United Airlines Holdings, Inc.
$45.19B- Market cap
- $36.16B
- Debt
- +$21.27B
- Cash
- −$12.24B
Capital structure 63% equity / 37% debt · EV / Revenue 0.76x · EV / EBITDA 7.98x
Compare price, profitability, solvency, and SEC-reported financials side by side—before deciding which assumptions deserve a closer look.
FY 2026 ·
Decision snapshot: UAL stock price at discount vs EXEL $111.41 current versus $216.58 implied using P/E multiple.
Quick read
Each company valued on the other's multiple, then compared with the market price.
Implied fair value · at EXEL's multiple
Implied fair value · at UAL's multiple
Snapshot Sep 4, 4:00 PM ET
Metric by metric
Where each company leads, and how wide the gap is.
Growth lag
Pricing power
Operating leverage
Multiple discount
Value edge
Lower leverage
Statements
Core statements aligned to each company's latest fiscal year.
SEC periods: UAL FY 2025 (ended Dec 31, 2025) · EXEL FY 2026 (ended Jan 2, 2026). Fiscal years are not aligned.
Trendline
Six fiscal years of revenue, earnings, and margins before underwriting a re-rating.
Price framework
Market cap plus debt, less cash.
Capital structure 63% equity / 37% debt · EV / Revenue 0.76x · EV / EBITDA 7.98x
Capital structure 97% equity / 3% debt · EV / Revenue 6.02x · EV / EBITDA 14.84x
UAL carries the larger enterprise value at $45.19B against $13.97B; UAL trades on the lower EV / Revenue multiple (0.76x vs 6.02x); UAL on the lower EV / EBITDA (7.98x vs 14.84x).
Price framework
The same filing-backed model used on each company's valuation page, with company-specific inputs and calculated scenarios.
United Airlines Holdings, Inc. · implied price per share
Debt and bridge-cash inputs are required to translate enterprise value into equity value.
Exelixis Inc · implied price per share
Five annual free-cash-flow observations are required for the filing-backed baseline.
Balance sheet health
Financial health checks to separate durable balance sheets from potential value traps.
Financial strength on a 0–9 scale.
Bankruptcy-risk signal from balance sheet and earnings power.
Debt / equity
Total debt against shareholders' equity
1.39x
0.18x
Net debt / EBITDA
Leverage against operating earnings
1.59x
-0.70x
Cash and equivalents
Liquid reserves on the balance sheet
$12.24B
$1.06B
Total debt
Interest-bearing obligations outstanding
Comparable set
Where the pair sits against the wider comparable set.
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