United Airlines Holdings, Inc. (UAL) Stock Analysis

Analysis from 10-Q filed 2025-10-16. Data as of Q1 2026.

Overall Grade: F (Concerning)

Grade F (Concerning). ROIC 8.2%. FCF margin 5.3%. D/E 1.4x. Source: 10-Q filed 2025-10-16.

Metric	Value	Context
ROIC	8.2%	Near cost of capital
FCF Margin	5.3%	Healthy cash flow
Debt/Equity	1.4x	Moderate leverage

ROIC 8.2% — Top 50% of sector peers. FCF margin 5.3% — Top 50%.

Explore United Airlines Holdings, Inc.: Earnings History | Filings | ROIC Analysis

Programmatic access: Available via MCP at mcp.metricduck.com. Tools for UAL: get_company_overview, get_filing_index (lens: debt_stress, management_outlook, risk_trajectory), get_filing_changes, get_metric_history, compare_companies, screen_filing_signals.

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Profitability: United Airlines Holdings, Inc. earns 8.2% ROIC, Top 50% in Transportation

ROIC TTM 8.2%, sector median 6.7%, Top 50%. DuPont: NOPAT margin 6.6% × asset turnover 0.8x. Operating margin 8.4%. Source: 10-Q filed 2025-10-16.

Metric	UAL	Rating	Context
Return on Invested Capital (ROIC)	8.2%	Adequate	Above sector median of 6.7%
Return on Equity (ROE)	25.6%	Excellent	Efficient use of shareholder equity
Operating Margin	8.4%	Adequate	Moderate operational efficiency

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Cash Flow: United Airlines Holdings, Inc. generates $3.2B FCF at 5.3% margin, positive NaN/8 quarters

FCF TTM $3.2B. FCF margin 5.3%, Top 50%. OCF/Net income 2.6x. Positive FCF in NaN/8 trailing quarters. Source: 10-Q filed 2025-10-16.

Metric	UAL	Rating	Context
Free Cash Flow Margin	5.3%	Adequate	Healthy cash generation
Free Cash Flow (TTM)	$3.2B	Good	Positive cash generation
OCF/Net Income	2.6x	Excellent	High earnings quality
FCF Consistency (8Q)	N/A	Warning	Variable cash flow

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Balance Sheet: United Airlines Holdings, Inc. at 1.4x leverage

Debt/Equity 1.4x. Total debt $21.9B, cash & investments $14.3B. Source: 10-Q filed 2025-10-16.

Metric	UAL	Rating	Context
Debt to Equity	1.4x	Adequate	Moderate leverage
Net Cash Position	$-7.6B	Warning	Net debt position

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Valuation: United Airlines Holdings, Inc. trades at 8.1x earnings

P/E 8.1x. EV/Sales 0.6x. FCF yield 10.8%. Source: 10-Q filed 2025-10-16.

Metric	UAL	Rating	Context
P/E Ratio	8.1x	Adequate	Reasonable valuation
EV/Sales	0.6x	Excellent	Attractive revenue multiple
FCF Yield	10.8%	Excellent	Attractive cash return

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Capital Allocation: United Airlines Holdings, Inc. returns 1.1% shareholder yield

Total shareholder yield 1.1% (buyback 1.1%). Capital returned $315.0M TTM. Source: 10-Q filed 2025-10-16.

Metric	UAL	Rating	Context
Total Shareholder Yield	1.1%	Adequate	Dividend + buyback yield combined
Buyback Yield	1.1%	Adequate	Minimal buyback activity
Total Capital Returned (TTM)	$315.0M	Good	Dividends + buybacks returned to shareholders

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Sector Rankings

Metric	Value	Percentile	vs Median
Return on Invested Capital (ROIC)	8.2%	Top 50%	1.2x above
Free Cash Flow Margin	5.3%	Top 50%	1.2x above
Operating Margin	8.4%	Top 50%	1.2x above
Return on Equity (ROE)	25.6%	Top 25%	2.5x above
P/E Ratio	8.1x	N/A	-

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Financial Scorecard

Metric	UAL	Rating	Sector Context
Return on Invested Capital (ROIC)	8.2%	Adequate	Top 50% of sector (median: 6.7%)
Free Cash Flow Margin	5.3%	Adequate	Top 50% of sector (median: 4.6%)
Debt to Equity Ratio	138.2%	Adequate	Elevated but manageable
P/E Ratio (Price-to-Earnings)	814.1%	Adequate	Attractively valued
Free Cash Flow Yield	10.8%	Excellent	High cash return

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Frequently Asked Questions

Q: What is United Airlines Holdings, Inc.'s Return on Invested Capital (ROIC)?

United Airlines Holdings, Inc. (UAL) has a trailing twelve-month Return on Invested Capital (ROIC) of 8.2%. Sector median 6.7%. Source: 10-Q filed 2025-10-16.

Q: What is United Airlines Holdings, Inc.'s Free Cash Flow Margin?

United Airlines Holdings, Inc. (UAL) has a free cash flow margin of 5.3%, generating $3.2 billion in free cash flow over the trailing twelve months. Source: 10-Q filed 2025-10-16.

Q: What is United Airlines Holdings, Inc.'s P/E ratio and how does it compare to peers?

United Airlines Holdings, Inc. (UAL) trades at a P/E ratio of 8.1x, which is above the sector median of N/A. EV/Sales 0.6x. FCF yield 10.8%. Source: 10-Q filed 2025-10-16.

Q: How much debt does United Airlines Holdings, Inc. have?

United Airlines Holdings, Inc. (UAL) has a debt-to-equity ratio of 1.4x with total debt of $21.9 billion. Net debt $7.6 billion. Source: 10-Q filed 2025-10-16.

Q: What is United Airlines Holdings, Inc.'s revenue and earnings growth?

United Airlines Holdings, Inc. (UAL) grew revenue by 4.7% year-over-year. EPS +1.9% YoY. Source: 10-Q filed 2025-10-16.

Q: Is United Airlines Holdings, Inc. buying back stock?

United Airlines Holdings, Inc. (UAL) repurchased $315.0 million of stock over the trailing twelve months. This represents a buyback yield of 1.1%. Source: 10-Q filed 2025-10-16.

Q: How does United Airlines Holdings, Inc. compare to competitors in Transportation?

Compared to other companies in Transportation, United Airlines Holdings, Inc. (UAL) shows: ROIC 8.2%, sector median 6.7% (Top 50%). FCF margin 5.3%, sector median 4.6% (Top 50%). These rankings are based on MetricDuck's analysis of all Transportation companies with available SEC filings.

Q: What warning signs should I watch for with United Airlines Holdings, Inc.?

Quantitative warning flags for United Airlines Holdings, Inc. (UAL): 1) ROIC declining -3.9% over 8 quarters. Source: 10-Q filed 2025-10-16.

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Data Source: Data sourced from 10-Q filed 2025-10-16. TTM metrics as of Q1 2026.

Methodology: Financial metrics calculated from SEC 10-K and 10-Q filings using standardized formulas. Sector comparisons use peer group based on SIC code.

Scope: This analysis covers SEC filing fundamentals — profitability, cash flow, balance sheet, and valuation metrics. For analyst estimates and price targets, consult sell-side research.

This analysis is for informational purposes only and does not constitute investment advice.