(UAL) United Airlines Holdings - Ratings and Ratios

Exchange: NASDAQ • Country: United States • Currency: USD • Type: Common Stock • ISIN: US9100471096

Passenger Flights, Cargo, Maintenance, Ground Handling, Training

Stock: Passenger Airlines
Age 20y

MCap 35,741m
Avg Vol 4.09M (460M USD)

Beta 2.103
Volatility 49.80%

EPS (Earnings per Share)

Revenue

Rev. CAGR: 20.86%
Rev. Trend: 71.3%

Qual. Beats: 0

Dividends

Currently no dividends paid

Risk via 5d forecast
Volatility	49.8%
Value at Risk 5%th	75.0%
Relative Tail Risk	-8.50%

Reward TTM
Sharpe Ratio	0.16
Alpha	-29.50
CAGR/Max DD	0.59

Character TTM
Hurst Exponent	0.469
Beta	2.103
Beta Downside	1.942

Drawdowns 3y
Max DD	49.19%
Mean DD	16.08%
Median DD	15.25%

Description: UAL United Airlines Holdings December 17, 2025

United Airlines Holdings Inc. (NASDAQ: UAL) operates a global network of passenger and cargo flights across the United States, Canada, the Atlantic, the Pacific, and Latin America, leveraging both mainline and regional fleets. In addition to air transport, the company generates ancillary revenue through ground handling, a flight academy, third-party maintenance services, and a frequent-flyer program that includes non-travel redemptions. United was incorporated in 1968, rebranded from United Continental Holdings in June 2019, and is headquartered in Chicago, Illinois.

Key performance indicators as of the latest quarter show a load factor of roughly 84%, an RASM (Revenue per Available Seat Mile) of $0.13, and an operating margin near 6%, reflecting modest profitability amid volatile fuel prices. The airline’s cost structure is heavily influenced by jet fuel (≈ 30% of operating expenses) and labor agreements, while demand recovery from the COVID-19 pandemic and capacity growth in the trans-Atlantic market remain primary growth drivers for the sector.

For a deeper quantitative look at United’s valuation metrics, you may find ValueRay’s analyst tools useful.

Piotroski VR‑10 (Strict, 0-10) 5.0

Net Income: 3.35b TTM > 0 and > 6% of Revenue
FCF/TA: 0.03 > 0.02 and ΔFCF/TA -1.83 > 1.0
NWC/Revenue: -15.70% < 20% (prev -7.77%; Δ -7.94% < -1%)
CFO/TA 0.11 > 3% & CFO 8.43b > Net Income 3.35b
Net Debt (30.51b) to EBITDA (7.54b): 4.05 < 3
Current Ratio: 0.65 > 1.5 & < 3
Outstanding Shares: last quarter (327.0m) vs 12m ago -2.24% < -2%
Gross Margin: 64.12% > 18% (prev 0.29%; Δ 6383 % > 0.5%)
Asset Turnover: 78.48% > 50% (prev 77.03%; Δ 1.46% > 0%)
Interest Coverage Ratio: 3.77 > 6 (EBITDA TTM 7.54b / Interest Expense TTM 1.22b)

Altman Z'' 0.26

A: -0.12 (Total Current Assets 16.86b - Total Current Liabilities 26.13b) / Total Assets 76.45b
B: 0.12 (Retained Earnings 9.05b / Total Assets 76.45b)
C: 0.06 (EBIT TTM 4.60b / Avg Total Assets 75.27b)
D: 0.25 (Book Value of Equity 15.28b / Total Liabilities 61.17b)
Altman-Z'' Score: 0.26 = B

Beneish M -3.57

DSRI: 1.07 (Receivables 2.39b/2.16b, Revenue 59.07b/57.06b)
GMI: 0.45 (GM 64.12% / 28.90%)
AQI: 0.90 (AQ_t 0.10 / AQ_t-1 0.11)
SGI: 1.04 (Revenue 59.07b / 57.06b)
TATA: -0.07 (NI 3.35b - CFO 8.43b) / TA 76.45b)
Beneish M-Score: -3.57 (Cap -4..+1) = AAA

ValueRay F-Score (Strict, 0-100) 60.63

1. Piotroski: 5.0pt
2. FCF Yield: 4.26%
3. FCF Margin: 4.33%
4. Debt/Equity: 2.39
5. Debt/Ebitda: 4.05
6. ROIC - WACC: 1.90%
7. RoE: 24.13%
8. Revenue Trend: 71.26%
9. EPS Trend: data missing

What is the price of UAL shares?

