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United Airlines Holdings Inc UAL

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Stock XNAS Rating as of
$47.37 +0.65 (1.39%)
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As of Delayed Price Closed
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Company Report

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United Airlines Earnings: United Will Weather the Oncoming Capacity Storm; Valuation Up $1 to $36

Nicolas Owens

United Airlines reported second-quarter 2024 results that showed more than 5 billion more revenue passenger miles flown in the quarter than we had forecast, though lower prices overall left revenue $680 million above our model and cost growth left only $200 million more operating profit than we expected. We refined our remaining 2024 forecast to account for tapering capacity growth later in the year, so our overall profit forecast for United did not change materially, and we have raised our fair value estimate by $1 to $36 to account for the time value of money since our last report.

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Price vs Fair Value

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UAL is trading at a 619% premium.
Price
$47.37
Fair Value
$13.00
Uncertainty
High
1-Star Price
$21.10
5-Star Price
$97.40
Economic Moat
Bvbm
Capital Allocation
Pmxpqytl

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
$46.72
Day Range
$46.39–47.49
52-Week Range
$33.68–56.18
Bid/Ask
$47.24 / $47.37
Market Cap
$15.58 Bil
Volume/Avg
5.9 Mil / 7.1 Mil

Key Statistics

Price/Earnings (Normalized)
4.91
Price/Sales
0.28
Dividend Yield (Trailing)
—
Dividend Yield (Forward)
—
Total Yield
—

Company Profile

United Airlines is a major US 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 Value
Total Number of Employees
106,000
Website
https://www.united.com

Competitors

Valuation

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Metric
UAL
AAL
LUV
Price/Earnings (Normalized)
 4.917.4717.24
Price/Book Value
 1.48—1.56
Price/Sales
 0.280.140.65
Price/Cash Flow
 2.773.8010.64
Price/Earnings
UAL
AAL
LUV

Financial Strength

Metric
UAL
AAL
LUV
Quick Ratio
 0.680.430.97
Current Ratio
 0.770.601.09
Interest Coverage
 2.850.710.74
Quick Ratio
UAL
AAL
LUV

Profitability

Metric
UAL
AAL
LUV
Return on Assets (Normalized)
 4.34%1.06%2.62%
Return on Equity (Normalized)
 34.52%—9.01%
Return on Invested Capital (Normalized)
 8.80%5.22%3.46%
Return on Assets
UAL
AAL
LUV
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Airlines Industry Comparables

Screen With Investor
1-Day Chart
Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
Delta Air Lines Inc
DAL
DztwfjthKtbq$28.5 Bil
 Ryanair Holdings PLC ADR
RYAAY
—Yvgdbb$18.2 Bil
 Ryanair Holdings PLC
RYAOF
—Jsbmyb$18.2 Bil
 Southwest Airlines Co
LUV
GgmxztllTqjpb$16.3 Bil
 Singapore Airlines Ltd
SINGF
—Dwmf$15.4 Bil
 Singapore Airlines Ltd ADR
SINGY
—Vbhs$15.4 Bil
 Air China Ltd ADR
AIRYY
—Wmwwf$13.8 Bil
 LATAM Airlines Group SA ADR
LTM
—Rmdp$7.5 Bil
 American Airlines Group Inc
AAL
JvrcbdvqnJbzl$7.0 Bil

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