United Airlines Holdings, Inc.
UAL · Air Transportation, Scheduled · 324.6M shares · +6%/yr ↑ shares · EDGAR filings ↗
Reference price $120.74 · est. market cap ~$39.2B — last insider sale, 2026-06-16 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B79Network-leading legacy carrier delivering top-decile returns for its sector, tempered by high leverage and cyclicality.
Strengths
- ROE 21.9% (92nd pct), net margin 5.7% (91st pct) and ROA 4.4% (85th pct); strong OCF margin (82nd pct)
- Comprehensive global hub network, United Next fleet plan and large liquidity ($12.2B, 100th pct)
Risks
- High leverage (D/E 1.12, 80th pct) and weak current ratio (0.65); capital-intensive with heavy aircraft commitments
- Fuel, labor and demand cyclicality; no durable moat in a competitive, regulated industry
Notable findings
- Weak liquidityCurrent ratio 0.65 (<1)
- Insider sellingInsider selling — 6 open-market sale(s) by 4 insider(s) (cluster of 4 insiders, ~$13M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
8.0%
Net margin
5.7%
Return on equity
21.9%
Return on assets
4.4%
ROIC
11.5%
Revenue growth (QoQ)
-5.1%
Net-income growth
6.5%
Debt / equity
1.1×
Net debt / EBITDA
0.6×
Current ratio
0.6×
EBITDA
$7.7B
Tangible book value
$8.1B
Cash & investments
$12.2B
Stock comp / revenue
0.3%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-16 | KIRBY J SCOTT | Sell | 1.1K | $120.74 |
| 2026-06-15 | KIRBY J SCOTT | Sell | 48K | $121.30 |
| 2026-05-27 | Gebo Kate | Gift | 3.7K | — |
| 2026-05-27 | Gebo Kate | Gift | 3.7K | — |
| 2026-05-26 | Gebo Kate | Sell | 5.3K | $105.51 |
| 2026-05-26 | Gebo Kate | Sell | 35K | $105.41 |
| 2026-05-22 | Whitehurst James M | Disposition | 1.2K | $100.26 |
| 2026-05-22 | Whitehurst James M | Option exercise | 2.4K | — |
| 2026-05-01 | Nocella Andrew P | Sell | 7.0K | $90.19 |
| 2026-02-28 | Bokemeier Brigitte | Tax withheld | 664 | $106.30 |
| 2026-02-28 | Gebo Kate | Option exercise | 12K | — |
| 2026-02-28 | Gebo Kate | Option exercise | 6.1K | — |
| 2026-02-28 | Gebo Kate | Tax withheld | 13K | $106.30 |
| 2026-02-28 | Gebo Kate | Option exercise | 1.9K | — |
| 2026-02-28 | Gebo Kate | Option exercise | 1.9K | — |
| 2026-02-28 | Gebo Kate | Option exercise | 1.4K | — |
| 2026-02-28 | Gebo Kate | Tax withheld | 2.0K | $106.30 |
| 2026-02-28 | Nocella Andrew P | Option exercise | 12K | — |
| 2026-02-28 | Nocella Andrew P | Option exercise | 12K | — |
| 2026-02-28 | Nocella Andrew P | Option exercise | 7.2K | — |
| 2026-02-28 | Nocella Andrew P | Tax withheld | 14K | $106.30 |
| 2026-02-28 | KIRBY J SCOTT | Option exercise | 50K | — |
| 2026-02-28 | KIRBY J SCOTT | Option exercise | 51K | — |
| 2026-02-28 | KIRBY J SCOTT | Option exercise | 29K | — |
| 2026-02-28 | KIRBY J SCOTT | Tax withheld | 51K | $106.30 |
