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United Airlines Holdings, Inc. (together with its consolidated subsidiaries, "UAL" or the "Company") is a holding company and its wholly-owned subsidiary is United Airlines, Inc. (together with its consolidated subsidiaries, "United"). Uniting the World." United has the most comprehensive route network among North American carriers, including U.S. mainland hubs in Chicago, Denver, Hous…
$105.92
+$5.96 (+5.96%)
Price from 8 days ago
Operating margin is thin at 7.98%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 3.5%, steady but not accelerating. Free cash flow declined 33% despite revenue growth, conversion is weakening.
Free cash flow declined 33% versus the prior year, cash generation momentum has weakened. Net debt of $15.55B represents 6.1x FCF, leverage limits flexibility.
9.5x earnings, 10.8x FCF. The multiple is below average. Either the market is pricing in deterioration you should investigate, or there's genuine value here.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$60.47B
▲ +3.5% YoY
Net Income (TTM)
$3.67B
▲ +6.5% YoY
Op. Margin
8.44%
▼ -1.0pp YoY
ROIC
8.96%
▼ -0.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$3.21B
▼ -33.2% YoY
Op. Cash Flow (TTM)
$9.52B
▼ -10.7% YoY
Net Debt
$16.80B
Cash & Equiv.
$14.17B
5Y CAGR: +32.1%
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