Overview Dividends

(UAL) United Airlines Holdings - Ratings and Ratios

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

Passenger Flights, Cargo Flights, Ground Handling

UAL EPS (Earnings per Share)

EPS Growth (3Y CAGR): 4.55%
EPS Trend (3Y Correlation): 24.1%

UAL Revenue

Revenue Growth (3Y CAGR): 7.75%
Revenue Trend (3Y Correlation): 65.3%

Description: UAL United Airlines Holdings October 14, 2025

United Airlines Holdings, Inc. (NASDAQ: UAL) operates a diversified air transportation network across the United States, Canada, the Atlantic, the Pacific, and Latin America, moving both passengers and cargo via its mainline and regional fleets. In addition to flight services, the company generates ancillary revenue through ground handling, a flight academy, third-party maintenance, and a frequent-flyer program that includes non-travel redemptions. The firm, originally incorporated in 1968 and headquartered in Chicago, rebranded from United Continental Holdings to United Airlines Holdings in June 2019.

Key performance indicators that currently shape United’s outlook include a FY 2023 revenue of roughly $53.7 billion, an industry-leading load factor of about 84 percent, and an operating margin hovering near 4 percent-both metrics sensitive to fuel price volatility and labor-cost negotiations. The airline’s cargo segment has accelerated growth, driven by e-commerce demand, contributing an estimated $5 billion to total revenue in 2023. Macro-level drivers such as global oil price trends, the pace of post-COVID travel recovery, and the competitive dynamics of the Star Alliance network are pivotal to United’s capacity utilization and pricing power.

For a deeper, data-rich analysis of United’s valuation and scenario modeling, the ValueRay platform provides a transparent framework that can help you assess the stock’s risk-adjusted upside.

UAL Stock Overview

Market Cap in USD	31,166m
Sub-Industry	Passenger Airlines
IPO / Inception	2006-02-06

UAL Stock Ratings

Growth Rating	50.6%
Fundamental	65.9%
Dividend Rating	0.07%
Return 12m vs S&P 500	-1.02%
Analyst Rating	4.44 of 5

UAL Dividends

Currently no dividends paid

UAL Growth Ratios

Growth Correlation 3m	-19%
Growth Correlation 12m	7%
Growth Correlation 5y	46.3%
CAGR 5y	30.51%
CAGR/Max DD 3y (Calmar Ratio)	0.62
CAGR/Mean DD 3y (Pain Ratio)	1.90
Sharpe Ratio 12m	0.47
Alpha	-3.04
Beta	1.457
Volatility	50.05%
Current Volume	5829.3k
Average Volume 20d	6339.3k
Stop Loss	88.9 (-5.5%)
Signal	0.11

Piotroski VR‑10 (Strict, 0-10) 5.5

Net Income (3.29b TTM) > 0 and > 6% of Revenue (6% = 3.50b TTM)

FCFTA 0.05 (>2.0%) and ΔFCFTA 4.44pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue -15.46% (prev -8.56%; Δ -6.90pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA 0.12 (>3.0%) and CFO 9.37b > Net Income 3.29b (YES >=105%, WARN >=100%)

Net Debt (24.59b) to EBITDA (7.02b) ratio: 3.50 <= 3.0 (WARN <= 3.5)

Current Ratio 0.67 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (326.9m) change vs 12m ago -1.74% (target <= -2.0% for YES)

Gross Margin 55.71% (prev 27.98%; Δ 27.72pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 78.37% (prev 77.08%; Δ 1.29pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio 3.99 (EBITDA TTM 7.02b / Interest Expense TTM 1.21b) >= 6 (WARN >= 3)

Altman Z'' 0.20

(A) -0.12 = (Total Current Assets 18.09b - Total Current Liabilities 27.12b) / Total Assets 76.31b

(B) 0.12 = Retained Earnings (Balance) 9.05b / Total Assets 76.31b

(D) 0.15 = Book Value of Equity 9.18b / Total Liabilities 62.00b

Total Rating: 0.20 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 65.93

1. Piotroski 5.50pt = 0.50

2. FCF Yield 7.55% = 3.77

3. FCF Margin 6.36% = 1.59

4. Debt/Equity 2.19 = 0.49

5. Debt/Ebitda 3.50 = -2.31

6. ROIC - WACC (= 2.97)% = 3.72

7. RoE 24.87% = 2.07

8. Rev. Trend 65.34% = 4.90

9. EPS Trend 24.07% = 1.20

What is the price of UAL shares?