| 2026-02-28 | Enqvist Torbjorn J | Option exercise | 14K | — |
| 2026-02-28 | Enqvist Torbjorn J | Option exercise | 15K | — |
| 2026-02-28 | Enqvist Torbjorn J | Option exercise | 8.3K | — |
| 2026-02-28 | Enqvist Torbjorn J | Tax withheld | 15K | $106.30 |
| 2026-02-28 | Leskinen Michael D. | Option exercise | 838 | — |
| 2026-02-28 | Leskinen Michael D. | Option exercise | 6.2K | — |
| 2026-02-28 | Leskinen Michael D. | Option exercise | 11K | — |
| 2026-02-28 | Leskinen Michael D. | Option exercise | 6.4K | — |
| 2026-02-28 | Leskinen Michael D. | Tax withheld | 11K | $106.30 |
| 2026-02-28 | Gebo Kate | Option exercise | 12K | — |
| 2026-02-28 | Hart Brett J | Option exercise | 30K | — |
| 2026-02-28 | Hart Brett J | Option exercise | 31K | — |
| 2026-02-28 | Hart Brett J | Option exercise | 18K | — |
| 2026-02-28 | Hart Brett J | Tax withheld | 35K | $106.30 |
| 2026-02-28 | Bokemeier Brigitte | Option exercise | 363 | — |
| 2026-02-28 | Bokemeier Brigitte | Option exercise | 412 | — |
| 2026-02-28 | Bokemeier Brigitte | Option exercise | 718 | — |
| 2026-02-28 | Bokemeier Brigitte | Option exercise | 652 | — |
| 2026-02-13 | Nocella Andrew P | Grant | 49K | — |
| 2026-02-13 | Nocella Andrew P | Tax withheld | 20K | $109.29 |
| 2026-02-13 | Hart Brett J | Grant | 120K | — |
| 2026-02-13 | Hart Brett J | Tax withheld | 52K | $109.29 |
| 2026-02-13 | Bokemeier Brigitte | Grant | 485 | — |
| 2026-02-13 | Bokemeier Brigitte | Tax withheld | 168 | $109.29 |
| 2026-02-13 | Leskinen Michael D. | Grant | 28K | — |
| 2026-02-13 | Leskinen Michael D. | Tax withheld | 11K | $109.29 |
| 2026-02-13 | Enqvist Torbjorn J | Grant | 57K | — |
| 2026-02-13 | Enqvist Torbjorn J | Tax withheld | 21K | $109.29 |
| 2026-02-13 | Gebo Kate | Grant | 49K | — |
| 2026-02-13 | Gebo Kate | Tax withheld | 20K | $109.29 |
| 2026-02-13 | Gebo Kate | Grant | 7.6K | — |
| 2026-02-13 | Gebo Kate | Tax withheld | 2.3K | $109.29 |
| 2026-02-13 | KIRBY J SCOTT | Grant | 199K | — |
| 2026-02-13 | KIRBY J SCOTT | Tax withheld | 77K | $109.29 |
| 2026-02-03 | Hart Brett J | Gift | 5.7K | — |
| 2026-02-02 | Hart Brett J | Sell | 19K | $106.45 |
| 2025-12-03 | KIRBY J SCOTT | Gift | 20K | — |
| 2025-12-03 | KIRBY J SCOTT | Sell | 120K | $107.86 |
| 2025-09-24 | KIRBY J SCOTT | Grant | 77K | — |
| 2025-09-24 | KIRBY J SCOTT | Tax withheld | 30K | $101.39 |
| 2025-08-12 | Gebo Kate | Gift | 12K | — |
| 2025-08-12 | Gebo Kate | Sell | 30K | $97.59 |
| 2025-08-12 | Gebo Kate | Gift | 12K | — |
| 2025-08-12 | Gebo Kate | Sell | 6.3K | $97.81 |
| 2025-08-12 | Harford Barney | Sell | 9.0K | $97.76 |
| 2025-08-08 | Harford Barney | Sell | 16K | $90.03 |
| 2025-07-28 | Gebo Kate | Gift | 26K | — |
| 2025-07-28 | Freyre Michelle | Sell | 900 | $92.13 |
| 2025-07-28 | Leskinen Michael D. | Sell | 23K | $91.43 |
