Want to find your lens? Five questions, no jargon — they tell you which of four reads fits how you already think.
Cheap and healthy — worth a proper look.
The math shows a margin of safety, and nothing is obviously deteriorating.
Price against fair value
Free cash flow — 10-year history ($B)
What the math is really telling you. Watch whether cash flow is compounding — that, more than any single year, is what a value read hangs on.
The read — lights & verdict
- GoodUndervaluedFair value ~$120 vs $98 — a margin of safety of 22%.
- GoodPrice is in line with its recordPriced for ~3%/yr, roughly what it has delivered (27.0%/yr).
- GoodRevenue still growingUp 3.5% last year — demand isn't the problem.
- GoodCash flow compoundingFree cash flow up ~27.0%/yr — the engine is growing.
- CautionManageable net debtNet debt of $9B — about 3.7× annual free cash flow. Normal for a mature company. It also has $6B of operating-lease commitments — about 2.4× annual free cash flow — which this figure does not count as debt.
How this was built. Every figure is computed from United Airlines Holdings, Inc.'s SEC filings — no estimates, no AI. Two-stage DCF: 9% discount rate, 5% free-cash-flow growth for 10 years, 2.5% terminal. Free cash flow is operating cash flow less capital spending. Net cash is cash and marketable securities less borrowings, commercial paper and finance leases; operating leases are disclosed but never counted as debt. We subtract net debt from the value of the business — for United Airlines that is about $9B, or $28 per share. Fundamentals are from the FY25 annual report and change only when a new one is filed. Price of $97.93 taken 2026-10-23 (Google Finance, manual entry, 2026-10-23) — it is not live and does not move during the day.
TickerMath is an educational tool, not investment advice — it computes one model from SEC filings and can be wrong. How we compute this →