jumps 13% in a Week, But Does WLFC Offer Better Fundamentals?
9How Does UAL Stack Up Against Its Peers?
10Better Bet Than UAL Stock: Pay Less Than United Airlines To Get More From CALM 
11UAL Dip Buy Analysis
12UAL YTD Stock Return Of -1.2% Outperforms SRFM by 27% and Underperforms DAL by -0.4%
13United Airlines (UAL) Operating Cash Flow Comparison
14United Airlines Market Price
15United Airlines (UAL) Net Income Comparison
16United Airlines (UAL) Operating Income Comparison

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1BDSXBiodesix1313.2%-78.6%
2CLSDClearside Biomedical954.0%-74.9%
3SDOTSadot624.1%-79.4%
4WLDSWearable Devices498.0%-30.0%
5CHEKCheck-Cap285.6%154.6%
6ATCHAtlasClear275.9%-91.0%
7HSDTHelius Medical Technologies262.5%-95.6%
8OPIOffice Properties Income Trust261.7%-13.4%
9FGIFGI Industries156.8%145.2%
10AIREReAlpha Tech154.0%-56.1%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1NAKAKindly MD-81.4% 
2ATYRaTyr Pharma-79.7%-70.2%
3LGCLLucas GC-73.6%-77.1%
4EPSMEpsium Enterprise-70.1% 
5BNGOBionano Genomics-59.4%-89.7%
6FAASDigiAsia-58.5%-87.2%
7QMMMQMMM-57.5%6775.0%
8VCIGVCI Global-56.9%-99.1%
9YYGHYY-56.6%-78.5%
10XAGELongevity Health-55.5%-86.1%

1 Month Top Gainers

#TickerCompany1M RtnYTD Rtn
1PMIPicard Medical11963.5%11963.5%
2GIBOGIBO9734.4% 
3CHSNChanson International7565.0%-99.3%
4LNZALanzaTech Global7287.5%-86.0%
5QMMMQMMM3031.7%6775.0%
6OESXOrion Energy Systems1497.9%22.9%
7CURXCuranex Pharmaceuticals1401.6%1401.6%
8ENTOEntero Therapeutics565.6%117.6%
9PTNMPitanium553.2% 
10WLDSWearable Devices449.5%-30.0%

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1CJETChijet Motor-92.2%-95.0%
2STFSStar Fashion Culture-92.2%-97.8%
3ELPWElong Power-91.6%-76.7%
4NXTTNext Technology-89.6%-95.1%
5NAKAKindly MD-89.0% 
6BINIBollinger Innovations-88.9%-100.0%
7JEM707 Cayman-88.4%-98.2%
8YAASYouxin Technology-82.5%-98.3%
9NEONNeonode-82.0%-50.2%
10NVNOenVVeno Medical-81.5%-69.8%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1BDSXBiodesix1313.2%-78.6%
2CLSDClearside Biomedical954.0%-74.9%
3SDOTSadot624.1%-79.4%
4WLDSWearable Devices498.0%-30.0%
5CHEKCheck-Cap285.6%154.6%
6ATCHAtlasClear275.9%-91.0%
7HSDTHelius Medical Technologies262.5%-95.6%
8OPIOffice Properties Income Trust261.7%-13.4%
9FGIFGI Industries156.8%145.2%
10AIREReAlpha Tech154.0%-56.1%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1NAKAKindly MD-81.4% 
2ATYRaTyr Pharma-79.7%-70.2%
3LGCLLucas GC-73.6%-77.1%
4EPSMEpsium Enterprise-70.1% 
5BNGOBionano Genomics-59.4%-89.7%
6FAASDigiAsia-58.5%-87.2%
7QMMMQMMM-57.5%6775.0%
8VCIGVCI Global-56.9%-99.1%
9YYGHYY-56.6%-78.5%
10XAGELongevity Health-55.5%-86.1%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for United Airlines

Financials

UALDALLUVAALALKMedian
NameUnited A.Delta Ai.Southwes.American.Alaska A. 
Mkt Price104.2057.8631.5712.4157.6057.60
Mkt Cap33.837.617.08.26.817.0
Rev LTM57,98661,92427,47254,25013,44754,250
Op Inc LTM5,4045,7853182,7448062,744
FCF LTM4,0442,332-2731,563-81,563
FCF 3Y Avg1,6701,414-1,171904-341904
CFO LTM9,6497,4031,8504,0941,4274,094
CFO 3Y Avg8,0616,9271,9003,4851,1773,485

