United Airlines Holdings, Inc. (UAL) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+111.3%

$232.52

vs $110.02 price

Levered DCF

$236.26

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.41

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	10.95×	10.14×	5.16×	16.68×	-7.18×	-1.71×	7.57×	10.61×
P/B	2.39×	2.55×	1.47×	1.8×	2.8×	2.03×	1.92×	2.31×
P/S	0.62×	0.57×	0.25×	0.28×	0.57×	0.79×	0.51×	0.56×
EV / EBITDA	8.18×	6.73×	5.67×	8.15×	23.37×	-6.28×	5.81×	7.61×
Gross margin	64.1%	34.0%	28.3%	23.7%	2.9%	-32.8%	28.8%	26.8%
Operating margin	8.0%	8.9%	7.8%	5.2%	-4.1%	-41.4%	9.9%	7.8%
Net margin	5.7%	5.5%	4.9%	1.6%	-8.0%	-46.0%	7.0%	5.1%
Current ratio	0.65×	0.81×	0.83×	1×	1.19×	1.16×	0.55×	0.51×
Debt / equity	2.03×	2.65×	3.94×	5.28×	7.83×	5.5×	1.77×	1.97×
Interest coverage	3.86×	3.63×	2.37×	1.4×	-0.65×	-6.41×	6.66×	5.34×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	2.9%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	-5.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	21.9%	24.8%	28.1%	10.7%	-39.1%	-118.6%	26.1%	21.1%
Return on invested capital	6.6%	7.0%	6.1%	3.4%	-1.5%	-10.3%	8.3%	6.9%
Return on assets	4.4%	4.3%	3.7%	1.1%	-2.9%	-11.9%	5.7%	4.3%
Free cash flow yield	7.0%	11.8%	-1.9%	10.0%	-0.3%	-48.5%	10.8%	9.0%
Earnings yield	9.2%	9.7%	19.1%	5.9%	-13.9%	-58.5%	13.6%	9.2%
Enterprise value	$61.7B	$57.2B	$44.4B	$41.7B	$35.2B	$33.6B	$39.8B	$41.3B
Net debt / EBITDA	3.33×	2.93×	3.92×	5.72×	14.01×	-4.02×	2.58×	3.34×
Cash conversion cycle (days)	-37	-12	-9	-10	1	19	-8	-4