# United Airlines Holdings, Inc. Common Stock (UAL) — Stock CV

United Airlines Holdings, Inc. is a $34.9B consumer company. Revenue grew 8.5% over the last year, it keeps 6¢ of every dollar of sales as profit, and its net debt equals ~5.0 years of free cash flow. It trades at 10.0× earnings — around the middle of its own history.

> Chicago-based United Airlines is a major US network carrier with hubs in San Francisco, Chicago, Houston, Denver, Los Angeles, Newark, and Washington, D.C. United operates a hub-and-spoke system that is more focused on international and long-haul travel, especially across the Pacific, than its large US peers.

## Identity

- **Ticker**: UAL
- **Sector**: Consumer Cyclical
- **Industry**: Air Transportation, Scheduled
- **Headquarters**: CHICAGO, IL
- **Employees**: 117 500
- **Website**: https://www.united.com
- **Market cap**: $34.9B
- **Last price**: $107.53
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $62.9B
- **Net income**: $3.50B
- **Free cash flow**: $2.54B
- **Net debt**: $12.7B
- **P/E**: 10.0
- **Revenue growth (YoY)**: 8.5%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 82 |
| Growth | 45 |
| Profitability | 50 |
| Health | 36 |
| Quality | 74 |
| Moat | 30 |

## Qualifications (beginner checklist) — 7 of 10 passed

- [x] Revenue growing — +8.5% YoY
- [x] Profitable — $3.50B TTM
- [x] Profit growing — +66.0% YoY
- [x] Generates cash — $2.54B TTM
- [ ] Debt under control — ~5.0y of cash flow to repay
- [x] Established company — $34.9B market cap
- [ ] Not printing shares — +17.1% shares over ~5y
- [x] Proven track record — 8/10 profitable years
- [ ] Financially stable — health score 24/100
- [x] Valuation not extreme — P/E 10.0

## Experience (career milestones)

- **FY2025** — Best year on record: $3.35B net income
- **FY2023** — Revenue crossed $50B: $53.7B for the year
- **FY2016** — First recorded profitable year: $2.26B net income
- **FY2016** — Revenue already above $10B: $36.6B in first reported year
- **1931** — He launched an air service between Victoria, British Columbia

## Strengths

- High gross margin (60.8%)
- Interest covered 8.8× by operating earnings
- Piotroski F-Score 7/9 — fundamentally strong checklist

## Watch-outs

- Loss-making in 2 of the recent years
- Net debt equals ~5.0 years of free cash flow

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $24.6B | -$1.96B | -$40.0M |
| FY2022 | $45.0B | $737M | $1.25B |
| FY2023 | $53.7B | $2.62B | -$260M |
| FY2024 | $57.1B | $3.15B | $3.83B |
| FY2025 | $59.1B | $3.35B | $2.56B |

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Source: https://stockcv.com/UAL — derived from company filings; may be delayed or incomplete. Information, not investment advice.