United Airlines (UAL): analysis in plain words
Is United Airlines cheap or expensive? How it makes money, whether it grows and its risks, explained in plain words and with its official accounts.
United Airlines (UAL) is listed on the Nasdaq and we classify it in travel, leisure and gaming. Below are its key dated figures, how it makes money, how it compares with its sector, what works for and against United Airlines according to those figures, and the questions people ask most about the stock. No buy or sell tips.
United Airlines (UAL) key figures as of November 4, 2026
| Figure | Value | What it measures |
|---|---|---|
| Share price | $115.76 | Last price on November 4, 2026 |
| P/E ratio (TTM) | 10.6x | Price over earnings per share |
| Revenue growth | +17.4% | Latest quarter vs the same quarter a year earlier |
| Net margin (TTM) | 5.5% | Profit for every 100 of sales |
| Net debt / EBITDA | 2.8x | Years of operating profit to repay debt |
| Dividend yield | 0.00% | Annual dividend over price |
| Market cap | $37.6 billion | What the stock market values it at |
The United Airlines figures come from Yahoo Finance, the same source the Fintols analysis uses, retrieved on November 4, 2026. Any UAL figure that is not available shows as N/A: we do not estimate it.
How United Airlines makes money
United Airlines flies passengers from hubs including Chicago, Newark, Houston, Denver and San Francisco, with a broad international network reaching Europe, Asia and Latin America. Ticket sales are the main source of revenue, supplemented by cargo and MileagePlus, which sells miles to Chase for its co-branded credit cards.
Over the last 12 months, United Airlines brought in revenue of $65.6 billion. For every 100 it sells, United Airlines keeps 30.9 after the direct cost of what it sells (gross margin) and 7.0 after all operating costs (operating margin).
United Airlines against its sector
To know whether a United Airlines figure is high or low you have to put it next to similar companies. This table compares United Airlines with the median of the 13 travel, leisure and gaming companies Fintols covers, with data as of November 4, 2026.
| Figure | United Airlines | travel, leisure and gaming median |
|---|---|---|
| P/E | 10.6x | 17.8x (13) |
| Revenue growth | +17.4% | +8.8% (14) |
| Net margin | 5.5% | 11.6% (14) |
| Dividend yield | 0.00% | 1.31% (14) |
| Net debt / EBITDA | 2.8x | 2.8x (14) |
In short, against the typical travel, leisure and gaming company, United Airlines trades on a lower P/E, grows faster and earns a thinner margin. By size, United Airlines ranks number 8 of 11 travel, leisure and gaming companies quoted in USD on Fintols.
The bull case for United Airlines
What works in favour of United Airlines, according to its figures as of November 4, 2026:
- United Airlines grew sales +17.4% in its latest quarter against the same quarter a year earlier, while the median travel, leisure and gaming company Fintols tracks grew +8.8%.
- On a P/E basis United Airlines trades cheaper than its sector: 10.6x its annual earnings, against 17.8x for the travel, leisure and gaming median (13 companies with data).
The main risk for United Airlines
United Airlines is burning cash: its free cash flow over the last 12 months is negative (-$576 million).
And, like the rest of travel, leisure and gaming, United Airlines is exposed to people travelling and spending less on leisure if the economy worsens, plus fuel prices.
Frequently asked questions about United Airlines
Is it a good time to buy United Airlines stock?
Fintols does not tell you whether to buy or sell United Airlines, and nobody knows what the price will do tomorrow. What we can show you is where it stands today. As of November 4, 2026, United Airlines stock trades at $115.76, 17% below its 52-week high ($138.77) and 37% above its low ($84.64). Its P/E is 10.6x against a travel, leisure and gaming median of 17.8x, and 9.8x on the earnings analysts expect over the next 12 months. With United Airlines, as with any stock, timing matters less than understanding the business, investing for the long run and not betting everything on a single company.
Does United Airlines pay a dividend?
No. As of November 4, 2026, United Airlines does not pay a dividend: what it earns stays in the company to grow, invest or, where it does so, buy back shares. Anyone buying United Airlines today is counting on the share price rising, not on income.
Is United Airlines stock expensive?
It depends on what you compare it with. On P/E, United Airlines trades at 10.6x its last 12 months of earnings: cheaper than the travel, leisure and gaming median (17.8x). A high P/E alone does not make United Airlines expensive: it can be justified if earnings grow fast, and a low one can reflect a business in trouble.
Who are United Airlines's competitors?
On Fintols we compare United Airlines with Delta Air Lines, Carnival and Royal Caribbean, which are also in travel, leisure and gaming. As of November 4, 2026, Delta Air Lines is worth $58.7 billion and trades on a P/E of 17.8; Carnival is worth $42.1 billion and trades on a P/E of 13.8; Royal Caribbean is worth $89.1 billion and trades on a P/E of 19.7. Each has a side-by-side comparison with United Airlines below.
United Airlines competitors
- Delta Air Lines (DAL) analysis · United Airlines vs Delta Air Lines comparison
- Carnival (CCL) analysis · United Airlines vs Carnival comparison
- Royal Caribbean (RCL) analysis · United Airlines vs Royal Caribbean comparison
To understand United Airlines better
- How to Read a Balance Sheet: A Beginner's Guide
- P/E Ratio and EPS Explained: How to Read Them Without Traps
More companies like United Airlines: travel, leisure and gaming stocks and S&P 500 companies. Open the full UAL analysis with its valuation and scenarios. Educational content about United Airlines, not investment advice.