Growth & Margins

UALDALLUVAALALKMedian
NameUnited A.Delta Ai.Southwes.American.Alaska A. 
Rev Chg LTM4.2%3.0%1.6%1.5%27.8%3.0%
Rev Chg 3Y Avg18.8%14.7%9.3%10.8%18.6%14.7%
Rev Chg Q1.7%-0.1%-1.5%0.4%27.9%0.4%
QoQ Delta Rev Chg LTM0.4%-0.0%-0.4%0.1%6.4%0.1%
Op Mgn LTM9.3%9.3%1.2%5.1%6.0%6.0%
Op Mgn 3Y Avg9.5%9.5%0.7%6.6%7.2%7.2%
QoQ Delta Op Mgn LTM-0.4%-0.3%-0.6%-0.4%-1.5%-0.4%
CFO/Rev LTM16.6%12.0%6.7%7.5%10.6%10.6%
CFO/Rev 3Y Avg14.7%11.7%7.3%6.5%10.3%10.3%
FCF/Rev LTM7.0%3.8%-1.0%2.9%-0.1%2.9%
FCF/Rev 3Y Avg3.0%2.3%-4.5%1.7%-3.3%1.7%

Valuation

UALDALLUVAALALKMedian
NameUnited A.Delta Ai.Southwes.American.Alaska A. 
Mkt Cap33.837.617.08.26.817.0
P/S0.60.60.60.20.50.6
P/EBIT6.15.925.43.211.36.1
P/E10.28.443.314.421.914.4
P/CFO3.55.19.22.04.84.8
Total Yield9.8%12.5%4.8%6.9%4.6%6.9%
Dividend Yield0.0%0.5%2.5%0.0%0.0%0.0%
FCF Yield 3Y Avg6.8%4.5%-6.2%9.0%-5.6%4.5%
D/E1.00.60.34.50.90.9
Net D/E0.50.50.13.50.60.5

Returns

UALDALLUVAALALKMedian
NameUnited A.Delta Ai.Southwes.American.Alaska A. 
1M Rtn3.2%-4.0%0.8%-5.8%0.4%0.4%
3M Rtn41.4%22.7%1.6%17.5%23.3%22.7%
6M Rtn46.1%26.8%-1.4%12.1%10.0%12.1%
12M Rtn103.0%29.2%13.1%14.8%39.3%29.2%
3Y Rtn178.0%84.7%-2.7%-9.7%29.8%29.8%
1M Excs Rtn0.8%-6.4%-1.6%-8.2%-2.0%-2.0%
3M Excs Rtn23.2%7.9%-10.3%4.3%8.5%7.9%
6M Excs Rtn24.5%7.8%-17.0%-6.8%-12.0%-6.8%
12M Excs Rtn91.8%14.2%-6.2%-4.0%26.1%14.2%
3Y Excs Rtn103.0%19.1%-74.4%-75.0%-38.7%-38.7%

