United Airlines Holdings, Inc.: stock overview

UALNASDAQIndustrials · Air Transportation, Scheduled

Price

$109.31

November 13, 2026Market cap $35.4B

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  • The full history: 17 fiscal years, from 2009
  • The estimated fair value, with its range and its certainty
  • The full analysis, 18 a month
  • More questions to the chat on its filings
  • Excel with every year
  • An email when it reports, changes its dividend or an officer buys

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In short

United Airlines had revenue of $65.6B over the last 12 months and net income of $3.6B, a net margin of 5.5%. Revenue grew by 30.9% a year on average over the last 5 years. At $109.31 the shares trade at a P/E of 9.9, against a median of 10.6 over the last 4 fiscal years. It has net debt of $11.7B. It pays no dividend.

From its SEC filings (latest fiscal year to December 31, 2025) and the price of November 13, 2026.

Its SEC filings
Market cap
$35.4B
323M shares
P/E
9.9
Today9.9
Median10.6
Revenue, 12 months
$65.6B
+30.9% a year over 5 years
Net margin
5.5%
2025: 5.7%, above 69% of its industry

Worth knowing

What a holder would want to hear from the company's SEC filings of the last three years. Each with its filing, without comment.

3 fiscal years in figures

Each fiscal year's figures as the company filed them, and the share price at its end.

2023–2025 fiscal years

+4.9% a year over 2 years

  • 202510-K
    Revenue$59.1B
  • 202410-K
    Revenue$57.1B
  • 202310-K
    Revenue$53.7B

Fiscal years in figures

UAL's revenue, profit, cash flow and dividend with each year-end price, from 2009 to 2022, 14 more fiscal years

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Key figures

The company's current figures in five groups. Each term is explained behind its ⓘ.

Valuation

Market cap 3-year median: $31.8B
$35.4B
Enterprise value 
$47.1B
P/E 3-year median: 10.3
9.9
EV / EBIT 
9.6
EV / Revenue 
0.7
P/B 3-year median: 2.4
2.0
FCF yield 3-year median: 7.1%
3.2%
Earnings yield 3-year median: 9.7%
10.1%

Profitability

Operating margin 
7.5%
Net margin 3-year median: 5.5%
5.5%
ROIC 
9.4%
ROIC, 5-year average 
6.0%
ROE 
22.4%

Growth

Revenue, yearly change 
+3.5%
EPS, yearly change 
+7.9%
FCF, yearly change 
-33.2%
Revenue, average a year 
+30.9%

The yearly change compares FY2025 with FY2024.

Balance sheet

Cash 
$14.7B
Total debt 
$34.3B
Of which operating leases 
$7.9B
Net debt 
$11.7B
Net debt / EBITDA 
1.5x
Interest cover 
3.6x
Current ratio 
0.75

Balance sheet of September 30, 2026.

Returns to shareholders

Dividend yield 
0.00%
Buybacks 
1.80%
Total returned 
1.80%
Shares, yearly change 
-1.2%
Valuation against its own pastEach fiscal year's P/E, P/FCF and P/B beside today's, and the DCF calculator for the company.Valuation

Against its industry

Where its margins and returns stood in fiscal 2025 among the SEC filers of its industry (SIC code 45).

Operating margin

8.0%

Above 74% of the 21 companies in its industry, and 59% of all.

Net margin

5.7%

Above 69% of the 21 companies in its industry, and 54% of all.

ROE

21.9%

Above 86% of all companies (its industry has too few to compare).

ROA

4.4%

Above 72% of the 20 companies in its industry, and 69% of all.

Revenue growth

3.5%

Above 45% of the 21 companies in its industry, and 40% of all.

From the yearly figures every company files with the SEC, for those with revenue of at least $25 million. The industry is the first two digits of the SIC code.

The company at the SEC

How it is registered and when its fiscal year ends.

Name at the SEC
United Airlines Holdings, Inc.
CIK
100517
Exchange
NASDAQ
Industry (SIC)
4512 · Air Transportation, Scheduled
Fiscal year ends
December 31
Latest annual report
December 31, 2025
Reporting currency
USD
Shares
323M

Other companies: Industrials

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The full analysis

What do United Airlines's filings show?

These are United Airlines's figures. The full Ploutos AI analysis reads everything the company has filed and shows what stands behind it, with a source for every figure.

  • A fair value range built from the filings
  • Earnings quality, debt and red flags
  • Insider and institutional moves
  • The case for and the case against

Questions about UAL

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What is UAL's market cap?

United Airlines Holdings, Inc.'s market cap is $35.4B, at a price of $109.31 on November 13, 2026 and 323M shares.

What is UAL's P/E?

UAL's P/E is 9.9, on earnings per share of $10.92 over the last 12 months. The median over the last 4 fiscal years was 10.6.

How much revenue does UAL have?

United Airlines had revenue of $65.6B over the last 12 months. Over the last 5 years it changed by +30.9% a year on average.

Does UAL pay a dividend?

No. United Airlines paid no regular dividend over the last 12 months.

Where do the figures come from?

From United Airlines Holdings, Inc.'s SEC filings (10-K and 10-Q) and the share price. They hold no analyst estimates and no score, and they are not a recommendation.

Related pages

The other pages on US stocks, free to read. On the company pages, the last three fiscal years are open to everyone, five with a free account, and every year with Ploutos Investor.

US stocksThe market today, the sectors, the largest companies and the week's results.The market's sectorsThe 11 sectors side by side: returns, share of the market, median P/E and dividend.Compare stocksTwo companies side by side: price over up to ten years, with and without dividends, and every figure.US dividend stocksEach dividend's yield next to whether the company's cash covers it and whether it was ever cut.

The figures come from the company's SEC filings and the share price, and describe what it has reported. They are not a score or a fair value.