UALUnited Airlines Holdings, Inc.

Air Transportation, Scheduled

Revenue: $59.1B; 3.5% YoY
Operating margin: 8.0%; 11% YoY
EBITDA: $7.7B; 4.6% YoY
Market cap: $33.9B
Employees: 38,000; $2M revenue each
Net debt / EBITDA: 2.3×; $17.9B net debt
AI in 10-K: 1.9; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$19M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
251% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
8% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
5% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$2M · 71st pct
Bottom quartile of its SIC industry
Quiet on AINo
1.9 per 10K words · 53rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$33.9B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$53M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$24.6B	$45.0B	$53.7B	$57.1B	$59.1B	3.5%
Operating income	−$1.0B	$2.3B	$4.2B	$5.1B	$4.7B	7.5%
Net income	−$2.0B	$737M	$2.6B	$3.1B	$3.4B	6.5%
Operating cash flow	$2.1B	$6.1B	$6.9B	$9.4B	$8.4B	11%
Capex	$2.1B	$4.8B	$7.2B	$5.6B	$5.9B	4.6%
Stock-based comp	$238M	$89M	$80M	$142M	$148M	4.2%
Buybacks	$0	$0	$0	$162M	$637M	293%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $53M · 14
Net: −$53M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$32M	$46M	259	88
FY2024	$34M	$97M	225	83
FY2023	$19M	$23M	95	83
FY2022	$10M	$10M	87	64
FY2021	$10M	$11M	101	98