United Airlines Holdings, Inc. (UAL) intrinsic value & 10-year financials
United Airlines Holdings, Inc. (UAL) has a Graham intrinsic value of $154.35 per share. At $96.10 on Oct 17, 2026, the stock trades 38% below that value. Over the last 10 fiscal years revenue grew 5.5% a year to $59.1B, with an average return on invested capital of 7.0%.
- Graham intrinsic value
- $154.35
- Share price (Oct 17, 2026)
- $96.10
- Price vs Graham value
- 38% below
- Market cap
- $31.6B
- Revenue (FY2025)
- $59.1B
- Revenue growth (10-yr CAGR)
- 5.5%
- ROIC (10-yr avg)
- 7.0%
- Free cash flow (FY2025)
- $2.6B
UAL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $59.1B | $3.4B | $10.20 | $2.6B | 8.0% | 12.4% |
| FY2024 | $57.1B | $3.1B | $9.45 | $3.8B | 8.9% | 12.9% |
| FY2023 | $53.7B | $2.6B | $7.89 | -$260.0M | 7.8% | 9.8% |
| FY2022 | $45.0B | $737.0M | $2.23 | $1.2B | 5.2% | 5.7% |
| FY2021 | $24.6B | -$2.0B | -$6.10 | -$40.0M | -4.1% | -3.0% |
| FY2020 | $15.4B | -$7.1B | -$25.30 | -$5.9B | -41.4% | -18.5% |
| FY2019 | $43.3B | $3.0B | $11.58 | $2.4B | 9.9% | 11.9% |
| FY2018 | $41.3B | $2.1B | $7.70 | $2.0B | 8.0% | 10.8% |
| FY2017 | $37.8B | $2.1B | $7.02 | -$524.0M | 9.3% | 12.8% |
| FY2016 | $36.6B | $2.3B | $6.85 | $2.3B | 11.9% | 14.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
United Airlines Holdings has demonstrated mature, steady growth, with revenue compounding at 5.5% annually over the past decade.
United Airlines Holdings has historically struggled to out-earn its cost of capital, averaging just 7.0% ROIC.
Over the decade, United Airlines Holdings shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, United Airlines Holdings is modeled at 4.5% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $154.35 per share.