As of November 02, 2025, the stock is trading at USD 94.04 with a total of 5,829,300 shares traded.
Over the past week, the price has changed by -5.31%, over one month by -2.55%, over three months by +6.49% and over the past year by +20.16%.

Is United Airlines Holdings a good stock to buy?

Partly, yes. Based on ValueRay´s Fundamental Analyses, United Airlines Holdings (NASDAQ:UAL) is currently (November 2025) ok to buy, but has to be watched. It has a ValueRay Fundamental Rating of 65.93 and therefor a somewhat positive outlook according to the companies health.
Based on momentum, paid dividends and discounted-cash-flow analyses, the fair value of UAL is around 96.23 USD . This means that UAL is currently overvalued and has a potential downside of 2.33%.

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.

Strong Buy: 16
Buy: 6
Hold: 2
Sell: 0
Strong Sell: 1

What are the forecasts/targets for the UAL price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	123.2	31%
Analysts Target Price	123.2	31%
ValueRay Target Price	104.9	11.5%

UAL Fundamental Data Overview October 25, 2025

Market Cap USD = 31.17b (31.17b USD * 1.0 USD.USD)
P/E Trailing = 9.5872
P/E Forward = 7.0922
P/S = 0.534
P/B = 2.2955
P/EG = 4.858
Beta = 1.457
Revenue TTM = 58.37b USD
EBIT TTM = 4.83b USD
EBITDA TTM = 7.02b USD
Long Term Debt = 25.20b USD (from longTermDebt, last fiscal year)
Short Term Debt = 5.18b USD (from shortTermDebt, last quarter)
Debt = 31.32b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 24.59b USD (from netDebt column, last quarter)
Enterprise Value = 49.16b USD (31.17b + Debt 31.32b - CCE 13.33b)
Interest Coverage Ratio = 3.99 (Ebit TTM 4.83b / Interest Expense TTM 1.21b)
FCF Yield = 7.55% (FCF TTM 3.71b / Enterprise Value 49.16b)
FCF Margin = 6.36% (FCF TTM 3.71b / Revenue TTM 58.37b)
Net Margin = 5.64% (Net Income TTM 3.29b / Revenue TTM 58.37b)
Gross Margin = 55.71% ((Revenue TTM 58.37b - Cost of Revenue TTM 25.85b) / Revenue TTM)
Gross Margin QoQ = 64.61% (prev 64.92%)
Tobins Q-Ratio = 0.64 (Enterprise Value 49.16b / Total Assets 76.31b)
Interest Expense / Debt = 0.89% (Interest Expense 278.0m / Debt 31.32b)
Taxrate = 24.38% (306.0m / 1.25b)
NOPAT = 3.66b (EBIT 4.83b * (1 - 24.38%))
Current Ratio = 0.67 (Total Current Assets 18.09b / Total Current Liabilities 27.12b)
Debt / Equity = 2.19 (Debt 31.32b / totalStockholderEquity, last quarter 14.31b)
Debt / EBITDA = 3.50 (Net Debt 24.59b / EBITDA 7.02b)
Debt / FCF = 6.63 (Net Debt 24.59b / FCF TTM 3.71b)
Total Stockholder Equity = 13.24b (last 4 quarters mean from totalStockholderEquity)
RoA = 4.32% (Net Income 3.29b / Total Assets 76.31b)
RoE = 24.87% (Net Income TTM 3.29b / Total Stockholder Equity 13.24b)
RoCE = 12.58% (EBIT 4.83b / Capital Employed (Equity 13.24b + L.T.Debt 25.20b))
RoIC = 8.99% (NOPAT 3.66b / Invested Capital 40.69b)
WACC = 6.01% (E(31.17b)/V(62.49b) * Re(11.38%) + D(31.32b)/V(62.49b) * Rd(0.89%) * (1-Tc(0.24)))
Discount Rate = 11.38% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -33.33 | Cagr: -0.67%
[DCF Debug] Terminal Value 57.06% ; FCFE base≈2.35b ; Y1≈1.54b ; Y5≈705.0m
Fair Price DCF = 27.37 (DCF Value 8.86b / Shares Outstanding 323.7m; 5y FCF grow -40.0% → 3.0% )
EPS Correlation: 24.07 | EPS CAGR: 4.55% | SUE: 0.94 | # QB: 1
Revenue Correlation: 65.34 | Revenue CAGR: 7.75% | SUE: -0.48 | # QB: 0

Additional Sources for UAL Stock

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