United Airlines Holdings, Inc. (UAL) 10-Year Financial Performance & Capital Metrics

UAL • • Industrial / General

IndustrialsAirlines & AirportsFull-Service Network AirlinesMajor US Network Carriers

AboutUnited Airlines Holdings, Inc., through its subsidiaries, provides air transportation services in North America, Asia, Europe, Africa, the Pacific, the Middle East, and Latin America. The company transports people and cargo through its mainline and regional fleets. It also offers catering, ground handling, training, and maintenance services for third parties. The company was formerly known as United Continental Holdings, Inc. and changed its name to United Airlines Holdings, Inc. in June 2019. United Airlines Holdings, Inc. was incorporated in 1968 and is headquartered in Chicago, Illinois.Show more

Revenue $57.06B +6.2%
EBITDA $8.02B +16.6%
Net Income $3.15B +20.3%
EPS (Diluted) 9.45 +19.8%
Gross Margin 34.03% +20.3%
EBITDA Margin 14.06% +9.8%
Operating Margin 8.93% +13.9%
Net Margin 5.52% +13.2%
ROE 28.63% -11.3%
ROIC 9.86% +18.9%
Debt/Equity 2.65 -32.7%
Interest Coverage 3.63 +53.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 24.4%
✓Strong Piotroski F-Score: 7/9
✓Momentum leader: RS Rating 80 (top 20%)
✓High quality earnings: Operating CF exceeds net income
✓Trading near 52-week high

✗Weaknesses

✗High debt to equity ratio of 2.7x

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.91%

5Y5.7%

3Y32.31%

TTM4.24%

Profit (Net Income) CAGR

10Y10.77%

5Y0.91%

3Y-

TTM19.18%

EPS CAGR

10Y12.42%

5Y-3.98%

3Y-

TTM20.27%

ROCE

10Y Avg7.61%

5Y Avg1.32%

3Y Avg7.93%

Latest10.23%

Peer Comparison

Major US Network Carriers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ALKAlaska Air Group, Inc.	5.76B	49.66	16.12	12.56%	1.06%	3.72%	3.18%	1.46
AALAmerican Airlines Group Inc.	10.37B	15.71	12.67	2.7%	1.11%		12.54%
UALUnited Airlines Holdings, Inc.	37.56B	116.02	12.28	6.23%	5.64%	23.01%	10.2%	2.65
DALDelta Air Lines, Inc.	46.58B	71.34	9.31	2.79%	7.9%	24.12%	8.25%	1.02

