UAL
United Airlines Holdings, Inc.
UAL's fundamentals are mixed, but it looks expensive: trading at 10x earnings, above its usual 8.3x. Analysts expect earnings to hold roughly steady, though they disagree widely on how much.
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.
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.
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.
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's earnings per share have climbed steadily: $10.91 over the past year, up 9.1% from the year before, and higher year over year for eight quarters in a row.
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's operating margin was 8.1% last quarter, down 1.1 points from the same quarter a year ago.
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.
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 327M diluted shares, about the same as a year ago.
| 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.
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's net debt is about 2.5 years of its operating earnings (EBITDA), about the same as a year ago.
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).
UAL PE vs Industrials Sector
| Metric | UAL | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 24x | 58% below |
| PE % | 72 | 58 | 14 pts above |
UAL is trading at 10x earnings, a 58% discount to the Industrials sector's median of 24x.
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's trend is mixed: it's above four of its five weekly moving averages, and 49% above its 200-week average.
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's yearly returns have swung widely, from +142% in 2024 to −51% in 2020. It's down 2.4% so far in 2026.