| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 90 | 9.2x | 17.3x | Top tier | |
Growth | 47 | 12.3% | 7.1% | Around median | |
Quality | 88 | 8.1% | 4.5% | Top tier | |
Safety | 47 | 2.5x | 2.6x | Around median | |
Capital Return | 23 | 0.00% | 0.06% | Bottom tier | |
Momentum | 54 | 13.2% | -1.6% | Around median | |
Sentiment | 54 | 14 | 3 | Around median |
The floor: what the company is worth if growth stopped today
25% of today's price is what a buyer pays for growth that has not happened yet.
10-year US Treasury yield 5.00% as of 2026-10-23. Estimates computed from company data and analyst targets, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
United Airlines Holdings operates a domestic and international passenger transportation network, generating revenue from tickets across its various travel classes, cargo, and the MileagePlus loyalty program. The United Next strategy focuses on improving the travel experience and increasing the appeal of premium cabins, including Polaris and Premium Plus, while upgrading onboard connectivity through Starlink. The company's seven hubs provide a base for international expansion, while management described the U.S. domestic market as more mature and highly competitive.
In quarter 3 of fiscal year 2026 ended 2026-09-30, revenue according to EL7 data was approximately 17.9 billion dollars, net income was 1.0 billion dollars, and diluted earnings per share were 3.14 dollars. The gross margin for the same period was 67.1%, and the operating margin according to EL7's calculation was approximately 8.1%. Revenue sources include domestic and international passenger transportation, cargo, and loyalty, but the available figures do not break down these activities' shares of quarterly revenue; a reliable year-over-year comparison of revenue or changes in margins is also unavailable.
Revenue for the last 12 months through 2026-09-30 was approximately 65.6 billion dollars, and net income was 3.6 billion dollars. On the balance sheet for quarter 3 of fiscal year 2026 ended 2026-09-30, debt according to EL7 data was approximately 31.5 billion dollars, compared with cash and short-term investments of 6.6 billion dollars, excluding long-term marketable securities from this comparison. The central trade-off concerns United's ability to turn strong bookings and higher fares into profits, after a report dated 2026-10-20 indicated that fiscal year 2026 earnings guidance had been lowered because of fuel costs.
Q3 FY2026
Last 12 months to 2026-09-30
When: Quarter 4 of fiscal year 2026
Operating margin according to EL7's calculation at the 8.1% threshold
Net income at the 1.0 billion dollar threshold
In the 2026-10-19 snapshot, the median target from 15 analysts was 158 dollars within a range of 140 to 190 dollars, a low-confidence indicative value that reflects growth expectations and carries an inherently optimistic bias. The industry-multiple value is 115 dollars within a range of 93 to 140 dollars, based on next year's earnings at a median multiple of 8.1 across 15 companies, measuring United's pricing on the same basis as its peers. The no-growth value is 35 dollars at a discount rate of 10.8%, measuring what remains if after-tax operating profit stays constant forever; the analyst and industry-multiple ranges intersect at 140 dollars, while the no-growth value is clearly lower because its assumption excludes gains from future expansion. The relative valuation dimension supports this discussion with a score of 81 out of 100 within the industry using data dated 2026-06-30, but it does not eliminate the differences in what the three methods measure.
Figures in the text are as of 2026-10-20; the live price is shown at the top of the page.
United generates revenue from domestic and international passenger transportation, cargo, and the MileagePlus program. In quarter 3 of fiscal year 2026 ended 2026-09-30, revenue according to EL7 data was approximately 17.9 billion dollars, without an available numerical breakdown of these activities' shares. The company uses Polaris, Premium Plus, and segmented travel offerings to expand customer options, and management said on the 2026-07-16 call that upgrades to the standard Polaris ticket exceeded its expectations without specifying a percentage.
United recorded net income of 1.0 billion dollars in quarter 3 of fiscal year 2026 ended 2026-09-30, with an operating margin according to EL7's calculation of 8.1%. A report dated 2026-10-20 indicated that fare increases helped offset higher fuel costs. However, the report on the same date that earnings guidance for fiscal year 2026 ending 2026-12-31 had been lowered shows that this offset did not prevent a decline in expectations, so the ability to pass through cost increases remains a key test.
Automated analysis for informational purposes only — not investment advice.
When: 2026-12-31
Equipping approximately 1000 aircraft with Starlink
In quarter 3 of fiscal year 2026 ended 2026-09-30, debt according to EL7 data was approximately 31.5 billion dollars, compared with cash and short-term investments of 6.6 billion dollars. The definition of debt may include lease liabilities, while the cash side is limited to cash and cash equivalents and current short-term investments. The comparison excludes long-term marketable securities, so it is insufficient on its own to assess total liquidity or whether there is a shortfall.
On the 2026-07-16 call, management targeted equipping approximately 1000 aircraft with Starlink by the end of fiscal year 2026 on 2026-12-31. It said that connectivity satisfaction ratings on equipped aircraft were more than twice those of other connectivity systems, supporting an improved traveler experience. On 2026-10-08, an expansion of the engine exchange program with FTAI Aviation was announced to include CFM56-7B engines for Boeing 737 NG aircraft, aiming to reduce maintenance-related downtime by providing ready engines before removal dates, without specifying a financial impact.
The median analyst target in the 2026-10-19 snapshot was approximately 158 dollars, compared with an industry-multiple value of 115 dollars and a no-growth value of 35 dollars. Analyst targets reflect growth expectations and are low-confidence indications, while the industry-multiple method prices next year's earnings at a median multiple of 8.1 across 15 companies. The no-growth value assumes that after-tax operating profit stays constant forever at a discount rate of 10.8%, so the difference arises from differing assumptions and what each method measures.