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	37.86B	36.56B	37.78B	41.3B	43.26B	15.36B	24.63B	44.95B	53.72B	57.06B
Revenue Growth %	-0.03%	-0.03%	0.03%	0.09%	0.05%	-0.65%	0.6%	0.82%	0.19%	0.06%
Cost of Goods Sold+	25.95B	24.86B	27B	30.23B	30.79B	20.39B	23.91B	34.31B	38.52B	37.64B
COGS % of Revenue	0.69%	0.68%	0.71%	0.73%	0.71%	1.33%	0.97%	0.76%	0.72%	0.66%
Gross Profit+	11.91B	11.7B	10.78B	11.07B	12.47B	-5.03B	721M	10.64B	15.2B	19.42B
Gross Margin %	0.31%	0.32%	0.29%	0.27%	0.29%	-0.33%	0.03%	0.24%	0.28%	0.34%
Gross Profit Growth %	0.28%	-0.02%	-0.08%	0.03%	0.13%	-1.4%	1.14%	13.76%	0.43%	0.28%
Operating Expenses+	6.75B	7.46B	7.16B	7.85B	8.17B	1.33B	1.74B	8.3B	10.99B	14.32B
OpEx % of Revenue	0.18%	0.2%	0.19%	0.19%	0.19%	0.09%	0.07%	0.18%	0.2%	0.25%
Selling, General & Admin	1.34B	1.3B	1.35B	1.56B	1.65B	459M	677M	1.53B	1.98B	2.23B
SG&A % of Revenue	0.04%	0.04%	0.04%	0.04%	0.04%	0.03%	0.03%	0.03%	0.04%	0.04%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	5.4B	6.06B	5.81B	6.29B	6.52B	870M	1.07B	6.77B	9.01B	12.09B
Operating Income+	5.17B	4.34B	3.62B	3.23B	4.3B	-6.36B	-1.02B	2.34B	4.21B	5.1B
Operating Margin %	0.14%	0.12%	0.1%	0.08%	0.1%	-0.41%	-0.04%	0.05%	0.08%	0.09%
Operating Income Growth %	1.18%	-0.16%	-0.17%	-0.11%	0.33%	-2.48%	0.84%	3.29%	0.8%	0.21%
EBITDA+	6.99B	6.32B	5.77B	5.39B	6.59B	-3.87B	1.46B	4.79B	6.88B	8.02B
EBITDA Margin %	0.18%	0.17%	0.15%	0.13%	0.15%	-0.25%	0.06%	0.11%	0.13%	0.14%
EBITDA Growth %	0.72%	-0.1%	-0.09%	-0.06%	0.22%	-1.59%	1.38%	2.28%	0.44%	0.17%
D&A (Non-Cash Add-back)	1.82B	1.98B	2.15B	2.17B	2.29B	2.49B	2.48B	2.46B	2.67B	2.93B
EBIT	4.84B	4.38B	3.58B	3.25B	4.56B	-7.83B	-980M	2.66B	5.16B	5.57B
Net Interest Income+	-595M	-560M	-495M	-504M	-513M	-942M	-1.54B	-1.38B	-947M	-676M
Interest Income	25M	42M	57M	101M	133M	50M	36M	298M	827M	726M
Interest Expense	620M	602M	552M	605M	646M	992M	1.58B	1.67B	1.77B	1.4B
Other Income/Expense	-947M	-525M	-595M	-581M	-387M	-2.46B	-1.53B	-1.35B	-824M	-928M
Pretax Income+	4.22B	3.82B	3.02B	2.65B	3.91B	-8.82B	-2.56B	990M	3.39B	4.17B
Pretax Margin %	0.11%	0.1%	0.08%	0.06%	0.09%	-0.57%	-0.1%	0.02%	0.06%	0.07%
Income Tax+	-3.12B	1.56B	880M	526M	905M	-1.75B	-593M	253M	769M	1.02B
Effective Tax Rate %	1.74%	0.59%	0.71%	0.8%	0.77%	0.8%	0.77%	0.74%	0.77%	0.76%
Net Income+	7.34B	2.26B	2.14B	2.12B	3.01B	-7.07B	-1.96B	737M	2.62B	3.15B
Net Margin %	0.19%	0.06%	0.06%	0.05%	0.07%	-0.46%	-0.08%	0.02%	0.05%	0.06%
Net Income Growth %	5.48%	-0.69%	-0.05%	-0.01%	0.42%	-3.35%	0.72%	1.38%	2.55%	0.2%
Net Income (Continuing)	7.34B	2.26B	2.14B	2.12B	3.01B	-7.07B	-1.96B	737M	2.62B	3.15B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	19.47	6.85	7.02	7.70	11.58	-25.30	-6.10	2.23	7.89	9.45
EPS Growth %	5.65%	-0.65%	0.02%	0.1%	0.5%	-3.18%	0.76%	1.37%	2.54%	0.2%
EPS (Basic)	19.52	7.19	7.43	7.89	11.63	-25.30	-6.10	2.26	7.99	9.58
