United Airlines Holdings, Inc. (UAL)

Air Transportation, Scheduled

Latest Price

$110.95

TTM P/E

10.40

Normalized P/E

16.28

Div Yield

Book Value

51.44

P/B Ratio

2.16

Valuation metrics

EPS: $10.20

Book value / share: $47.24

Formula: √(22.5 × EPS × BVPS)

Graham Number

$104.13

6% downside

Norm. op. income: $4.2B (median of 7yr)

Tax rate: 23%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$74.35

33% downside

Base FCF: $2.6B (median of recent 5yr)

Growth: -15%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$7.94

93% downside

EPS: $10.20

Target P/E: 16×

Formula: EPS × P/E

P/E Fair Value

$163.20

+47% upside

96.6% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	22.92M	$3.12B	7.06%	+1.21M	2026-06-30
Vanguard Capital Management LLC	21.01M	$2.86B	6.47%	+22.9K	2026-06-30
FMR LLC	19.47M	$2.65B	6.00%	+2.45M	2026-06-30
Primecap Management Co	16.46M	$2.24B	5.07%	+711.0K	2026-06-30
Sanders Capital, LLC	15.03M	$2.04B	4.63%	-176.6K	2026-06-30
Vanguard Portfolio Management LLC	14.16M	$1.93B	4.36%	+95.0K	2026-06-30
Jane Street Group, LLC	13.01M	$1.77B	4.01%	+6.60M	2026-06-30
State Street Corp	11.79M	$1.60B	3.63%	+162.3K	2026-06-30
Capital World Investors	11.35M	$1.54B	3.50%	+241.1K	2026-06-30
Geode Capital Management, LLC	9.54M	$1.31B	2.94%	+232.2K	2026-06-30