United Airlines Holdings (UAL) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

United Airlines Holdings

NasdaqGS•Industrials•Airlines

$107.21-2.03(-0.02%)After hours

Market Cap

$35.10B

P/E

9.8x

P/S

0.5x

P/B

2.0x

United Airlines Holdings, Inc., through its subsidiaries, provides air transportation services in the United States, Canada, Atlantic, the Pacific, and Latin America. It transports people and cargo through its mainline and regional fleets. The company also offers ground handling, flight academy, frequent flyer award non-travel redemptions, and maintenance services for third parties. In addition, it provides freight and mail transportation services to commercial businesses, freight forwarders, logistics firms, and national postal services, as well as loyalty programs. The company distributes its products through direct channels, such as the Company's website and the Company's mobile app; and traditional travel agencies, online travel agencies, and other intermediaries. The company was formerly known as United Continental Holdings, Inc. and changed its name to United Airlines Holdings, Inc. in June 2019. United Airlines Holdings, Inc. was incorporated in 1968 and is based in Chicago, Illinois.

How this company scores

GoodMetricSide Score: 61/100

Strongest: Growth (21/25); weakest: Cash & Earnings Quality (9/25).

Profitability16/25

Growth21/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality9/25

Strengths

High ROEInterest easily coveredConsistent growthNet cash position

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 10.3x5y range 4.9x – 16.9x

Currently above its 16-quarter median.

P/S · 0.6x5y range 0.3x – 0.7x

Currently above its 20-quarter median.

P/B · 2.1x5y range 1.5x – 4.1x

Currently near its 20-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Watch

Operating margins declined 7.8% — watch for continued compression, which may signal competitive or cost pressure.

Earnings Quality

Red Flag

FCF consistently trails net income (avg 1.3x) — earnings may be inflated by non-cash items or aggressive accounting.

Cash Burn

Watch

FCF turned negative in 3 of the last 8 quarters — occasional cash consumption.

Price & Volume

Market Cap $35.10B

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $65.55B
Q. Revenue: $17.88B
TTM EBITDA: $8.54B
TTM Op. Income: $4.92B
Q. Op. Income: $1.45B
TTM Net Income: $3.58B
Q. Net Income: $1.03B
EPS: N/A
Shares Out.: $327.40M

$65.55B in TTM revenue grew 12.3% YoY, reaching $17.88B last quarter. TTM EBITDA of $8.54B and TTM operating income of $4.92B show growth is flowing through to the bottom line. TTM net income of $3.58B means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 13.7%
Op. Margin: 8.1%
Net Margin: 5.8%

Op. margin of 8.1% is down 1.1% YoY — costs are rising relative to revenue. Net margin at 5.8% Over the past year, operating margin is down 12% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 10.3x
P/S Ratio: 0.6x
P/B Ratio: 2.1x

At 10.3x P/E, the stock trades below typical market levels. P/S of 0.6x and P/B of 2.1x provide additional context. P/E sits below typical market levels while revenue is growing. Over the past year, P/E is up 5% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $85.12B
Cash: $6.65B
Long-Term Debt: N/A
Book Value: $17.75B
D/E Ratio: N/A
Debt/EBITDA: 0.0

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

TTM Free Cash Flow: $1.12B
FCF Margin: 1.7%
FCF / Net Income: 0.3

TTM FCF of $1.12B. The FCF / Net Income ratio of 0.3x means cash covers only part of net income — earnings quality needs attention. Across the last 8 quarters, free cash flow has fallen for 2 consecutive quarters — a weakening trend.