BA
The Boeing Company
BA has the edge over UAL overall, supported by stronger valuation and stronger fundamentals.
UAL
United Airlines Holdings, Inc.
UAL offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
BA Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Stable | |
| Under pressure |
BA's profitability is currently healthy, and its revenue and cash flow are stable, but its balance sheet is under pressure.
UAL Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Under pressure | |
| Stable |
UAL's revenue and profitability are currently healthy, and its balance sheet is stable, but its cash flow is under pressure.
BA PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 18x | $172 | — |
| Cheap | 51x | $496 | +189% |
| Fair | 82x | $790 | +360% |
| Expensive | 91x | $876 | +411% |
Historical ranges are pointers, not guarantees.
BA has the edge over UAL in the historical PE scenario, which offers more potential upside but is not a forecast.
UAL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 5.4x | $58.92 | -47% |
| Fair | 8.3x | $90.43 | -19% |
| Current | 10x | $111 | — |
| Expensive | 11x | $121 | +8.5% |
| Forward | 13x | $111 | — |
Historical ranges are pointers, not guarantees.
UAL's PE is in its expensive range at 10x. On analysts' estimates for next year's earnings, today's price would be 13x.
BA Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Growth | |
| Improving | |
| Limited | |
| Low |
BA has the edge over UAL on the outlook, with more favorable earnings and profitability expectations.
UAL Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect UAL's revenue to grow, but its profitability to weaken. However, they disagree widely on these estimates.
BA Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $9.66 | +$23.38 |
| Q2 2026 | $2.78 | +$19.33 |
| Q1 2026 | $2.53 | +$20.49 |
| Q4 2025 | $2.48 | +$20.84 |
| Q3 2025 | -$13.72 | -$0.83 |
| Q2 2025 | -$16.55 | -$10.93 |
| Q1 2025 | -$17.96 | -$14.42 |
| Q4 2024 | -$18.36 | -$14.69 |
BA has returned to profit: it earned $9.66 per share over the past year, after losing money the year before.
UAL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $8.29 | -24% |
| Q3 2026 | $10.91 | +9.1% |
| Q2 2026 | $10.67 | +6.7% |
| Q1 2026 | $11.18 | +1.7% |
| Q4 2025 | $10.20 | +7.9% |
| Q3 2025 | $10.00 | +20% |
| Q2 2025 | $10.00 | +13% |
| Q1 2025 | $10.99 | +36% |
| Q4 2024 | $9.45 | +20% |
UAL has the edge over BA on earnings, with more consistent year-over-year improvement.
BA Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $24.2B | +3.9% |
| Q2 2026 | $24.6B | +8% |
| Q1 2026 | $22.2B | +14% |
| Q4 2025 | $23.9B | +57% |
| Q3 2025 | $23.3B | +30% |
| Q2 2025 | $22.7B | +35% |
| Q1 2025 | $19.5B | +18% |
| Q4 2024 | $15.2B | -31% |
BA's revenue has grown year over year for seven quarters in a row: $24.2B last quarter, up 3.9% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 1.5% | +22 points |
| Q2 2026 | 0.6% | +1.4 points |
| Q1 2026 | 2% | -0.3 points |
| Q4 2025 | 37% | +61 points |
| Q3 2025 | -21% | +12 points |
| Q2 2025 | -0.8% | +5.7 points |
| Q1 2025 | 2.4% | +2.9 points |
| Q4 2024 | -25% | -26 points |
BA's operating margin was 1.5% last quarter, up 22 points from the same quarter a year ago.
UAL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $17.9B | +17% |
| Q2 2026 | $17.7B | +16% |
| Q1 2026 | $14.6B | +11% |
| Q4 2025 | $15.4B | +4.8% |
| Q3 2025 | $15.2B | +2.6% |
| Q2 2025 | $15.2B | +1.7% |
| Q1 2025 | $13.2B | +5.4% |
| Q4 2024 | $14.7B | +7.8% |
UAL's revenue has grown year over year for 22 quarters in a row: $17.9B last quarter, up 17% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 8.1% | -1.1 points |
| Q2 2026 | 6.2% | -2.5 points |
| Q1 2026 | 6.8% | +2.2 points |
| Q4 2025 | 9% | -1.2 points |
| Q3 2025 | 9.2% | -1.4 points |
| Q2 2025 | 8.7% | -4.2 points |
| Q1 2025 | 4.6% | +3.8 points |
| Q4 2024 | 10% | +2.9 points |
UAL has the edge over BA on profitability, with a higher operating margin.
BA Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $464M | +95% |
| Q2 2026 | $631M | +$831M |
| Q1 2026 | -$1.5B | +$836M |
| Q4 2025 | $375M | +$4.5B |
| Q3 2025 | $238M | +$2.2B |
| Q2 2025 | -$200M | +$4.1B |
| Q1 2025 | -$2.3B | +$1.6B |
| Q4 2024 | -$4.1B | -239% |
BA has the edge over UAL on cash flow, with more consistent year-over-year improvement.
