UAL · United Airlines Holdings, Inc.

$92.212026-05-17

Sector: Industrials; Industry: Airlines, Airports & Air Services; Sub-Industry: Passenger Airlines

Intrinsic Value Range Comparison · Mulya.ai

Leases factored

Bull

$63

-32.0% vs market

Base · active

$33

-63.9% vs market

Bear

$22

-76.1% vs market

Mulya.ai vs Analyst IV Comparison?

Bear $22

Base $33

Bull $63

Market $92

Median $141

Market Price $92

Mulya.ai Base $33

Analysts Median $141

Mulya.ai IV range ($22 · $63)

Analysts Range ($110 · $150)

Fundamentals · historical + forward · base

italics = DCF projection

Period	Revenue	Rev Gr ?	Ops M% ?	Tax Rate ?	NOPAT ?	Reinvest ?	FCFF ?	WACC% ?	PV FCFF ?	ROIC ?	Inv. Cap ?	EPS ?	P/E
2021.Q4	$24.6B	—	-4.1%	23.2%	−$785MM	$1.5B	$716MM	10.8%	—	-4.0%	$19.5B	$-6.01	—
2022.Q4	$45.0B	82.5%	5.6%	25.6%	$1.9B	−$5.3B	−$3.4B	9.9%	—	8.5%	$24.9B	$2.25	—
2023.Q4	$53.7B	19.5%	8.5%	22.7%	$3.5B	−$8.6B	−$5.1B	9.3%	—	12.5%	$31.8B	$8.01	—
2024.Q4	$57.1B	6.2%	9.7%	24.5%	$4.2B	−$9.2B	−$5.0B	9.6%	—	12.9%	$32.9B	$9.63	—
2025.Q4	$59.1B	3.5%	8.7%	22.1%	$4.0B	−$11.1B	−$7.1B	9.8%	—	11.9%	$33.8B	$10.25	5.9
italics below = DCF projection · 10yr Rev CAGR: 5.2%
2026.Q4	$64.7B	+9.5%	9.4%	21.9%	$4.8B	−$9.5B	−$4.7B	9.5%	−$4.3B	12.3%	$43.3B	$12.33	7.5
2027.Q4	$68.8B	+6.3%	8.9%	21.7%	$4.8B	−$4.2B	$607MM	9.4%	$507MM	10.6%	$47.5B	$12.62	7.3
2028.Q4	$72.6B	+5.5%	8.4%	21.5%	$4.8B	−$2.8B	$2.0B	9.3%	$1.5B	9.8%	$50.3B	$12.80	7.2
2029.Q4	$75.8B	+4.4%	7.9%	21.3%	$4.7B	−$4.0B	$682MM	9.2%	$477MM	9.0%	$54.3B	$12.82	7.2
2030.Q4	$79.4B	+4.7%	6.9%	21.1%	$4.3B	−$4.1B	$247MM	9.1%	$158MM	7.7%	$58.4B	$12.23	7.5

Term. Yr+	$102.1B	4.1%	6.9%	20.0%	$5.7B	−$2.7B	$3.0B	8.6%	$27.6B	8.6%	—	—	—

Active scenario IV: $33 (-63.9% vs market)