United Airlines sells passenger air travel—primarily long-haul and international routes—through a hub-and-spoke network centered on seven US hubs. Customers are leisure and business travelers, with a meaningful mix of premium and corporate traffic, especially on trans-Pacific routes. Revenue comes from ticket sales, ancillary fees (baggage, seat upgrades), cargo, and loyalty program partnerships with co-branded credit cards.
Employees113,200IPOMar 14, 2025SIC4512HQ233 South Wacker Drive, Chicago, IL, USA, 60606
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Financials
Profitability
Metric
Current
Margins
Gross Margin
28.8%
Operating Margin
8.4%
EBITDA Margin
9.3%
Net Margin
5.7%
OCF Margin
—
FCF Margin
4.3%
Returns on Capital
ROE
24.6%
ROA
4.4%
ROIC
5.1%
ROCE
11.0%
ROC (Greenblatt)
11.2%
3Y ROIIC
13.2%
Consistency
Years Profitable / 10Y
8
Valuation
Metric
Current
Earnings Multiples
P/E (TTM)
9.01
Forward P/E
8.71
P/E ex-NRI
8.61
Shiller P/E (CAPE)
26.55
Cash Flow Multiples
P/FCF
11.99
P/OCF
3.60
P/Owner Earnings
—
FCF Yield
8.59%
Enterprise Value Multiples
EV / EBIT
8.88
EV / Forward EBIT
8.20
EV / EBITDA
8.88
EV / Forward EBITDA
5.24
EV / Revenue
0.82
EV / Forward Revenue
0.77
Asset / Sales
P/S
0.51
P/B
1.95
P/Tangible Book
3.68
Growth-Adjusted
PEG
—
Capital Returns
Metric
Current
Dividends
Dividend Yield (TTM)
0.00%
Forward Dividend Yield
0.00%
3Y Dividend Growth
0.0%
Payout Ratio
0.00
5Y Yield on Cost
0.00%
Buybacks & Dilution
3Y Buyback Ratio
0.40%
Combined
Shareholder Yield
2.18%
Balance Sheet
Metric
Current
Leverage
Debt / Equity
2.03
Gross Debt / EBITDA
5.67
Cash / Debt
0.39
Equity / Assets
0.20
Coverage
Interest Coverage
4.26
Short-Term Liquidity
Current Ratio
0.65
Quick Ratio
0.59
Cash Ratio
0.47
Composite Scores
Piotroski F-Score
6
Altman Z-Score
1.34
Split History
Date
Split
No split history found.
Ex-date
Amount
Pay date
No dividend history found.
Date
Transcript
Type
2026-05-27
United Airlines Holdings Inc at Bernstein Strategic Decisions Conference Transcript
Conference Presentations
2026-05-19
United Airlines Holdings Inc Annual Shareholders Meeting Transcript
Shareholders and Annual Meetings
2026-04-22
Q1 2026 United Airlines Holdings Inc Earnings Call Transcript
Earnings Call
2026-03-17
United Airlines Holdings Inc at JPMorgan Industrials Conference Transcript
Conference Presentations
2026-02-18
United Airlines Holdings Inc at Barclays Industrial Select Conference Transcript
Conference Presentations
2026-01-21
Q4 2025 United Airlines Holdings Inc Earnings Call Transcript
Earnings Call
2025-10-16
Q3 2025 United Airlines Holdings Inc Earnings Call Transcript
Earnings Call
2025-07-17
Q2 2025 United Airlines Holdings Inc Earnings Call Transcript
Earnings Call
2025-04-16
Q1 2025 United Airlines Holdings Inc Earnings Call Transcript
Earnings Call
2025-01-22
Q4 2024 United Airlines Holdings Inc Earnings Call Transcript
Earnings Call
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5-Step DuPont Analysis
ROE %
23.99%
×
×
Net Margin %
5.68%
×
×
Operating Margin %
8.42%
Operating Income
$4.97B
÷
Revenue
$59.07B
×
Tax Burden
0.7787
Net Income
$3.35B
÷
Pretax Income
$4.31B
×
Interest Burden
0.8662
Pretax Income
$4.31B
÷
Operating Income
$4.97B
×
Asset Turnover
0.78
÷
Revenue
$59.07B
÷
Average Total Assets
$75.27B
Begin Total Assets
$74.08B
End Total Assets
$76.45B
×
Equity Multiplier
5.38
÷
Avg Total Assets
$75.27B
÷
Avg Stockholders Equity
$13.98B
Begin Equity
$12.68B
End Equity
$15.28B