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United Airlines Holdings
UALIndustrialsGenerated Jul 5, 2026, 08:11 PM UTC
UAL (United Airlines Holdings) analytical snapshot. Return on equity 37.96%, ROA 3.53%, ROIC 61.06%. Net income up ▲ +255.2% YoY. Debt/equity 0.72, current ratio 0.70, net debt $3.62B. Market cap $43.27B at $133.32 per share. Trailing P/E 16.90, P/S 1.14, P/B 2.73. EV/Operating income ≈ 11.14 (EV $46.89B). Risk: Elevated. Macro: Risk-on · Supportive. Composite analytical score -5 (data confidence 81%). Descriptive analytics from public filings — not investment advice.
Market cap
$43.27B
324.57M shares
Price
$133.32
NMS
P/E (ttm)
16.90
Revenue (FY)
—
Net margin
—
Free cash flow
-$260.0M
Risk level
Elevated
Free SEC analysis
— computed from SEC filings, free to readFree previewFundamentals Analyst
Fundamentals
Fundamentals Analyst
score 0Stable
80% conf
Return on equity 37.96%, ROA 3.53%, ROIC 61.06%. Net income up ▲ +255.2% YoY. Debt/equity 0.72, current ratio 0.70, net debt $3.62B.
- Return on equity 37.96%, ROA 3.53%, ROIC 61.06%.
- Net income up ▲ +255.2% YoY.
- Debt/equity 0.72, current ratio 0.70, net debt $3.62B.
Revenue (FY)
—
Net margin
—
ROE
37.96%
ROA 3.53%
ROIC
61.06%
EPS (diluted)
$7.89
FY2025
Free cash flow
-$260.0M
Debt / equity
0.72
Cash $7.87B
Current ratio
0.70
Equity $15.88B
Annual fundamentals — up to 10 years (SEC 10-K, US-GAAP)
| FY | Revenue | Rev YoY | Gross% | Op% | Net% | FCF | ROE% |
|---|---|---|---|---|---|---|---|
| 2016 | $38.90B | — | 0.00 | 6.10 | 2.91 | — | 37.94 |
| 2017 | $37.86B | -2.7% | 0.00 | 13.64 | 19.39 | — | 306.34 |
| 2018 | — | — | — | — | — | — | 24.92 |
| 2019 | — | — | — | — | — | -$396.0M | 24.99 |
| 2020 | — | — | — | — | — | $2.09B | 24.15 |
| 2021 | — | — | — | — | — | $2.38B | 29.96 |
| 2022 | — | — | — | — | — | -$5.86B | -61.30 |
| 2023 | — | — | — | — | — | -$40.0M | -32.95 |
| 2024 | — | — | — | — | — | $1.25B | 14.66 |
| 2025 | — | — | — | — | — | -$260.0M | 37.96 |
Quarterly revenue trend (last 6 quarters, SEC 10-Q)
| Quarter end | Revenue | YoY | QoQ | Net margin |
|---|---|---|---|---|
| Jun 30, 2017 | $10.01B | -43.1% | — | 9.13% |
| Sep 30, 2017 | $28.30B | +2.9% | +182.8% | 5.48% |
| Sep 30, 2017 | $9.88B | -64.1% | -65.1% | 15.70% |
| Mar 31, 2018 | $9.03B | +7.3% | -8.6% | 1.63% |
| Jun 30, 2018 | $19.81B | +7.5% | +119.3% | 4.20% |
| Jun 30, 2018 | $10.78B | -41.5% | -45.6% | 7.71% |
Revenue (annual, SEC 10-K)
2016: 38,901
2017: 37,864
2018: 0
2019: 0
2020: 0
2021: 0
2022: 0
2023: 0
2024: 0
2025: 0
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Profitability trends (%)
GrossOperatingNet
Free cash flow (annual)
2016: 0
2017: 0
2018: 0
2019: -396
2020: 2,094
2021: 2,381
2022: -5,860
2023: -40
2024: 1,247
2025: -260
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Sources:SEC EDGAR — Company Facts (XBRL)
Free previewRegulatory Analyst
Filings & Ownership
Regulatory Analyst
score 30Improving
80% conf
Latest annual report (10-K) filed Feb 12, 2026. Latest quarterly report (10-Q) filed Apr 22, 2026. 9 recent 8-K material-event filings in the index.
- Latest annual report (10-K) filed Feb 12, 2026.
- Latest quarterly report (10-Q) filed Apr 22, 2026.
- 9 recent 8-K material-event filings in the index.
- Recent insider Form 4s: 0 buy vs 0 sell transactions.