| 2025-07-28 | Gebo Kate | Gift | 26K | — |
| 2025-07-25 | Gebo Kate | Tax withheld | 7.9K | $91.11 |
| 2025-07-25 | Gebo Kate | Grant | 18K | — |
| 2025-07-25 | Nocella Andrew P | Grant | 21K | — |
| 2025-07-25 | Nocella Andrew P | Tax withheld | 9.6K | $91.11 |
| 2025-07-25 | Enqvist Torbjorn J | Grant | 25K | — |
| 2025-07-25 | Enqvist Torbjorn J | Tax withheld | 9.8K | $91.11 |
| 2025-07-25 | Hart Brett J | Grant | 46K | — |
| 2025-07-25 | Hart Brett J | Tax withheld | 21K | $91.11 |
| 2025-07-25 | Hart Brett J | Sell | 25K | $89.50 |
| 2025-07-25 | Leskinen Michael D. | Grant | 18K | — |
| 2025-07-25 | Leskinen Michael D. | Tax withheld | 7.9K | $91.11 |
| 2025-07-25 | KIRBY J SCOTT | Grant | 71K | — |
| 2025-07-25 | KIRBY J SCOTT | Tax withheld | 28K | $91.11 |
| 2025-07-18 | Enqvist Torbjorn J | Sell | 20K | $92.22 |
| 2025-05-23 | Freyre Michelle | Option exercise | 3.5K | — |
| 2025-05-23 | Freyre Michelle | Disposition | 1.7K | $74.60 |
| 2025-05-23 | Whitehurst James M | Option exercise | 3.5K | — |
| 2025-05-23 | Whitehurst James M | Disposition | 1.7K | $74.60 |
| 2025-02-28 | KIRBY J SCOTT | Option exercise | 53K | — |
| 2025-02-28 | KIRBY J SCOTT | Option exercise | 50K | — |
| 2025-02-28 | KIRBY J SCOTT | Option exercise | 51K | — |
| 2025-02-28 | KIRBY J SCOTT | Tax withheld | 60K | $93.81 |
| 2025-02-28 | Nocella Andrew P | Option exercise | 14K | — |
| 2025-02-28 | Nocella Andrew P | Option exercise | 12K | — |
| 2025-02-28 | Nocella Andrew P | Option exercise | 12K | — |
| 2025-02-28 | Nocella Andrew P | Tax withheld | 17K | $93.81 |
| 2025-02-28 | Gebo Kate | Option exercise | 14K | — |
| 2025-02-28 | Gebo Kate | Option exercise | 12K | — |
| 2025-02-28 | Gebo Kate | Option exercise | 12K | — |
| 2025-02-28 | Gebo Kate | Tax withheld | 17K | $93.81 |
| 2025-02-28 | Gebo Kate | Option exercise | 2.5K | — |
| 2025-02-28 | Gebo Kate | Option exercise | 1.9K | — |
| 2025-02-28 | Gebo Kate | Option exercise | 1.9K | — |
| 2025-02-28 | Gebo Kate | Tax withheld | 2.7K | $93.81 |
| 2025-02-28 | Leskinen Michael D. | Option exercise | 1.1K | — |
| 2025-02-28 | Leskinen Michael D. | Option exercise | 838 | — |
| 2025-02-28 | Leskinen Michael D. | Option exercise | 6.2K | — |
| 2025-02-28 | Leskinen Michael D. | Option exercise | 11K | — |
| 2025-02-28 | Leskinen Michael D. | Tax withheld | 8.3K | $93.81 |
| 2025-02-28 | Hart Brett J | Option exercise | 14K | — |
| 2025-02-28 | Hart Brett J | Option exercise | 30K | — |
| 2025-02-28 | Hart Brett J | Option exercise | 31K | — |
| 2025-02-28 | Hart Brett J | Tax withheld | 33K | $93.81 |
| 2025-02-28 | Enqvist Torbjorn J | Option exercise | 4.5K | — |
| 2025-02-28 | Enqvist Torbjorn J | Option exercise | 14K | — |
| 2025-02-28 | Enqvist Torbjorn J | Option exercise | 15K | — |
