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United Airlines Holdings Inc UAL

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Stock XNAS Rating as of
$52.84 −0.67 (1.25%)
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As of Delayed Price Closed
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Company Report

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United Airlines Earnings: Strong Revenue Offset by Ongoing Investments; Fair Value Estimate Lowered

Nicolas Owens

United Airlines reported first-quarter 2024 revenue and profit that somewhat exceeded our forecast even though the company also attributed a $200 million deficit in the quarter to the temporary grounding of its Boeing 737 MAX 9 fleet. With a $124 million adjusted operating loss in the quarter, the implication that the no-moat airline would have booked about $80 million in profit on $11.3 billion in revenue were it not for the Boeing grounding did not leave us impressed. United has also had to reshuffle its airplane order book to reflect delayed deliveries by Boeing, and as a result of the spaced-out and generally higher capital spending forecast from the company, we have lowered our fair value estimate to $35 from $38 per share.

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Price vs Fair Value

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UAL is trading at a 54% premium.
Price
$53.94
Fair Value
$88.00
Uncertainty
High
1-Star Price
$86.11
5-Star Price
$25.00
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

The United Next strategy will boost capacity and drive stronger profitability with more efficient planes.

Bears

United's debt burden and fleet investment plans mean shareholders won't likely see buybacks for a while.

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News

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Trading Information

Previous Close Price
$53.51
Day Range
$52.29–53.51
52-Week Range
$33.68–58.23
Bid/Ask
$52.81 / $52.90
Market Cap
$17.37 Bil
Volume/Avg
6.9 Mil / 10.2 Mil

Key Statistics

Price/Earnings (Normalized)
5.02
Price/Sales
0.32
Dividend Yield (Trailing)
—
Dividend Yield (Forward)
—
Total Yield
—

Company Profile

United Airlines is a major U.S. network carrier with hubs in San Francisco, Chicago, Houston, Denver, Los Angeles, New York/Newark, and Washington, D.C. United operates a hub-and-spoke system that is more focused on international and long-haul travel than its large U.S. peers.
Sector
Industrials
Industry
Airlines
Stock Style Box
Mid Core
Total Number of Employees
104,500
Website
https://www.united.com

Competitors

Valuation

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Metric
UAL
AAL
LUV
Price/Earnings (Normalized)
 5.026.1718.66
Price/Book Value
 1.89—1.66
Price/Sales
 0.320.190.72
Price/Cash Flow
 2.653.779.79
Price/Earnings
UAL
AAL
LUV

Financial Strength

Metric
UAL
AAL
LUV
Quick Ratio
 0.730.440.97
Current Ratio
 0.830.621.09
Interest Coverage
 2.441.250.74
Quick Ratio
UAL
AAL
LUV

Profitability

Metric
UAL
AAL
LUV
Return on Assets (Normalized)
 4.69%1.90%2.71%
Return on Equity (Normalized)
 42.22%—9.19%
Return on Invested Capital (Normalized)
 9.35%6.45%3.63%
Return on Assets
UAL
AAL
LUV
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