Diluted Shares Outstanding	377M	330.3M	303.6M	276.7M	259.9M	279.4M	321.9M	330.1M	331.9M	333.2M
Basic Shares Outstanding	376M	330.3M	303.54M	276.66M	251.22M	311.85M	321.9M	330.1M	331.81M	333.2M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	7.83B	7.31B	7.13B	7.09B	8.19B	14.8B	21.83B	20.06B	18.49B	18.88B
Cash & Short-Term Investments	5.2B	4.43B	3.8B	3.95B	4.94B	11.68B	18.41B	16.41B	14.39B	14.47B
Cash Only	3.01B	2.18B	1.48B	1.69B	2.76B	11.27B	18.28B	7.17B	6.06B	8.77B
Short-Term Investments	2.19B	2.25B	2.32B	2.26B	2.18B	414M	123M	9.25B	8.33B	5.71B
Accounts Receivable	1.13B	1.18B	1.34B	1.43B	1.36B	1.29B	1.66B	1.8B	1.9B	2.16B
Days Sales Outstanding	10.87	11.74	12.94	12.6	11.51	30.78	24.64	14.62	12.9	13.84
Inventory	738M	873M	924M	985M	1.07B	932M	983M	1.11B	1.56B	1.57B
Days Inventory Outstanding	10.38	12.82	12.49	11.89	12.71	16.69	15	11.8	14.79	15.24
Other Current Assets	26M	0	0	0	0	255M	37M	45M	31M	0
Total Non-Current Assets+	33.03B	32.83B	35.21B	41.93B	44.42B	44.75B	46.34B	47.3B	52.62B	55.2B
Property, Plant & Equipment	21.58B	23.32B	26.21B	32.66B	34.93B	36B	36.72B	38.34B	43.73B	46.72B
Fixed Asset Turnover	1.75x	1.57x	1.44x	1.26x	1.24x	0.43x	0.67x	1.17x	1.23x	1.22x
Goodwill	4.52B	4.52B	4.52B	4.52B	4.52B	4.53B	4.53B	4.53B	4.53B	4.53B
Intangible Assets	4.14B	3.63B	3.54B	3.16B	3.01B	2.84B	2.8B	2.76B	2.73B	2.68B
Long-Term Investments	0	579M	806M	966M	1.18B	1B	1.42B	1.37B	348M	1.27B
Other Non-Current Assets	757M	124M	137M	621M	130M	249M	213M	210M	1.29B	0
Total Assets+	40.86B	40.14B	42.35B	49.02B	52.61B	59.55B	68.17B	67.36B	71.1B	74.08B
Asset Turnover	0.93x	0.91x	0.89x	0.84x	0.82x	0.26x	0.36x	0.67x	0.76x	0.77x
Asset Growth %	0.12%	-0.02%	0.05%	0.16%	0.07%	0.13%	0.14%	-0.01%	0.06%	0.04%
Total Current Liabilities+	12.41B	12.29B	12.76B	13.84B	14.94B	12.72B	18.3B	19.99B	22.2B	23.31B
Accounts Payable	1.87B	2.14B	2.2B	2.36B	2.7B	1.59B	2.56B	3.4B	3.83B	4.19B
Days Payables Outstanding	26.29	31.41	29.68	28.53	32.05	28.56	39.11	36.11	36.34	40.66
Short-Term Debt	1.22B	849M	1.56B	1.23B	1.41B	1.91B	3B	2.91B	4.25B	3.45B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	4.72B	4.74B	4.52B	4.93B	566M	724M	1.39B	8.36B	7.51B	8.51B
Current Ratio	0.63x	0.59x	0.56x	0.51x	0.55x	1.16x	1.19x	1.00x	0.83x	0.81x
Quick Ratio	0.57x	0.52x	0.49x	0.44x	0.48x	1.09x	1.14x	0.95x	0.76x	0.74x
Cash Conversion Cycle	-5.03	-6.85	-4.25	-4.04	-7.83	18.91	0.54	-9.69	-8.65	-11.58
Total Non-Current Liabilities+	19.48B	19.2B	20.85B	25.14B	26.14B	40.86B	44.84B	40.47B	39.58B	38.09B
Long-Term Debt	9.67B	9.92B	11.7B	12.21B	13.14B	24.84B	30.36B	28.28B	27.41B	25.2B
Capital Lease Obligations	727M	822M	996M	5.5B	5.17B	5.21B	5.37B	4.57B	4.5B	4.51B
Deferred Tax Liabilities	0	0	225M	814M	1.74B	0	0	844M	594M	1.58B
Other Non-Current Liabilities	5.25B	5.28B	5.36B	3.9B	3.26B	5.75B	5.07B	2.79B	3.02B	2.76B
Total Liabilities	31.89B	31.48B	33.61B	38.98B	41.08B	53.59B	63.15B	60.46B	61.78B	61.41B