As of January 29, 2026, the stock is trading at USD 104.04 with a total of 5,737,422 shares traded.
Over the past week, the price has changed by -4.17%, over one month by -6.65%, over three months by +5.30% and over the past year by -2.53%.

Is UAL a buy, sell or hold?

United Airlines Holdings has received a consensus analysts rating of 4.44. Therefore, it is recommended to buy UAL.

StrongBuy: 16
Buy: 6
Hold: 2
Sell: 0
StrongSell: 1

What are the forecasts/targets for the UAL price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	135.1	29.9%
Analysts Target Price	135.1	29.9%
ValueRay Target Price	116.3	11.7%

UAL Fundamental Data Overview January 24, 2026

P/E Trailing = 10.8235
P/E Forward = 8.5106
P/S = 0.6051
P/B = 2.3506
P/EG = 4.858
Revenue TTM = 59.07b USD
EBIT TTM = 4.60b USD
EBITDA TTM = 7.54b USD
Long Term Debt = 20.81b USD (from longTermDebt, two quarters ago)
Short Term Debt = 5.06b USD (from shortTermDebt, last quarter)
Debt = 36.45b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 30.51b USD (from netDebt column, last quarter)
Enterprise Value = 59.95b USD (35.74b + Debt 36.45b - CCE 12.24b)
Interest Coverage Ratio = 3.77 (Ebit TTM 4.60b / Interest Expense TTM 1.22b)
EV/FCF = 23.45x (Enterprise Value 59.95b / FCF TTM 2.56b)
FCF Yield = 4.26% (FCF TTM 2.56b / Enterprise Value 59.95b)
FCF Margin = 4.33% (FCF TTM 2.56b / Revenue TTM 59.07b)
Net Margin = 5.68% (Net Income TTM 3.35b / Revenue TTM 59.07b)
Gross Margin = 64.12% ((Revenue TTM 59.07b - Cost of Revenue TTM 21.19b) / Revenue TTM)
Gross Margin QoQ = 64.14% (prev 64.61%)
Tobins Q-Ratio = 0.78 (Enterprise Value 59.95b / Total Assets 76.45b)
Interest Expense / Debt = 0.89% (Interest Expense 324.0m / Debt 36.45b)
Taxrate = 21.21% (281.0m / 1.32b)
NOPAT = 3.62b (EBIT 4.60b * (1 - 21.21%))
Current Ratio = 0.65 (Total Current Assets 16.86b / Total Current Liabilities 26.13b)
Debt / Equity = 2.39 (Debt 36.45b / totalStockholderEquity, last quarter 15.28b)
Debt / EBITDA = 4.05 (Net Debt 30.51b / EBITDA 7.54b)
Debt / FCF = 11.93 (Net Debt 30.51b / FCF TTM 2.56b)
Total Stockholder Equity = 13.90b (last 4 quarters mean from totalStockholderEquity)
RoA = 4.45% (Net Income 3.35b / Total Assets 76.45b)
RoE = 24.13% (Net Income TTM 3.35b / Total Stockholder Equity 13.90b)
RoCE = 13.25% (EBIT 4.60b / Capital Employed (Equity 13.90b + L.T.Debt 20.81b))
RoIC = 9.02% (NOPAT 3.62b / Invested Capital 40.16b)
WACC = 7.12% (E(35.74b)/V(72.19b) * Re(13.67%) + D(36.45b)/V(72.19b) * Rd(0.89%) * (1-Tc(0.21)))
Discount Rate = 13.67% (= CAPM, Blume Beta Adj.)
Fair Price DCF = unknown (Cash Flow 2.56b)
Revenue Correlation: 71.26 | Revenue CAGR: 20.86% | SUE: N/A | # QB: 0

Additional Sources for UAL Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle