Intrinsiqq
United Airlines Holdings, Inc. logoUnited Airlines Holdings, Inc.UAL
$102.00+0.32%
United Airlines Holdings, Inc. logo

United Airlines Holdings, Inc.

UAL

$102.00

+$0.33 (+0.32%)

⊜ Compare

Is United Airlines Holdings (UAL) a quality business at a fair price?

United Airlines Holdings earns a 7.51% operating margin and an 8.24% return on invested capital, and revenue grew 3.5% in the fiscal year ended Dec 2025.

Its P/E of 9.35 is below 15, which the verdict below calls attractively priced.

Computed from SEC filings. The quality score and DCF model go deeper. This is analysis, not investment advice.

ProfitabilityThin marginsGrowthModeratingCash FlowThin conversionValuationAttractively priced
What stands out

Operating margin is thin at 7.51%. Limited cushion if revenue slows or costs rise.

What's changing

Revenue grew 3.5% in the fiscal year ended Dec 2025, steady but not accelerating. Free cash flow declined 33% despite revenue growth, conversion is weakening.

What deserves caution

Free cash flow declined 33% in the fiscal year ended Dec 2025 versus the year before, cash generation momentum has weakened. Net debt of $19.64B represents 17.6x FCF, leverage limits flexibility.

Valuation context

9.35x earnings, 29.69x FCF. A below-average multiple, which usually means the market expects earnings to fall. Check whether the filings support that.

Price History

+6.0%

Valuation & Multiples

Based on TTM earnings · Diluted shares

Market Cap$33.14B
EPS$10.91
P/E9.35
P/FCF29.69
EV/EBITDA6.62
FCF Yield3.4%
Div. Yield—
Net Debt/FCF17.6x
52-Week Range
$85.21$136.11

Profitability & Returns

Revenue (TTM)

$65.55B

▲ +3.5% YoY

Net Income (TTM)

$3.58B

▲ +6.5% YoY

Op. Margin

7.51%

▼ -1.0pp YoY

ROIC

8.24%

▼ -0.7pp YoY

Cash Flow & Balance Sheet

FCF (TTM)

$1.12B

▼ -33.2% YoY

Op. Cash Flow (TTM)

$8.16B

▼ -10.7% YoY

Net Debt

$19.64B

Cash & Equiv.

$14.65B

5Y CAGR: +32.1%

Continue Research

SourceComputed from the 10-Q filed 15 Oct 2026, covering the period ending 30 Sept 2026, as reported to the SEC. Data last refreshed 22 Oct 2026. How this is calculated.

Price from market data, last close as of 22 Oct 2026. Fiscal year ends Dec. Sector medians are approximate S&P 500 benchmarks and update periodically.

Is United Airlines Holdings (UAL) overvalued?

At a P/E of 9.3 and a price-to-free-cash-flow of 29.7, United Airlines Holdings (UAL) trades above a two-stage DCF intrinsic value of about $-0.92 per share, so at $102.00 the stock looks overvalued (100.9% above estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.

On quality, United Airlines Holdings scores 55/100 on Intrinsiqq's quality scorecard (a mixed business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. All figures are computed from SEC filings; read the full methodology, or see how the market compares in our US profitability statistics. This is analysis, not investment advice.

Frequently asked

What is United Airlines Holdings's fair value?+

Intrinsiqq's two-stage DCF estimates an intrinsic value of about $-0.92 per share for UAL, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around $-0.69. At today's $102.00, that puts the stock about 100.9% above estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.

Is United Airlines Holdings a high-quality business?+

United Airlines Holdings scores 55 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a mixed business on these measures. Recent fundamentals include a 7.5% operating margin and a 8.2% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.

Is United Airlines Holdings a good stock to buy right now?+

That depends on valuation and quality together, not either alone. UAL currently trades above its estimated intrinsic value and scores 55/100 on quality (mixed). A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.

Related stocks: Air Transportation, Scheduled

Spot a number that looks wrong? Check it in UAL's SEC filings or

Download this analysis as a PDF (Pro)

Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.

2 of 2 free stocks used today

Keep analysing UAL

Create a free account and get 14 days of Premium: every stock and every tool.

  • Unlimited stocks
  • Stock screener
  • Portfolio tracker
  • Editable DCF
  • Compare side by side
  • Unlimited alerts

No card. Moves to Free after, unless you upgrade.

Already have an account?

Or come back tomorrow. Stocks on your watchlist are always free to view.

SectorsPrivacyTerms© 2026 Intrinsiqq

Not financial advice. Analytical data for research only.

Intrinsiqq is a Netherlands-based company operating in Rotterdam, KvK 73238007.