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UAL 10-K Analysis: Three Businesses, One Multiple — Why the Market Misprices United

United Airlines generated $59.1 billion in record revenue in FY2025, yet its 7.6% return on invested capital barely clears its 6.2% cost of debt. The 10-K reveals three businesses traveling in three different directions under one ticker: a base airline losing pricing power (PRASM -2.9%), ancillary fees growing at 6.7%, and MileagePlus — now fully unencumbered — surging at 10.3%. At 5.75x EV/EBITDA, the market prices all three as one.

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15 min

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