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United Airlines Holdings
UALIndustrialsGenerated Aug 19, 2026, 11:14 PM UTC
UAL (United Airlines Holdings) analytical snapshot. Revenue grew +3.5% YoY to $59.07B. 5-year revenue CAGR +19.1%; 10y CAGR +5.5%. Net margin at 5.68% (expanding ▲). Market cap $37.58B at $115.78 per share. Trailing P/E 11.35, P/S 0.64, P/B 2.25. EV/Operating income ≈ 8.26 (EV $38.91B). Risk: Elevated. Macro: Risk-on · Supportive. Composite analytical score 5 (data confidence 81%). Descriptive analytics from public filings — not investment advice.
Market cap
$37.58B
324.58M shares
Price
$115.78
NMS
P/E (ttm)
11.35
Revenue (FY)
$59.07B
YoY +3.5%
Net margin
5.68%
▲ 4.04pp
Free cash flow
$2.56B
4.33% margin
Risk level
Elevated
Free SEC analysis
— computed from SEC filings, free to readFree 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 Jul 16, 2026. 8 recent 8-K material-event filings in the index.
- Latest annual report (10-K) filed Feb 12, 2026.
- Latest quarterly report (10-Q) filed Jul 16, 2026.
- 8 recent 8-K material-event filings in the index.
- Recent insider Form 4s: 0 buy vs 0 sell transactions.
- ~2432 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
Jul 16, 2026
8-K (recent)
8
Insider net
—
0B/0S
13F filers
2432
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 |
| United Airlines Holdings, Inc. (UAL) | 13F-HR | Aug 14, 2026 |
Recent 8-K material events
| Date | Form | Description |
|---|---|---|
| Jul 15, 2026 | 8-K | 8-K |
| 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 |
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 +33.2% YoY (from $3.83B to $2.56B). With OCF at $8.43B and capex at $5.87B, cash generation capacity is weakening — monitor for dividend/buyback sustainability.
- NEW: Going concern doubt in latest filing: The term "going concern" "substantial doubt" 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).
- Material weakness in internal controls: The term "material weakness" "internal control" appears in 4 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 "restatement of" "previously issued" 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 2 filing(s).
- Operating cash flow exceeds net income: OCF is 2.51x 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
$59.07B
+3.5% YoY
Operating income
$4.71B
-7.5% YoY
Net income
$3.35B
+6.5% YoY
Operating cash flow
$8.43B
-10.7% YoY
Capex
$5.87B
+4.6% YoY
Total assets
$76.45B
+3.2% YoY
Long-term debt
$17.17B
-20.8% YoY
Cash & equivalents
$5.94B
-32.2% 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 | $57.06B | $59.07B | $2.01B | +3.5% |
| Operating income | $5.10B | $4.71B | $-383.0M | -7.5% |
| Net income | $3.15B | $3.35B | $204.0M | +6.5% |
| Operating cash flow | $9.45B | $8.43B | $-1.01B | -10.7% |
| Capex | $5.62B | $5.87B | $259.0M | +4.6% |
| Total assets | $74.08B | $76.45B | $2.37B | +3.2% |
| Long-term debt | $21.68B | $17.17B | $-4.51B | -20.8% |
| Cash & equivalents | $8.77B | $5.94B | $-2.83B | -32.2% |
| Stockholders equity | $12.68B | $15.28B | $2.61B | +20.6% |
| Inventory | — | $7.0M | — | — |
| Interest expense | $643.0M | $729.0M | $86.0M | +13.4% |
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 | 4 | 0 | NEW |
| Material weakness in internal controls | high | 4 | 2 | Ongoing |
| Substantial doubt about ability to continue | high | 4 | 0 | NEW |
| Restatement of financial statements | high | 2 | 0 | NEW |
| Impairment charge | medium | 5 | 2 | Ongoing |
| Restructuring | medium | 5 | 1 | Ongoing |
| Off-balance sheet arrangements | medium | 5 | 0 | NEW |
| Related party transactions | low | 5 | 0 | NEW |
Filing signal breakdown
Red flags: 5
Positive: 1
Watch: 1
Red flags
Positive
Watch
Free previewFundamentals Analyst
Fundamentals
Fundamentals Analyst
score 25Improving
80% conf
Revenue grew +3.5% YoY to $59.07B. 5-year revenue CAGR +19.1%; 10y CAGR +5.5%. Net margin at 5.68% (expanding ▲).
- Revenue grew +3.5% YoY to $59.07B.
- 5-year revenue CAGR +19.1%; 10y CAGR +5.5%.
- Net margin at 5.68% (expanding ▲).