Total Debt+	11.76B	11.71B	14.39B	19.79B	20.45B	32.75B	39.37B	36.43B	36.74B	33.63B
Net Debt	8.75B	9.53B	12.91B	18.09B	17.69B	21.48B	21.08B	29.27B	30.68B	24.86B
Debt / Equity	1.31x	1.35x	1.65x	1.97x	1.77x	5.50x	7.83x	5.28x	3.94x	2.65x
Debt / EBITDA	1.68x	1.85x	2.50x	3.67x	3.10x	-	26.91x	7.60x	5.34x	4.19x
Net Debt / EBITDA	1.25x	1.51x	2.24x	3.35x	2.68x	-	14.41x	6.11x	4.46x	3.10x
Interest Coverage	8.33x	7.22x	6.55x	5.34x	6.66x	-6.41x	-0.65x	1.40x	2.37x	3.63x
Total Equity+	8.97B	8.66B	8.73B	10.04B	11.53B	5.96B	5.03B	6.9B	9.32B	12.68B
Equity Growth %	2.74%	-0.03%	0.01%	0.15%	0.15%	-0.48%	-0.16%	0.37%	0.35%	0.36%
Book Value per Share	23.78	26.22	28.77	36.29	44.37	21.33	15.62	20.89	28.09	38.04
Total Shareholders' Equity	8.97B	8.66B	8.73B	10.04B	11.53B	5.96B	5.03B	6.9B	9.32B	12.68B
Common Stock	4M	3M	3M	3M	3M	4M	4M	4M	4M	4M
Retained Earnings	3.46B	3.43B	4.55B	6.71B	9.72B	2.63B	625M	1.26B	3.83B	6.88B
Treasury Stock	-1.61B	-511M	-769M	-1.99B	-3.6B	-3.9B	-3.81B	-3.53B	-3.44B	-3.38B
Accumulated OCI	-831M	-829M	-1.15B	-803M	-718M	-1.14B	-942M	175M	-62M	188M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	5.99B	5.54B	3.47B	6.16B	6.91B	-4.13B	2.07B	6.07B	6.91B	9.45B
Operating CF Margin %	0.16%	0.15%	0.09%	0.15%	0.16%	-0.27%	0.08%	0.13%	0.13%	0.17%
Operating CF Growth %	1.27%	-0.08%	-0.37%	0.77%	0.12%	-1.6%	1.5%	1.93%	0.14%	0.37%
Net Income	7.34B	2.23B	2.14B	2.12B	3.01B	-7.07B	-1.96B	737M	2.62B	3.15B
Depreciation & Amortization	1.82B	1.98B	2.15B	2.17B	2.29B	2.49B	2.48B	2.46B	2.67B	2.93B
Stock-Based Compensation	58M	0	73M	0	0	0	0	0	0	0
Deferred Taxes	-3.18B	1.65B	957M	512M	882M	-1.74B	-583M	248M	756M	935M
Other Non-Cash Items	304M	529M	51M	582M	207M	1.96B	459M	370M	202M	532M
Working Capital Changes	-352M	-846M	-1.9B	783M	523M	227M	1.67B	2.25B	664M	1.9B
Change in Receivables	0	0	0	17M	44M	135M	-448M	-158M	-100M	280M
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	-77M	239M	66M	130M	324M	-1.08B	985M	796M	572M	178M
Cash from Investing+	-2.49B	-3.24B	-3.93B	-4.46B	-4.56B	50M	-1.67B	-13.83B	-6.11B	-2.65B
Capital Expenditures	-2.75B	-3.22B	-3.87B	-4.07B	-4.53B	-1.73B	-2.11B	-4.82B	-7.17B	-5.62B
CapEx % of Revenue	0.07%	0.09%	0.1%	0.1%	0.1%	0.11%	0.09%	0.11%	0.13%	0.1%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	64M	13M	6M	-310M	-59M	10M	106M	138M	16M	112M
Cash from Financing+	-2.5B	-3.21B	-383M	-1.5B	-1.28B	12.96B	6.4B	-3.35B	-1.89B	-4.18B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	-353M	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-34M	-56M	-199M	-54M	-30M	333M	-27M	-74M	-32M	-21M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	3.25B	2.32B	-396M	2.09B	2.38B	-5.86B	-40M	1.25B	-260M	3.83B
FCF Margin %	0.09%	0.06%	-0.01%	0.05%	0.06%	-0.38%	-0%	0.03%	-0%	0.07%
FCF Growth %	4.16%	-0.29%	-1.17%	6.29%	0.14%	-3.46%	0.99%	32.17%	-1.21%	15.73%
FCF per Share	8.61	7.02	-1.30	7.57	9.16	-20.97	-0.12	3.78	-0.78	11.49