Comparison Analyses

Financials

$ Mil | FY: 12/312025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q42022Q3
Period End6/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/202312/31/20229/30/2022
Filing Date7/17/20254/16/20252/27/202510/16/20247/18/20244/17/20242/29/202410/18/20237/20/20234/20/20232/16/202310/19/2022
Key Financials Quarterly            
Total Revenue15,23613,21214,69514,84314,98612,53913,62614,48414,17811,42912,40012,877
Ebitda1,5587861,6221,6122,1062291,1991,9311,8381921,5751,582
Operating Income1,7725021,5701,5601,9651121,0441,7682,376-291,3911,479
Net Income9733879849651,323-1245991,1381,075-194842942
EPS3.001.183.002.934.02-0.381.833.473.28-0.592.582.88
Key Financials TTM            
Total Revenue TTM57,98657,73657,06355,99455,63554,82753,71752,49150,88448,81844,95540,747
Ebitda TTM5,5786,1265,5695,1465,4655,1975,1605,5365,1874,2062,663648
Operating Income TTM5,4045,5975,2074,6814,8895,3005,1595,5065,2173,8312,477733
Net Income TTM3,3093,6593,1482,7632,9362,6882,6182,8612,6651,919736-753
Growth Rates Quarterly            
Total Revenue Growth1.7%5.4%7.8%2.5%5.7%9.7%9.9%12.5%17.1%51.1%51.4%66.2%
EBITDA Growth-26.0%243.2%35.3%-16.5%14.6%19.3%-23.9%22.1%114.5%114.2%458.0%52.9%
Operating Income Growth-9.8%348.2%50.4%-11.8%-17.3%486.2%-24.9%19.5%140.0%97.9%494.1%2524.6%
Net Income Growth-26.5%412.1%64.3%-15.2%23.1%36.1%-28.9%20.8%226.7%85.9%230.1%98.7%
Margins Quarterly            
EBITDA Margin10.2%5.9%11.0%10.9%14.1%1.8%8.8%13.3%13.0%1.7%12.7%12.3%
Operating Income Margin11.6%3.8%10.7%10.5%13.1%0.9%7.7%12.2%16.8%-0.3%11.2%11.5%
Net Income Margin6.4%2.9%6.7%6.5%8.8%-1.0%4.4%7.9%7.6%-1.7%6.8%7.3%
Cash & Debt            
Total Cash15,61615,33014,47514,16415,24813,99214,38817,08619,13817,15616,41418,695
Total Debt32,78632,92533,63330,58531,61032,28636,73935,01435,84136,02536,43336,978
Net Debt / (Cash)17,17017,59519,15816,42116,36218,29422,35117,92816,70318,86920,01918,283
Cash Flows Quarterly            
FCF from Operations2,2173,7102,2241,4982,8752,848-9108803,7993,1421,158741
Cash Flows TTM            
FCF from Operations TTM9,64910,3079,4456,3115,6936,6176,9118,9798,8407,7326,0664,639
Returns to Shareholders Quarterly            
Dividends000000000000
Share Repurchases2403498082-0-0-0-0-0-0-0-0
Return on Invested Capital (ROIC) Quarterly            
ROIC29.6%8.3%21.9%25.1%32.3%1.7%13.3%26.9%39.0%-0.4%18.8%25.1%
Return on Invested Capital (ROIC) TTM            
ROIC TTM22.1%21.8%18.2%19.1%20.2%20.0%16.3%20.9%21.6%14.0%8.3%2.9%

Price Behavior

UAL Betas & Captures as of 8/31/2025

 1M2M3M6M1Y3Y
Beta3.043.233.442.211.991.54
Up Beta4.093.093.722.372.221.78
Down Beta2.682.843.681.851.831.63
Up Capture385%470%396%339%468%353%
Bmk +ve Days10223571142415
Stock +ve Days13243565138387
Down Capture145%236%292%175%128%104%
Bmk -ve Days11192754106334
Stock -ve Days8172760110359

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date8292025
Short Interest: Shares Quantity12,703,846
Short Interest: % Change Since 8152025-7.4%
Average Daily Volume3,831,342
Days-to-Cover Short Interest3.32
Basic Shares Quantity324,600,000
Short % of Basic Shares3.9%

Returns Analyses

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
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%
1/22/20245.3%9.5%14.6%
10/17/2023-9.7%-12.4%-0.4%
...
SUMMARY STATS   
# Positive111214
# Negative131210
Median Positive5.0%3.6%9.9%
Median Negative-4.2%-3.7%-5.6%
Max Positive17.4%30.2%40.2%
Max Negative-10.2%-23.1%-9.6%

SEC Filings

Expand for More

Report DateFiling DateFiling
6302025717202510-Q 6/30/2025
3312025416202510-Q 3/31/2025
12312024227202510-K 12/31/2024
93020241016202410-Q 9/30/2024
6302024718202410-Q 6/30/2024
3312024417202410-Q 3/31/2024
12312023229202410-K 12/31/2023
93020231018202310-Q 9/30/2023
6302023720202310-Q 6/30/2023
3312023420202310-Q 3/31/2023
12312022216202310-K 12/31/2022
93020221019202210-Q 9/30/2022
6302022721202210-Q 6/30/2022
3312022421202210-Q 3/31/2022
12312021218202210-K 12/31/2021
93020211020202110-Q 9/30/2021

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0Gebo KateEVP HR and Labor Relations8142025Sell97.5929,9532,923,2034,440,091Form
1Harford Barney 8122025Sell90.0315,8231,424,5988,012,973Form
2Freyre Michelle 7292025Sell92.1390082,91476,373Form
3Enqvist Torbjorn JEVP & Chief Operations Officer7222025Sell92.2220,0001,844,5005,750,967Form
4Jojo Linda PEVP & Chief Customer Officer11262024Sell95.1260,0005,707,5006,049,855Form

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