- Return on equity 21.94%, ROA 4.39%, ROIC 14.52%.
- Gross margin 0.00%, operating margin 7.98%.
- Free cash flow margin 4.33% ($2.56B).
- Net income up ▲ +6.5% YoY.
- Debt/equity 0.69, current ratio 0.78, net debt $1.33B.
- Asset turnover 0.70 — capital efficiency.
Revenue (FY)
$59.07B
YoY +3.5%
Net margin
5.68%
▲ 4.04pp
ROE
21.94%
ROA 4.39%
ROIC
14.52%
EPS (diluted)
$10.20
FY2025
Free cash flow
$2.56B
4.33% margin
Debt / equity
0.69
Cash $10.17B
Current ratio
0.78
Equity $16.70B
Annual fundamentals — up to 10 years (SEC 10-K, US-GAAP)
| FY | Revenue | Rev YoY | Gross% | Op% | Net% | FCF | ROE% |
|---|---|---|---|---|---|---|---|
| 2024 | $57.06B | +6.2% | 0.00 | 8.93 | 5.52 | $3.83B | 24.84 |
| 2025 | $59.07B | +3.5% | 0.00 | 7.98 | 5.68 | $2.56B | 21.94 |
Quarterly revenue trend (last 6 quarters, SEC 10-Q)
| Quarter end | Revenue | YoY | QoQ | Net margin |
|---|---|---|---|---|
| Sep 30, 2016 | $9.91B | -3.8% | — | 9.73% |
| Mar 31, 2017 | $8.43B | +2.8% | -15.0% | 1.17% |
| Jun 30, 2017 | $10.01B | +6.5% | +18.8% | 8.20% |
| Sep 30, 2017 | $9.88B | -0.4% | -1.3% | 6.53% |
| Mar 31, 2018 | $9.03B | +7.2% | -8.6% | 1.61% |
| Jun 30, 2018 | $10.78B | +7.7% | +19.3% | 6.34% |
Sources:SEC EDGAR — Company Facts (XBRL)
+8 more years of history, charts & full breakdown Pro
Pro analysis — preview
— score, signals & key metrics shown; full reasoning lockedValuation
Valuation Analyst
score 35Improving
95% conf
Market cap $37.58B at $115.78 per share. Trailing P/E 11.35, P/S 0.64, P/B 2.25. EV/Operating income ≈ 8.26 (EV $38.91B).
- Market cap $37.58B at $115.78 per share.
Market cap
$37.58B
324.58M shares
P/E (ttm)
11.35
P/S
0.64
P/B
2.25
EV
$38.91B
Intrinsic (DCF)
$127.47
+10.1% vs price
ProFull breakdown & reasoning locked
Price & Technicals
Technical Analyst
score 15Stable
85% conf
Price $115.78 — uptrend (above 200-DMA); 1-month momentum negative. RSI(14) 40.05.
- Price $115.78 — uptrend (above 200-DMA); 1-month momentum negative.
Price
$115.78
NMS
RSI(14)
40.05
50-DMA
$123.03
200-DMA
$107.21
Volatility (ann.)
47.65%
52w range
$84.64–$138.77
-16.6% from high
ProFull breakdown & reasoning locked
Macro & Rates
Macro Analyst
score 30Improving
80% conf
Risk-on · Supportive. Real GDP growth 1.50% (quarterly, as of Apr 1, 2026). CPI inflation +3.3% YoY. Fed funds rate 3.63%, 10Y Treasury 4.71%.
- Market regime: Risk-on · Supportive.
GDP growth
1.50%
CPI (YoY)
+3.3%
Fed funds
3.63%
10Y yield
4.71%
10Y−2Y
0.46pp
Unemployment
4.10%
ProFull breakdown & reasoning locked
Risk Scorecard
Risk Analyst
score -18Deteriorating
83% conf
Composite risk Elevated. Leverage debt/equity 0.69 (moderate). Liquidity current ratio 0.78 (stretched).
- Composite risk: Elevated.
Risk level
Elevated
Debt / equity
0.69
Current ratio
0.78
Margin stdev
14.40pp
Cash / assets
12.02%
Liab / assets
—
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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
15.84
Fed funds
3.63%
CPI YoY
+3.3%
Analytical read
deterministic previewRevenue grew **+3.5%** YoY to $59.07B..
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 |
|---|---|---|
| CF Industries CF | 33 | Supportive |
| MercadoLibre Inc. MELI | 32 | Supportive |
| Newmont Corp. NEM | 32 | Supportive |
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| Delta Air Lines DAL | 9 | Supportive |
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