- ~2341 recent 13F-HR filings reference United Airlines Holdings; broad institutional reporting.
- Recent filers include GENDELL JEFFREY L, GENDELL JEFFREY L, United Airlines Holdings, Inc. (UAL).
- 3 recent 13D activist/beneficial-ownership filings — potential catalyst.
- 17 recent 13G passive institutional ownership notices.
Latest 10-K
Feb 12, 2026
Annual report
Latest 10-Q
Apr 22, 2026
8-K (recent)
9
Insider net
—
0B/0S
13F filers
2341
Activist 13D
3
Recent 13F institutional filers (SEC EDGAR full-text)
| Filer | Form | Filed |
|---|---|---|
| GENDELL JEFFREY L | 13F-HR | Nov 14, 2019 |
| GENDELL JEFFREY L | 13F-HR | Feb 13, 2020 |
| United Airlines Holdings, Inc. (UAL) | 13F-HR | May 15, 2026 |
| United Airlines Holdings, Inc. (UAL) | 13F-HR | Feb 17, 2026 |
| Crake Asset Management LLP | 13F-HR | Dec 7, 2021 |
Recent 8-K material events
| Date | Form | Description |
|---|---|---|
| May 22, 2026 | 8-K | FORM 8-K |
| Apr 27, 2026 | 8-K | FORM 8-K |
| Apr 21, 2026 | 8-K | 8-K |
| Feb 6, 2026 | 8-K | FORM 8-K |
| Feb 2, 2026 | 8-K | FORM 8-K |
| Jan 20, 2026 | 8-K | 8-K |
| Oct 15, 2025 | 8-K | 8-K |
| Jul 16, 2025 | 8-K | 8-K |
Free previewSEC Filing Analyst
SEC Filing Deep-Analysis
SEC Filing Analyst
score -76Deteriorating
62% conf
5 risk signal(s), 1 positive signal(s), 1 watch item(s) detected from XBRL filing diff analysis. Free cash flow declined despite stable or rising capex, indicating the cash burn is operational rather than investment-driven. This is a structural concern — cost reduction or asset sales may be needed to restore FCF.
- Free cash flow deteriorating: FCF declined +120.9% YoY (from $1.25B to $-260.0M). With OCF at $6.91B and capex at $7.17B, cash generation capacity is weakening — monitor for dividend/buyback sustainability.
- NEW: Going concern doubt in latest filing: The term "going concern" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 28 filing(s).
- Material weakness in internal controls: The term "material weakness" appears in 25 recent filing(s) (vs 2 in the prior period). This risk language is ongoing.
- NEW: Substantial doubt about ability to continue in latest filing: The term "substantial doubt" "ability to continue" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 4 filing(s).
- NEW: Restatement of financial statements in latest filing: The term "restate" "financial statements" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 4 filing(s).
- Operating cash flow exceeds net income: OCF is 2.64x net income, indicating high earnings quality — cash conversion is strong and accruals are not inflating reported profits.
- Endogenous analysis: Free cash flow declined despite stable or rising capex, indicating the cash burn is operational rather than investment-driven. This is a structural concern — cost reduction or asset sales may be needed to restore FCF.
- Endogenous analysis: The combination of explicit "going concern" language in the filing with deteriorating cash flow or rising leverage is a severe warning signal — the company's own auditors have flagged doubt about the ability to continue as a going concern.
- 1 new XBRL disclosure(s) in latest filing — expanding reporting scope.
- 20 disclosure(s) dropped from prior year — reduced reporting granularity.
- 4 new risk-language term(s) detected in filing text: Going concern doubt, Substantial doubt about ability to continue, Restatement of financial statements, Off-balance sheet arrangements.
- Ongoing high-severity risk language: Material weakness in internal controls.
