United Airlines Holdings, Inc.

NasdaqGS:UAL Stock Report

Market Cap: US$32.0b

United Airlines Holdings Valuation

Is UAL undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of UAL when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: UAL ($97.4) is trading above our estimate of fair value ($17.79)

Significantly Below Fair Value: UAL is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for UAL?

Key metric: As UAL is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for UAL. This is calculated by dividing UAL's market cap by their current earnings.
What is UAL's PE Ratio?
PE Ratio11.6x
EarningsUS$2.76b
Market CapUS$32.03b

Price to Earnings Ratio vs Peers

How does UAL's PE Ratio compare to its peers?

The above table shows the PE ratio for UAL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average20.2x
DAL Delta Air Lines
8.4x3.9%US$39.1b
AAL American Airlines Group
40.3x39.8%US$11.1b
ALK Alaska Air Group
26x39.5%US$8.4b
CPA Copa Holdings
5.8x6.8%US$3.7b
UAL United Airlines Holdings
11.6x12.1%US$32.0b

Price-To-Earnings vs Peers: UAL is good value based on its Price-To-Earnings Ratio (11.6x) compared to the peer average (20.2x).

Price to Earnings Ratio vs Industry

How does UAL's PE Ratio compare vs other companies in the Global Airlines Industry?

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
UAL 11.6xIndustry Avg. 9.5xNo. of Companies9PE0612182430+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: UAL is expensive based on its Price-To-Earnings Ratio (11.6x) compared to the Global Airlines industry average (9.5x).

Price to Earnings Ratio vs Fair Ratio

What is UAL's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

UAL PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio11.6x
Fair PE Ratio18.9x

Price-To-Earnings vs Fair Ratio: UAL is good value based on its Price-To-Earnings Ratio (11.6x) compared to the estimated Fair Price-To-Earnings Ratio (18.9x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst UAL forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$97.40
US$109.66
+12.6%
23.0%US$150.00US$36.00n/a23
Dec ’25US$96.83
US$98.96
+2.2%
24.1%US$150.00US$36.00n/a23
Nov ’25US$80.46
US$86.91
+8.0%
17.5%US$108.00US$36.00n/a21
Oct ’25US$56.13
US$69.59
+24.0%
18.1%US$100.00US$36.00n/a21
Sep ’25US$44.04
US$69.59
+58.0%
18.6%US$100.00US$36.00n/a21
Aug ’25US$42.38
US$69.78
+64.7%
19.1%US$100.00US$36.00n/a21
Jul ’25US$48.33
US$68.19
+41.1%
19.0%US$98.00US$35.00n/a21
Jun ’25US$52.99
US$67.67
+27.7%
20.2%US$98.00US$35.00n/a21
May ’25US$50.67
US$65.96
+30.2%
19.8%US$98.00US$35.00n/a19
Apr ’25US$47.35
US$62.59
+32.2%
19.5%US$98.00US$38.00n/a20
Mar ’25US$44.84
US$61.57
+37.3%
19.1%US$98.00US$38.00n/a20
Feb ’25US$41.50
US$61.47
+48.1%
18.8%US$98.00US$38.00n/a20
Jan ’25US$41.26
US$58.05
+40.7%
24.0%US$98.00US$35.00n/a20
Dec ’24US$40.24
US$57.80
+43.6%
24.6%US$98.00US$35.00US$96.8320
Nov ’24US$34.81
US$59.21
+70.1%
26.1%US$98.00US$35.00US$80.4619
Oct ’24US$42.30
US$67.86
+60.4%
22.1%US$93.00US$35.00US$56.1319
Sep ’24US$49.72
US$69.97
+40.7%
19.7%US$93.00US$35.00US$44.0419
Aug ’24US$53.26
US$70.24
+31.9%
19.2%US$93.00US$35.00US$42.3818
Jul ’24US$54.87
US$62.89
+14.6%
19.7%US$80.00US$36.00US$48.3318
Jun ’24US$47.41
US$62.84
+32.5%
16.5%US$80.00US$43.00US$52.9918
May ’24US$44.41
US$62.78
+41.4%
17.4%US$81.00US$43.00US$50.6718
Apr ’24US$44.25
US$61.28
+38.5%
18.8%US$81.00US$40.00US$47.3518
Mar ’24US$52.39
US$57.73
+10.2%
20.1%US$81.00US$36.00US$44.8418
Feb ’24US$50.22
US$57.48
+14.4%
20.4%US$81.00US$36.00US$41.5017
Jan ’24US$37.70
US$52.62
+39.6%
24.1%US$81.00US$35.00US$41.2618
Dec ’23US$43.89
US$52.84
+20.4%
23.9%US$81.00US$35.00US$40.2417

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/22 02:40
End of Day Share Price 2024/12/20 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

United Airlines Holdings, Inc. is covered by 47 analysts. 20 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
John StaszakArgus Research Company
Lindsay BettiolAtlantic Equities LLP
Fred LowranceAvondale Partners