TORVANTA
Industrials · S&P 500 · data as of 2026-10-05

UAL stock analysis: United Airlines

United Airlines (UAL) is an S&P 500 company in Passenger Airlines. It grades strongest on value and weakest on growth.

The model's view of UAL · subscribers

Where UAL ranks among the 1,500 U.S. stocks the model scores each trading day, its expected return, the evidence for and against it, and whether the model portfolio holds it. The grades below describe the company's data; they are not the model's view.

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What's happening with UAL · updated 2026-10-05 · from prices and SEC filings

UAL price performance

UAL against the S&P 500, one year
+0%+20%+40%S&P 500 +18%UAL +12%2025-09-292026-10-05
Year to date-1.6%S&P 500 +14.5% · behind by 16.1 pts
1 year+15.4%S&P 500 +17.0% · behind by 1.6 pts
3 years+166.2%S&P 500 +89.3% · ahead by 77.0 pts
5 years+116.2%S&P 500 +91.3% · ahead by 24.9 pts

Total returns with dividends reinvested.

UAL factor grades

Each grade compares UAL with the rest of its sector (A+ best, F worst); the numbers behind it are shown with the typical figure for its peers.

AValueP/E 10.3x (sector 27.2x)FCF yield 7.1% (sector 4.0%)
C-GrowthRevenue growth +8% (sector +7%)EPS growth +7% (sector +9%)
CProfitabilityOperating margin 7.7% (sector 16.9%)ROIC 58.3% (sector 19.9%)
CMomentum12-month change +15%From 52-wk high -19%

UAL in plain numbers

UAL key statistics

SectorIndustrials
IndustryPassenger Airlines
IndexS&P 500
Market value$35.7B
Revenue growth (y/y)+8%
Free-cash-flow yield7.1%
Dividend yieldn/a
Next earnings (expected)2026-10-14
Valuation measures
Market value$35.7B
Enterprise value$25.5B
P/E (trailing)10.3x
Forward P/E (Torvanta estimate)9.8x
PEG (Torvanta estimate)2.02
Price / sales0.6x
Price / book2.1x
EV / revenue0.4x
EV / EBITDA3.2x
Financial highlights
Revenue, last 12 months$62.9B
Net income, last 12 months$3.5B
EPS, last 12 months (GAAP)$10.68
Operating margin7.7%
Net margin5.6%
Return on equity23.3%
Return on invested capital58.3%
Cash$10.2B
Free cash flow, last 12 months$2.5B
Interest cover3.7x
Current ratio0.78x

Company figures from its latest SEC filings; market value and returns from end-of-day prices.

UAL earnings trends

Revenue vs earnings
$0$4.4B$8.8B$13.3B$17.7BSep 2024 Revenue: $14.8BDec 2024 Revenue: $14.7BMar 2025 Revenue: $13.2BJun 2025 Revenue: $15.2BSep 2025 Revenue: $15.2BDec 2025 Revenue: $15.4BMar 2026 Revenue: $14.6BJun 2026 Revenue: $17.7BSep 2024 Net income: $1.0BDec 2024 Net income: $1.0BMar 2025 Net income: $387.0MJun 2025 Net income: $1.0BSep 2025 Net income: $949.0MDec 2025 Net income: $1.0BMar 2026 Net income: $699.0MJun 2026 Net income: $805.0MSep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Net margin: 6.5%Net margin: 6.7%Net margin: 2.9%Net margin: 6.4%Net margin: 6.2%Net margin: 6.8%Net margin: 4.8%Net margin: 4.6%0%3%7%■ Revenue ■ Net income ━ Net margin
Earnings per share$0.0$0.8$1.6$2.4$3.2Sep 2024 EPS (GAAP, diluted): $2.9Dec 2024 EPS (GAAP, diluted): $3.0Mar 2025 EPS (GAAP, diluted): $1.2Jun 2025 EPS (GAAP, diluted): $3.0Sep 2025 EPS (GAAP, diluted): $2.9Dec 2025 EPS (GAAP, diluted): $3.2Mar 2026 EPS (GAAP, diluted): $2.1Jun 2026 EPS (GAAP, diluted): $2.5Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026■ EPS (GAAP, diluted) Change from a year earlier: Sep 2025 0% · Dec 2025 +7% · Mar 2026 +84% · Jun 2026 -17%

From the company's 10-Q and 10-K filings with the SEC.

United Airlines financials (from SEC filings)

Fiscal yearFY2021FY2022FY2023FY2024FY2025
Revenue$24.6B$45.0B$53.7B$57.1B$59.1B
Net income-$2.0B$737.0M$2.6B$3.1B$3.4B
EPS (GAAP)$-6.19$2.18$7.88$9.44$10.21
Free cash flow-$40.0M$1.2B-$260.0M$3.8B$2.6B

UAL earnings history

ReportedEPS (GAAP)EPS y/yRevenue y/yStock vs S&P 500, 2 days
2026-07-15$2.46-17%+16%-1.1%
2026-04-21$2.14+84%+11%-7.6%
2026-01-20$3.18+7%+5%-1.3%
2025-10-15$2.900%+3%-4.6%
2025-07-16$2.97-25%+2%+4.7%
2025-07-09$2.97-25%+2%+12.0%

About United Airlines

HeadquartersChicago, IL
Industry (SEC code)Air Transportation, Scheduled
Fiscal year endsDecember 31
Incorporated inDE
Listed onNasdaq
FormerlyUnited Continental Holdings, Inc., UAL CORP /DE/

From the company's SEC registration record.

Companies similar to UAL

CompanyMarket valueP/ERevenue growthOperating margin12-month change
UAL United Airlines$35.7B10.3x+8%7.7%+15%
PAYX Paychex$35.5B20.4x+17%38.6%-16%compare
EME Emcor$34.4B24.3x+19%10.4%+19%compare
ODFL Old Dominion Freight$37.2B34.5x-1%25.8%+28%compare
AXON Axon Enterprise$33.5B170.9x+35%0.7%-42%
IR Ingersoll Rand$30.5B32.3x+8%18.1%-6%
FERG Ferguson Enterprises$43.1B23.3x-8%9.0%-2%

All Industrials stock ratings

Frequently asked questions

Is UAL stock a buy?

Torvanta does not tell individuals what to buy. Its grades for UAL are shown above. Subscribers see the model's rank, expected return and whether the model portfolio holds it. This is research, not a recommendation.

What is UAL's P/E ratio?

UAL trades at about 10.3 times its last 12 months of GAAP earnings reported to the SEC, and about 9.8 times Torvanta's own estimate of the next 12 months.

When does UAL report earnings next?

Based on its filing history, Torvanta expects United Airlines to report around 2026-10-14.

How has UAL performed against the S&P 500?

Over the past year UAL returned +15.4%, against +17.0% for the S&P 500, dividends reinvested.

See the model's view

Subscribers get the model's rank and expected return for every covered company, the reasoning behind each, and the Torvanta model portfolio's trades each trading day, sized and explained, at three risk levels.

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Torvanta is research only - not investment advice and not a recommendation to buy or sell any security. Grades describe a company's reported data against its sector; they are not the model's view, change as data changes and can be wrong. Financial figures come from the company's SEC filings; returns include reinvested dividends. Past performance does not predict future results.

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