Revenue
$37.86B
-2.7% YoY
Operating income
$4.21B
+80.2% YoY
Net income
$2.62B
+255.2% YoY
Operating cash flow
$6.91B
+13.9% YoY
Capex
$7.17B
+48.8% YoY
Total assets
$74.08B
+4.2% YoY
Long-term debt
$11.71B
-5.6% YoY
Cash & equivalents
$6.06B
-15.5% YoY
Filing quality score
72/100
1 new disclosures
SEC XBRL metric changes (latest annual vs prior)
| Metric | Prior year | Latest year | Change | % Change |
|---|---|---|---|---|
| Revenue | $38.90B | $37.86B | $-1.04B | -2.7% |
| Operating income | $2.34B | $4.21B | $1.87B | +80.2% |
| Net income | $737.0M | $2.62B | $1.88B | +255.2% |
| Operating cash flow | $6.07B | $6.91B | $845.0M | +13.9% |
| Capex | $4.82B | $7.17B | $2.35B | +48.8% |
| Total assets | $71.10B | $74.08B | $2.98B | +4.2% |
| Long-term debt | $12.40B | $11.71B | $-696.0M | -5.6% |
| Cash & equivalents | $7.17B | $6.06B | $-1.11B | -15.5% |
| Stockholders equity | $5.03B | $6.90B | $1.87B | +37.1% |
| Inventory | $7.0M | $7.0M | $0 | 0.0% |
| Interest expense | $674.0M | $626.0M | $-48.0M | -7.1% |
XBRL disclosure changes (new vs dropped concepts)
| Type | Concepts |
|---|---|
| Added | StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1 |
| Removed | AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment, AdvertisingExpense, AirlineRelatedInventoryValuationReserves, AllocatedShareBasedCompensationExpense, AmortizationOfFinancingCostsAndDiscounts, AmortizationOfIntangibleAssets, CapitalizedComputerSoftwareGross, CashAndCashEquivalentsFairValueDisclosure, ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1, CommonStockCapitalSharesReservedForFutureIssuance |
Risk language in filing text (EDGAR full-text search)
| Term | Severity | Recent | Prior | Status |
|---|---|---|---|---|
| Going concern doubt | high | 28 | 0 | NEW |
| Material weakness in internal controls | high | 25 | 2 | Ongoing |
| Substantial doubt about ability to continue | high | 4 | 0 | NEW |
| Restatement of financial statements | high | 4 | 0 | NEW |
| Impairment charge | medium | 47 | 2 | Ongoing |
| Restructuring | medium | 77 | 1 | Ongoing |
| Off-balance sheet arrangements | medium | 51 | 0 | NEW |
| Related party transactions | low | 27 | 0 | NEW |
Filing signal breakdown
Red flags: 5
Positive: 1
Watch: 1
Red flags
Positive
Watch
Unlock the rest
- ProValuationMarket cap $43.27B at $133.32 per share.
- ProPrice & TechnicalsPrice $133.32 — uptrend (above 200-DMA); 1-month momentum positive.
- ProMacro & RatesMarket regime: Risk-on · Supportive.
- ProRisk ScorecardComposite risk: Elevated.
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Macro exposure
Cyclical / growth · High sensitivityMacro regime: Risk-on · Supportive. United Airlines Holdings is a cyclical / growth name (high macro sensitivity) — risk appetite favors cyclical/growth names.
Macro regime
Risk-on · Supportive
Yield curve
Normal
VIX
16.59
Fed funds
3.63%
CPI YoY
+4.2%
Analytical read
deterministic previewPrice $133.32 — uptrend (above 200-DMA); 1-month momentum positive..
Risk
Elevated
Macro regime
Risk-on · Supportive
Macro exposure
Supportive
Descriptive analytics from public filings and macro data — not investment advice.
Peer comparison
Cyclical / growth groupHow UAL stacks up against tracked peers with similar macro sensitivity — by analytical score and macro exposure.
| Company | Score | Macro |
|---|---|---|
| Marathon Petroleum MPC | 25 | Supportive |
| Nike Inc. NKE | 24 | Supportive |
| Airbnb Inc. ABNB | 22 | Supportive |
| Datadog Inc. DDOG | 16 | Supportive |
| Okta Inc. OKTA | 15 | Supportive |
| Valero Energy VLO | 13 | Supportive |
| Deere & Co. DE | 12 | Supportive |
| ASML Holding NV ASML | 10 | Supportive |
| Marriott International MAR | 10 | Supportive |
| GE Aerospace GE | 10 | Supportive |
| United Parcel Service UPS | 9 | Supportive |
| Snowflake Inc. SNOW | 8 | Supportive |