| 2025-02-28 | Enqvist Torbjorn J | Tax withheld | 13K | $93.81 |
| 2025-02-28 | Bokemeier Brigitte | Option exercise | 450 | — |
| 2025-02-28 | Bokemeier Brigitte | Option exercise | 363 | — |
| 2025-02-28 | Bokemeier Brigitte | Option exercise | 412 | — |
| 2025-02-28 | Bokemeier Brigitte | Option exercise | 717 | — |
| 2025-02-28 | Bokemeier Brigitte | Tax withheld | 611 | $93.81 |
| 2025-02-21 | Nocella Andrew P | Option exercise | 8.5K | — |
| 2025-02-21 | Nocella Andrew P | Tax withheld | 3.8K | $95.89 |
| 2025-02-10 | KIRBY J SCOTT | Grant | 196K | — |
| 2025-02-10 | KIRBY J SCOTT | Tax withheld | 76K | $106.08 |
| 2025-02-10 | Hart Brett J | Grant | 114K | — |
| 2025-02-10 | Hart Brett J | Tax withheld | 49K | $106.08 |
| 2025-02-10 | Bokemeier Brigitte | Grant | 548 | — |
| 2025-02-10 | Bokemeier Brigitte | Tax withheld | 190 | $106.08 |
| 2025-02-10 | Gebo Kate | Grant | 51K | — |
| 2025-02-10 | Gebo Kate | Tax withheld | 21K | $106.08 |
| 2025-02-10 | Gebo Kate | Grant | 9.0K | — |
| 2025-02-10 | Gebo Kate | Tax withheld | 2.7K | $106.08 |
| 2025-02-10 | Nocella Andrew P | Grant | 51K | — |
| 2025-02-10 | Nocella Andrew P | Tax withheld | 22K | $106.08 |
| 2025-02-10 | Enqvist Torbjorn J | Grant | 51K | — |
| 2025-02-10 | Enqvist Torbjorn J | Tax withheld | 19K | $106.08 |
| 2025-02-10 | Leskinen Michael D. | Grant | 4.0K | — |
| 2025-02-10 | Leskinen Michael D. | Tax withheld | 1.2K | $106.08 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (0)
Suppliers (6)
- CommuteAir LLC
- GoJet Airlines, LLC
- Mesa Airlines, Inc.
- Republic Airways Inc.
- SkyWest Airlines, Inc.
- Starlink
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-22 | Shareholder vote | filing ↗ |
| 2026-04-27 | Reg FDExhibits | filing ↗ |
| 2026-04-21 | ResultsReg FDExhibits | filing ↗ |
| 2026-02-06 | Material agreementDebt obligationOtherExhibits | filing ↗ |
| 2026-02-02 | Material agreementDebt obligationOtherExhibits | filing ↗ |
| 2026-01-20 | ResultsReg FDExhibits | filing ↗ |
| 2025-10-15 | ResultsReg FDExhibits | filing ↗ |
| 2025-07-16 | ResultsReg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-22 | 2026-05-19 | 0001104659-26-065739 ↗ |
| 8-K | 2026-04-27 | 2026-04-27 | 0001104659-26-048992 ↗ |
| 10-Q | 2026-04-22 | 2026-03-31 | 0000100517-26-000091 ↗ |
| 8-K | 2026-04-21 | 2026-04-21 | 0000100517-26-000089 ↗ |
| 10-K | 2026-02-12 | 2025-12-31 | 0000100517-26-000023 ↗ |
| 8-K | 2026-02-06 | 2026-02-06 | 0001104659-26-011544 ↗ |
| 8-K | 2026-02-02 | 2026-02-02 | 0001104659-26-009237 ↗ |
| 8-K | 2026-01-20 | 2026-01-20 | 0000100517-26-000014 ↗ |
| 10-Q | 2025-10-16 | 2025-09-30 | 0000100517-25-000193 ↗ |
| 8-K | 2025-10-15 | 2025-10-15 | 0000100517-25-000190 ↗ |
| 10-Q | 2025-07-17 | 2025-06-30 | 0000100517-25-000147 ↗ |
| 8-K | 2025-07-16 | 2025-07-16 | 0000100517-25-000143 ↗ |