UAL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$1.7B | -$1.4B |
| Q2 2026 | $267M | -71% |
| Q1 2026 | $3.1B | +26% |
| Q4 2025 | -$604M | -210% |
| Q3 2025 | -$246M | -380% |
| Q2 2025 | $930M | -46% |
| Q1 2025 | $2.5B | +67% |
| Q4 2024 | $549M | +$3.5B |
UAL usually generates cash, though not every quarter: the latest was −$1.7B, but it generated $1.1B over the past year.
BA Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.3% | +2.1M shares |
| 1 year | +4.3% | +32.8M shares |
| 3 years | +31% | +186M shares |
| 5 years | +35% | +204M shares |
| Available history | +40% | +227M shares |
BA has 793M diluted shares, up 4.3% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2019 | — |
UAL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +800K shares |
| 1 year | +0.2% | +500K shares |
| 3 years | -1.5% | -5M shares |
| 5 years | -0.5% | -1.6M shares |
| Available history | +26% | +67.5M shares |
UAL has the edge over BA on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | $27M |
| Q4 2025 | $27M |
| Q3 2025 | $21M |
| Q2 2025 | $240M |
| Q1 2025 | $349M |
| Q4 2024 | $80M |
UAL spent $54M buying back its own shares over the past year, down 92% from the year before.
BA Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.0x | Elevated |
| Q2 2026 | 5.7x | High |
| Q1 2026 | 6.0x | High |
| Q4 2025 | 6.9x | High |
| Q2 2024 | 361.8x | High |
| Q1 2024 | 36.1x | High |
| Q4 2023 | 36.4x | High |
| Q3 2023 | 96.1x | High |
BA's net debt is about 3.0 years of its operating earnings (EBITDA), down from more than 20 years a year ago.
UAL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.5x | Moderate |
| Q2 2026 | 2.1x | Moderate |
| Q1 2026 | 2.0x | Moderate |
| Q4 2025 | 2.0x | Moderate |
| Q3 2025 | 2.4x | Moderate |
| Q2 2025 | 2.2x | Moderate |
| Q1 2025 | 2.1x | Moderate |
| Q4 2024 | 2.0x | Healthy |
UAL has the edge over BA on leverage, with a lower net debt burden relative to earnings.
BA Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 31.1 | Neutral |
| Stochastic | 9.6 | Oversold |
BA's weekly RSI is 31 (neutral) and its Stochastic is 10 (oversold).
UAL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 51.1 | Neutral |
| Stochastic | 39.2 | Neutral |
UAL's weekly RSI is 51 (neutral) and its Stochastic is 39 (neutral).
BA PE vs Industrials Sector
| Metric | BA | Sector median | Relative |
|---|---|---|---|
| PE | 18x | 24x | 26% below |
| PE % | 0 | 58 | 58 pts below |
BA is trading at 18x earnings, a 26% discount to the Industrials sector's median of 24x, though its earnings don't support one.
UAL PE vs Industrials Sector
| Metric | UAL | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 24x | 58% below |
| PE % | 72 | 58 | 14 pts above |
UAL has the edge over BA on valuation relative to its sector.
BA Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $184.6 | 7.1% below |
| 20 week MA | $203.8 | 16% below |
| 50 week MA | $215.5 | 20% below |
| 100 week MA | $205.9 | 17% below |
| 200 week MA | $200.6 | 14% below |
BA is in a downtrend: it's below all five of its weekly moving averages, and 14% below its 200-week average.
UAL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $107.0 | 3.9% above |
| 20 week MA | $114.0 | 2.4% below |
| 50 week MA | $108.7 | 2.4% above |
| 100 week MA | $99.3 | 12% above |
| 200 week MA | $74.9 | 49% above |
UAL has the edge over BA on trend strength, trading above more of its moving averages.
BA Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $330.1 | $217.2 | -34% |
| 2021 | $217.2 | $204.2 | -6% |
| 2022 | $204.2 | $189.1 | -7.4% |
| 2023 | $189.1 | $260.7 | +38% |
| 2024 | $260.7 | $180.7 | -31% |
| 2025 | $180.7 | $216.4 | +20% |
| 2026 YTD | $216.4 | $171.6 | -21% |
BA has finished lower in four of the last six years. It's down 21% so far in 2026.
UAL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $88.4 | $43.3 | -51% |
| 2021 | $43.3 | $44.9 | +3.7% |
| 2022 | $44.9 | $38.4 | -14% |
| 2023 | $38.4 | $41.3 | +7.5% |
| 2024 | $41.3 | $99.7 | +142% |
| 2025 | $99.7 | $114.0 | +14% |
| 2026 YTD | $114.0 | $111.3 | -2.4% |
UAL has the edge over BA on returns for 2026, with the stronger performance.