| Cloudflare Inc. NET | 8 | Supportive |
| NVIDIA Corp. NVDA | 7 | Supportive |
| Alphabet Inc. GOOGL | 7 | Supportive |
| General Motors Co. GM | 7 | Supportive |
| Booking Holdings BKNG | 6 | Supportive |
| Nucor Corp. NUE | 5 | Supportive |
| Shopify Inc. SHOP | 5 | Supportive |
| Ulta Beauty Inc. ULTA | 5 | Supportive |
| Pinterest Inc. PINS | 5 | Supportive |
| Amazon.com Inc. AMZN | 4 | Supportive |
| Microchip Technology MCHP | 3 | Supportive |
| Warner Bros Discovery WBD | 3 | Supportive |
| Adobe Inc. ADBE | 3 | Supportive |
| Intuit Inc. INTU | 2 | Supportive |
| General Dynamics GD | 1 | Supportive |
| Roku Inc. ROKU | 1 | Supportive |
| Lockheed Martin LMT | 0 | Supportive |
| Boeing Co. BA | 0 | Supportive |
| Hess Corp. HES | 0 | Supportive |
| MercadoLibre Inc. MELI | -1 | Supportive |
| EOG Resources EOG | -2 | Supportive |
| Applied Materials Inc. AMAT | -2 | Supportive |
| IBM Corp. IBM | -3 | Supportive |
| Spotify Technology SPOT | -3 | Supportive |
| Energy Transfer ET | -3 | Supportive |
| Meta Platforms Inc. META | -4 | Supportive |
| Uber Technologies UBER | -4 | Supportive |
| Phillips 66 PSX | -4 | Supportive |
| United Airlines Holdings UAL● you | -5 | Supportive |
| Caterpillar Inc. CAT | -5 | Supportive |
| Alibaba Group BABA | -5 | Supportive |
| Comcast Corp. CMCSA | -6 | Supportive |
| TJX Cos. TJX | -6 | Supportive |
| Starbucks Corp. SBUX | -6 | Supportive |
| Schlumberger N.V. SLB | -7 | Supportive |
| Workday Inc. WDAY | -7 | Supportive |
| McDonald's Corp. MCD | -7 | Supportive |
| Micron Technology MU | -8 | Supportive |
| CF Industries CF | -8 | Supportive |
| Lam Research Corp. LRCX | -8 | Supportive |
| Albemarle Corp. ALB | -8 | Supportive |
| Delta Air Lines DAL | -8 | Supportive |
| Yum Brands Inc. YUM | -8 | Supportive |
| Linde plc LIN | -9 | Supportive |
| Home Depot Inc. HD | -10 | Supportive |
| Sherwin-Williams SHW | -10 | Supportive |
| Chipotle Mexican Grill CMG | -10 | Supportive |
| Old Dominion Freight ODFL | -10 | Supportive |
| Salesforce Inc. CRM | -11 | Supportive |
| Netflix Inc. NFLX | -12 | Supportive |
| Union Pacific Corp. UNP | -12 | Supportive |
| Norfolk Southern NSC | -13 | Supportive |
| Air Products & Chemicals APD | -13 | Supportive |
| Exxon Mobil Corp. XOM | -14 | Supportive |
| Palo Alto Networks PANW | -14 | Supportive |
| Royal Caribbean Group RCL | -15 | Supportive |
| Apple Inc. AAPL | -15 | Supportive |
| ConocoPhillips COP | -15 | Supportive |
| Zscaler Inc. ZS | -15 | Supportive |
| Occidental Petroleum OXY | -15 | Supportive |
| Devon Energy DVN | -16 | Supportive |
| Kinder Morgan KMI | -16 | Supportive |
| Cisco Systems Inc. CSCO | -16 | Supportive |
| CSX Corp. CSX | -16 | Supportive |
| Microsoft Corp. MSFT | -16 | Supportive |
| Tesla Inc. TSLA | -17 | Supportive |
| Walt Disney Co. DIS | -17 | Supportive |
| Dow Inc. DOW | -17 | Supportive |
| ON Semiconductor Corp. ON | -18 | Supportive |
| Oracle Corp. ORCL | -18 | Supportive |
| CrowdStrike Holdings CRWD | -18 | Supportive |
| Mosaic Co. MOS | -18 | Supportive |
| RTX Corp. RTX | -19 | Supportive |
| Advanced Micro Devices AMD | -19 | Supportive |
| Freeport-McMoRan FCX | -20 | Supportive |
| Dollar General Corp. DG | -20 | Supportive |
| Eaton Corp. ETN | -22 | Supportive |
| Chevron Corp. CVX | -22 | Supportive |
| T-Mobile US Inc. TMUS | -22 | Supportive |
| 3M Co. MMM | -23 | Supportive |
| Lowe's Cos. LOW | -24 | Supportive |
| Texas Instruments TXN | -24 | Supportive |
| Honeywell International HON | -24 | Supportive |
| Qualcomm Inc. QCOM | -25 | Supportive |
| Marvell Technology MRVL | -29 | Supportive |
| Intel Corp. INTC | -31 | Supportive |
| Verizon Communications VZ | -31 | Supportive |
| ServiceNow Inc. NOW | -33 | Supportive |
| Newmont Corp. NEM | -34 | Supportive |
| Autodesk Inc. ADSK | -34 | Supportive |
| Broadcom Inc. AVGO | -35 | Supportive |