FCF Conversion (FCF/Net Income)	0.82x	2.45x	1.62x	2.90x	2.30x	0.58x	-1.05x	8.23x	2.64x	3.00x
Interest Paid	660M	584M	571M	651M	648M	0	0	1.57B	1.85B	1.49B
Taxes Paid	15M	14M	20M	19M	29M	0	0	8M	7M	88M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	129.2%	25.68%	24.64%	22.6%	27.9%	-80.83%	-35.74%	12.36%	32.28%	28.63%
Return on Invested Capital (ROIC)	25.64%	18.15%	13.63%	9.73%	11.25%	-16.83%	-2.86%	5.63%	8.29%	9.86%
Gross Margin	31.46%	32.01%	28.53%	26.81%	28.83%	-32.76%	2.93%	23.67%	28.29%	34.03%
Net Margin	19.39%	6.19%	5.67%	5.14%	6.96%	-46.04%	-7.97%	1.64%	4.87%	5.52%
Debt / Equity	1.31x	1.35x	1.65x	1.97x	1.77x	5.50x	7.83x	5.28x	3.94x	2.65x
Interest Coverage	8.33x	7.22x	6.55x	5.34x	6.66x	-6.41x	-0.65x	1.40x	2.37x	3.63x
FCF Conversion	0.82x	2.45x	1.62x	2.90x	2.30x	0.58x	-1.05x	8.23x	2.64x	3.00x
Revenue Growth	-2.67%	-3.45%	3.36%	9.31%	4.74%	-64.5%	60.43%	82.49%	19.49%	6.23%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Passenger	-	-	-	37.71B	39.63B	11.8B	20.2B	40.03B	49.05B	51.83B
Passenger Growth	-	-	-	-	5.09%	-70.21%	71.09%	98.21%	22.52%	5.67%
Cargo and Freight	-	-	-	1.24B	1.18B	1.65B	2.35B	2.17B	1.5B	1.74B
Cargo and Freight Growth	-	-	-	-	-4.69%	39.78%	42.54%	-7.58%	-31.14%	16.59%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
International	21.93B	22.2B	23.13B	25.55B	26.96B	9.91B	16.84B	28.47B	32.4B	34.07B
International Growth	-	1.24%	4.18%	10.47%	5.51%	-63.24%	69.96%	69.04%	13.79%	5.15%
Atlantic Destination	7.07B	6.16B	6.29B	7.1B	7.39B	2.23B	3.41B	9.07B	10.98B	11.1B
Atlantic Destination Growth	-	-12.89%	2.08%	13.02%	4.00%	-69.87%	53.37%	165.73%	21.05%	1.05%
Pacific Destination	5.5B	4.96B	4.9B	5.19B	5.13B	1.71B	1.51B	2.93B	5.27B	6.46B
Pacific Destination Growth	-	-9.80%	-1.23%	5.92%	-1.08%	-66.76%	-11.66%	94.23%	79.95%	22.69%
Latin America Destination	3.37B	3.24B	3.42B	3.46B	3.78B	1.51B	2.87B	4.48B	5.07B	5.44B
Latin America Destination Growth	-	-3.83%	5.68%	1.11%	9.25%	-60.00%	89.68%	56.28%	13.07%	7.28%

Frequently Asked Questions

Valuation & Price

United Airlines Holdings, Inc. (UAL) has a price-to-earnings (P/E) ratio of 12.3x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

United Airlines Holdings, Inc. (UAL) reported $58.37B in revenue for fiscal year 2024. This represents a 57% increase from $37.11B in 2011.

United Airlines Holdings, Inc. (UAL) grew revenue by 6.2% over the past year. This is steady growth.

Yes, United Airlines Holdings, Inc. (UAL) is profitable, generating $3.29B in net income for fiscal year 2024 (5.5% net margin).

Dividend & Returns

United Airlines Holdings, Inc. (UAL) has a return on equity (ROE) of 28.6%. This is excellent, indicating efficient use of shareholder capital.

United Airlines Holdings, Inc. (UAL) generated $3.71B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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