United Airlines Holdings Inc (UAL) valuation

UAL: fairly valued.

Figures as of the 2026-09-22 close.

How is UAL's intrinsic value calculated?

7.0x EV/EBITDAR, with aircraft leases counted as debt, values the shares at $119.98; the price of $115.21 is 4% below that value. The value is recomputed every night after the US close, from the company's own filings with the SEC and the day's closing price.

Is UAL in the buy zone?

We call it the buy zone when the price is at least 20% below our estimate of intrinsic value. UAL trades at $115.21 against a value of $119.98, a margin of safety of +4.0%: it is not in the buy zone. A margin of safety is room for our estimate to be wrong, not a forecast.

At what price would UAL be in the buy zone?

At $95.99 or lower, which is 20% below our estimate of $119.98. That is 17% under today's price of $115.21, if our estimate does not change. It will: it moves with every annual report.